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Upwork (UPWK) Financials

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$15.60 -0.22 (-1.39%)
Closing price 05/28/2025 04:00 PM Eastern
Extended Trading
$15.71 +0.11 (+0.71%)
As of 08:57 AM Eastern
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Annual Income Statements for Upwork

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

Quarterly Income Statements for Upwork

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

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Income / (Loss) Attributable to Common Shareholders		 38 147 28 22 18 17 16 -3.99 17 -17 -25
Consolidated Net Income / (Loss)		 38 147 28 22 18 17 16 -3.99 17 -17 -25
Net Income / (Loss) Continuing Operations		 38 147 28 22 18 17 16 -3.99 17 -17 -25
Total Pre-Tax Income 		45 18 29 23 20 16 17 -2.13 18 -16 -25
Total Operating Income		 39 14 21 18 13 8.43 11 -6.12 -25 -20 -25
Total Gross Profit		 151 149 150 149 147 138 132 128 120 120 118
Total Revenue		 193 191 194 193 191 184 176 169 161 161 159
Operating Revenue		 193 191 194 193 191 184 176 169 161 161 159
Total Cost of Revenue		 42 43 43 44 44 46 43 41 40 41 40
Operating Cost of Revenue		 42 43 43 44 44 46 43 41 40 41 40
Total Operating Expenses		 112 135 130 131 134 130 121 134 145 141 144
Selling, General & Admin Expense		 28 36 31 30 32 32 29 29 29 30 31
Marketing Expense		 36 44 46 47 48 49 47 59 65 63 63
Research & Development Expense		 46 53 50 52 53 46 43 43 44 42 39
Other Operating Expenses / (Income)		 2.26 2.23 1.80 1.77 0.93 2.11 1.62 2.55 6.70 6.24 10
Total Other Income / (Expense), net		 6.32 4.79 8.09 5.62 6.72 7.39 5.77 3.98 43 4.42 0.66
Other Income / (Expense), net		 6.32 4.79 8.09 5.62 6.72 7.39 5.77 3.98 43 1.06 1.77
Income Tax Expense		 7.28 -129 1.13 1.18 1.33 -1.56 0.90 1.86 0.80 0.44 0.04
Basic Earnings per Share		 $0.28 $1.09 $0.21 $0.17 $0.14 $0.13 $0.12 ($0.03) $0.13 ($0.13) ($0.19)
Weighted Average Basic Shares Outstanding		 135.21M 133.62M 132.60M 131.44M 136.36M 134.77M 135.45M 134.14M 132.84M 130.52M 130.83M
Diluted Earnings per Share		 $0.27 $1.02 $0.20 $0.17 $0.13 $0.12 $0.12 ($0.03) ($0.15) ($0.13) ($0.19)
Weighted Average Diluted Shares Outstanding		 142.78M 143.15M 139.29M 138.27M 143.66M 137.26M 137.29M 134.14M 135.97M 130.52M 130.83M
Weighted Average Basic & Diluted Shares Outstanding		 131.59M 135.46M 133.67M 132.01M 133.12M 137.39M 136.11M 134.88M 133.46M 132.48M 131.34M

Annual Cash Flow Statements for Upwork

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

Quarterly Cash Flow Statements for Upwork

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 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Change in Cash & Equivalents		 19 -1.27 101 154 -44 -33 -6.96 50 -8.60 -35 2.57
Net Cash From Operating Activities		 37 8.49 102 37 5.66 20 37 4.31 -8.70 13 10
Net Cash From Continuing Operating Activities		 37 8.49 102 37 5.66 20 37 4.31 -8.70 13 10
Net Income / (Loss) Continuing Operations		 38 147 28 22 18 17 16 -3.99 17 -17 -25
Consolidated Net Income / (Loss)		 38 147 28 22 18 17 16 -3.99 17 -17 -25
Depreciation Expense		 4.86 4.37 3.67 3.63 3.15 3.81 1.76 1.85 2.02 2.05 1.98
Amortization Expense		 -1.28 -0.61 -1.09 -1.96 -3.57 -3.30 -2.39 -1.40 -1.97 -0.45 1.20
Non-Cash Adjustments To Reconcile Net Income		 15 20 16 21 18 24 15 20 -15 24 31
Changes in Operating Assets and Liabilities, net		 -19 -162 56 -7.66 -30 -22 6.26 -13 -11 3.83 0.98
Net Cash From Investing Activities		 -5.22 -21 2.08 150 6.14 -63 -45 45 152 -37 11
Net Cash From Continuing Investing Activities		 -5.22 -21 2.08 150 6.14 -63 -45 45 152 -37 11
Purchase of Property, Plant & Equipment		 -6.18 -3.87 -4.17 -3.75 -2.67 -3.61 -3.53 -3.35 -2.86 -2.68 -2.63
Purchase of Investments		 -51 -128 -40 -44 -150 -260 -195 -98 -156 -184 -167
Sale and/or Maturity of Investments		 52 125 46 199 159 203 153 146 311 149 180
Net Cash From Financing Activities		 -13 11 -3.19 -34 -56 11 1.32 0.40 -152 -12 -18
Net Cash From Continuing Financing Activities		 -13 11 -3.19 -34 -56 11 1.32 0.40 -152 -12 -18
Repurchase of Common Equity		 -33 - - -33 -67 - - - 0.00 - -
Issuance of Common Equity		 0.65 5.17 - - - 1.52 - - - 1.33 -
Other Financing Activities, net		 19 6.11 -3.19 -3.62 11 9.00 1.32 -1.59 19 -13 -18
Cash Interest Paid		 0.45 - 0.46 0.01 0.46 0.01 0.48 0.03 0.81 0.02 0.74

Annual Balance Sheets for Upwork

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

Quarterly Balance Sheets for Upwork

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 Q1 2025 Q3 2024 Q2 2024 Q1 2024 Q3 2023 Q2 2023 Q1 2023 Q3 2022
Period end date 3/31/2025 9/30/2024 6/30/2024 3/31/2024 9/30/2023 6/30/2023 3/31/2023 9/30/2022
Total Assets		 1,240 1,063 1,009 1,001 961 931 918 1,079
Total Current Assets		 938 904 856 848 810 780 768 930
Cash & Equivalents		 304 288 183 25 147 154 102 156
Short-Term Investments		 318 313 315 466 408 363 408 519
Accounts Receivable		 78 69 117 114 60 66 59 67
Prepaid Expenses		 22 19 23 20 17 19 19 17
Other Current Assets		 216 214 219 223 178 178 179 170
Plant, Property, & Equipment, net		 35 30 28 27 27 25 23 21
Total Noncurrent Assets		 267 128 125 126 125 126 127 128
Goodwill		 121 118 118 118 118 118 118 118
Intangible Assets		 11 1.86 2.26 2.66 - - - -
Noncurrent Deferred & Refundable Income Taxes		 128 - - - - - - -
Other Noncurrent Operating Assets		 7.13 8.42 4.27 4.80 6.55 7.46 8.92 9.82
Total Liabilities & Shareholders' Equity		 1,240 1,063 1,009 1,001 961 931 918 1,079
Total Liabilities		 646 651 647 652 618 624 629 837
Total Current Liabilities		 275 284 285 289 253 255 257 252
Accounts Payable		 4.12 5.60 5.86 5.92 1.75 4.18 4.25 5.35
Accrued Expenses		 47 56 50 47 52 49 48 52
Current Deferred Revenue		 7.50 8.78 11 14 21 24 26 25
Other Current Liabilities		 216 214 219 223 178 178 179 170
Total Noncurrent Liabilities		 371 367 362 362 365 369 372 585
Long-Term Debt		 358 357 357 357 356 355 355 564
Other Noncurrent Operating Liabilities		 13 9.58 5.36 5.90 9.81 14 18 21
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 594 411 361 349 343 307 289 243
Total Preferred & Common Equity		 594 411 361 349 343 307 289 243
Total Common Equity		 594 411 361 349 343 307 289 243
Common Stock		 635 636 615 627 655 636 614 572
Retained Earnings		 -41 -226 -253 -276 -311 -328 -324 -324
Accumulated Other Comprehensive Income / (Loss)		 0.55 1.22 -0.53 -0.39 -0.39 -0.87 -1.16 -4.62

Annual Metrics And Ratios for Upwork

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

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

Quarterly Metrics And Ratios for Upwork

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

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.93% 4.10% 10.27% 14.54% 18.70% 13.93% 10.77% 7.47% 13.81% 17.96% 23.80%
EBITDA Growth		 151.12% 35.59% 89.52% 1,596.54% 7.40% 191.60% 181.04% 91.13% 192.16% 9.57% -337.83%
EBIT Growth		 127.64% 16.15% 67.62% 1,196.58% 10.07% 181.44% 172.80% 90.59% 176.16% 17.52% -177.20%
NOPAT Growth		 166.47% 1,075.36% 83.82% 494.37% 150.86% 164.57% 161.04% 73.46% -44.54% 6.08% -205.90%
Net Income Growth		 104.59% 747.05% 69.91% 656.75% 7.43% 205.30% 165.80% 83.25% 169.40% 26.85% -166.64%
EPS Growth		 107.69% 750.00% 66.67% 666.67% 186.67% 192.31% 163.16% 83.33% 21.05% 27.78% -171.43%
Operating Cash Flow Growth		 149.53% -57.87% 176.38% 765.40% 165.00% 50.44% 268.56% 1,066.14% 24.18% 207.59% -51.95%
Free Cash Flow Firm Growth		 -21.57% 70.11% -92.83% -605.21% -251.34% -964.26% 88.99% 43.37% -86.53% 55.91% -553.61%
Invested Capital Growth		 53.93% 66.36% 16.84% 51.53% 60.27% 47.85% 10.00% 2.79% -3.18% -7.00% 1.36%
Revenue Q/Q Growth		 0.64% -1.18% 0.34% 1.15% 3.81% 4.67% 4.22% 4.82% -0.36% 1.77% 1.11%
EBITDA Q/Q Growth		 119.54% -29.66% 25.51% 29.56% 23.94% -1.68% 1,091.10% -109.30% 201.10% 13.02% -8.47%
EBIT Q/Q Growth		 144.99% -36.40% 23.43% 18.36% 30.88% -8.21% 907.50% -111.88% 192.48% 17.95% -4.40%
NOPAT Q/Q Growth		 -70.19% 444.53% 18.35% 38.71% 31.48% -14.84% 353.91% 82.11% -66.90% 19.50% -10.39%
Net Income Q/Q Growth		 -74.36% 430.18% 24.92% 20.49% 6.15% 6.35% 509.35% -123.25% 204.04% 33.54% -4.23%
EPS Q/Q Growth		 -73.53% 410.00% 17.65% 30.77% 8.33% 0.00% 500.00% 80.00% -15.38% 31.58% -5.56%
Operating Cash Flow Q/Q Growth		 335.45% -91.69% 173.88% 559.30% 205.94% -45.48% 757.55% 149.52% -202.91% 33.58% 2,347.98%
Free Cash Flow Firm Q/Q Growth		 -444.12% -269.16% 92.85% 15.39% -33.80% -2,281.23% 73.84% 57.85% -305.30% 75.36% -34.52%
Invested Capital Q/Q Growth		 6.25% 85.84% -24.01% 2.58% 14.84% 30.52% -1.44% 8.50% 5.93% -2.89% -7.90%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 78.31% 77.73% 77.60% 77.29% 76.85% 75.06% 75.38% 75.75% 74.87% 74.51% 74.49%
EBITDA Margin		 25.21% 11.56% 16.24% 12.98% 10.13% 8.87% 9.45% -0.99% 11.20% -11.04% -12.91%
Operating Margin		 20.08% 7.09% 10.73% 9.21% 6.83% 4.58% 6.52% -3.63% -15.57% -12.69% -16.04%
EBIT Margin		 23.36% 9.59% 14.91% 12.12% 10.35% 8.60% 9.81% -1.27% 11.17% -12.03% -14.92%
Profit (Net Income) Margin		 19.58% 76.86% 14.32% 11.51% 9.66% 9.45% 9.30% -2.37% 10.67% -10.22% -15.65%
Tax Burden Percent		 83.83% 801.08% 96.10% 94.95% 93.28% 109.84% 94.81% 187.02% 95.57% 102.74% 100.16%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 82.69% 104.72%
Effective Tax Rate		 16.17% -701.08% 3.90% 5.05% 6.72% -9.84% 5.19% 0.00% 4.43% 0.00% 0.00%
Return on Invested Capital (ROIC)		 47.58% 175.48% 50.55% 35.55% 26.29% 22.12% 30.14% -11.50% -69.65% -41.83% -51.50%
ROIC Less NNEP Spread (ROIC-NNEP)		 44.92% 158.73% 47.05% 32.02% 21.95% 16.99% 26.64% -11.72% -100.57% -40.07% -45.85%
Return on Net Nonoperating Assets (RNNOA)		 -18.94% -76.04% -27.66% -14.49% -9.94% -8.53% -14.19% 5.64% 49.67% 19.37% 22.46%
Return on Equity (ROE)		 28.64% 99.44% 22.90% 21.06% 16.34% 13.59% 15.95% -5.86% -19.99% -22.45% -29.04%
Cash Return on Invested Capital (CROIC)		 25.16% 12.57% 22.20% -13.91% -31.70% -45.50% -32.00% -40.37% -45.07% -42.14% -52.16%
Operating Return on Assets (OROA)		 16.07% 6.56% 11.22% 9.29% 7.76% 5.60% 6.41% -0.81% 7.06% -6.88% -8.15%
Return on Assets (ROA)		 13.47% 52.58% 10.78% 8.83% 7.24% 6.15% 6.07% -1.52% 6.75% -5.85% -8.55%
Return on Common Equity (ROCE)		 28.64% 99.44% 22.90% 21.06% 16.34% 13.59% 15.95% -5.86% -19.99% -22.45% -29.04%
Return on Equity Simple (ROE_SIMPLE)		 39.52% 0.00% 20.87% 20.60% 13.80% 0.00% 3.79% -9.17% -16.60% 0.00% -39.55%
Net Operating Profit after Tax (NOPAT)		 32 109 20 17 12 9.26 11 -4.28 -24 -14 -18
NOPAT Margin		 16.83% 56.83% 10.31% 8.74% 6.37% 5.03% 6.19% -2.54% -14.88% -8.88% -11.23%
Net Nonoperating Expense Percent (NNEP)		 2.66% 16.74% 3.51% 3.53% 4.34% 5.13% 3.51% 0.22% 30.92% -1.76% -5.65%
Return On Investment Capital (ROIC_SIMPLE)		 3.40% 11.66% - - - 1.26% - - - -1.76% -
Cost of Revenue to Revenue		 21.69% 22.27% 22.40% 22.71% 23.15% 24.94% 24.62% 24.25% 25.13% 25.49% 25.51%
SG&A Expenses to Revenue		 14.55% 18.59% 16.14% 15.49% 16.76% 17.40% 16.30% 17.19% 18.21% 18.63% 19.80%
R&D to Revenue		 23.95% 27.94% 26.02% 27.17% 27.71% 25.13% 24.71% 25.65% 27.65% 25.81% 24.52%
Operating Expenses to Revenue		 58.23% 70.64% 66.87% 68.09% 70.02% 70.48% 68.85% 79.38% 90.43% 87.19% 90.53%
Earnings before Interest and Taxes (EBIT)		 45 18 29 23 20 16 17 -2.13 18 -19 -24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 49 22 31 25 19 16 17 -1.68 18 -18 -20
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.97 3.80 3.36 3.96 4.78 5.31 4.47 4.06 5.19 5.51 7.33
Price to Tangible Book Value (P/TBV)		 3.83 4.95 4.74 5.95 7.32 7.79 6.82 6.61 8.78 10.49 14.30
Price to Revenue (P/Rev)		 2.29 2.84 1.81 1.92 2.32 2.94 2.30 1.92 2.35 2.22 2.99
Price to Earnings (P/E)		 7.53 10.14 16.08 19.24 34.65 43.17 117.75 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 13.29% 9.86% 6.22% 5.20% 2.89% 2.32% 0.85% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 4.55 6.17 6.78 5.86 7.14 9.78 9.30 7.46 10.03 9.87 12.78
Enterprise Value to Revenue (EV/Rev)		 1.95 2.50 1.49 1.73 2.13 2.66 2.00 1.67 2.11 2.02 2.81
Enterprise Value to EBITDA (EV/EBITDA)		 11.82 19.60 12.32 16.68 30.33 37.15 88.13 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 13.00 21.25 12.93 16.93 30.28 37.44 97.72 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 8.15 12.36 19.37 26.07 60.20 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.56 12.51 8.13 17.31 36.91 34.72 32.49 77.01 144.07 108.63 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 21.91 61.35 32.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.60 0.62 0.87 0.99 1.02 0.93 1.04 1.16 1.23 2.27 2.32
Long-Term Debt to Equity		 0.60 0.62 0.87 0.99 1.02 0.93 1.04 1.16 1.23 2.27 2.32
Financial Leverage		 -0.42 -0.48 -0.59 -0.45 -0.45 -0.50 -0.53 -0.48 -0.49 -0.48 -0.49
Leverage Ratio		 2.38 2.35 2.68 2.90 3.01 3.36 3.49 3.66 3.75 4.25 4.28
Compound Leverage Factor		 2.38 2.35 2.68 2.90 3.01 3.36 3.49 3.66 3.75 3.52 4.49
Debt to Total Capital		 37.62% 38.35% 46.51% 49.72% 50.54% 48.31% 50.91% 53.64% 55.11% 69.39% 69.91%
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% 0.00%
Long-Term Debt to Total Capital		 37.62% 38.35% 46.51% 49.72% 50.54% 48.31% 50.91% 53.64% 55.11% 69.39% 69.91%
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% 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% 0.00%
Common Equity to Total Capital		 62.38% 61.65% 53.49% 50.28% 49.46% 51.69% 49.09% 46.36% 44.89% 30.61% 30.09%
Debt to EBITDA		 2.82 3.65 3.88 4.62 7.05 7.23 23.52 -16.17 -9.05 -7.35 -7.17
Net Debt to EBITDA		 -2.07 -2.70 -2.64 -1.82 -2.65 -3.94 -13.20 7.35 3.95 1.59 1.43
Long-Term Debt to EBITDA		 2.82 3.65 3.88 4.62 7.05 7.23 23.52 -16.17 -9.05 -7.35 -7.17
Debt to NOPAT		 1.94 2.30 6.10 7.21 13.99 -32.97 -11.57 -6.58 -5.39 -8.70 -8.57
Net Debt to NOPAT		 -1.43 -1.70 -4.16 -2.84 -5.26 17.96 6.49 2.99 2.35 1.89 1.71
Long-Term Debt to NOPAT		 1.94 2.30 6.10 7.21 13.99 -32.97 -11.57 -6.58 -5.39 -8.70 -8.57
Altman Z-Score		 2.98 3.29 2.48 2.47 2.60 2.85 2.48 2.07 2.36 1.82 2.09
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.41 3.39 3.18 3.00 2.93 3.01 3.20 3.06 2.99 3.76 3.69
Quick Ratio		 2.55 2.60 2.36 2.15 2.09 2.23 2.43 2.29 2.22 3.03 2.95
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -83 -15 -4.15 -58 -69 -51 -2.15 -8.23 -20 -4.82 -20
Operating Cash Flow to CapEx		 598.62% 219.64% 2,450.88% 995.20% 212.23% 557.50% 1,046.80% 128.78% -304.12% 499.74% 381.65%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -17.51
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.98
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.62
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.69 0.68 0.75 0.77 0.75 0.65 0.65 0.64 0.63 0.57 0.55
Accounts Receivable Turnover		 8.02 8.62 11.75 8.14 8.28 8.21 10.47 9.54 10.51 9.39 9.48
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 24.85 26.90 26.95 28.06 28.64 28.01 27.69 28.43 28.97 28.50 27.09
Accounts Payable Turnover		 34.24 31.11 48.26 35.29 34.28 27.03 46.68 34.45 22.36 25.57 35.83
Days Sales Outstanding (DSO)		 45.52 42.36 31.07 44.86 44.07 44.48 34.86 38.26 34.72 38.88 38.51
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 10.66 11.73 7.56 10.34 10.65 13.50 7.82 10.59 16.33 14.27 10.19
Cash Conversion Cycle (CCC)		 34.86 30.62 23.51 34.52 33.43 30.97 27.04 27.66 18.39 24.60 28.33
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 331 311 167 220 215 187 143 145 134 127 130
Invested Capital Turnover		 2.83 3.09 4.90 4.07 4.12 4.40 4.87 4.53 4.68 4.71 4.59
Increase / (Decrease) in Invested Capital		 116 124 24 75 81 61 13 3.95 -4.40 -9.52 1.75
Enterprise Value (EV)		 1,504 1,921 1,136 1,290 1,535 1,830 1,333 1,085 1,345 1,249 1,666
Market Capitalization		 1,768 2,185 1,379 1,431 1,669 2,024 1,532 1,247 1,500 1,371 1,778
Book Value per Share		 $4.39 $4.30 $3.11 $2.71 $2.56 $2.80 $2.54 $2.30 $2.18 $1.89 $1.86
Tangible Book Value per Share		 $3.41 $3.30 $2.21 $1.81 $1.67 $1.91 $1.67 $1.41 $1.29 $0.99 $0.95
Total Capital		 953 933 769 718 705 737 699 662 644 813 806
Total Debt		 358 358 357 357 357 356 356 355 355 564 564
Total Long-Term Debt		 358 358 357 357 357 356 356 355 355 564 564
Net Debt		 -264 -264 -244 -141 -134 -194 -200 -162 -155 -122 -112
Capital Expenditures (CapEx)		 6.18 3.87 4.17 3.75 2.67 3.61 3.53 3.35 2.86 2.68 2.63
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 41 21 19 73 68 40 1.70 8.63 1.37 -3.40 1.89
Debt-free Net Working Capital (DFNWC)		 663 643 620 571 559 590 557 525 511 683 678
Net Working Capital (NWC)		 663 643 620 571 559 590 557 525 511 683 678
Net Nonoperating Expense (NNE)		 -5.30 -38 -7.78 -5.34 -6.27 -8.12 -5.47 -0.29 -41 2.16 7.02
Net Nonoperating Obligations (NNO)		 -264 -264 -244 -141 -134 -194 -200 -162 -155 -122 -112
Total Depreciation and Amortization (D&A)		 3.58 3.76 2.58 1.67 -0.42 0.51 -0.63 0.46 0.05 1.60 3.18
Debt-free, Cash-free Net Working Capital to Revenue		 5.35% 2.67% 2.45% 9.79% 9.44% 5.84% 0.26% 1.33% 0.22% -0.55% 0.32%
Debt-free Net Working Capital to Revenue		 86.02% 83.53% 81.37% 76.72% 77.66% 85.67% 83.55% 80.87% 80.11% 110.50% 114.14%
Net Working Capital to Revenue		 86.02% 83.53% 81.37% 76.72% 77.66% 85.67% 83.55% 80.87% 80.11% 110.50% 114.14%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.28 $1.09 $0.21 $0.17 $0.14 $0.13 $0.12 ($0.03) $0.13 ($0.13) ($0.19)
Adjusted Weighted Average Basic Shares Outstanding		 135.21M 133.62M 132.60M 131.44M 136.36M 134.77M 135.45M 134.14M 132.84M 130.52M 130.83M
Adjusted Diluted Earnings per Share		 $0.27 $1.02 $0.20 $0.17 $0.13 $0.12 $0.12 ($0.03) ($0.15) ($0.13) ($0.19)
Adjusted Weighted Average Diluted Shares Outstanding		 142.78M 143.15M 139.29M 138.27M 143.66M 137.26M 137.29M 134.14M 135.97M 130.52M 130.83M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 131.59M 135.46M 133.67M 132.01M 133.12M 137.39M 136.11M 134.88M 133.46M 132.48M 131.34M
Normalized Net Operating Profit after Tax (NOPAT)		 32 9.51 20 17 12 5.90 11 -4.28 -24 -14 -18
Normalized NOPAT Margin		 16.83% 4.97% 10.31% 8.74% 6.37% 3.21% 6.19% -2.54% -14.88% -8.88% -11.23%
Pre Tax Income Margin		 23.36% 9.59% 14.91% 12.12% 10.35% 8.60% 9.81% -1.27% 11.17% -9.95% -15.62%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -21.19
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -15.94
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -23.54
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -18.30
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% 0.00%
Augmented Payout Ratio		 28.18% 46.39% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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 5/29/2025 by MarketBeat.com Staff
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