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Upwork Inc. (UPWK)
NASDAQ: UPWK · Real-Time Price · USD
8.15
+0.08 (0.99%)
At close: Sep 25, 2026, 4:00 PM EDT
8.19
+0.04 (0.49%)
After-hours: Sep 25, 2026, 7:30 PM EDT

Upwork Cash Flow Statement

Millions USD. Fiscal year is Jan - Dec.

Operating Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Net Income
25.431.4615.6329.3432.7337.73147.1727.7622.2218.4417.3716.34-3.9917.17-16.5-24.83-23.82-24.74-22.56-9.31
Depreciation & Amortization
4.1243.44.332.262.461.971.791.891.891.541.491.571.621.531.561.581.561.711.78
Other Amortization
5.565.964.264.264.263.063.273.063.062.563.561.561.561.922.041.941.941.941.942
Loss (Gain) From Sale of Assets
0.18-------------------
Asset Writedown & Restructuring Costs
------------------1.35-
Loss (Gain) From Sale of Investments
-0.93-1.85-2.5-2.2-1.56-1.94-1.48-2.27-3.28-4.88-4.6-3.68-2.67-3.49-1.97-0.320.260.540.20.08
Stock-Based Compensation
14.1215.4217.3519.7915.9812.2713.6318.5819.2416.9418.0517.8118.4419.919.3820.418.9816.7414.9313.91
Other Operating Activities
3.92.2320.08-0.163.782.25-127.11.291.820.982.051.551.92-35.055.0810.296.582.112.361.29
Change in Accounts Receivable
-0.61-0.78-1.63-2.013.9-3.54-4.574.85-1.86-3.23-19.544.32-8.951.99-2.47-6.9-13.852.99-10.642.87
Change in Accounts Payable
-3.973.12-0.664.57-3.09-1.990.43-0.16-0.080.783.29-2.430.01-3.382.3-0-0.871.151.74-5.36
Change in Unearned Revenue
0.380.44-0.180.130.310.23-1.51-1.99-3.27-4.11-5.54-5.51-3.740.25-0.032.010.621.662.331.67
Change in Other Net Operating Assets
-1.28-36.977.9417.0413.96-13.586.778.06-0.53-14.583.955.510.16-9.63-0.925.878.14-15.42-5.8111.94
Operating Cash Flow
46.8723.0263.775.0872.5136.9738.5860.9639.214.8120.1536.954.31-8.78.4610.03-0.45-11.48-12.4520.86
Operating Cash Flow Growth (YoY)
-35.36%-37.73%65.11%23.15%84.97%149.53%91.49%64.98%809.79%-138.30%268.56%----51.95%---209.10%

Investing Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Capital Expenditures
-1.62-1.72-0.46-0.48-2.38-2.47-1.55-1.2-0.6-0.18-0.13-0.420.02-0.16-0.36-0.29-0.41-0.19-0.46-0.23
Cash Acquisitions
--1.44-39.44-20.41--14.33-------------
Sale (Purchase) of Intangibles
-9.32-8.39-5.97-5.17-4.51-3.7-2.32-2.96-3.15-2.49-6.48-3.11-3.37-2.7-2.33-2.34-1.59-1.23-0.89-0.64
Investment in Securities
113.88128.336.22-36.41-24.150.95-2.846.25154.148.81-56.82-41.7148.15155-34.3613.3613.87-53.62-401.52-55.86
Investing Cash Flow
102.95118.211.23-81.5-51.45-5.22-21.042.08150.396.14-63.44-45.2444.81152.14-37.0410.7411.87-55.04-402.87-56.73

Financing Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Total Debt Issued
-------------------575
Total Debt Repaid
--------------------6.96
Net Debt Issued (Repaid)
-------------------568.04
Issuance of Common Stock
2.330.081.760.082.20.653.241.173.580.111.591.012.740.761.640.293.020.492.640.91
Repurchase of Common Stock
-1.83-107.89-34.04-31-37.87-33.05---33.12-66.88----------
Other Financing Activities
-13.0923.55-29.766.45-2.6819.26-22.0536.81-6.191.398.930.32-2.34-152.79-8.51-18.48-7.9335.57-11.88-56.64
Financing Cash Flow
-12.6-84.25-62.04-24.47-38.35-13.14-18.8237.98-35.74-65.3810.521.320.4-152.03-6.87-18.19-4.9236.05-9.24512.31

Net Cash Flow

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Net Cash Flow
137.2256.982.9-30.89-17.2918.6-1.27101.02153.86-44.42-32.77-6.9649.52-8.6-35.452.576.51-30.47-424.55476.44

Free Cash Flow

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Free Cash Flow
45.2621.363.2574.670.1334.4937.0359.7638.6114.6420.0136.534.33-8.868.19.74-0.86-11.67-12.9120.63
Free Cash Flow Growth (YoY)
-35.47%-38.26%70.78%24.83%81.67%135.66%85.04%63.60%791.16%-147.09%275.23%----52.82%---234.57%
Free Cash Flow Margin
23.61%10.89%31.88%36.98%35.98%17.90%19.34%30.84%19.99%7.67%10.88%20.79%2.57%-5.51%5.02%6.14%-0.55%-8.26%-9.43%16.10%
Free Cash Flow Per Share
0.350.160.450.530.500.240.260.430.280.100.140.270.03-0.070.060.07-0.01-0.09-0.100.16
Levered Free Cash Flow
37.663.9552.6362.1553.5614.6334.2187.0127.32-4.03-12.9931.26.960.1112.7116.045.361.23-6.3422.02
Unlevered Free Cash Flow
37.643.9352.8362.1353.5214.634.1786.9927.29-4.05-12.9431.186.63-0.611.9715.995.311.19-6.3822.09

Additional Metrics

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21
Cash Interest Paid
0.020.560.330.45-0.45-0.460.010.460.010.480.030.810.020.740.020.760.030.06
Cash Income Tax Paid
15.910.53.164.815.50.061.412.390.79-1.320.66--------
Change in Working Capital
-5.48-34.25.4719.7315.07-18.871.1210.76-5.75-21.13-17.831.88-12.51-10.78-1.110.98-5.97-9.62-12.3711.12
SEC Filings: 10-K · 10-Q