Upwork (UPWK) Financials

$15.79 +2.47 (+18.53%)

As of 02:44 PM Eastern

Annual Income Statements for Upwork

This table shows Upwork's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-16	-11	-20	-17	-23	-56	-90	47	216
Consolidated Net Income / (Loss)	-16	-4.12	-20	-17	-23	-56	-90	47	216
Net Income / (Loss) Continuing Operations	-16	-4.12	-20	-17	-23	-56	-90	47	216
Total Pre-Tax Income	-16	-4.15	-20	-17	-23	-56	-89	49	90
Total Operating Income	-14	-3.12	-12	-19	-22	-54	-93	-11	65
Total Gross Profit	102	137	172	212	269	367	458	519	595
Total Revenue	164	203	253	301	374	503	618	689	769
Operating Revenue	164	203	253	301	374	503	618	689	769
Total Cost of Revenue	63	65	81	88	104	136	160	170	174
Operating Cost of Revenue	63	65	81	88	104	136	160	170	174
Total Operating Expenses	116	140	184	231	292	422	551	530	530
Selling, General & Admin Expense	35	37	49	67	72	113	124	119	129
Marketing Expense	37	53	73	96	133	183	247	221	185
Research & Development Expense	38	46	55	64	83	119	155	177	209
Other Operating Expenses / (Income)	-	-	5.82	-	-	-	25	13	6.73
Total Other Income / (Expense), net	-1.77	-1.02	-8.18	2.10	-0.31	-1.90	3.28	60	25
Other Income / (Expense), net	-0.91	-0.06	-6.14	3.41	0.47	-1.90	3.28	60	25
Income Tax Expense	-0.00	-0.02	0.02	0.03	0.15	0.12	0.54	1.99	-125
Basic Earnings per Share	($0.51)	($0.32)	($0.38)	($0.15)	($0.19)	($0.44)	($0.69)	$0.35	$1.61
Weighted Average Basic Shares Outstanding	32.07M	32.94M	52.33M	109.81M	118.70M	127.16M	130.52M	134.77M	133.62M
Diluted Earnings per Share	($0.51)	($0.32)	($0.38)	($0.15)	($0.19)	($0.44)	($0.69)	$0.06	$1.52
Weighted Average Diluted Shares Outstanding	32.07M	32.94M	52.33M	109.81M	118.70M	127.16M	130.52M	137.26M	143.15M
Weighted Average Basic & Diluted Shares Outstanding	32.07M	32.94M	52.33M	109.81M	118.70M	129.22M	132.48M	137.39M	135.46M

This table shows Upwork's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-25	-17	17	-3.99	16	17	18	22	28	147
Consolidated Net Income / (Loss)	-25	-17	17	-3.99	16	17	18	22	28	147
Net Income / (Loss) Continuing Operations	-25	-17	17	-3.99	16	17	18	22	28	147
Total Pre-Tax Income	-25	-16	18	-2.13	17	16	20	23	29	18
Total Operating Income	-25	-20	-25	-6.12	11	8.43	13	18	21	14
Total Gross Profit	118	120	120	128	132	138	147	149	150	149
Total Revenue	159	161	161	169	176	184	191	193	194	191
Operating Revenue	159	161	161	169	176	184	191	193	194	191
Total Cost of Revenue	40	41	40	41	43	46	44	44	43	43
Operating Cost of Revenue	40	41	40	41	43	46	44	44	43	43
Total Operating Expenses	144	141	145	134	121	130	134	131	130	135
Selling, General & Admin Expense	31	30	29	29	29	32	32	30	31	36
Marketing Expense	63	63	65	59	47	49	48	47	46	44
Research & Development Expense	39	42	44	43	43	46	53	52	50	53
Other Operating Expenses / (Income)	10	6.24	6.70	2.55	1.62	2.11	0.93	1.77	1.80	2.23
Total Other Income / (Expense), net	0.66	4.42	43	3.98	5.77	7.39	6.72	5.62	8.09	4.79
Other Income / (Expense), net	1.77	1.06	43	3.98	5.77	7.39	6.72	5.62	8.09	4.79
Income Tax Expense	0.04	0.44	0.80	1.86	0.90	-1.56	1.33	1.18	1.13	-129
Basic Earnings per Share	($0.19)	($0.13)	$0.13	($0.03)	$0.12	$0.13	$0.14	$0.17	$0.21	$1.09
Weighted Average Basic Shares Outstanding	130.83M	130.52M	132.84M	134.14M	135.45M	134.77M	136.36M	131.44M	132.60M	133.62M
Diluted Earnings per Share	($0.19)	($0.13)	($0.15)	($0.03)	$0.12	$0.12	$0.13	$0.17	$0.20	$1.02
Weighted Average Diluted Shares Outstanding	130.83M	130.52M	135.97M	134.14M	137.29M	137.26M	143.66M	138.27M	139.29M	143.15M
Weighted Average Basic & Diluted Shares Outstanding	131.34M	132.48M	133.46M	134.88M	136.11M	137.39M	133.12M	132.01M	133.67M	135.46M

This table details how cash moves in and out of Upwork's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	7.91	21	119	-70	73	120	-57	1.19	209
Net Cash From Operating Activities	3.15	-4.00	14	1.06	22	11	11	53	154
Net Cash From Continuing Operating Activities	3.15	-4.00	14	1.06	22	11	11	53	154
Net Income / (Loss) Continuing Operations	-16	-4.12	-20	-17	-23	-56	-90	47	216
Consolidated Net Income / (Loss)	-16	-4.12	-20	-17	-23	-56	-90	47	216
Depreciation Expense	8.46	4.19	4.95	6.66	10	10	8.06	9.45	15
Amortization Expense	0.00	0.05	0.08	2.84	3.60	5.03	4.55	-9.06	-7.23
Non-Cash Adjustments To Reconcile Net Income	13	11	16	21	29	68	100	45	75
Changes in Operating Assets and Liabilities, net	-1.93	-15	13	-13	2.24	-16	-11	-39	-144
Net Cash From Investing Activities	-0.48	-2.32	-6.84	-101	-4.15	-429	-69	88	138
Net Cash From Continuing Investing Activities	-0.48	-2.32	-6.84	-101	-4.15	-429	-69	88	138
Purchase of Property, Plant & Equipment	-0.85	-2.32	-6.84	-17	-14	-6.14	-8.73	-13	-14
Acquisitions	-	-	-	-	-	0.00	0.00	-3.00	-14
Purchase of Investments	-	0.00	0.00	-169	-107	-525	-582	-709	-362
Sale and/or Maturity of Investments	-	0.00	0.00	85	118	103	521	814	529
Net Cash From Financing Activities	5.23	28	112	29	55	538	1.14	-140	-82
Net Cash From Continuing Financing Activities	5.23	28	112	29	55	538	1.14	-140	-82
Repayment of Debt	-12	-17	-25	-56	-26	-26	0.00	-171	0.00
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-100
Issuance of Common Equity	0.27	2.55	118	25	36	4.79	3.79	4.08	8.09
Other Financing Activities, net	0.00	27	4.52	11	26	-16	-2.65	27	9.96
Cash Interest Paid	1.33	0.85	1.98	1.29	0.76	0.37	1.54	1.32	0.92
Cash Income Taxes Paid	0.00	0.06	-	-	-	0.00	0.00	1.98	4.59

This table details how cash moves in and out of Upwork's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	2.57	-35	-8.60	50	-6.96	-33	-44	154	101	-1.27
Net Cash From Operating Activities	10	13	-8.70	4.31	37	20	5.66	37	102	8.49
Net Cash From Continuing Operating Activities	10	13	-8.70	4.31	37	20	5.66	37	102	8.49
Net Income / (Loss) Continuing Operations	-25	-17	17	-3.99	16	17	18	22	28	147
Consolidated Net Income / (Loss)	-25	-17	17	-3.99	16	17	18	22	28	147
Depreciation Expense	1.98	2.05	2.02	1.85	1.76	3.81	3.15	3.63	3.67	4.37
Amortization Expense	1.20	-0.45	-1.97	-1.40	-2.39	-3.30	-3.57	-1.96	-1.09	-0.61
Non-Cash Adjustments To Reconcile Net Income	31	24	-15	20	15	24	18	21	16	20
Changes in Operating Assets and Liabilities, net	0.98	3.83	-11	-13	6.26	-22	-30	-7.66	56	-162
Net Cash From Investing Activities	11	-37	152	45	-45	-63	6.14	150	2.08	-21
Net Cash From Continuing Investing Activities	11	-37	152	45	-45	-63	6.14	150	2.08	-21
Purchase of Property, Plant & Equipment	-2.63	-2.68	-2.86	-3.35	-3.53	-3.61	-2.67	-3.75	-4.17	-3.87
Purchase of Investments	-167	-184	-156	-98	-195	-260	-150	-44	-40	-128
Sale and/or Maturity of Investments	180	149	311	146	153	203	159	199	46	125
Net Cash From Financing Activities	-18	-12	-152	0.40	1.32	11	-56	-34	-3.19	11
Net Cash From Continuing Financing Activities	-18	-12	-152	0.40	1.32	11	-56	-34	-3.19	11
Issuance of Common Equity	-	1.33	-	-	-	1.52	-	-	-	5.17
Other Financing Activities, net	-18	-13	19	-1.59	1.32	9.00	11	-3.62	-3.19	6.11
Cash Income Taxes Paid	-	-	-	-	-	1.32	-	-	-	1.41

This table presents Upwork's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	275	392	446	529	1,081	1,080	1,038	1,212
Total Current Assets	144	256	281	361	930	931	883	911
Cash & Equivalents	22	129	48	94	187	129	80	306
Short-Term Investments	-	0.00	85	76	498	557	470	316
Accounts Receivable	31	22	30	47	67	65	103	75
Prepaid Expenses	4.57	6.25	7.89	9.09	17	18	18	18
Other Current Assets	87	98	109	135	161	161	212	196
Plant, Property, & Equipment, net	3.51	11	21	28	21	22	27	30
Total Noncurrent Assets	128	125	144	140	130	127	127	271
Goodwill	118	118	118	118	118	118	118	121
Intangible Assets	8.67	6.00	3.34	0.67	-	0.00	3.05	13
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	0.00	129
Other Noncurrent Operating Assets	0.66	0.65	23	21	12	9.06	5.76	7.67
Total Liabilities & Shareholders' Equity	275	392	446	529	1,081	1,080	1,038	1,212
Total Liabilities	140	148	187	230	822	831	656	636
Total Current Liabilities	115	128	149	199	234	248	293	268
Accounts Payable	0.46	2.07	0.65	6.46	5.00	7.55	5.06	6.13
Accrued Expenses	16	21	18	33	46	54	58	59
Current Deferred Revenue	0.61	0.72	14	17	22	25	17	7.27
Other Current Liabilities	87	98	109	135	161	161	212	196
Total Noncurrent Liabilities	25	20	38	31	588	584	363	368
Long-Term Debt	23	18	11	3.14	561	564	356	358
Other Noncurrent Operating Liabilities	1.94	1.99	27	28	27	19	7.38	9.88
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-31	244	259	299	260	249	381	575
Total Preferred & Common Equity	-31	244	259	299	260	249	381	575
Total Common Equity	-31	244	259	299	260	249	381	575
Common Stock	92	387	431	494	511	593	675	654
Retained Earnings	-124	-143	-172	-195	-251	-341	-294	-78
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-0.53	-3.09	0.21	0.26

This table presents Upwork's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	1,079	918	931	961	1,001	1,009	1,063
Total Current Assets	930	768	780	810	848	856	904
Cash & Equivalents	156	102	154	147	25	183	288
Short-Term Investments	519	408	363	408	466	315	313
Accounts Receivable	67	59	66	60	114	117	69
Prepaid Expenses	17	19	19	17	20	23	19
Other Current Assets	170	179	178	178	223	219	214
Plant, Property, & Equipment, net	21	23	25	27	27	28	30
Total Noncurrent Assets	128	127	126	125	126	125	128
Goodwill	118	118	118	118	118	118	118
Intangible Assets	-	-	-	-	2.66	2.26	1.86
Other Noncurrent Operating Assets	9.82	8.92	7.46	6.55	4.80	4.27	8.42
Total Liabilities & Shareholders' Equity	1,079	918	931	961	1,001	1,009	1,063
Total Liabilities	837	629	624	618	652	647	651
Total Current Liabilities	252	257	255	253	289	285	284
Accounts Payable	5.35	4.25	4.18	1.75	5.92	5.86	5.60
Accrued Expenses	52	48	49	52	47	50	56
Current Deferred Revenue	25	26	24	21	14	11	8.78
Other Current Liabilities	170	179	178	178	223	219	214
Total Noncurrent Liabilities	585	372	369	365	362	362	367
Long-Term Debt	564	355	355	356	357	357	357
Other Noncurrent Operating Liabilities	21	18	14	9.81	5.90	5.36	9.58
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	243	289	307	343	349	361	411
Total Preferred & Common Equity	243	289	307	343	349	361	411
Total Common Equity	243	289	307	343	349	361	411
Common Stock	572	614	636	655	627	615	636
Retained Earnings	-324	-324	-328	-311	-276	-253	-226
Accumulated Other Comprehensive Income / (Loss)	-4.62	-1.16	-0.87	-0.39	-0.39	-0.53	1.22

This table displays calculated financial ratios and metrics derived from Upwork's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	23.17%	25.08%	18.63%	24.31%	34.57%	22.98%	11.45%	11.64%
EBITDA Growth	0.00%	115.19%	-1,321.71%	54.59%	-40.19%	-400.02%	-87.94%	164.20%	98.95%
EBIT Growth	0.00%	79.29%	-460.57%	14.16%	-43.16%	-155.79%	-59.22%	154.70%	85.01%
NOPAT Growth	0.00%	78.41%	-275.02%	-59.94%	-19.62%	-141.95%	-70.84%	83.34%	1,539.21%
Net Income Growth	0.00%	74.60%	-382.83%	16.32%	-37.27%	-145.94%	-59.82%	152.16%	359.80%
EPS Growth	0.00%	37.25%	-18.75%	60.53%	-26.67%	-131.58%	-56.82%	108.70%	2,433.33%
Operating Cash Flow Growth	0.00%	-227.10%	443.51%	-92.30%	2,013.89%	-51.55%	6.10%	358.45%	191.35%
Free Cash Flow Firm Growth	0.00%	0.00%	100.42%	-3,016.31%	33.58%	-174.78%	-64.56%	-28.96%	143.90%
Invested Capital Growth	0.00%	0.00%	-5.99%	3.83%	-2.40%	-3.09%	-7.00%	47.85%	66.36%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.50%	7.44%	6.50%	4.14%	3.37%	0.99%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	16.90%	46.91%	-150.49%	2.40%	225.77%	6.30%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-1.64%	22.58%	-78.64%	4.41%	258.39%	2.91%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-28.71%	25.16%	-70.75%	1.41%	64.87%	165.15%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-0.82%	21.94%	-71.68%	6.31%	260.31%	151.28%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-114.29%	24.00%	-76.00%	6.76%	131.58%	145.16%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	153.60%	-95.58%	79.36%	-66.39%	180.15%	28.51%	9.90%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-44.88%	-177.94%	18.06%	-62.98%	-9.21%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-4.87%	1.22%	5.83%	-2.89%	30.52%	85.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	61.95%	67.69%	67.85%	70.67%	72.09%	73.05%	74.06%	75.27%	77.37%
EBITDA Margin	-4.20%	0.52%	-5.06%	-1.94%	-2.19%	-8.12%	-12.41%	7.15%	12.74%
Operating Margin	-8.80%	-1.54%	-4.62%	-6.23%	-6.00%	-10.78%	-14.98%	-1.63%	8.48%
EBIT Margin	-9.35%	-1.57%	-7.05%	-5.10%	-5.87%	-11.16%	-14.45%	7.09%	11.75%
Profit (Net Income) Margin	-9.87%	-2.04%	-7.86%	-5.54%	-6.12%	-11.19%	-14.54%	6.80%	28.02%
Tax Burden Percent	99.99%	99.47%	100.08%	100.17%	100.66%	100.22%	100.60%	95.93%	238.41%
Interest Burden Percent	105.58%	130.14%	111.41%	108.52%	103.55%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.07%	-138.41%
Return on Invested Capital (ROIC)	0.00%	-2.97%	-5.74%	-9.29%	-11.04%	-27.46%	-49.39%	-6.89%	62.40%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-34.62%	19.45%	-6.08%	-5.81%	-14.51%	-29.01%	-43.36%	36.15%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-3.14%	-4.77%	2.67%	2.85%	7.33%	14.03%	21.77%	-17.32%
Return on Equity (ROE)	0.00%	-6.10%	-10.51%	-6.62%	-8.19%	-20.13%	-35.36%	14.89%	45.08%
Cash Return on Invested Capital (CROIC)	0.00%	-202.97%	0.44%	-13.05%	-8.61%	-24.32%	-42.14%	-45.50%	12.57%
Operating Return on Assets (OROA)	0.00%	-1.16%	-5.36%	-3.66%	-4.50%	-6.97%	-8.27%	4.62%	8.04%
Return on Assets (ROA)	0.00%	-1.50%	-5.97%	-3.98%	-4.69%	-6.99%	-8.32%	4.43%	19.17%
Return on Common Equity (ROCE)	0.00%	1.42%	-5.89%	-6.62%	-8.19%	-20.13%	-35.36%	14.89%	45.08%
Return on Equity Simple (ROE_SIMPLE)	0.00%	13.14%	-8.17%	-6.42%	-7.64%	-21.67%	-36.12%	12.30%	37.47%
Net Operating Profit after Tax (NOPAT)	-10	-2.19	-8.20	-13	-16	-38	-65	-11	155
NOPAT Margin	-6.16%	-1.08%	-3.24%	-4.36%	-4.20%	-7.55%	-10.49%	-1.57%	20.21%
Net Nonoperating Expense Percent (NNEP)	0.00%	31.65%	-25.19%	-3.21%	-5.23%	-12.95%	-20.38%	36.47%	26.25%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-7.97%	-1.47%	16.66%
Cost of Revenue to Revenue	38.05%	32.31%	32.15%	29.33%	27.91%	26.95%	25.94%	24.73%	22.63%
SG&A Expenses to Revenue	21.55%	18.43%	19.47%	22.40%	19.14%	22.49%	20.05%	17.26%	16.74%
R&D to Revenue	23.05%	22.51%	21.90%	21.30%	22.34%	23.68%	25.00%	25.74%	27.20%
Operating Expenses to Revenue	70.74%	69.23%	72.47%	76.91%	78.09%	83.83%	89.04%	76.90%	68.89%
Earnings before Interest and Taxes (EBIT)	-15	-3.19	-18	-15	-22	-56	-89	49	90
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.91	1.05	-13	-5.83	-8.17	-41	-77	49	98
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	7.90	4.61	14.08	16.88	5.51	5.31	3.80
Price to Tangible Book Value (P/TBV)	0.00	0.00	16.11	8.67	23.36	31.00	10.49	7.79	4.95
Price to Revenue (P/Rev)	1.14	0.92	7.60	3.98	11.28	8.71	2.22	2.94	2.84
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	43.17	10.14
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.32%	9.86%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.48	13.14	7.51	28.89	31.29	9.87	9.78	6.17
Enterprise Value to Revenue (EV/Rev)	0.00	1.81	7.18	3.59	10.85	8.47	2.02	2.66	2.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	348.45	0.00	0.00	0.00	0.00	0.00	37.15	19.60
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	37.44	21.25
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.36
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	132.41	1,020.48	181.31	392.86	108.63	34.72	12.51
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	2,881.35	0.00	0.00	0.00	0.00	0.00	61.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.25	0.10	0.07	0.04	2.16	2.27	0.93	0.62
Long-Term Debt to Equity	0.00	0.17	0.07	0.04	0.01	2.16	2.27	0.93	0.62
Financial Leverage	0.00	0.09	-0.25	-0.44	-0.49	-0.51	-0.48	-0.50	-0.48
Leverage Ratio	0.00	2.04	1.76	1.67	1.75	2.88	4.25	3.36	2.35
Compound Leverage Factor	0.00	2.65	1.96	1.81	1.81	2.88	4.25	3.36	2.35
Debt to Total Capital	0.00%	20.03%	8.93%	6.58%	3.46%	68.38%	69.39%	48.31%	38.35%
Short-Term Debt to Total Capital	0.00%	6.12%	2.12%	2.73%	2.45%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	13.90%	6.81%	3.85%	1.01%	68.38%	69.39%	48.31%	38.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	98.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-18.57%	91.07%	93.42%	96.54%	31.62%	30.61%	51.69%	61.65%
Debt to EBITDA	0.00	32.22	-1.86	-3.14	-1.31	-13.75	-7.35	7.23	3.65
Net Debt to EBITDA	0.00	11.66	8.20	19.84	19.46	3.02	1.59	-3.94	-2.70
Long-Term Debt to EBITDA	0.00	22.37	-1.42	-1.84	-0.38	-13.75	-7.35	7.23	3.65
Debt to NOPAT	0.00	-15.48	-2.92	-1.39	-0.68	-14.79	-8.70	-32.97	2.30
Net Debt to NOPAT	0.00	-5.60	12.83	8.82	10.13	3.25	1.89	17.96	-1.70
Long-Term Debt to NOPAT	0.00	-10.75	-2.22	-0.82	-0.20	-14.79	-8.70	-32.97	2.30
Altman Z-Score	0.00	1.00	8.19	4.21	11.42	3.94	1.61	2.96	3.49
Noncontrolling Interest Sharing Ratio	0.00%	123.21%	43.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.26	2.01	1.88	1.82	3.98	3.76	3.01	3.39
Quick Ratio	0.00	0.46	1.19	1.10	1.09	3.22	3.03	2.23	2.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-150	0.63	-18	-12	-34	-55	-71	31
Operating Cash Flow to CapEx	372.10%	-172.53%	200.91%	6.36%	155.69%	176.57%	131.65%	394.79%	1,063.16%
Free Cash Flow to Firm to Interest Expense	0.00	-155.77	0.31	-14.10	-15.72	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.67	-4.17	6.74	0.81	28.75	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.68	-6.58	3.39	-11.93	10.28	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.74	0.76	0.72	0.77	0.62	0.57	0.65	0.68
Accounts Receivable Turnover	0.00	6.58	9.55	11.46	9.68	8.83	9.39	8.21	8.62
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	57.64	35.36	18.63	15.07	20.33	28.50	28.01	26.90
Accounts Payable Turnover	0.00	141.65	64.27	64.69	29.34	23.67	25.57	27.03	31.11
Days Sales Outstanding (DSO)	0.00	55.43	38.23	31.86	37.70	41.32	38.88	44.48	42.36
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	2.58	5.68	5.64	12.44	15.42	14.27	13.50	11.73
Cash Conversion Cycle (CCC)	0.00	52.86	32.55	26.22	25.26	25.90	24.60	30.97	30.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	147	139	144	140	136	127	187	311
Invested Capital Turnover	0.00	2.75	1.77	2.13	2.63	3.64	4.71	4.40	3.09
Increase / (Decrease) in Invested Capital	0.00	147	-8.83	5.31	-3.45	-4.34	-9.52	61	124
Enterprise Value (EV)	0.00	366	1,820	1,080	4,055	4,257	1,249	1,830	1,921
Market Capitalization	187	187	1,925	1,195	4,214	4,380	1,371	2,024	2,185
Book Value per Share	$0.00	($0.95)	$2.29	$2.32	$2.45	$2.02	$1.89	$2.80	$4.30
Tangible Book Value per Share	$0.00	($4.80)	$1.12	$1.23	$1.48	$1.10	$0.99	$1.91	$3.30
Total Capital	0.00	169	268	278	310	821	813	737	933
Total Debt	0.00	34	24	18	11	561	564	356	358
Total Long-Term Debt	0.00	23	18	11	3.14	561	564	356	358
Net Debt	0.00	12	-105	-116	-159	-123	-122	-194	-264
Capital Expenditures (CapEx)	0.85	2.32	6.84	17	14	6.14	8.73	13	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	18	4.83	5.25	-0.02	11	-3.40	40	21
Debt-free Net Working Capital (DFNWC)	0.00	40	134	139	170	696	683	590	643
Net Working Capital (NWC)	0.00	29	128	132	162	696	683	590	643
Net Nonoperating Expense (NNE)	6.11	1.94	12	3.55	7.18	18	25	-58	-60
Net Nonoperating Obligations (NNO)	0.00	12	-105	-116	-159	-123	-122	-194	-264
Total Depreciation and Amortization (D&A)	8.46	4.24	5.03	9.50	14	15	13	0.39	7.58
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	9.00%	1.90%	1.75%	0.00%	2.24%	-0.55%	5.84%	2.67%
Debt-free Net Working Capital to Revenue	0.00%	19.66%	52.87%	46.29%	45.40%	138.43%	110.50%	85.67%	83.53%
Net Working Capital to Revenue	0.00%	14.56%	50.63%	43.76%	43.37%	138.43%	110.50%	85.67%	83.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.38)	($0.15)	($0.19)	($0.44)	($0.69)	$0.35	$1.61
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	106.69M	113.93M	124.96M	127.16M	130.52M	134.77M	133.62M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.38)	($0.15)	($0.19)	($0.44)	($0.69)	$0.06	$1.52
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	106.69M	113.93M	124.96M	127.16M	130.52M	137.26M	143.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($0.38)	($0.15)	($0.19)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	52.33M	109.81M	118.70M	129.22M	132.48M	137.39M	135.46M
Normalized Net Operating Profit after Tax (NOPAT)	-10	-2.19	-8.20	-10	-13	-34	-65	-11	46
Normalized NOPAT Margin	-6.16%	-1.08%	-3.24%	-3.45%	-3.53%	-6.71%	-10.49%	-1.57%	5.93%
Pre Tax Income Margin	-9.87%	-2.05%	-7.85%	-5.53%	-6.08%	-11.16%	-14.45%	7.09%	11.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-17.92	-3.32	-8.76	-11.73	-28.20	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-11.80	-2.28	-4.02	-10.04	-20.16	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-18.91	-5.73	-12.12	-24.47	-46.66	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-12.79	-4.69	-7.38	-22.78	-38.63	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	46.39%

This table displays calculated financial ratios and metrics derived from Upwork's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.80%	17.96%	13.81%	7.47%	10.77%	13.93%	18.70%	14.54%	10.27%	4.10%
EBITDA Growth	-337.83%	9.57%	192.16%	91.13%	181.04%	191.60%	7.40%	1,596.54%	89.52%	35.59%
EBIT Growth	-177.20%	17.52%	176.16%	90.59%	172.80%	181.44%	10.07%	1,196.58%	67.62%	16.15%
NOPAT Growth	-205.90%	6.08%	-44.54%	73.46%	161.04%	164.57%	150.86%	494.37%	83.82%	1,075.36%
Net Income Growth	-166.64%	26.85%	169.40%	83.25%	165.80%	205.30%	7.43%	656.75%	69.91%	747.05%
EPS Growth	-171.43%	27.78%	21.05%	83.33%	163.16%	192.31%	186.67%	666.67%	66.67%	750.00%
Operating Cash Flow Growth	-51.95%	207.59%	24.18%	1,066.14%	268.56%	50.44%	165.00%	765.40%	176.38%	-57.87%
Free Cash Flow Firm Growth	-553.61%	55.91%	-86.53%	43.37%	88.99%	-964.26%	-251.34%	-605.21%	-92.83%	70.11%
Invested Capital Growth	1.36%	-7.00%	-3.18%	2.79%	10.00%	47.85%	60.27%	51.53%	16.84%	66.36%
Revenue Q/Q Growth	1.11%	1.77%	-0.36%	4.82%	4.22%	4.67%	3.81%	1.15%	0.34%	-1.18%
EBITDA Q/Q Growth	-8.47%	13.02%	201.10%	-109.30%	1,091.10%	-1.68%	23.94%	29.56%	25.51%	-29.66%
EBIT Q/Q Growth	-4.40%	17.95%	192.48%	-111.88%	907.50%	-8.21%	30.88%	18.36%	23.43%	-36.40%
NOPAT Q/Q Growth	-10.39%	19.50%	-66.90%	82.11%	353.91%	-14.84%	31.48%	38.71%	18.35%	444.53%
Net Income Q/Q Growth	-4.23%	33.54%	204.04%	-123.25%	509.35%	6.35%	6.15%	20.49%	24.92%	430.18%
EPS Q/Q Growth	-5.56%	31.58%	-15.38%	80.00%	500.00%	0.00%	8.33%	30.77%	17.65%	410.00%
Operating Cash Flow Q/Q Growth	2,347.98%	33.58%	-202.91%	149.52%	757.55%	-45.48%	205.94%	559.30%	173.88%	-91.69%
Free Cash Flow Firm Q/Q Growth	-34.52%	75.36%	-305.30%	57.85%	73.84%	-2,281.23%	-33.80%	15.39%	92.85%	-269.16%
Invested Capital Q/Q Growth	-7.90%	-2.89%	5.93%	8.50%	-1.44%	30.52%	14.84%	2.58%	-24.01%	85.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.49%	74.51%	74.87%	75.75%	75.38%	75.06%	76.85%	77.29%	77.60%	77.73%
EBITDA Margin	-12.91%	-11.04%	11.20%	-0.99%	9.45%	8.87%	10.13%	12.98%	16.24%	11.56%
Operating Margin	-16.04%	-12.69%	-15.57%	-3.63%	6.52%	4.58%	6.83%	9.21%	10.73%	7.09%
EBIT Margin	-14.92%	-12.03%	11.17%	-1.27%	9.81%	8.60%	10.35%	12.12%	14.91%	9.59%
Profit (Net Income) Margin	-15.65%	-10.22%	10.67%	-2.37%	9.30%	9.45%	9.66%	11.51%	14.32%	76.86%
Tax Burden Percent	100.16%	102.74%	95.57%	187.02%	94.81%	109.84%	93.28%	94.95%	96.10%	801.08%
Interest Burden Percent	104.72%	82.69%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	4.43%	0.00%	5.19%	-9.84%	6.72%	5.05%	3.90%	-701.08%
Return on Invested Capital (ROIC)	-51.50%	-41.83%	-69.65%	-11.50%	30.14%	22.12%	26.29%	35.55%	50.55%	175.48%
ROIC Less NNEP Spread (ROIC-NNEP)	-45.85%	-40.07%	-100.57%	-11.72%	26.64%	16.99%	21.95%	32.02%	47.05%	158.73%
Return on Net Nonoperating Assets (RNNOA)	22.46%	19.37%	49.67%	5.64%	-14.19%	-8.53%	-9.94%	-14.49%	-27.66%	-76.04%
Return on Equity (ROE)	-29.04%	-22.45%	-19.99%	-5.86%	15.95%	13.59%	16.34%	21.06%	22.90%	99.44%
Cash Return on Invested Capital (CROIC)	-52.16%	-42.14%	-45.07%	-40.37%	-32.00%	-45.50%	-31.70%	-13.91%	22.20%	12.57%
Operating Return on Assets (OROA)	-8.15%	-6.88%	7.06%	-0.81%	6.41%	5.60%	7.76%	9.29%	11.22%	6.56%
Return on Assets (ROA)	-8.55%	-5.85%	6.75%	-1.52%	6.07%	6.15%	7.24%	8.83%	10.78%	52.58%
Return on Common Equity (ROCE)	-29.04%	-22.45%	-19.99%	-5.86%	15.95%	13.59%	16.34%	21.06%	22.90%	99.44%
Return on Equity Simple (ROE_SIMPLE)	-39.55%	0.00%	-16.60%	-9.17%	3.79%	0.00%	13.80%	20.60%	20.87%	0.00%
Net Operating Profit after Tax (NOPAT)	-18	-14	-24	-4.28	11	9.26	12	17	20	109
NOPAT Margin	-11.23%	-8.88%	-14.88%	-2.54%	6.19%	5.03%	6.37%	8.74%	10.31%	56.83%
Net Nonoperating Expense Percent (NNEP)	-5.65%	-1.76%	30.92%	0.22%	3.51%	5.13%	4.34%	3.53%	3.51%	16.74%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.76%	-	-	-	1.26%	-	-	-	11.66%
Cost of Revenue to Revenue	25.51%	25.49%	25.13%	24.25%	24.62%	24.94%	23.15%	22.71%	22.40%	22.27%
SG&A Expenses to Revenue	19.80%	18.63%	18.21%	17.19%	16.30%	17.40%	16.76%	15.49%	16.14%	18.59%
R&D to Revenue	24.52%	25.81%	27.65%	25.65%	24.71%	25.13%	27.71%	27.17%	26.02%	27.94%
Operating Expenses to Revenue	90.53%	87.19%	90.43%	79.38%	68.85%	70.48%	70.02%	68.09%	66.87%	70.64%
Earnings before Interest and Taxes (EBIT)	-24	-19	18	-2.13	17	16	20	23	29	18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-20	-18	18	-1.68	17	16	19	25	31	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.33	5.51	5.19	4.06	4.47	5.31	4.78	3.96	3.36	3.80
Price to Tangible Book Value (P/TBV)	14.30	10.49	8.78	6.61	6.82	7.79	7.32	5.95	4.74	4.95
Price to Revenue (P/Rev)	2.99	2.22	2.35	1.92	2.30	2.94	2.32	1.92	1.81	2.84
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	117.75	43.17	34.65	19.24	16.08	10.14
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.85%	2.32%	2.89%	5.20%	6.22%	9.86%
Enterprise Value to Invested Capital (EV/IC)	12.78	9.87	10.03	7.46	9.30	9.78	7.14	5.86	6.78	6.17
Enterprise Value to Revenue (EV/Rev)	2.81	2.02	2.11	1.67	2.00	2.66	2.13	1.73	1.49	2.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	88.13	37.15	30.33	16.68	12.32	19.60
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	97.72	37.44	30.28	16.93	12.93	21.25
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	60.20	26.07	19.37	12.36
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	108.63	144.07	77.01	32.49	34.72	36.91	17.31	8.13	12.51
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	32.93	61.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.32	2.27	1.23	1.16	1.04	0.93	1.02	0.99	0.87	0.62
Long-Term Debt to Equity	2.32	2.27	1.23	1.16	1.04	0.93	1.02	0.99	0.87	0.62
Financial Leverage	-0.49	-0.48	-0.49	-0.48	-0.53	-0.50	-0.45	-0.45	-0.59	-0.48
Leverage Ratio	4.28	4.25	3.75	3.66	3.49	3.36	3.01	2.90	2.68	2.35
Compound Leverage Factor	4.49	3.52	3.75	3.66	3.49	3.36	3.01	2.90	2.68	2.35
Debt to Total Capital	69.91%	69.39%	55.11%	53.64%	50.91%	48.31%	50.54%	49.72%	46.51%	38.35%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	69.91%	69.39%	55.11%	53.64%	50.91%	48.31%	50.54%	49.72%	46.51%	38.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	30.09%	30.61%	44.89%	46.36%	49.09%	51.69%	49.46%	50.28%	53.49%	61.65%
Debt to EBITDA	-7.17	-7.35	-9.05	-16.17	23.52	7.23	7.05	4.62	3.88	3.65
Net Debt to EBITDA	1.43	1.59	3.95	7.35	-13.20	-3.94	-2.65	-1.82	-2.64	-2.70
Long-Term Debt to EBITDA	-7.17	-7.35	-9.05	-16.17	23.52	7.23	7.05	4.62	3.88	3.65
Debt to NOPAT	-8.57	-8.70	-5.39	-6.58	-11.57	-32.97	13.99	7.21	6.10	2.30
Net Debt to NOPAT	1.71	1.89	2.35	2.99	6.49	17.96	-5.26	-2.84	-4.16	-1.70
Long-Term Debt to NOPAT	-8.57	-8.70	-5.39	-6.58	-11.57	-32.97	13.99	7.21	6.10	2.30
Altman Z-Score	2.09	1.82	2.36	2.07	2.48	2.85	2.60	2.47	2.48	3.29
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.69	3.76	2.99	3.06	3.20	3.01	2.93	3.00	3.18	3.39
Quick Ratio	2.95	3.03	2.22	2.29	2.43	2.23	2.09	2.15	2.36	2.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-20	-4.82	-20	-8.23	-2.15	-51	-69	-58	-4.15	-15
Operating Cash Flow to CapEx	381.65%	499.74%	-304.12%	128.78%	1,046.80%	557.50%	212.23%	995.20%	2,450.88%	219.64%
Free Cash Flow to Firm to Interest Expense	-17.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	8.98	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	6.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.57	0.63	0.64	0.65	0.65	0.75	0.77	0.75	0.68
Accounts Receivable Turnover	9.48	9.39	10.51	9.54	10.47	8.21	8.28	8.14	11.75	8.62
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	27.09	28.50	28.97	28.43	27.69	28.01	28.64	28.06	26.95	26.90
Accounts Payable Turnover	35.83	25.57	22.36	34.45	46.68	27.03	34.28	35.29	48.26	31.11
Days Sales Outstanding (DSO)	38.51	38.88	34.72	38.26	34.86	44.48	44.07	44.86	31.07	42.36
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	10.19	14.27	16.33	10.59	7.82	13.50	10.65	10.34	7.56	11.73
Cash Conversion Cycle (CCC)	28.33	24.60	18.39	27.66	27.04	30.97	33.43	34.52	23.51	30.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	130	127	134	145	143	187	215	220	167	311
Invested Capital Turnover	4.59	4.71	4.68	4.53	4.87	4.40	4.12	4.07	4.90	3.09
Increase / (Decrease) in Invested Capital	1.75	-9.52	-4.40	3.95	13	61	81	75	24	124
Enterprise Value (EV)	1,666	1,249	1,345	1,085	1,333	1,830	1,535	1,290	1,136	1,921
Market Capitalization	1,778	1,371	1,500	1,247	1,532	2,024	1,669	1,431	1,379	2,185
Book Value per Share	$1.86	$1.89	$2.18	$2.30	$2.54	$2.80	$2.56	$2.71	$3.11	$4.30
Tangible Book Value per Share	$0.95	$0.99	$1.29	$1.41	$1.67	$1.91	$1.67	$1.81	$2.21	$3.30
Total Capital	806	813	644	662	699	737	705	718	769	933
Total Debt	564	564	355	355	356	356	357	357	357	358
Total Long-Term Debt	564	564	355	355	356	356	357	357	357	358
Net Debt	-112	-122	-155	-162	-200	-194	-134	-141	-244	-264
Capital Expenditures (CapEx)	2.63	2.68	2.86	3.35	3.53	3.61	2.67	3.75	4.17	3.87
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.89	-3.40	1.37	8.63	1.70	40	68	73	19	21
Debt-free Net Working Capital (DFNWC)	678	683	511	525	557	590	559	571	620	643
Net Working Capital (NWC)	678	683	511	525	557	590	559	571	620	643
Net Nonoperating Expense (NNE)	7.02	2.16	-41	-0.29	-5.47	-8.12	-6.27	-5.34	-7.78	-38
Net Nonoperating Obligations (NNO)	-112	-122	-155	-162	-200	-194	-134	-141	-244	-264
Total Depreciation and Amortization (D&A)	3.18	1.60	0.05	0.46	-0.63	0.51	-0.42	1.67	2.58	3.76
Debt-free, Cash-free Net Working Capital to Revenue	0.32%	-0.55%	0.22%	1.33%	0.26%	5.84%	9.44%	9.79%	2.45%	2.67%
Debt-free Net Working Capital to Revenue	114.14%	110.50%	80.11%	80.87%	83.55%	85.67%	77.66%	76.72%	81.37%	83.53%
Net Working Capital to Revenue	114.14%	110.50%	80.11%	80.87%	83.55%	85.67%	77.66%	76.72%	81.37%	83.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	($0.13)	$0.13	($0.03)	$0.12	$0.13	$0.14	$0.17	$0.21	$1.09
Adjusted Weighted Average Basic Shares Outstanding	130.83M	130.52M	132.84M	134.14M	135.45M	134.77M	136.36M	131.44M	132.60M	133.62M
Adjusted Diluted Earnings per Share	($0.19)	($0.13)	($0.15)	($0.03)	$0.12	$0.12	$0.13	$0.17	$0.20	$1.02
Adjusted Weighted Average Diluted Shares Outstanding	130.83M	130.52M	135.97M	134.14M	137.29M	137.26M	143.66M	138.27M	139.29M	143.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	131.34M	132.48M	133.46M	134.88M	136.11M	137.39M	133.12M	132.01M	133.67M	135.46M
Normalized Net Operating Profit after Tax (NOPAT)	-18	-14	-24	-4.28	11	5.90	12	17	20	9.51
Normalized NOPAT Margin	-11.23%	-8.88%	-14.88%	-2.54%	6.19%	3.21%	6.37%	8.74%	10.31%	4.97%
Pre Tax Income Margin	-15.62%	-9.95%	11.17%	-1.27%	9.81%	8.60%	10.35%	12.12%	14.91%	9.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-21.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-15.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-23.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-18.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	46.39%

Frequently Asked Questions About Upwork's Financials

When does Upwork's financial year end?

According to the most recent income statement we have on file, Upwork's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Upwork's net income changed over the last 8 years?

Upwork's net income appears to be on an upward trend, with a most recent value of $215.59 million in 2024, falling from -$16.23 million in 2016. The previous period was $46.89 million in 2023. See where experts think Upwork is headed by visiting Upwork's forecast page.

What is Upwork's operating income?

Upwork's total operating income in 2024 was $65.21 million, based on the following breakdown:

Total Gross Profit: $595.23 million
Total Operating Expenses: $530.03 million

How has Upwork revenue changed over the last 8 years?

Over the last 8 years, Upwork's total revenue changed from $164.45 million in 2016 to $769.33 million in 2024, a change of 367.8%.

How much debt does Upwork have?

Upwork's total liabilities were at $636.24 million at the end of 2024, a 3.1% decrease from 2023, and a 354.2% increase since 2017.

How much cash does Upwork have?

In the past 7 years, Upwork's cash and equivalents has ranged from $21.60 million in 2017 to $305.76 million in 2024, and is currently $305.76 million as of their latest financial filing in 2024.

How has Upwork's book value per share changed over the last 8 years?

Over the last 8 years, Upwork's book value per share changed from 0.00 in 2016 to 4.30 in 2024, a change of 430.5%.

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This page (NASDAQ:UPWK) was last updated on 5/6/2025 by MarketBeat.com Staff

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Upwork (UPWK) Financials

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Upwork (UPWK) Financials

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