Upwork (UPWK) financial statements
Upwork reported revenue of $788M in fiscal 2025, up 19.0% a year over 9 years.
Net income was $115M and the operating margin 16.4%, against -8.8% in 2016.
Free cash flow was $223M, and the company returned $136M in net buybacks.
The diluted share count rose 339% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Upwork's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $164M | $203M | $253M | $301M | $374M | $503M | $618M | $689M | $769M | $788M |
| Cost of revenue | $63M | $65M | $81M | $88M | $104M | $136M | $160M | $170M | $174M | $175M |
| Gross profit | $102M | $137M | $172M | $212M | $269M | $367M | $458M | $519M | $595M | $613M |
| Research and development | $38M | $46M | $55M | $64M | $83M | $119M | $155M | $177M | $209M | $186M |
| Selling, general and admin | $73M | $90M | $122M | $163M | $205M | $296M | $371M | $340M | $314M | $290M |
| Operating income | -$14M | -$3M | -$12M | -$19M | -$22M | -$54M | -$93M | -$11M | $65M | $129M |
| Interest expense | $858,000 | $960,000 | $2M | $1M | $778,000 | $2M | $4M | — | — | — |
| Pre-tax income | -$16M | -$4M | -$20M | -$17M | -$23M | -$56M | -$89M | $49M | $90M | $153M |
| Income tax | -$1,000 | -$22,000 | $15,000 | $28,000 | $150,000 | $122,000 | $536,000 | $2M | -$125M | $38M |
| Net income | -$16M | -$4M | -$20M | -$17M | -$23M | -$56M | -$90M | $47M | $216M | $115M |
| EPS (diluted) | -$0.51 | -$0.32 | -$0.38 | -$0.15 | -$0.19 | -$0.44 | -$0.69 | $0.06 | $1.52 | $0.84 |
| Diluted shares | 32M | 33M | 52M | 110M | 119M | 127M | 131M | 137M | 143M | 141M |
| Gross margin | 61.9% | 67.7% | 67.8% | 70.7% | 72.1% | 73.0% | 74.1% | 75.3% | 77.4% | 77.8% |
| Operating margin | -8.8% | -1.5% | -4.6% | -6.2% | -6.0% | -10.8% | -15.0% | -1.6% | 8.5% | 16.4% |
| Net margin | -9.9% | -2.0% | -7.9% | -5.5% | -6.1% | -11.2% | -14.5% | 6.8% | 28.0% | 14.7% |
Balance sheet
Fiscal years, from Upwork's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $90M | $22M | $129M | $134M | $170M | $685M | $687M | $550M | $622M | $673M |
| Receivables | — | $31M | $22M | $30M | $47M | $67M | $65M | $103M | $75M | $76M |
| Total current assets | — | $144M | $256M | $281M | $361M | $930M | $931M | $883M | $911M | $951M |
| Property, plant and equipment | — | $4M | $11M | $21M | $28M | $21M | $22M | $27M | $30M | $44M |
| Goodwill | — | $118M | $118M | $118M | $118M | $118M | $118M | $118M | $121M | $149M |
| Total assets | — | $275M | $392M | $446M | $529M | $1.1B | $1.1B | $1.0B | $1.2B | $1.3B |
| Total current liabilities | — | $115M | $128M | $149M | $199M | $234M | $248M | $293M | $268M | $650M |
| Long-term debt | — | $23M | $18M | $11M | $3M | $561M | $564M | $356M | $358M | $0 |
| Total liabilities | — | $140M | $148M | $187M | $230M | $822M | $831M | $656M | $636M | $669M |
| Shareholders' equity | -$30M | -$31M | $244M | $259M | $299M | $260M | $249M | $381M | $575M | $630M |
| Net debt | -$90M | $12M | -$105M | -$30M | -$83M | $374M | $435M | $276M | $52M | $65M |
Cash flow
Fiscal years, from Upwork's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3M | -$4M | $14M | $1M | $22M | $11M | $11M | $53M | $154M | $248M |
| Capital spending | $846,000 | $2M | $7M | $17M | $14M | $6M | $9M | $13M | $14M | $25M |
| Free cash flow | $2M | -$6M | $7M | -$16M | $8M | $5M | $3M | $39M | $139M | $223M |
| Stock-based compensation | $7M | $7M | $10M | $19M | $26M | $54M | $76M | $74M | $68M | $65M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$100M | -$136M |
| Net borrowing | $5M | $17M | -$10M | -$6M | -$8M | -$11M | $0 | $0 | — | — |
| Free cash flow margin | 1.4% | -3.1% | 2.7% | -5.2% | 2.1% | 0.9% | 0.4% | 5.7% | 18.1% | 28.3% |
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What was Upwork's revenue in 2025?
$788M in fiscal 2025, from its 10-K filing.
How much free cash flow does Upwork generate?
$223M in fiscal 2025 (operating cash flow minus capital spending).
From Upwork's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.