Upwork Inc. (UPWK)

Upwork Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	115.43	215.59	46.89	-89.89	-56.24
Depreciation & Amortization	6.25	7.55	6.22	6.24	7.91
Other Amortization	22.05	11.95	8.6	7.86	7.08
Asset Writedown & Restructuring Costs	-	-	-	-	8.74
Loss (Gain) From Sale of Investments	-8.2	-11.91	-14.43	-1.49	0.3
Stock-Based Compensation	65.39	68.39	74.2	75.5	53.59
Other Operating Activities	25.95	-123	-29.52	24.06	5.93
Change in Accounts Receivable	-3.28	-4.8	-22.18	-15.29	-24.61
Change in Accounts Payable	-1.16	0.97	-2.51	2.58	-1.45
Change in Unearned Revenue	0.49	-10.88	-14.54	4.26	7.45
Change in Other Net Operating Assets	25.36	-0.28	-0.01	-2.33	2.13
Operating Cash Flow	248.26	153.56	52.71	11.5	10.84
Operating Cash Flow Growth	61.67%	191.35%	358.45%	6.10%	-51.55%
Capital Expenditures	-5.79	-3.53	-0.69	-1.25	-1.03
Cash Acquisitions	-58.41	-14.33	-	-	-
Sale (Purchase) of Intangibles	-19.35	-10.92	-15.66	-7.49	-5.11
Investment in Securities	-53.39	166.35	104.62	-60.74	-422.84
Investing Cash Flow	-136.94	137.57	88.27	-69.47	-428.98
Long-Term Debt Issued	-	-	-	-	575
Long-Term Debt Repaid	-	-	-	-	-10.75
Net Debt Issued (Repaid)	-	-	-	-	564.25
Issuance of Common Stock	4.69	8.09	6.09	5.44	11.97
Repurchase of Common Stock	-135.96	-100	-	-	-
Other Financing Activities	-6.73	9.96	-145.88	-4.29	-38.48
Financing Cash Flow	-138.01	-81.96	-139.79	1.14	537.74
Miscellaneous Cash Flow Adjustments	-	-	-	0	-
Net Cash Flow	-26.69	209.18	1.19	-56.83	119.6
Free Cash Flow	242.47	150.04	52.02	10.25	9.81
Free Cash Flow Growth	61.61%	188.44%	407.52%	4.49%	-38.87%
Free Cash Flow Margin	30.78%	19.50%	7.55%	1.66%	1.95%
Free Cash Flow Per Share	1.72	1.05	0.38	0.08	0.08
Cash Interest Paid	1.23	0.92	1.32	1.54	0.37
Cash Income Tax Paid	13.53	4.59	1.98	-	-
Levered Free Cash Flow	182.96	144.51	24.35	34.63	20.17
Unlevered Free Cash Flow	183.09	144.39	24.27	34.48	18.98
Change in Working Capital	21.4	-14.99	-39.24	-10.79	-16.47

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q