Upwork Cash Flow 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
Net Income	109.16	115.43	215.59	46.89	-89.89	-56.24
Depreciation & Amortization	29.95	25.71	14.81	9.45	8.06	10.26
Stock-Based Compensation	68.54	65.39	68.39	74.2	75.5	53.59
Other Adjustments	20.6	20.33	-130.24	-38.59	28.61	19.69
Change in Receivables	-0.53	-3.28	-4.8	-22.18	-15.29	-24.61
Changes in Accounts Payable	3.95	-1.16	0.97	-2.51	2.58	-1.45
Changes in Accrued Expenses	5.38	27.74	4.73	5.75	3.69	10.25
Changes in Unearned Revenue	0.7	0.49	-10.88	-14.54	4.26	7.45
Changes in Other Operating Activities	-3.42	-2.38	-5.01	-5.76	-6.02	-8.12
Operating Cash Flow	234.31	248.26	153.56	52.71	11.5	10.84
Operating Cash Flow Growth	33.35%	61.67%	191.35%	358.45%	6.10%	-51.55%
Capital Expenditures	-5.04	-5.79	-3.53	-0.69	-1.25	-1.03
Purchases of Intangible Assets	-24.04	-19.35	-10.92	-15.66	-7.49	-5.11
Purchases of Investments	-434.47	-485.18	-362.32	-709.21	-581.89	-525.34
Proceeds from Sale of Investments	508.45	431.78	528.67	813.84	521.15	102.5
Payments for Business Acquisitions	-58.41	-58.41	-14.33	-	-	-
Investing Cash Flow	-13.5	-136.94	137.57	88.27	-69.47	-428.98
Long-Term Debt Issued	-	-	-	-	-	575
Long-Term Debt Repaid	-	-	-	-171.33	-	-10.75
Net Long-Term Debt Issued (Repaid)	-	-	-	-171.33	-	564.25
Issuance of Common Stock	4.12	4.69	8.09	6.09	5.44	11.97
Repurchase of Common Stock	-210.8	-135.96	-100	-	-	-
Net Common Stock Issued (Repurchased)	-206.68	-131.27	-91.91	6.09	5.44	11.97
Other Financing Activities	-2.44	-6.73	9.96	25.44	-4.29	-38.48
Financing Cash Flow	-209.12	-138.01	-81.96	-139.79	1.14	537.74
Net Cash Flow	11.69	-26.69	209.18	1.19	-56.83	119.6
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%
FCF Margin	29.00%	30.78%	19.50%	7.55%	1.66%	1.95%
Free Cash Flow Per Share	1.65	1.72	1.05	0.38	0.08	0.08
Levered Free Cash Flow	140.67	160.03	216.68	-132.75	-78.57	525.38
Unlevered Free Cash Flow	123.8	142.04	156.55	-19.11	-81.86	-36.96

SEC Filings: 10-K · 10-Q