Upwork Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	115.43	215.59	46.89	-89.89	-56.24
Depreciation & Amortization	12.45	7.55	6.22	6.24	7.91
Other Amortization	15.84	11.95	8.6	7.86	7.08
Asset Writedown & Restructuring Costs	-	-	-	-	8.74
Loss (Gain) From Sale of Investments	-8.2	-11.91	-14.43	-1.49	0.3
Stock-Based Compensation	65.39	68.39	74.2	75.5	53.59
Other Operating Activities	25.95	-123	-29.52	24.06	5.93
Change in Accounts Receivable	-3.28	-4.8	-22.18	-15.29	-24.61
Change in Accounts Payable	-1.16	0.97	-2.51	2.58	-1.45
Change in Unearned Revenue	0.49	-10.88	-14.54	4.26	7.45
Change in Other Net Operating Assets	25.36	-0.28	-0.01	-2.33	2.13
Operating Cash Flow	248.26	153.56	52.71	11.5	10.84
Operating Cash Flow Growth	61.67%	191.35%	358.45%	6.10%	-51.55%
Capital Expenditures	-5.79	-3.53	-0.69	-1.25	-1.03
Cash Acquisitions	-58.41	-14.33	-	-	-
Sale (Purchase) of Intangibles	-19.35	-10.92	-15.66	-7.49	-5.11
Investment in Securities	-53.39	166.35	104.62	-60.74	-422.84
Investing Cash Flow	-136.94	137.57	88.27	-69.47	-428.98
Long-Term Debt Issued	-	-	-	-	575
Long-Term Debt Repaid	-	-	-	-	-10.75
Net Debt Issued (Repaid)	-	-	-	-	564.25
Issuance of Common Stock	4.69	8.09	6.09	5.44	11.97
Repurchase of Common Stock	-135.96	-100	-	-	-
Other Financing Activities	-6.73	9.96	-145.88	-4.29	-38.48
Financing Cash Flow	-138.01	-81.96	-139.79	1.14	537.74
Miscellaneous Cash Flow Adjustments	-	-	-	0	-
Net Cash Flow	-26.69	209.18	1.19	-56.83	119.6
Free Cash Flow	242.47	150.04	52.02	10.25	9.81
Free Cash Flow Growth	61.61%	188.44%	407.52%	4.49%	-38.87%
Free Cash Flow Margin	30.78%	19.50%	7.55%	1.66%	1.95%
Free Cash Flow Per Share	1.72	1.05	0.38	0.08	0.08
Cash Interest Paid	1.23	0.92	1.32	1.54	0.37
Cash Income Tax Paid	13.53	4.59	1.98	-	-
Levered Free Cash Flow	182.96	144.51	24.35	34.63	20.17
Unlevered Free Cash Flow	183.09	144.39	24.27	34.48	18.98
Change in Working Capital	21.4	-14.99	-39.24	-10.79	-16.47

Source: S&P Global Market Intelligence. Standard template. Financial Sources.