Upwork Financials
This page shows Upwork (UPWK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Upwork’s earnings engine has shifted from scale without profit to an asset-light model that throws off cash.
FY2025 free cash flow of$242.5M was more than double net income of$115.4M . But the current ratio fell to 1.5x from 3.4x as current liabilities expanded, which means the cash surge reflects both strong conversion and more day-to-day financing from the balance sheet.
Gross margin improved only modestly, reaching
The balance sheet moved from long-term debt of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Upwork's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Upwork has an operating margin of 16.4%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 45/100, indicating healthy but not exceptional operating efficiency. This is up from 8.5% the prior year.
Upwork's revenue grew a modest 2.4% year-over-year to $787.8M. This slow but positive growth earns a score of 45/100.
Upwork carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Upwork's current ratio of 1.46 is below the typical benchmark, resulting in a score of 25/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Upwork converts 30.8% of revenue into free cash flow ($242.5M). This strong cash generation earns a score of 82/100.
Upwork's ROE of 18.3% shows moderate profitability relative to equity, earning a score of 62/100. This is down from 37.5% the prior year.
Upwork scores 2.37, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Upwork passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Upwork generates $2.15 in operating cash flow ($248.3M OCF vs $115.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Upwork generated $787.8M in revenue in fiscal year 2025. This represents an increase of 2.4% from the prior year.
Upwork's EBITDA was $155.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 93.7% from the prior year.
Upwork reported $115.4M in net income in fiscal year 2025. This represents a decrease of 46.5% from the prior year.
Upwork earned $0.84 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 44.7% from the prior year.
Cash & Balance Sheet
Upwork generated $242.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 61.6% from the prior year.
Upwork held $294.4M in cash against $0 in long-term debt as of fiscal year 2025.
Upwork had 130M shares outstanding in fiscal year 2025. This represents a decrease of 3.7% from the prior year.
Margins & Returns
Upwork's gross margin was 77.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Upwork's operating margin was 16.4% in fiscal year 2025, reflecting core business profitability. This is up 7.9 percentage points from the prior year.
Upwork's net profit margin was 14.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 13.4 percentage points from the prior year.
Upwork's ROE was 18.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 19.2 percentage points from the prior year.
Capital Allocation
Upwork invested $185.5M in research and development in fiscal year 2025. This represents a decrease of 11.3% from the prior year.
Upwork spent $136.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 36.0% from the prior year.
Upwork invested $5.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 64.1% from the prior year.
UPWK Income Statement
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $195.5M-1.5% | $198.4M-1.6% | $201.7M+3.5% | $194.9M+1.2% | $192.7M+0.6% | $191.5M-1.2% | $193.8M+0.3% | $193.1M |
| Cost of Revenue | $44.6M+2.2% | $43.7M-4.7% | $45.8M+5.6% | $43.4M+3.9% | $41.8M-2.0% | $42.6M-1.8% | $43.4M-1.0% | $43.9M |
| Gross Profit | $150.8M-2.5% | $154.7M-0.7% | $155.9M+2.9% | $151.5M+0.4% | $150.9M+1.4% | $148.8M-1.0% | $150.4M+0.7% | $149.3M |
| R&D Expenses | $43.3M-8.0% | $47.1M-0.9% | $47.5M+5.9% | $44.8M-2.8% | $46.2M-13.7% | $53.5M+6.1% | $50.4M-3.9% | $52.5M |
| SG&A Expenses | $35.2M-15.6% | $41.7M+1.0% | $41.3M+15.7% | $35.7M+27.1% | $28.0M-21.2% | $35.6M+13.8% | $31.3M+4.5% | $29.9M |
| Operating Income | $32.7M+15.6% | $28.3M-4.9% | $29.8M-8.6% | $32.6M-15.8% | $38.7M+184.8% | $13.6M-34.7% | $20.8M+16.9% | $17.8M |
| Interest Expense | $704K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $6.2M-66.1% | $18.4M+190.5% | $6.3M+10.9% | $5.7M-21.4% | $7.3M+105.7% | -$128.8M-11538.3% | $1.1M-4.7% | $1.2M |
| Net Income | $31.5M+101.2% | $15.6M-46.7% | $29.3M-10.4% | $32.7M-13.3% | $37.7M-74.4% | $147.2M+430.2% | $27.8M+24.9% | $22.2M |
| EPS (Diluted) | $0.24 | N/A | $0.21-12.5% | $0.24-11.1% | $0.27 | N/A | $0.20+17.6% | $0.17 |
UPWK Balance Sheet
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B-4.4% | $1.3B-0.9% | $1.3B+3.9% | $1.3B+1.7% | $1.2B+2.3% | $1.2B+14.0% | $1.1B+5.4% | $1.0B |
| Current Assets | $883.3M-7.1% | $950.8M+0.2% | $949.0M+1.1% | $939.0M+0.1% | $938.0M+3.0% | $911.1M+0.7% | $904.3M+5.7% | $855.7M |
| Cash & Equivalents | $328.4M+11.6% | $294.4M+12.9% | $260.8M-10.4% | $291.1M-4.4% | $304.4M-0.4% | $305.8M+6.0% | $288.5M+57.8% | $182.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $75.9M-0.4% | $76.2M-0.3% | $76.4M+7.3% | $71.2M-8.6% | $77.9M+3.2% | $75.5M+8.7% | $69.4M-40.4% | $116.5M |
| Goodwill | $149.2M0.0% | $149.2M-0.8% | $150.5M+6.4% | $141.5M+16.9% | $121.1M0.0% | $121.1M+2.4% | $118.2M0.0% | $118.2M |
| Total Liabilities | $672.3M+0.5% | $669.3M-2.0% | $683.1M+4.6% | $653.1M+1.1% | $645.7M+1.5% | $636.2M-2.3% | $651.5M+0.6% | $647.5M |
| Current Liabilities | $647.2M-0.5% | $650.2M-1.6% | $660.5M+136.2% | $279.6M+1.8% | $274.7M+2.3% | $268.4M-5.6% | $284.4M-0.2% | $285.1M |
| Long-Term Debt | $360.2M | $0 | $0-100.0% | $358.8M+0.1% | $358.4M+0.1% | $357.9M+0.1% | $357.5M+0.1% | $357.0M |
| Total Equity | $569.6M-9.6% | $630.3M+0.3% | $628.1M+3.2% | $608.7M+2.4% | $594.3M+3.3% | $575.4M+39.9% | $411.2M+13.9% | $361.1M |
| Retained Earnings | $68.4M+85.1% | $36.9M+73.3% | $21.3M+365.8% | -$8.0M+80.3% | -$40.7M+48.1% | -$78.5M+65.2% | -$225.6M+11.0% | -$253.4M |
UPWK Cash Flow Statement
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $23.0M-63.9% | $63.7M-15.2% | $75.1M+3.5% | $72.5M+96.2% | $37.0M-4.2% | $38.6M-36.7% | $61.0M+55.5% | $39.2M |
| Capital Expenditures | $1.7M+278.7% | $455K-5.6% | $482K-79.8% | $2.4M-3.7% | $2.5M+59.6% | $1.5M+28.7% | $1.2M+101.3% | $598K |
| Free Cash Flow | $21.3M-66.3% | $63.2M-15.2% | $74.6M+6.4% | $70.1M+103.3% | $34.5M-6.9% | $37.0M-38.0% | $59.8M+54.8% | $38.6M |
| Investing Cash Flow | $118.2M+9502.9% | $1.2M+101.5% | -$81.5M-58.4% | -$51.5M-885.1% | -$5.2M+75.2% | -$21.0M-1112.5% | $2.1M-98.6% | $150.4M |
| Financing Cash Flow | -$84.3M-35.8% | -$62.0M-153.5% | -$24.5M+36.2% | -$38.4M-191.8% | -$13.1M+30.1% | -$18.8M-149.5% | $38.0M+206.3% | -$35.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $107.9M+217.0% | $34.0M+9.8% | $31.0M-18.1% | $37.9M+14.6% | $33.1M | $0 | $0-100.0% | $33.1M |
UPWK Financial Ratios
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.2%-0.8pp | 78.0%+0.7pp | 77.3%-0.4pp | 77.7%-0.6pp | 78.3%+0.6pp | 77.7%+0.1pp | 77.6%+0.3pp | 77.3% |
| Operating Margin | 16.7%+2.5pp | 14.3%-0.5pp | 14.8%-2.0pp | 16.7%-3.4pp | 20.1%+13.0pp | 7.1%-3.6pp | 10.7%+1.5pp | 9.2% |
| Net Margin | 16.1%+8.2pp | 7.9%-6.7pp | 14.5%-2.2pp | 16.8%-2.8pp | 19.6%-57.3pp | 76.9%+62.5pp | 14.3%+2.8pp | 11.5% |
| Return on Equity | 5.5%+3.0pp | 2.5%-2.2pp | 4.7%-0.7pp | 5.4%-1.0pp | 6.3%-19.2pp | 25.6%+18.8pp | 6.8%+0.6pp | 6.2% |
| Return on Assets | 2.5%+1.3pp | 1.2%-1.0pp | 2.2%-0.3pp | 2.6%-0.5pp | 3.0%-9.1pp | 12.2%+9.5pp | 2.6%+0.4pp | 2.2% |
| Current Ratio | 1.36-0.1 | 1.46+0.0 | 1.44-1.9 | 3.36-0.1 | 3.41+0.0 | 3.39+0.2 | 3.18+0.2 | 3.00 |
| Debt-to-Equity | 0.63+0.6 | 0.000.0 | 0.00-0.6 | 0.59-0.0 | 0.60-0.0 | 0.62-0.2 | 0.87-0.1 | 0.99 |
| FCF Margin | 10.9%-21.0pp | 31.9%-5.1pp | 37.0%+1.0pp | 36.0%+18.1pp | 17.9%-1.4pp | 19.3%-11.5pp | 30.8%+10.9pp | 20.0% |
Similar Companies
Frequently Asked Questions
What is Upwork's annual revenue?
Upwork (UPWK) reported $787.8M in total revenue for fiscal year 2025. This represents a 2.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Upwork's revenue growing?
Upwork (UPWK) revenue grew by 2.4% year-over-year, from $769.3M to $787.8M in fiscal year 2025.
Is Upwork profitable?
Yes, Upwork (UPWK) reported a net income of $115.4M in fiscal year 2025, with a net profit margin of 14.6%.
What is Upwork's EBITDA?
Upwork (UPWK) had EBITDA of $155.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Upwork have?
As of fiscal year 2025, Upwork (UPWK) had $294.4M in cash and equivalents against $0 in long-term debt.
What is Upwork's gross margin?
Upwork (UPWK) had a gross margin of 77.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Upwork's operating margin?
Upwork (UPWK) had an operating margin of 16.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Upwork's net profit margin?
Upwork (UPWK) had a net profit margin of 14.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Upwork's return on equity (ROE)?
Upwork (UPWK) has a return on equity of 18.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Upwork's free cash flow?
Upwork (UPWK) generated $242.5M in free cash flow during fiscal year 2025. This represents a 61.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Upwork's operating cash flow?
Upwork (UPWK) generated $248.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Upwork's total assets?
Upwork (UPWK) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Upwork's capital expenditures?
Upwork (UPWK) invested $5.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Upwork spend on research and development?
Upwork (UPWK) invested $185.5M in research and development during fiscal year 2025.
What is Upwork's current ratio?
Upwork (UPWK) had a current ratio of 1.46 as of fiscal year 2025, which is considered adequate.
What is Upwork's debt-to-equity ratio?
Upwork (UPWK) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Upwork's return on assets (ROA)?
Upwork (UPWK) had a return on assets of 8.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Upwork's Altman Z-Score?
Upwork (UPWK) has an Altman Z-Score of 2.37, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Upwork's Piotroski F-Score?
Upwork (UPWK) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Upwork's earnings high quality?
Upwork (UPWK) has an earnings quality ratio of 2.15x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Upwork?
Upwork (UPWK) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.