Upwork Inc. (UPWK)

NASDAQ: UPWK · Real-Time Price · USD

9.68

+0.14 (1.47%)

At close: Aug 4, 2026, 4:00 PM EDT

9.63

-0.05 (-0.52%)

After-hours: Aug 4, 2026, 7:53 PM EDT

Upwork Financials Overview

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

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	790.56	787.78	769.33	689.14	618.32	502.8
Revenue Growth	2.53%	2.40%	11.64%	11.45%	22.98%	34.57%
Gross Profit	612.97	613.03	595.23	518.69	457.92	367.29
Operating Income	123.34	129.31	65.21	-11.26	-92.62	-54.22
Net Income	109.16	115.43	215.59	46.89	-89.89	-56.24
Earnings Per Share	0.81	0.84	1.52	0.06	-0.69	-0.44
EPS Growth	-51.50%	-44.74%	2433.33%	-	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Marketplace	687.3	682.88	662.11	586.1	518.28	427.48
Enterprise	103.27	104.9	107.22	103.04	100.04	75.32
Revenue (Total)	790.56	787.78	769.33	689.14	618.32	502.8

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Cash & Investments	579.73	672.78	622.1	550.1	686.61	684.77
Total Debt	375.43	369.48	367.5	362.18	575.44	578.05
Net Cash (Debt)	204.31	303.3	254.61	187.92	111.18	106.72
Net Cash Growth	-19.34%	19.13%	35.48%	69.03%	4.18%	-22.90%
Net Cash Per Share	1.47	2.16	1.78	1.37	0.85	0.84

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Operating Cash Flow	234.31	248.26	153.56	52.71	11.5	10.84
Capital Expenditures	-5.04	-5.79	-3.53	-0.69	-1.25	-1.03
Free Cash Flow	229.27	242.47	150.04	52.02	10.25	9.81
Free Cash Flow Growth	34.95%	61.61%	188.44%	407.52%	4.49%	-38.87%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Gross Margin	77.54%	77.82%	77.37%	75.27%	74.06%	73.05%
Operating Margin	15.60%	16.41%	8.48%	-1.63%	-14.98%	-10.78%
Pretax Margin	18.45%	19.44%	11.75%	7.09%	-14.45%	-11.16%
Profit Margin	13.81%	14.65%	28.02%	6.80%	-14.54%	-11.19%
FCF Margin	29.00%	30.78%	19.50%	7.55%	1.66%	1.95%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '26 Aug 5, 2026	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
PE Ratio	12.09	23.60	10.76	247.83	-	-
Forward PE	5.96	14.36	14.24	21.66	136.19	281.38
P/FCF Ratio	5.22	10.67	14.75	39.24	134.84	449.70
PS Ratio	1.51	3.28	2.88	2.96	2.23	8.77