Upwork Inc. (UPWK)
NASDAQ: UPWK · Real-Time Price · USD
9.02
+0.10 (1.12%)
At close: Aug 28, 2026, 4:00 PM EDT
9.04
+0.02 (0.22%)
After-hours: Aug 28, 2026, 7:30 PM EDT
Upwork Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 | 101.83 | 115.43 | 215.59 | 46.89 | -89.89 | -56.24 |
Depreciation & Amortization | 15.84 | 12.45 | 7.55 | 6.22 | 6.24 | 7.91 |
Other Amortization | 20.04 | 15.84 | 11.95 | 8.6 | 7.86 | 7.08 |
Loss (Gain) From Sale of Assets | 0.18 | - | - | - | - | - |
Asset Writedown & Restructuring Costs | - | - | - | - | - | 8.74 |
Loss (Gain) From Sale of Investments | -7.47 | -8.2 | -11.91 | -14.43 | -1.49 | 0.3 |
Stock-Based Compensation | 66.69 | 65.39 | 68.39 | 74.2 | 75.5 | 53.59 |
Other Operating Activities | 26.04 | 25.95 | -123 | -29.52 | 24.06 | 5.93 |
Change in Accounts Receivable | -5.03 | -3.28 | -4.8 | -22.18 | -15.29 | -24.61 |
Change in Accounts Payable | 3.07 | -1.16 | 0.97 | -2.51 | 2.58 | -1.45 |
Change in Unearned Revenue | 0.77 | 0.49 | -10.88 | -14.54 | 4.26 | 7.45 |
Change in Other Net Operating Assets | -13.28 | 25.36 | -0.28 | -0.01 | -2.33 | 2.13 |
Operating Cash Flow | 208.67 | 248.26 | 153.56 | 52.71 | 11.5 | 10.84 |
Operating Cash Flow Growth | -0.17% | 61.67% | 191.35% | 358.45% | 6.10% | -51.55% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Capital Expenditures | -4.28 | -5.79 | -3.53 | -0.69 | -1.25 | -1.03 |
Cash Acquisitions | -38 | -58.41 | -14.33 | - | - | - |
Sale (Purchase) of Intangibles | -28.85 | -19.35 | -10.92 | -15.66 | -7.49 | -5.11 |
Investment in Securities | 212.01 | -53.39 | 166.35 | 104.62 | -60.74 | -422.84 |
Investing Cash Flow | 140.89 | -136.94 | 137.57 | 88.27 | -69.47 | -428.98 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Long-Term Debt Issued | - | - | - | - | - | 575 |
Long-Term Debt Repaid | - | - | - | - | - | -10.75 |
Net Debt Issued (Repaid) | - | - | - | - | - | 564.25 |
Issuance of Common Stock | 4.25 | 4.69 | 8.09 | 6.09 | 5.44 | 11.97 |
Repurchase of Common Stock | -174.76 | -135.96 | -100 | - | - | - |
Other Financing Activities | -12.84 | -6.73 | 9.96 | -145.88 | -4.29 | -38.48 |
Financing Cash Flow | -183.36 | -138.01 | -81.96 | -139.79 | 1.14 | 537.74 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Miscellaneous Cash Flow Adjustments | - | - | - | - | 0 | - |
Net Cash Flow | 166.21 | -26.69 | 209.18 | 1.19 | -56.83 | 119.6 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Free Cash Flow | 204.4 | 242.47 | 150.04 | 52.02 | 10.25 | 9.81 |
Free Cash Flow Growth | 1.48% | 61.61% | 188.44% | 407.52% | 4.49% | -38.87% |
Free Cash Flow Margin | 25.96% | 30.78% | 19.50% | 7.55% | 1.66% | 1.95% |
Free Cash Flow Per Share | 1.50 | 1.72 | 1.05 | 0.38 | 0.08 | 0.08 |
Levered Free Cash Flow | 156.38 | 182.96 | 144.51 | 24.35 | 34.63 | 20.17 |
Unlevered Free Cash Flow | 156.53 | 183.09 | 144.39 | 24.27 | 34.48 | 18.98 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 Interest Paid | 1.35 | 1.23 | 0.92 | 1.32 | 1.54 | 0.37 |
Cash Income Tax Paid | 24.38 | 13.53 | 4.59 | 1.98 | - | - |
Change in Working Capital | -14.48 | 21.4 | -14.99 | -39.24 | -10.79 | -16.47 |