Upwork Income 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
Revenue	787.78	769.33	689.14	618.32	502.8
Revenue Growth (YoY)	2.40%	11.64%	11.45%	22.98%	34.57%
Cost of Revenue	174.75	173.76	170.45	160.4	135.51
Gross Profit	613.03	595.57	518.69	457.92	367.29
Selling, General & Admin	285.64	303.58	339.61	370.83	287.63
Research & Development	185.54	201.13	177.36	154.55	119.08
Other Operating Expenses	8.14	6.73	12.98	25.15	6.05
Operating Expenses	479.33	511.44	529.95	550.54	412.77
Operating Income	133.71	84.13	-11.26	-92.62	-45.48
Interest Expense	-3.15	-2.76	-3.22	-4.48	-
Interest & Investment Income	27.44	27.96	24.42	7.92	0.3
Currency Exchange Gain (Loss)	0.5	0.1	0.5	-0.2	-0.5
Other Non Operating Income (Expenses)	-0.92	0.18	-0.51	0.04	-1.7
EBT Excluding Unusual Items	157.58	109.61	9.93	-89.35	-47.38
Merger & Restructuring Charges	-4.4	-19.19	-	-	-
Asset Writedown	-	-	-	-	-8.74
Other Unusual Items	-	-	38.95	-	-
Pretax Income	153.18	90.43	48.88	-89.35	-56.12
Income Tax Expense	37.75	-125.16	1.99	0.54	0.12
Net Income	115.43	215.59	46.89	-89.89	-56.24
Net Income to Common	115.43	215.59	46.89	-89.89	-56.24
Net Income Growth	-46.46%	359.80%	-	-	-
Shares Outstanding (Basic)	132	134	135	131	127
Shares Outstanding (Diluted)	141	143	137	131	127
Shares Change (YoY)	-1.74%	4.29%	5.17%	2.64%	7.13%
EPS (Basic)	0.87	1.61	0.35	-0.69	-0.44
EPS (Diluted)	0.84	1.52	0.06	-0.69	-0.44
EPS Growth	-45.11%	2286.77%	-	-	-
Free Cash Flow	242.47	150.04	52.02	10.25	9.81
Free Cash Flow Per Share	1.72	1.05	0.38	0.08	0.08
Gross Margin	77.82%	77.41%	75.27%	74.06%	73.05%
Operating Margin	16.97%	10.94%	-1.63%	-14.98%	-9.04%
Profit Margin	14.65%	28.02%	6.80%	-14.54%	-11.19%
Free Cash Flow Margin	30.78%	19.50%	7.55%	1.66%	1.95%
EBITDA	139.21	88.84	-8.31	-89.47	-41.12
EBITDA Margin	17.67%	11.55%	-1.21%	-14.47%	-8.18%
D&A For EBITDA	5.51	4.71	2.95	3.16	4.36
EBIT	133.71	84.13	-11.26	-92.62	-45.48
EBIT Margin	16.97%	10.94%	-1.63%	-14.98%	-9.04%
Effective Tax Rate	24.64%	-	4.07%	-	-
Advertising Expenses	51.9	57.1	83.2	121.2	90.8

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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