Upwork Inc. (UPWK)

Upwork Income Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	769.33	689.14	618.32	502.8	373.63
Revenue Growth (YoY)	11.64%	11.45%	22.98%	34.57%	24.31%
Cost of Revenue	173.76	170.45	160.4	135.51	104.27
Gross Profit	595.57	518.69	457.92	367.29	269.36
Selling, General & Admin	303.58	339.61	370.83	287.63	204.74
Research & Development	201.13	177.36	154.55	119.08	83.47
Other Operating Expenses	6.73	12.98	25.15	6.05	3.56
Operating Expenses	511.44	529.95	550.54	412.77	291.77
Operating Income	84.13	-11.26	-92.62	-45.48	-22.41
Interest Expense	-2.76	-3.22	-4.48	-	-0.78
Interest & Investment Income	27.96	24.42	7.92	0.3	1.07
Currency Exchange Gain (Loss)	0.1	0.5	-0.2	-0.5	-0.6
Other Non Operating Income (Expenses)	0.18	-0.51	0.04	-1.7	-
EBT Excluding Unusual Items	109.61	9.93	-89.35	-47.38	-22.72
Merger & Restructuring Charges	-19.19	-	-	-	-
Asset Writedown	-	-	-	-8.74	-
Other Unusual Items	-	38.95	-	-	-
Pretax Income	90.43	48.88	-89.35	-56.12	-22.72
Income Tax Expense	-125.16	1.99	0.54	0.12	0.15
Net Income	215.59	46.89	-89.89	-56.24	-22.87
Net Income to Common	215.59	46.89	-89.89	-56.24	-22.87
Net Income Growth	359.80%	-	-	-	-
Shares Outstanding (Basic)	134	135	131	127	119
Shares Outstanding (Diluted)	143	137	131	127	119
Shares Change (YoY)	4.29%	5.17%	2.64%	7.13%	8.09%
EPS (Basic)	1.61	0.35	-0.69	-0.44	-0.19
EPS (Diluted)	1.52	0.06	-0.69	-0.44	-0.19
EPS Growth	2286.77%	-	-	-	-
Free Cash Flow	150.04	52.02	10.25	9.81	16.05
Free Cash Flow Per Share	1.05	0.38	0.08	0.08	0.14
Gross Margin	77.41%	75.27%	74.06%	73.05%	72.09%
Operating Margin	10.94%	-1.63%	-14.98%	-9.04%	-6.00%
Profit Margin	28.02%	6.80%	-14.54%	-11.19%	-6.12%
Free Cash Flow Margin	19.50%	7.55%	1.66%	1.95%	4.29%
EBITDA	88.84	-8.31	-89.47	-41.12	-16.14
EBITDA Margin	11.55%	-1.21%	-14.47%	-8.18%	-4.32%
D&A For EBITDA	4.71	2.95	3.16	4.36	6.27
EBIT	84.13	-11.26	-92.62	-45.48	-22.41
EBIT Margin	10.94%	-1.63%	-14.98%	-9.04%	-6.00%
Effective Tax Rate	-	4.07%	-	-	-
Advertising Expenses	57.1	83.2	121.2	90.8	51.4

Updated Feb 13, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q