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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	772.9	769.33	689.14	618.32	502.8	373.63
Revenue Growth (YoY)	3.92%	11.64%	11.45%	22.98%	34.57%	24.31%
Cost of Revenue	170.95	173.76	170.45	160.4	135.51	104.27
Gross Profit	601.95	595.57	518.69	457.92	367.29	269.36
Selling, General & Admin	282.6	303.58	339.61	370.83	287.63	204.74
Research & Development	186.74	201.13	177.36	154.55	119.08	83.47
Other Operating Expenses	8.06	6.73	12.98	25.15	6.05	3.56
Operating Expenses	477.4	511.44	529.95	550.54	412.77	291.77
Operating Income	124.56	84.13	-11.26	-92.62	-45.48	-22.41
Interest Expense	-2.75	-2.76	-3.22	-4.48	-	-0.78
Interest & Investment Income	27.93	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)	0.06	0.18	-0.51	0.04	-1.7	-
EBT Excluding Unusual Items	149.89	109.61	9.93	-89.35	-47.38	-22.72
Merger & Restructuring Charges	-19.19	-19.19	-	-	-	-
Asset Writedown	-	-	-	-	-8.74	-
Other Unusual Items	-	-	38.95	-	-	-
Pretax Income	130.71	90.43	48.88	-89.35	-56.12	-22.72
Income Tax Expense	-114.68	-125.16	1.99	0.54	0.12	0.15
Net Income	245.38	215.59	46.89	-89.89	-56.24	-22.87
Net Income to Common	245.38	215.59	46.89	-89.89	-56.24	-22.87
Net Income Growth	229.93%	359.80%	-	-	-	-
Shares Outstanding (Basic)	134	134	135	131	127	119
Shares Outstanding (Diluted)	144	143	137	131	127	119
Shares Change (YoY)	2.53%	4.29%	5.17%	2.64%	7.13%	8.09%
EPS (Basic)	1.84	1.61	0.35	-0.69	-0.44	-0.19
EPS (Diluted)	1.72	1.52	0.06	-0.69	-0.44	-0.19
EPS Growth	220.06%	2286.77%	-	-	-	-
Free Cash Flow	201.42	150.04	52.02	10.25	9.81	16.05
Free Cash Flow Per Share	1.40	1.05	0.38	0.08	0.08	0.14
Gross Margin	77.88%	77.41%	75.27%	74.06%	73.05%	72.09%
Operating Margin	16.11%	10.94%	-1.63%	-14.98%	-9.04%	-6.00%
Profit Margin	31.75%	28.02%	6.80%	-14.54%	-11.19%	-6.12%
Free Cash Flow Margin	26.06%	19.50%	7.55%	1.66%	1.95%	4.29%
EBITDA	131.53	88.84	-8.31	-89.47	-41.12	-16.14
EBITDA Margin	17.02%	11.55%	-1.21%	-14.47%	-8.18%	-4.32%
D&A For EBITDA	6.97	4.71	2.95	3.16	4.36	6.27
EBIT	124.56	84.13	-11.26	-92.62	-45.48	-22.41
EBIT Margin	16.11%	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 Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q