Upwork Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

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 (YoY)	2.53%	2.40%	11.64%	11.45%	22.98%	34.57%
Cost of Revenue	177.59	174.75	174.09	170.45	160.4	135.51
Gross Profit	612.97	613.03	595.23	518.69	457.92	367.29
Selling, General & Admin	298.84	290.04	314.01	339.61	370.83	296.38
Research & Development	182.7	185.54	209.28	177.36	154.55	119.08
Other Operating Expenses	8.1	8.14	6.73	12.98	25.15	6.05
Total Operating Expenses	489.64	483.73	530.03	529.95	550.54	421.51
Operating Income	123.34	129.31	65.21	-11.26	-92.62	-54.22
Other Non-Operating Income (Expense)	22.54	23.87	25.22	60.14	3.28	-1.9
Total Non-Operating Income (Expense)	22.54	23.87	25.22	60.14	3.28	-1.9
Pretax Income	145.88	153.18	90.43	48.88	-89.35	-56.12
Provision for Income Taxes	36.72	37.75	-125.16	1.99	0.54	0.12
Net Income	109.16	115.43	215.59	46.89	-89.89	-56.24
Net Income to Common	109.16	115.43	215.59	46.89	-89.89	-56.24
Net Income Growth	-53.53%	-46.46%	359.80%	-	-	-
Shares Outstanding (Basic)	131	132	134	135	131	127
Shares Outstanding (Diluted)	139	141	143	137	131	127
Shares Change (YoY)	-1.51%	-1.74%	4.29%	5.17%	2.64%	7.13%
EPS (Basic)	0.84	0.87	1.61	0.35	-0.69	-0.44
EPS (Diluted)	0.81	0.84	1.52	0.06	-0.69	-0.44
EPS Growth	-51.50%	-44.74%	2433.33%	-	-	-
Free Cash Flow	229.27	242.47	150.04	52.02	10.25	9.81
Free Cash Flow Growth	-5.44%	61.61%	188.44%	407.52%	4.49%	-38.87%
Free Cash Flow Per Share	1.65	1.72	1.05	0.38	0.08	0.08
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%
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%
EBITDA	153.28	155.02	80.02	-1.81	-84.57	-43.96
EBITDA Margin	19.39%	19.68%	10.40%	-0.26%	-13.68%	-8.74%
EBIT	123.34	129.31	65.21	-11.26	-92.62	-54.22
EBIT Margin	15.60%	16.41%	8.48%	-1.63%	-14.98%	-10.78%
Effective Tax Rate	25.17%	24.65%	-138.41%	4.07%	-0.60%	-0.22%

SEC Filings: 10-K · 10-Q