Upwork, Inc (UPWK) Financial Statements
Industry: Computer Processing & Data Preparation (Services)
In fiscal 2025, Upwork reported revenue of $787.8M, up 2.4% from $769.3M the year before. Net income was $115.4M (a 14.7% net margin), or $0.84 per diluted share. Gross margin was 77.8% and operating margin was 16.4%. Operating activities generated $248.3M of cash, leaving $242.5M of free cash flow. At fiscal year end, Upwork held $1.30B in total assets against $669.3M in total liabilities, including $294.4M of cash and equivalents.
Open the full interactive Upwork financials → Quarterly statements, key ratios, valuation history and price charts.
Upwork Key Stats
| Share Price | $8.64 |
|---|---|
| Market Cap | $1.12B |
| P/E Ratio | 10.3 |
| Revenue YoY Growth | +2.4% |
| 52-Week Range | $7.84 – $22.11 |
| Shares Outstanding | 123.9 million (basic, 2026 Q2) |
Upwork Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $373.6M | $502.8M | $618.3M | $689.1M | $769.3M | $787.8M |
| Cost of Goods Sold | $104.3M | $135.5M | $160.4M | $170.4M | $174.1M | $174.8M |
| Gross Profit | $269.4M | $367.3M | $457.9M | $518.7M | $595.2M | $613.0M |
| Operating Income | -$22.4M | -$54.2M | -$92.6M | -$11.3M | $65.2M | $129.3M |
| Pre-Tax Income | -$22.7M | -$56.1M | -$89.3M | $48.9M | $90.4M | $153.2M |
| Income Tax | $150,000 | $122,000 | $536,000 | $2.0M | -$125.2M | $37.8M |
| Net Income | -$22.9M | -$56.2M | -$89.9M | $46.9M | $215.6M | $115.4M |
| Diluted EPS | -$0.19 | -$0.44 | -$0.69 | $0.06 | $1.52 | $0.84 |
Upwork Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $201.7M | $198.4M | $195.5M | $191.7M |
| Net Income | $29.3M | $15.6M | $31.5M | $25.4M |
| Diluted EPS | $0.21 | $0.11 | $0.24 | $0.20 |
Upwork Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $94.1M | $187.2M | $129.4M | $79.6M | $305.8M | $294.4M |
| Current Assets | $360.8M | $929.7M | $930.9M | $883.4M | $911.1M | $950.8M |
| Total Assets | $529.2M | $1.08B | $1.08B | $1.04B | $1.21B | $1.30B |
| Current Liabilities | $198.7M | $233.6M | $247.7M | $293.0M | $268.4M | $650.2M |
| Total Long-Term Debt | $10.7M | $561.3M | $564.3M | $356.1M | $357.9M | $719.5M |
| Total Liabilities | $229.9M | $821.5M | $831.4M | $656.5M | $636.2M | $669.3M |
| Shareholders' Equity | $299.3M | $259.5M | $248.9M | $381.1M | $575.4M | $630.3M |
Upwork Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $22.4M | $10.8M | $6.6M | $27.2M | $153.6M | $248.3M |
| Cash From Investing | -$4.1M | -$429.0M | -$69.5M | $88.3M | $137.6M | -$136.9M |
| Cash From Financing | $54.6M | $537.7M | $6.1M | -$114.3M | -$82.0M | -$138.0M |
| Free Cash Flow | $16.0M | $9.8M | $5.3M | $26.5M | $150.0M | $242.5M |
Figures from Upwork's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Upwork financials page for every line item.
Upwork Company Profile
| Ticker | UPWK |
|---|---|
| Exchange | Nasdaq |
| Industry | Computer Processing & Data Preparation (Services) |
| Headquarters | Palo Alto, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001627475 |
Frequently Asked Questions
What was Upwork's revenue in fiscal 2025?
Upwork (UPWK) reported revenue of $787.8M for fiscal 2025.
What is Upwork's annual revenue history?
Upwork's annual revenue by fiscal year: 2020: $373.6M; 2021: $502.8M; 2022: $618.3M; 2023: $689.1M; 2024: $769.3M; 2025: $787.8M.
What was Upwork's net income in fiscal 2025?
Upwork reported net income of $115.4M for fiscal 2025.
What was Upwork's earnings per share (EPS) in fiscal 2025?
Upwork's diluted EPS was $0.84 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Upwork generate in fiscal 2025?
Upwork generated $242.5M of free cash flow in fiscal 2025.
What was Upwork's revenue last quarter?
In its most recent reported quarter (2026 Q2), Upwork reported revenue of $191.7M.
How much debt does Upwork have?
Upwork reported $719.5M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Upwork are outstanding?
Upwork reported a weighted average of 123.9 million basic shares outstanding in 2026 Q2.
What is Upwork's market cap?
Based on its latest closing price, Upwork (UPWK) has a market capitalization of about $1.12B.
When does Upwork's fiscal year end?
Upwork's fiscal year end, as registered with the SEC, is December 31.
Where is Upwork headquartered?
Upwork lists its business address in Palo Alto, California in its SEC filings.