What is Upwork's operating income?

Upwork's total operating income in 2025 was $129.31 million, based on the following breakdown: Total Gross Profit: $613.03 million Total Operating Expenses: $483.73 million

Upwork (UPWK) Financials

$8.32 -0.47 (-5.35%)

Closing price 04:00 PM Eastern

Extended Trading

$8.36 +0.04 (+0.50%)

As of 07:56 PM Eastern

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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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-16	-11	-20	-17	-23	-56	-90	47	216	115
Consolidated Net Income / (Loss)	-16	-4.12	-20	-17	-23	-56	-90	47	216	115
Net Income / (Loss) Continuing Operations	-16	-4.12	-20	-17	-23	-56	-90	47	216	115
Total Pre-Tax Income	-16	-4.15	-20	-17	-23	-56	-89	49	90	153
Total Operating Income	-14	-3.12	-12	-19	-22	-54	-93	-11	65	129
Total Gross Profit	102	137	172	212	269	367	458	519	595	613
Total Revenue	164	203	253	301	374	503	618	689	769	788
Operating Revenue	164	203	253	301	374	503	618	689	769	788
Total Cost of Revenue	63	65	81	88	104	136	160	170	174	175
Operating Cost of Revenue	63	65	81	88	104	136	160	170	174	175
Total Operating Expenses	116	140	184	231	292	422	551	530	530	484
Selling, General & Admin Expense	35	37	49	67	72	113	124	119	129	147
Marketing Expense	37	53	73	96	133	183	247	221	185	143
Research & Development Expense	38	46	55	64	83	119	155	177	209	186
Other Operating Expenses / (Income)	-	-	5.82	-	-	-	25	13	6.73	8.14
Total Other Income / (Expense), net	-1.77	-1.02	-8.18	2.10	-0.31	-1.90	3.28	60	25	24
Other Income / (Expense), net	-0.91	-0.06	-6.14	3.41	0.47	-1.90	3.28	60	25	24
Income Tax Expense	-0.00	-0.02	0.02	0.03	0.15	0.12	0.54	1.99	-125	38
Basic Earnings per Share	($0.51)	($0.32)	($0.38)	($0.15)	($0.19)	($0.44)	($0.69)	$0.35	$1.61	$0.87
Weighted Average Basic Shares Outstanding	32.07M	32.94M	52.33M	109.81M	118.70M	127.16M	130.52M	134.77M	133.62M	132.49M
Diluted Earnings per Share	($0.51)	($0.32)	($0.38)	($0.15)	($0.19)	($0.44)	($0.69)	$0.06	$1.52	$0.84
Weighted Average Diluted Shares Outstanding	32.07M	32.94M	52.33M	109.81M	118.70M	127.16M	130.52M	137.26M	143.15M	140.66M
Weighted Average Basic & Diluted Shares Outstanding	32.07M	32.94M	52.33M	109.81M	118.70M	129.22M	132.48M	137.39M	135.46M	130.38M

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	17	18	22	28	147	38	33	29	16	31	25
Consolidated Net Income / (Loss)	17	18	22	28	147	38	33	29	16	31	25
Net Income / (Loss) Continuing Operations	17	18	22	28	147	38	33	29	16	31	25
Total Pre-Tax Income	16	20	23	29	18	45	38	36	34	38	32
Total Operating Income	8.43	13	18	21	14	39	33	30	28	33	28
Total Gross Profit	138	147	149	150	149	151	152	156	155	151	146
Total Revenue	184	191	193	194	191	193	195	202	198	195	192
Operating Revenue	184	191	193	194	191	193	195	202	198	195	192
Total Cost of Revenue	46	44	44	43	43	42	43	46	44	45	45
Operating Cost of Revenue	46	44	44	43	43	42	43	46	44	45	45
Total Operating Expenses	130	134	131	130	135	112	119	126	126	118	118
Selling, General & Admin Expense	32	32	30	31	36	28	36	41	42	35	37
Marketing Expense	49	48	47	46	44	36	37	35	36	37	35
Research & Development Expense	46	53	52	50	53	46	45	47	47	43	44
Other Operating Expenses / (Income)	2.11	0.93	1.77	1.80	2.23	2.26	1.77	2.39	1.72	2.22	2.55
Total Other Income / (Expense), net	7.39	6.72	5.62	8.09	4.79	6.32	5.88	5.92	5.76	4.99	3.97
Other Income / (Expense), net	7.39	6.72	5.62	8.09	4.79	6.32	5.88	5.92	5.76	4.99	3.97
Income Tax Expense	-1.56	1.33	1.18	1.13	-129	7.28	5.72	6.34	18	6.25	6.70
Basic Earnings per Share	$0.13	$0.14	$0.17	$0.21	$1.09	$0.28	$0.25	$0.22	$0.12	$0.25	$0.21
Weighted Average Basic Shares Outstanding	134.77M	136.36M	131.44M	132.60M	133.62M	135.21M	132.18M	131.99M	132.49M	128.12M	123.92M
Diluted Earnings per Share	$0.12	$0.13	$0.17	$0.20	$1.02	$0.27	$0.24	$0.21	$0.12	$0.24	$0.20
Weighted Average Diluted Shares Outstanding	137.26M	143.66M	138.27M	139.29M	143.15M	142.78M	140.20M	139.67M	140.66M	135.66M	129.96M
Weighted Average Basic & Diluted Shares Outstanding	137.39M	133.12M	132.01M	133.67M	135.46M	131.59M	132.61M	130.65M	130.38M	123.52M	124.90M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	7.91	21	119	-70	73	120	-57	1.19	209	-27
Net Cash From Operating Activities	3.15	-4.00	14	1.06	22	11	11	53	154	248
Net Cash From Continuing Operating Activities	3.15	-4.00	14	1.06	22	11	11	53	154	248
Net Income / (Loss) Continuing Operations	-16	-4.12	-20	-17	-23	-56	-90	47	216	115
Consolidated Net Income / (Loss)	-16	-4.12	-20	-17	-23	-56	-90	47	216	115
Depreciation Expense	8.46	4.19	4.95	6.66	10	10	8.06	9.45	15	26
Amortization Expense	0.00	0.05	0.08	2.84	3.60	5.03	4.55	-9.06	-7.23	-5.62
Non-Cash Adjustments To Reconcile Net Income	13	11	16	21	29	68	100	45	75	73
Changes in Operating Assets and Liabilities, net	-1.93	-15	13	-13	2.24	-16	-11	-39	-144	40
Net Cash From Investing Activities	-0.48	-2.32	-6.84	-101	-4.15	-429	-69	88	138	-137
Net Cash From Continuing Investing Activities	-0.48	-2.32	-6.84	-101	-4.15	-429	-69	88	138	-137
Purchase of Property, Plant & Equipment	-0.85	-2.32	-6.84	-17	-14	-6.14	-8.73	-13	-14	-25
Acquisitions	-	-	-	-	-	0.00	0.00	-3.00	-14	-58
Purchase of Investments	-	0.00	0.00	-169	-107	-525	-582	-709	-362	-485
Sale and/or Maturity of Investments	-	0.00	0.00	85	118	103	521	814	529	432
Net Cash From Financing Activities	5.23	28	112	29	55	538	1.14	-140	-82	-138
Net Cash From Continuing Financing Activities	5.23	28	112	29	55	538	1.14	-140	-82	-138
Repayment of Debt	-12	-17	-25	-56	-26	-26	0.00	-171	0.00	0.00
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-100	-136
Issuance of Common Equity	0.27	2.55	118	25	36	4.79	3.79	6.09	8.09	4.69
Other Financing Activities, net	0.00	27	4.52	11	26	-16	-2.65	25	9.96	-6.73
Cash Interest Paid	1.33	0.85	1.98	1.29	0.76	0.37	1.54	1.32	0.92	1.23
Cash Income Taxes Paid	0.00	0.06	-	-	-	0.00	0.00	1.98	4.59	14

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-33	-44	154	101	-1.27	19	-17	-31	2.90	57	137
Net Cash From Operating Activities	20	15	37	102	8.49	37	73	75	64	23	47
Net Cash From Continuing Operating Activities	20	15	37	102	8.49	37	73	75	64	23	47
Net Income / (Loss) Continuing Operations	17	18	22	28	147	38	33	29	16	31	25
Consolidated Net Income / (Loss)	17	18	22	28	147	38	33	29	16	31	25
Depreciation Expense	3.81	3.15	3.63	3.67	4.37	4.86	5.88	7.95	7.02	9.10	8.78
Amortization Expense	-3.30	-3.57	-1.96	-1.09	-0.61	-1.28	-0.92	-1.56	-1.86	-0.99	-0.03
Non-Cash Adjustments To Reconcile Net Income	24	18	21	16	20	15	18	22	19	18	17
Changes in Operating Assets and Liabilities, net	-22	-21	-7.66	56	-162	-19	17	17	24	-34	-3.94
Net Cash From Investing Activities	-63	6.14	150	2.08	-21	-5.22	-51	-81	1.23	118	103
Net Cash From Continuing Investing Activities	-63	6.14	150	2.08	-21	-5.22	-51	-81	1.23	118	103
Purchase of Property, Plant & Equipment	-3.61	-2.67	-3.75	-4.17	-3.87	-6.18	-6.89	-5.65	-6.43	-10	-11
Sale and/or Maturity of Investments	203	159	199	46	125	52	184	70	125	128	114
Net Cash From Financing Activities	11	-65	-34	-3.19	11	-13	-38	-24	-62	-84	-13
Net Cash From Continuing Financing Activities	11	-65	-34	-3.19	11	-13	-38	-24	-62	-84	-13
Repurchase of Common Equity	-	-67	-33	-	-	-33	-38	-31	-34	-108	-1.83
Issuance of Common Equity	1.52	0.11	-	-	5.17	0.65	2.20	0.08	1.76	0.08	2.33
Other Financing Activities, net	9.00	1.39	-3.62	-3.19	6.11	19	-2.68	6.45	-30	24	-12
Cash Interest Paid	0.01	0.46	0.01	0.46	-	0.45	-	0.45	0.33	0.56	0.02
Cash Income Taxes Paid	1.32	-	-	-	1.41	0.06	-	4.81	3.16	0.50	16

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	2025
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	12/31/2025
Total Assets	275	392	446	529	1,081	1,080	1,038	1,212	1,300
Total Current Assets	144	256	281	361	930	931	883	911	951
Cash & Equivalents	22	129	48	94	187	129	80	306	294
Short-Term Investments	-	0.00	85	76	498	557	470	316	378
Accounts Receivable	31	22	30	47	67	65	103	75	76
Prepaid Expenses	4.57	6.25	7.89	9.09	17	18	18	18	21
Other Current Assets	87	98	109	135	161	161	212	196	181
Plant, Property, & Equipment, net	3.51	11	21	28	21	22	27	30	44
Total Noncurrent Assets	128	125	144	140	130	127	127	271	304
Goodwill	118	118	118	118	118	118	118	121	149
Intangible Assets	8.67	6.00	3.34	0.67	-	0.00	3.05	13	37
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	0.00	129	111
Other Noncurrent Operating Assets	0.66	0.65	23	21	12	9.06	5.76	7.67	6.48
Total Liabilities & Shareholders' Equity	275	392	446	529	1,081	1,080	1,038	1,212	1,300
Total Liabilities	140	148	187	230	822	831	656	636	669
Total Current Liabilities	115	128	149	199	234	248	293	268	650
Short-Term Debt	10	5.67	7.58	7.58	-	-	-	0.00	360
Accounts Payable	0.46	2.07	0.65	6.46	5.00	7.55	5.06	6.13	7.86
Accrued Expenses	16	21	18	33	46	54	58	59	94
Current Deferred Revenue	0.61	0.72	14	17	22	25	17	7.27	7.77
Other Current Liabilities	87	98	109	135	161	161	212	196	181
Total Noncurrent Liabilities	25	20	38	31	588	584	363	368	19
Other Noncurrent Operating Liabilities	1.94	1.99	27	28	27	19	7.38	9.88	19
Commitments & Contingencies	0.00	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	630
Total Preferred & Common Equity	-31	244	259	299	260	249	381	575	630
Total Common Equity	-31	244	259	299	260	249	381	575	630
Common Stock	92	387	431	494	511	593	675	654	593
Retained Earnings	-124	-143	-172	-195	-251	-341	-294	-78	37
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-0.53	-3.09	0.21	0.26	0.75

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 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	918	931	961	1,001	1,009	1,063	1,240	1,262	1,311	1,242	1,274
Total Current Assets	768	780	810	848	856	904	938	939	949	883	909
Cash & Equivalents	102	154	147	25	183	288	304	291	261	328	476
Short-Term Investments	408	363	408	466	315	313	318	344	382	251	138
Accounts Receivable	59	66	60	114	117	69	78	71	76	76	76
Prepaid Expenses	19	19	17	20	23	19	22	21	18	24	25
Other Current Assets	179	178	178	223	219	214	216	212	211	204	193
Plant, Property, & Equipment, net	23	25	27	27	28	30	35	38	40	49	59
Total Noncurrent Assets	127	126	125	126	125	128	267	285	322	309	307
Goodwill	118	118	118	118	118	118	121	141	150	149	149
Intangible Assets	-	-	-	2.66	2.26	1.86	11	9.53	40	34	31
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	128	127	125	111	110
Other Noncurrent Operating Assets	8.92	7.46	6.55	4.80	4.27	8.42	7.13	6.91	6.69	15	16
Total Liabilities & Shareholders' Equity	918	931	961	1,001	1,009	1,063	1,240	1,262	1,311	1,242	1,274
Total Liabilities	629	624	618	652	647	651	646	653	683	672	663
Total Current Liabilities	257	255	253	289	285	284	275	280	660	647	638
Short-Term Debt	-	-	-	-	-	-	-	-	359	360	361
Accounts Payable	4.25	4.18	1.75	5.92	5.86	5.60	4.12	1.03	8.51	11	7.03
Accrued Expenses	48	49	52	47	50	56	47	59	73	64	69
Current Deferred Revenue	26	24	21	14	11	8.78	7.50	7.80	7.94	8.20	8.58
Other Current Liabilities	179	178	178	223	219	214	216	212	211	204	193
Total Noncurrent Liabilities	372	369	365	362	362	367	371	373	23	25	25
Other Noncurrent Operating Liabilities	18	14	9.81	5.90	5.36	9.58	13	15	23	25	25
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	289	307	343	349	361	411	594	609	628	570	611
Total Preferred & Common Equity	289	307	343	349	361	411	594	609	628	570	611
Total Common Equity	289	307	343	349	361	411	594	609	628	570	611
Common Stock	614	636	655	627	615	636	635	616	606	501	517
Retained Earnings	-324	-328	-311	-276	-253	-226	-41	-8.02	21	68	94
Accumulated Other Comprehensive Income / (Loss)	-1.16	-0.87	-0.39	-0.39	-0.53	1.22	0.55	0.72	0.87	0.14	-0.04

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	23.17%	25.08%	18.63%	24.31%	34.57%	22.98%	11.45%	11.64%	2.40%
EBITDA Growth	0.00%	115.19%	-1,321.71%	54.59%	-40.19%	-400.02%	-87.94%	164.20%	98.95%	76.79%
EBIT Growth	0.00%	79.29%	-460.57%	14.16%	-43.16%	-155.79%	-59.22%	154.70%	85.01%	69.39%
NOPAT Growth	0.00%	78.41%	-275.02%	-59.94%	-19.62%	-141.95%	-70.84%	83.34%	1,539.21%	-37.32%
Net Income Growth	0.00%	74.60%	-382.83%	16.32%	-37.27%	-145.94%	-59.82%	152.16%	359.80%	-46.46%
EPS Growth	0.00%	37.25%	-18.75%	60.53%	-26.67%	-131.58%	-56.82%	108.70%	2,433.33%	-44.74%
Operating Cash Flow Growth	0.00%	-227.10%	443.51%	-92.30%	2,013.89%	-51.55%	6.10%	358.45%	191.35%	61.67%
Free Cash Flow Firm Growth	0.00%	0.00%	100.42%	-3,016.31%	33.58%	-174.78%	-64.56%	-28.96%	143.90%	191.66%
Invested Capital Growth	0.00%	0.00%	-5.99%	3.83%	-2.40%	-3.09%	-7.00%	47.85%	66.36%	1.96%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.50%	7.44%	6.50%	4.14%	3.37%	0.99%	0.89%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	16.90%	46.91%	-150.49%	2.40%	225.77%	6.30%	10.94%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-1.64%	22.58%	-78.64%	4.41%	258.39%	2.91%	11.40%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-28.71%	25.16%	-70.75%	1.41%	64.87%	165.15%	-52.66%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-0.82%	21.94%	-71.68%	6.31%	260.31%	151.28%	-53.26%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-114.29%	24.00%	-76.00%	6.76%	131.58%	145.16%	-51.72%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	153.60%	-95.58%	79.36%	-66.39%	180.15%	28.51%	9.90%	11.26%
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%	215.58%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-4.87%	1.22%	5.83%	-2.89%	30.52%	85.84%	-7.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.95%	67.69%	67.85%	70.67%	72.09%	73.05%	74.06%	75.27%	77.37%	77.82%
EBITDA Margin	-4.20%	0.52%	-5.06%	-1.94%	-2.19%	-8.12%	-12.41%	7.15%	12.74%	21.99%
Operating Margin	-8.80%	-1.54%	-4.62%	-6.23%	-6.00%	-10.78%	-14.98%	-1.63%	8.48%	16.41%
EBIT Margin	-9.35%	-1.57%	-7.05%	-5.10%	-5.87%	-11.16%	-14.45%	7.09%	11.75%	19.44%
Profit (Net Income) Margin	-9.87%	-2.04%	-7.86%	-5.54%	-6.12%	-11.19%	-14.54%	6.80%	28.02%	14.65%
Tax Burden Percent	99.99%	99.47%	100.08%	100.17%	100.66%	100.22%	100.60%	95.93%	238.41%	75.35%
Interest Burden Percent	105.58%	130.14%	111.41%	108.52%	103.55%	100.00%	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%	24.65%
Return on Invested Capital (ROIC)	0.00%	-2.97%	-5.74%	-9.29%	-11.04%	-27.46%	-49.39%	-6.89%	62.40%	31.01%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-34.62%	19.45%	-6.08%	-5.81%	-14.51%	-29.01%	-43.36%	36.15%	24.77%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-3.14%	-4.77%	2.67%	2.85%	7.33%	14.03%	21.77%	-17.32%	-11.86%
Return on Equity (ROE)	0.00%	-6.10%	-10.51%	-6.62%	-8.19%	-20.13%	-35.36%	14.89%	45.08%	19.15%
Cash Return on Invested Capital (CROIC)	0.00%	-202.97%	0.44%	-13.05%	-8.61%	-24.32%	-42.14%	-45.50%	12.57%	29.07%
Operating Return on Assets (OROA)	0.00%	-1.16%	-5.36%	-3.66%	-4.50%	-6.97%	-8.27%	4.62%	8.04%	12.20%
Return on Assets (ROA)	0.00%	-1.50%	-5.97%	-3.98%	-4.69%	-6.99%	-8.32%	4.43%	19.17%	9.19%
Return on Common Equity (ROCE)	0.00%	1.42%	-5.89%	-6.62%	-8.19%	-20.13%	-35.36%	14.89%	45.08%	19.15%
Return on Equity Simple (ROE_SIMPLE)	0.00%	13.14%	-8.17%	-6.42%	-7.64%	-21.67%	-36.12%	12.30%	37.47%	0.00%
Net Operating Profit after Tax (NOPAT)	-10	-2.19	-8.20	-13	-16	-38	-65	-11	155	97
NOPAT Margin	-6.16%	-1.08%	-3.24%	-4.36%	-4.20%	-7.55%	-10.49%	-1.57%	20.21%	12.37%
Net Nonoperating Expense Percent (NNEP)	0.00%	31.65%	-25.19%	-3.21%	-5.23%	-12.95%	-20.38%	36.47%	26.25%	6.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-7.97%	-1.47%	16.66%	9.84%
Cost of Revenue to Revenue	38.05%	32.31%	32.15%	29.33%	27.91%	26.95%	25.94%	24.73%	22.63%	22.18%
SG&A Expenses to Revenue	21.55%	18.43%	19.47%	22.40%	19.14%	22.49%	20.05%	17.26%	16.74%	18.61%
R&D to Revenue	23.05%	22.51%	21.90%	21.30%	22.34%	23.68%	25.00%	25.74%	27.20%	23.55%
Operating Expenses to Revenue	70.74%	69.23%	72.47%	76.91%	78.09%	83.83%	89.04%	76.90%	68.89%	61.40%
Earnings before Interest and Taxes (EBIT)	-15	-3.19	-18	-15	-22	-56	-89	49	90	153
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.91	1.05	-13	-5.83	-8.17	-41	-77	49	98	173
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	4.11
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	5.83
Price to Revenue (P/Rev)	1.14	0.92	7.60	3.98	11.28	8.71	2.22	2.94	2.84	3.29
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	43.17	10.14	22.44
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%	0.00%	0.00%	0.00%	2.32%	9.86%	4.46%
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	7.17
Enterprise Value to Revenue (EV/Rev)	0.00	1.81	7.18	3.59	10.85	8.47	2.02	2.66	2.50	2.89
Enterprise Value to EBITDA (EV/EBITDA)	0.00	348.45	0.00	0.00	0.00	0.00	0.00	37.15	19.60	13.14
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	37.44	21.25	14.86
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.36	23.36
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	9.17
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	24.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.25	0.10	0.07	0.04	2.16	2.27	0.93	0.62	0.57
Long-Term Debt to Equity	0.00	0.17	0.07	0.04	0.01	2.16	2.27	0.93	0.62	0.00
Financial Leverage	0.00	0.09	-0.25	-0.44	-0.49	-0.51	-0.48	-0.50	-0.48	-0.48
Leverage Ratio	0.00	2.04	1.76	1.67	1.75	2.88	4.25	3.36	2.35	2.08
Compound Leverage Factor	0.00	2.65	1.96	1.81	1.81	2.88	4.25	3.36	2.35	2.08
Debt to Total Capital	0.00%	20.03%	8.93%	6.58%	3.46%	68.38%	69.39%	48.31%	38.35%	36.34%
Short-Term Debt to Total Capital	0.00%	6.12%	2.12%	2.73%	2.45%	0.00%	0.00%	0.00%	0.00%	36.34%
Long-Term Debt to Total Capital	0.00%	13.90%	6.81%	3.85%	1.01%	68.38%	69.39%	48.31%	38.35%	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%	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%	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%	63.66%
Debt to EBITDA	0.00	32.22	-1.86	-3.14	-1.31	-13.75	-7.35	7.23	3.65	2.08
Net Debt to EBITDA	0.00	11.66	8.20	19.84	19.46	3.02	1.59	-3.94	-2.70	-1.81
Long-Term Debt to EBITDA	0.00	22.37	-1.42	-1.84	-0.38	-13.75	-7.35	7.23	3.65	0.00
Debt to NOPAT	0.00	-15.48	-2.92	-1.39	-0.68	-14.79	-8.70	-32.97	2.30	3.69
Net Debt to NOPAT	0.00	-5.60	12.83	8.82	10.13	3.25	1.89	17.96	-1.70	-3.21
Long-Term Debt to NOPAT	0.00	-10.75	-2.22	-0.82	-0.20	-14.79	-8.70	-32.97	2.30	0.00
Altman Z-Score	0.00	1.00	8.19	4.21	11.42	3.94	1.61	2.96	3.49	3.63
Noncontrolling Interest Sharing Ratio	0.00%	123.21%	43.94%	0.00%	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	1.46
Quick Ratio	0.00	0.46	1.19	1.10	1.09	3.22	3.03	2.23	2.60	1.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-150	0.63	-18	-12	-34	-55	-71	31	91
Operating Cash Flow to CapEx	372.10%	-172.53%	200.91%	6.36%	155.69%	176.57%	131.65%	394.79%	1,063.16%	987.55%
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	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	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	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.74	0.76	0.72	0.77	0.62	0.57	0.65	0.68	0.63
Accounts Receivable Turnover	0.00	6.58	9.55	11.46	9.68	8.83	9.39	8.21	8.62	10.38
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	0.00	57.64	35.36	18.63	15.07	20.33	28.50	28.01	26.90	21.16
Accounts Payable Turnover	0.00	141.65	64.27	64.69	29.34	23.67	25.57	27.03	31.11	24.99
Days Sales Outstanding (DSO)	0.00	55.43	38.23	31.86	37.70	41.32	38.88	44.48	42.36	35.15
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)	0.00	2.58	5.68	5.64	12.44	15.42	14.27	13.50	11.73	14.61
Cash Conversion Cycle (CCC)	0.00	52.86	32.55	26.22	25.26	25.90	24.60	30.97	30.62	20.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	147	139	144	140	136	127	187	311	317
Invested Capital Turnover	0.00	2.75	1.77	2.13	2.63	3.64	4.71	4.40	3.09	2.51
Increase / (Decrease) in Invested Capital	0.00	147	-8.83	5.31	-3.45	-4.34	-9.52	61	124	6.10
Enterprise Value (EV)	0.00	366	1,820	1,080	4,055	4,257	1,249	1,830	1,921	2,277
Market Capitalization	187	187	1,925	1,195	4,214	4,380	1,371	2,024	2,185	2,590
Book Value per Share	$0.00	($0.95)	$2.29	$2.32	$2.45	$2.02	$1.89	$2.80	$4.30	$4.82
Tangible Book Value per Share	$0.00	($4.80)	$1.12	$1.23	$1.48	$1.10	$0.99	$1.91	$3.30	$3.40
Total Capital	0.00	169	268	278	310	821	813	737	933	990
Total Debt	0.00	34	24	18	11	561	564	356	358	360
Total Long-Term Debt	0.00	23	18	11	3.14	561	564	356	358	0.00
Net Debt	0.00	12	-105	-116	-159	-123	-122	-194	-264	-313
Capital Expenditures (CapEx)	0.85	2.32	6.84	17	14	6.14	8.73	13	14	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	18	4.83	5.25	-0.02	11	-3.40	40	21	-12
Debt-free Net Working Capital (DFNWC)	0.00	40	134	139	170	696	683	590	643	660
Net Working Capital (NWC)	0.00	29	128	132	162	696	683	590	643	301
Net Nonoperating Expense (NNE)	6.11	1.94	12	3.55	7.18	18	25	-58	-60	-18
Net Nonoperating Obligations (NNO)	0.00	12	-105	-116	-159	-123	-122	-194	-264	-313
Total Depreciation and Amortization (D&A)	8.46	4.24	5.03	9.50	14	15	13	0.39	7.58	20
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%	-1.57%
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%	83.83%
Net Working Capital to Revenue	0.00%	14.56%	50.63%	43.76%	43.37%	138.43%	110.50%	85.67%	83.53%	38.17%
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	$0.87
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	106.69M	113.93M	124.96M	127.16M	130.52M	134.77M	133.62M	132.49M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.38)	($0.15)	($0.19)	($0.44)	($0.69)	$0.06	$1.52	$0.84
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	106.69M	113.93M	124.96M	127.16M	130.52M	137.26M	143.15M	140.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($0.38)	($0.15)	($0.19)	$0.00	$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	130.38M
Normalized Net Operating Profit after Tax (NOPAT)	-10	-2.19	-8.20	-10	-13	-34	-65	-11	46	97
Normalized NOPAT Margin	-6.16%	-1.08%	-3.24%	-3.45%	-3.53%	-6.71%	-10.49%	-1.57%	5.93%	12.37%
Pre Tax Income Margin	-9.87%	-2.05%	-7.85%	-5.53%	-6.08%	-11.16%	-14.45%	7.09%	11.75%	19.44%
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	0.00
NOPAT to Interest Expense	-11.80	-2.28	-4.02	-10.04	-20.16	0.00	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	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	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%	46.39%	117.79%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	130,380,213.00	123,518,137.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	130,380,213.00	123,518,137.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.24	0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.93%	18.70%	14.54%	10.27%	4.10%	0.93%	0.94%	4.10%	3.62%	1.44%	-1.68%
EBITDA Growth	191.60%	7.40%	1,596.54%	89.52%	35.59%	151.12%	73.16%	33.70%	77.19%	-5.70%	-5.88%
EBIT Growth	181.44%	10.07%	1,196.58%	67.62%	16.15%	127.64%	64.28%	23.51%	85.35%	-16.21%	-16.49%
NOPAT Growth	164.57%	150.86%	494.37%	83.82%	1,075.36%	166.47%	64.20%	22.46%	-88.06%	-15.84%	-19.68%
Net Income Growth	205.30%	7.43%	656.75%	69.91%	747.05%	104.59%	47.28%	5.68%	-89.38%	-16.62%	-22.37%
EPS Growth	192.31%	186.67%	666.67%	66.67%	750.00%	107.69%	41.18%	5.00%	-88.24%	-11.11%	-16.67%
Operating Cash Flow Growth	50.44%	165.00%	765.40%	176.38%	-57.87%	149.53%	84.97%	23.15%	65.11%	-37.73%	-35.36%
Free Cash Flow Firm Growth	-964.26%	-251.34%	-605.21%	-92.83%	70.11%	-21.57%	-46.14%	-3,570.33%	144.95%	109.39%	97.03%
Invested Capital Growth	47.85%	60.27%	51.53%	16.84%	66.36%	53.93%	51.08%	105.63%	1.96%	5.89%	7.45%
Revenue Q/Q Growth	4.67%	3.81%	1.15%	0.34%	-1.18%	0.64%	1.16%	3.48%	-1.65%	-1.47%	-1.96%
EBITDA Q/Q Growth	-1.68%	23.94%	29.56%	25.51%	-29.66%	119.54%	-10.67%	-3.09%	-6.78%	16.84%	-10.83%
EBIT Q/Q Growth	-8.21%	30.88%	18.36%	23.43%	-36.40%	144.99%	-14.58%	-7.20%	-4.55%	10.75%	-14.87%
NOPAT Q/Q Growth	-14.84%	31.48%	38.71%	18.35%	444.53%	-70.19%	-14.53%	-11.73%	-46.91%	110.12%	-18.43%
Net Income Q/Q Growth	6.35%	6.15%	20.49%	24.92%	430.18%	-74.36%	-13.26%	-10.36%	-46.71%	101.23%	-19.25%
EPS Q/Q Growth	0.00%	8.33%	30.77%	17.65%	410.00%	-73.53%	-11.11%	-12.50%	-42.86%	100.00%	-16.67%
Operating Cash Flow Q/Q Growth	-45.48%	205.94%	559.30%	173.88%	-91.69%	335.45%	96.17%	3.54%	-15.15%	-63.86%	103.63%
Free Cash Flow Firm Q/Q Growth	-2,281.23%	-33.80%	15.39%	92.85%	-269.16%	-444.12%	-1.71%	-79.64%	104.52%	13.71%	-132.21%
Invested Capital Q/Q Growth	30.52%	14.84%	2.58%	-24.01%	85.84%	6.25%	0.68%	3.43%	-7.85%	10.34%	2.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.06%	76.85%	77.29%	77.60%	77.73%	78.31%	77.72%	77.28%	77.99%	77.16%	76.37%
EBITDA Margin	8.87%	10.13%	12.98%	16.24%	11.56%	25.21%	22.27%	20.85%	19.76%	23.44%	21.32%
Operating Margin	4.58%	6.83%	9.21%	10.73%	7.09%	20.08%	16.71%	14.75%	14.26%	16.74%	14.68%
EBIT Margin	8.60%	10.35%	12.12%	14.91%	9.59%	23.36%	19.72%	17.68%	17.16%	19.29%	16.75%
Profit (Net Income) Margin	9.45%	9.66%	11.51%	14.32%	76.86%	19.58%	16.79%	14.54%	7.88%	16.09%	13.25%
Tax Burden Percent	109.84%	93.28%	94.95%	96.10%	801.08%	83.83%	85.13%	82.23%	45.91%	83.43%	79.13%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-9.84%	6.72%	5.05%	3.90%	-701.08%	16.17%	14.87%	17.77%	54.09%	16.57%	20.87%
Return on Invested Capital (ROIC)	22.12%	26.29%	35.55%	50.55%	175.48%	47.58%	39.73%	37.01%	16.41%	32.43%	26.49%
ROIC Less NNEP Spread (ROIC-NNEP)	16.99%	21.95%	32.02%	47.05%	158.73%	44.92%	37.33%	35.17%	15.50%	30.71%	25.30%
Return on Net Nonoperating Assets (RNNOA)	-8.53%	-9.94%	-14.49%	-27.66%	-76.04%	-18.94%	-16.03%	-17.85%	-7.42%	-12.75%	-10.98%
Return on Equity (ROE)	13.59%	16.34%	21.06%	22.90%	99.44%	28.64%	23.70%	19.16%	8.99%	19.68%	15.51%
Cash Return on Invested Capital (CROIC)	-45.50%	-31.70%	-13.91%	22.20%	12.57%	25.16%	30.99%	11.31%	29.07%	21.39%	17.95%
Operating Return on Assets (OROA)	5.60%	7.76%	9.29%	11.22%	6.56%	16.07%	13.43%	11.63%	10.77%	12.29%	10.40%
Return on Assets (ROA)	6.15%	7.24%	8.83%	10.78%	52.58%	13.47%	11.43%	9.57%	4.94%	10.25%	8.23%
Return on Common Equity (ROCE)	13.59%	16.34%	21.06%	22.90%	99.44%	28.64%	23.70%	19.16%	8.99%	19.68%	15.51%
Return on Equity Simple (ROE_SIMPLE)	0.00%	13.80%	20.60%	20.87%	0.00%	39.52%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	9.26	12	17	20	109	32	28	24	13	27	22
NOPAT Margin	5.03%	6.37%	8.74%	10.31%	56.83%	16.83%	14.22%	12.13%	6.55%	13.96%	11.62%
Net Nonoperating Expense Percent (NNEP)	5.13%	4.34%	3.53%	3.51%	16.74%	2.66%	2.40%	1.84%	0.92%	1.72%	1.19%
Return On Investment Capital (ROIC_SIMPLE)	1.26%	-	-	-	11.66%	3.40%	2.87%	2.48%	1.31%	2.94%	2.29%
Cost of Revenue to Revenue	24.94%	23.15%	22.71%	22.40%	22.27%	21.69%	22.28%	22.72%	22.01%	22.84%	23.63%
SG&A Expenses to Revenue	17.40%	16.76%	15.49%	16.14%	18.59%	14.55%	18.29%	20.45%	21.00%	17.99%	19.24%
R&D to Revenue	25.13%	27.71%	27.17%	26.02%	27.94%	23.95%	23.00%	23.54%	23.72%	22.15%	22.90%
Operating Expenses to Revenue	70.48%	70.02%	68.09%	66.87%	70.64%	58.23%	61.02%	62.52%	63.73%	60.43%	61.69%
Earnings before Interest and Taxes (EBIT)	16	20	23	29	18	45	38	36	34	38	32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	16	19	25	31	22	49	43	42	39	46	41
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.31	4.78	3.96	3.36	3.80	2.97	2.91	3.92	4.11	2.51	1.69
Price to Tangible Book Value (P/TBV)	7.79	7.32	5.95	4.74	4.95	3.83	3.86	5.62	5.83	3.70	2.40
Price to Revenue (P/Rev)	2.94	2.32	1.92	1.81	2.84	2.29	2.29	3.15	3.29	1.81	1.31
Price to Earnings (P/E)	43.17	34.65	19.24	16.08	10.14	7.53	7.21	9.97	22.44	13.09	10.14
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	2.32%	2.89%	5.20%	6.22%	9.86%	13.29%	13.87%	10.03%	4.46%	7.64%	9.86%
Enterprise Value to Invested Capital (EV/IC)	9.78	7.14	5.86	6.78	6.17	4.55	4.48	6.33	7.17	3.45	2.18
Enterprise Value to Revenue (EV/Rev)	2.66	2.13	1.73	1.49	2.50	1.95	1.93	2.79	2.89	1.53	0.99
Enterprise Value to EBITDA (EV/EBITDA)	37.15	30.33	16.68	12.32	19.60	11.82	10.25	13.95	13.14	7.09	4.64
Enterprise Value to EBIT (EV/EBIT)	37.44	30.28	16.93	12.93	21.25	13.00	11.42	15.85	14.86	8.29	5.58
Enterprise Value to NOPAT (EV/NOPAT)	0.00	60.20	26.07	19.37	12.36	8.15	7.53	10.59	23.36	13.11	8.98
Enterprise Value to Operating Cash Flow (EV/OCF)	34.72	36.91	17.31	8.13	12.51	8.56	7.14	9.76	9.17	5.16	3.73
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	32.93	61.35	21.91	17.41	75.28	24.92	16.61	12.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.93	1.02	0.99	0.87	0.62	0.60	0.59	0.57	0.57	0.63	0.59
Long-Term Debt to Equity	0.93	1.02	0.99	0.87	0.62	0.60	0.59	0.00	0.00	0.00	0.00
Financial Leverage	-0.50	-0.45	-0.45	-0.59	-0.48	-0.42	-0.43	-0.51	-0.48	-0.42	-0.43
Leverage Ratio	3.36	3.01	2.90	2.68	2.35	2.38	2.34	2.28	2.08	2.13	2.08
Compound Leverage Factor	3.36	3.01	2.90	2.68	2.35	2.38	2.34	2.28	2.08	2.13	2.08
Debt to Total Capital	48.31%	50.54%	49.72%	46.51%	38.35%	37.62%	37.09%	36.39%	36.34%	38.74%	37.11%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	36.39%	36.34%	38.74%	37.11%
Long-Term Debt to Total Capital	48.31%	50.54%	49.72%	46.51%	38.35%	37.62%	37.09%	0.00%	0.00%	0.00%	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%	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	51.69%	49.46%	50.28%	53.49%	61.65%	62.38%	62.91%	63.61%	63.66%	61.26%	62.89%
Debt to EBITDA	7.23	7.05	4.62	3.88	3.65	2.82	2.46	2.30	2.08	2.11	2.15
Net Debt to EBITDA	-3.94	-2.65	-1.82	-2.64	-2.70	-2.07	-1.89	-1.82	-1.81	-1.29	-1.51
Long-Term Debt to EBITDA	7.23	7.05	4.62	3.88	3.65	2.82	2.46	0.00	0.00	0.00	0.00
Debt to NOPAT	-32.97	13.99	7.21	6.10	2.30	1.94	1.81	1.75	3.69	3.90	4.16
Net Debt to NOPAT	17.96	-5.26	-2.84	-4.16	-1.70	-1.43	-1.39	-1.38	-3.21	-2.38	-2.92
Long-Term Debt to NOPAT	-32.97	13.99	7.21	6.10	2.30	1.94	1.81	0.00	0.00	0.00	0.00
Altman Z-Score	2.85	2.60	2.47	2.48	3.29	2.98	2.96	3.14	3.33	2.32	1.99
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	3.01	2.93	3.00	3.18	3.39	3.41	3.36	1.44	1.46	1.36	1.42
Quick Ratio	2.23	2.09	2.15	2.36	2.60	2.55	2.52	1.09	1.15	1.01	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-51	-69	-58	-4.15	-15	-83	-85	-152	6.89	7.84	-2.52
Operating Cash Flow to CapEx	557.50%	212.23%	995.20%	2,450.88%	219.64%	598.62%	1,052.76%	1,329.30%	990.99%	227.60%	428.62%
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	0.00
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	0.00
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	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.75	0.77	0.75	0.68	0.69	0.68	0.66	0.63	0.64	0.62
Accounts Receivable Turnover	8.21	8.28	8.14	11.75	8.62	8.02	8.23	10.71	10.38	10.28	10.66
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	28.01	28.64	28.06	26.95	26.90	24.85	23.33	22.23	21.16	18.78	16.28
Accounts Payable Turnover	27.03	34.28	35.29	48.26	31.11	34.24	49.72	24.62	24.99	23.36	44.54
Days Sales Outstanding (DSO)	44.48	44.07	44.86	31.07	42.36	45.52	44.33	34.09	35.15	35.51	34.24
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)	13.50	10.65	10.34	7.56	11.73	10.66	7.34	14.83	14.61	15.63	8.19
Cash Conversion Cycle (CCC)	30.97	33.43	34.52	23.51	30.62	34.86	36.99	19.27	20.54	19.88	26.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	187	215	220	167	311	331	333	344	317	350	358
Invested Capital Turnover	4.40	4.12	4.07	4.90	3.09	2.83	2.79	3.05	2.51	2.32	2.28
Increase / (Decrease) in Invested Capital	61	81	75	24	124	116	113	177	6.10	19	25
Enterprise Value (EV)	1,830	1,535	1,290	1,136	1,921	1,504	1,493	2,179	2,277	1,209	779
Market Capitalization	2,024	1,669	1,431	1,379	2,185	1,768	1,769	2,463	2,590	1,429	1,033
Book Value per Share	$2.80	$2.56	$2.71	$3.11	$4.30	$4.39	$4.63	$4.74	$4.82	$4.37	$4.95
Tangible Book Value per Share	$1.91	$1.67	$1.81	$2.21	$3.30	$3.41	$3.48	$3.30	$3.40	$2.96	$3.49
Total Capital	737	705	718	769	933	953	968	987	990	930	972
Total Debt	356	357	357	357	358	358	359	359	360	360	361
Total Long-Term Debt	356	357	357	357	358	358	359	0.00	0.00	0.00	0.00
Net Debt	-194	-134	-141	-244	-264	-264	-276	-284	-313	-220	-254
Capital Expenditures (CapEx)	3.61	2.67	3.75	4.17	3.87	6.18	6.89	5.65	6.43	10	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	40	68	73	19	21	41	25	4.69	-12	17	17
Debt-free Net Working Capital (DFNWC)	590	559	571	620	643	663	659	648	660	596	631
Net Working Capital (NWC)	590	559	571	620	643	663	659	288	301	236	271
Net Nonoperating Expense (NNE)	-8.12	-6.27	-5.34	-7.78	-38	-5.30	-5.00	-4.87	-2.64	-4.16	-3.14
Net Nonoperating Obligations (NNO)	-194	-134	-141	-244	-264	-264	-276	-284	-313	-220	-254
Total Depreciation and Amortization (D&A)	0.51	-0.42	1.67	2.58	3.76	3.58	4.96	6.39	5.16	8.11	8.75
Debt-free, Cash-free Net Working Capital to Revenue	5.84%	9.44%	9.79%	2.45%	2.67%	5.35%	3.21%	0.60%	-1.57%	2.10%	2.18%
Debt-free Net Working Capital to Revenue	85.67%	77.66%	76.72%	81.37%	83.53%	86.02%	85.31%	82.96%	83.83%	75.43%	80.20%
Net Working Capital to Revenue	85.67%	77.66%	76.72%	81.37%	83.53%	86.02%	85.31%	36.94%	38.17%	29.86%	34.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.13	$0.14	$0.17	$0.21	$1.09	$0.28	$0.25	$0.22	$0.12	$0.25	$0.21
Adjusted Weighted Average Basic Shares Outstanding	134.77M	136.36M	131.44M	132.60M	133.62M	135.21M	132.18M	131.99M	132.49M	128.12M	123.92M
Adjusted Diluted Earnings per Share	$0.12	$0.13	$0.17	$0.20	$1.02	$0.27	$0.24	$0.21	$0.12	$0.24	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	137.26M	143.66M	138.27M	139.29M	143.15M	142.78M	140.20M	139.67M	140.66M	135.66M	129.96M
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	137.39M	133.12M	132.01M	133.67M	135.46M	131.59M	132.61M	130.65M	130.38M	123.52M	124.90M
Normalized Net Operating Profit after Tax (NOPAT)	5.90	12	17	20	9.51	32	28	24	20	27	22
Normalized NOPAT Margin	3.21%	6.37%	8.74%	10.31%	4.97%	16.83%	14.22%	12.13%	9.98%	13.96%	11.62%
Pre Tax Income Margin	8.60%	10.35%	12.12%	14.91%	9.59%	23.36%	19.72%	17.68%	17.16%	19.29%	16.75%
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	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	0.00
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	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%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	46.39%	28.18%	28.90%	41.27%	117.79%	193.11%	171.61%

Financials Breakdown Chart

Key Financial Trends

Upwork’s financial profile has improved significantly since 2022, but recent results suggest growth is leveling off. Revenue increased from $158.6 million in Q3 2022 to $201.7 million in Q3 2025, while the company moved from operating losses in 2022 and early 2023 to consistent operating profitability. However, revenue declined to $198.4 million in Q4 2025 and $191.7 million in Q2 2026, indicating a softer demand environment.

Sustained profitability: Upwork reported net income in each of the supplied quarters from Q3 2023 through Q2 2026. Q2 2026 net income was $25.4 million, or $0.20 per diluted share, compared with a $24.8 million loss in Q3 2022.
Improved operating margins versus prior years: Q2 2026 operating income was $28.1 million, representing a 14.7% operating margin. This remains well above the operating losses reported in 2022 and early 2023, although it was below the 16.7% margin recorded in Q2 2025.
Strong liquidity position: Upwork held $476.0 million in cash and equivalents plus $138.2 million in short-term investments at June 30, 2026. That $614.2 million of highly liquid assets exceeded reported short-term debt of $360.7 million by approximately $253.5 million.
Positive operating cash flow: The company generated $46.9 million of operating cash flow in Q2 2026 and $69.9 million during the first half of 2026. Operating cash flow has remained positive across the supplied quarters since Q3 2022, despite considerable quarter-to-quarter volatility.
Share count reduction: Basic weighted-average shares declined to 123.9 million in Q2 2026 from 132.5 million in Q4 2025 and 135.2 million in Q1 2025. The $107.9 million repurchase in Q1 2026 was a major contributor and may support per-share results if profitability remains stable.
Balance-sheet equity has recovered: Total equity rose to $611.3 million at June 30, 2026 from $289.0 million in Q1 2023. Retained earnings also improved from a deficit of $323.8 million in Q1 2023 to positive retained earnings of $93.8 million in Q2 2026.
Revenue growth has become uneven: Revenue expanded strongly from 2022 through 2025, but Q2 2026 revenue was down approximately 1.7% from Q2 2025 and 3.4% from Q1 2026. Investors will likely focus on whether this is a temporary slowdown or the beginning of a more persistent trend.
Investment activity drives cash fluctuations: Large purchases, sales and maturities of short-term investments have caused investing cash flow to vary widely. Q2 2026 investing cash flow was a $102.9 million inflow, primarily from $113.9 million of investment sales or maturities, rather than from core business operations.
Profitability weakened year over year: Q2 2026 net income fell 22.3% from $32.7 million in Q2 2025, while operating income declined 13.6%. Gross margin also narrowed to approximately 76.4% from 77.7% a year earlier.
Cash conversion has deteriorated from recent highs: Q2 2026 operating cash flow of $46.9 million was below the $72.5 million generated in Q2 2025 and the $75.1 million generated in Q3 2025. Changes in operating assets and liabilities were a $3.9 million use of cash in Q2 2026, compared with a $17.1 million source of cash in Q2 2025.

Overall, Upwork appears financially stronger than it was several years ago. The company has built a profitable operating model, maintains substantial liquidity and has reduced its share count. The primary concern is that revenue, margins and operating cash flow have weakened from their 2025 levels. Continued profitability and stabilization of revenue growth will be important for supporting the stock’s valuation.

The supplied comparisons include reported, calculated and restated figures, particularly for earlier periods. Investors should use the company’s latest filings for the most current presentation and any detailed reconciliation of prior-period changes.

09/08/26 09:53 PM ETAI Generated. May Contain Errors.

Upwork Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Upwork's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Upwork's net income appears to be on an upward trend, with a most recent value of $115.43 million in 2025, falling from -$16.23 million in 2016. The previous period was $215.59 million in 2024. View Upwork's forecast to see where analysts expect Upwork to go next.

Upwork's total operating income in 2025 was $129.31 million, based on the following breakdown:

Total Gross Profit: $613.03 million
Total Operating Expenses: $483.73 million

Over the last 9 years, Upwork's total revenue changed from $164.45 million in 2016 to $787.78 million in 2025, a change of 379.1%.

Upwork's total liabilities were at $669.27 million at the end of 2025, a 5.2% increase from 2024, and a 377.8% increase since 2017.

In the past 8 years, Upwork's cash and equivalents has ranged from $21.60 million in 2017 to $305.76 million in 2024, and is currently $294.36 million as of their latest financial filing in 2025.

Over the last 9 years, Upwork's book value per share changed from 0.00 in 2016 to 4.82 in 2025, a change of 482.4%.

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Financial statements for NASDAQ:UPWK last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Upwork (UPWK) Financials

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Upwork (UPWK) Financials

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Upwork Financials - Frequently Asked Questions

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