Upwork Inc. (UPWK)

NASDAQ: UPWK · Real-Time Price · USD

8.72

+0.31 (3.69%)

At close: Sep 11, 2026, 4:00 PM EDT

8.65

-0.07 (-0.80%)

After-hours: Sep 11, 2026, 7:58 PM EDT

Upwork Financials Overview

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

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
Revenue	787.28	787.78	769.33	689.14	618.32	502.8
Revenue Growth	1.86%	2.40%	11.64%	11.45%	22.98%	34.57%
Gross Profit	608.11	613.03	595.57	518.69	457.92	367.29
Operating Income	134.47	133.71	84.13	-11.26	-92.62	-45.48
Net Income	101.83	115.43	215.59	46.89	-89.89	-56.24
Earnings Per Share	0.76	0.84	1.52	0.06	-0.69	-0.44
EPS Growth	-55.69%	-45.11%	2286.77%	-	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
Marketplace	683.49	682.88	662.11	586.1	518.28	427.48
Enterprise	103.79	104.9	107.22	103.04	100.04	75.32
Revenue (Total)	787.28	787.78	769.33	689.14	618.32	502.8

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
Cash & Investments	614.24	672.78	622.1	550.1	686.61	684.77
Total Debt	379.41	371.15	369.12	364.27	581.94	584.37
Net Cash (Debt)	234.84	301.63	252.98	185.83	104.67	100.4
Net Cash Growth	-10.96%	19.23%	36.13%	77.53%	4.25%	-25.46%
Net Cash Per Share	1.73	2.14	1.77	1.35	0.80	0.79

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
Operating Cash Flow	208.67	248.26	153.56	52.71	11.5	10.84
Capital Expenditures	-4.28	-5.79	-3.53	-0.69	-1.25	-1.03
Free Cash Flow	204.4	242.47	150.04	52.02	10.25	9.81
Free Cash Flow Growth	1.48%	61.61%	188.44%	407.52%	4.49%	-38.87%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
Gross Margin	77.24%	77.82%	77.41%	75.27%	74.06%	73.05%
Operating Margin	17.08%	16.97%	10.94%	-1.63%	-14.98%	-9.04%
Pretax Margin	17.72%	19.44%	11.75%	7.09%	-14.45%	-11.16%
Profit Margin	12.93%	14.65%	28.02%	6.80%	-14.54%	-11.19%
FCF Margin	25.96%	30.78%	19.50%	7.55%	1.66%	1.95%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 12, 2026	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
PE Ratio	11.43	22.44	10.14	43.17	-	-
Forward PE	6.81	14.36	14.24	21.66	136.19	281.38
P/FCF Ratio	5.32	10.68	14.57	38.91	133.79	446.58
PS Ratio	1.38	3.29	2.84	2.94	2.22	8.71