Upwork Inc. (UPWK)

Upwork Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	780.86	769.33	689.14	618.32	502.8	373.63
Revenue Growth (YoY)	2.50%	11.64%	11.45%	22.98%	34.57%	24.31%
Cost of Revenue	173.39	173.76	170.45	160.4	135.51	104.27
Gross Profit	607.47	595.57	518.69	457.92	367.29	269.36
Selling, General & Admin	277.07	303.58	339.61	370.83	287.63	204.74
Research & Development	183.83	201.13	177.36	154.55	119.08	83.47
Other Operating Expenses	8.65	6.73	12.98	25.15	6.05	3.56
Operating Expenses	469.55	511.44	529.95	550.54	412.77	291.77
Operating Income	137.92	84.13	-11.26	-92.62	-45.48	-22.41
Interest Expense	-2.76	-2.76	-3.22	-4.48	-	-0.78
Interest & Investment Income	26.96	27.96	24.42	7.92	0.3	1.07
Currency Exchange Gain (Loss)	0.1	0.1	0.5	-0.2	-0.5	-0.6
Other Non Operating Income (Expenses)	-1.14	0.18	-0.51	0.04	-1.7	-
EBT Excluding Unusual Items	161.08	109.61	9.93	-89.35	-47.38	-22.72
Merger & Restructuring Charges	-23.59	-19.19	-	-	-	-
Asset Writedown	-	-	-	-	-8.74	-
Other Unusual Items	-	-	38.95	-	-	-
Pretax Income	137.5	90.43	48.88	-89.35	-56.12	-22.72
Income Tax Expense	-109.46	-125.16	1.99	0.54	0.12	0.15
Net Income	246.96	215.59	46.89	-89.89	-56.24	-22.87
Net Income to Common	246.96	215.59	46.89	-89.89	-56.24	-22.87
Net Income Growth	187.85%	359.80%	-	-	-	-
Shares Outstanding (Basic)	133	134	135	131	127	119
Shares Outstanding (Diluted)	143	143	137	131	127	119
Shares Change (YoY)	1.51%	4.29%	5.17%	2.64%	7.13%	8.09%
EPS (Basic)	1.85	1.61	0.35	-0.69	-0.44	-0.19
EPS (Diluted)	1.74	1.52	0.06	-0.69	-0.44	-0.19
EPS Growth	179.51%	2286.77%	-	-	-	-
Free Cash Flow	216.26	150.04	52.02	10.25	9.81	16.05
Free Cash Flow Per Share	1.51	1.05	0.38	0.08	0.08	0.14
Gross Margin	77.80%	77.41%	75.27%	74.06%	73.05%	72.09%
Operating Margin	17.66%	10.94%	-1.63%	-14.98%	-9.04%	-6.00%
Profit Margin	31.63%	28.02%	6.80%	-14.54%	-11.19%	-6.12%
Free Cash Flow Margin	27.69%	19.50%	7.55%	1.66%	1.95%	4.29%
EBITDA	147.97	88.84	-8.31	-89.47	-41.12	-16.14
EBITDA Margin	18.95%	11.55%	-1.21%	-14.47%	-8.18%	-4.32%
D&A For EBITDA	10.05	4.71	2.95	3.16	4.36	6.27
EBIT	137.92	84.13	-11.26	-92.62	-45.48	-22.41
EBIT Margin	17.66%	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 Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q