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	174.09	170.45	160.4	135.51
Gross Profit	613.03	595.23	518.69	457.92	367.29
Selling, General & Admin	290.04	314.01	339.61	370.83	296.38
Research & Development	185.54	209.28	177.36	154.55	119.08
Other Operating Expenses	8.14	6.73	12.98	25.15	6.05
Total Operating Expenses	483.73	530.03	529.95	550.54	421.51
Operating Income	129.31	65.21	-11.26	-92.62	-54.22
Other Non-Operating Income (Expense)	23.87	25.22	60.14	3.28	-1.9
Total Non-Operating Income (Expense)	23.87	25.22	60.14	3.28	-1.9
Pretax Income	153.18	90.43	48.88	-89.35	-56.12
Provision for Income Taxes	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	-44.74%	2433.33%	-	-	-
Shares Outstanding	130.55	135.35	137.27	132.37	129.13
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 Per Share	1.72	1.05	0.38	0.08	0.08
Gross Margin	77.82%	77.37%	75.27%	74.06%	73.05%
Operating Margin	16.41%	8.48%	-1.63%	-14.98%	-10.78%
Profit Margin	14.65%	28.02%	6.80%	-14.54%	-11.19%
FCF Margin	30.78%	19.50%	7.55%	1.66%	1.95%
EBITDA	155.02	80.02	-1.81	-84.57	-43.96
EBITDA Margin	19.68%	10.40%	-0.26%	-13.68%	-8.74%
EBIT	129.31	65.21	-11.26	-92.62	-54.22
EBIT Margin	16.41%	8.48%	-1.63%	-14.98%	-10.78%
Effective Tax Rate	24.65%	-138.41%	4.07%	-0.60%	-0.22%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

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