Upwork (UPWK) Financials

$8.80 +0.36 (+4.27%)

Closing price 05/22/2026 04:00 PM Eastern

Extended Trading

$8.83 +0.03 (+0.37%)

As of 05/22/2026 07:59 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	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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	16	17	18	22	28	147	38	33	29	16	31
Consolidated Net Income / (Loss)	16	17	18	22	28	147	38	33	29	16	31
Net Income / (Loss) Continuing Operations	16	17	18	22	28	147	38	33	29	16	31
Total Pre-Tax Income	17	16	20	23	29	18	45	38	36	34	38
Total Operating Income	11	8.43	13	18	21	14	39	33	30	28	33
Total Gross Profit	132	138	147	149	150	149	151	152	156	155	151
Total Revenue	176	184	191	193	194	191	193	195	202	198	195
Operating Revenue	176	184	191	193	194	191	193	195	202	198	195
Total Cost of Revenue	43	46	44	44	43	43	42	43	46	44	45
Operating Cost of Revenue	43	46	44	44	43	43	42	43	46	44	45
Total Operating Expenses	121	130	134	131	130	135	112	119	126	126	118
Selling, General & Admin Expense	29	32	32	30	31	36	28	36	41	42	35
Marketing Expense	47	49	48	47	46	44	36	37	35	36	37
Research & Development Expense	43	46	53	52	50	53	46	45	47	47	43
Other Operating Expenses / (Income)	1.62	2.11	0.93	1.77	1.80	2.23	2.26	1.77	2.39	1.72	2.22
Total Other Income / (Expense), net	5.77	7.39	6.72	5.62	8.09	4.79	6.32	5.88	5.92	5.76	4.99
Other Income / (Expense), net	5.77	7.39	6.72	5.62	8.09	4.79	6.32	5.88	5.92	5.76	4.99
Income Tax Expense	0.90	-1.56	1.33	1.18	1.13	-129	7.28	5.72	6.34	18	6.25
Basic Earnings per Share	$0.12	$0.13	$0.14	$0.17	$0.21	$1.09	$0.28	$0.25	$0.22	$0.12	$0.25
Weighted Average Basic Shares Outstanding	135.45M	134.77M	136.36M	131.44M	132.60M	133.62M	135.21M	132.18M	131.99M	132.49M	128.12M
Diluted Earnings per Share	$0.12	$0.12	$0.13	$0.17	$0.20	$1.02	$0.27	$0.24	$0.21	$0.12	$0.24
Weighted Average Diluted Shares Outstanding	137.29M	137.26M	143.66M	138.27M	139.29M	143.15M	142.78M	140.20M	139.67M	140.66M	135.66M
Weighted Average Basic & Diluted Shares Outstanding	136.11M	137.39M	133.12M	132.01M	133.67M	135.46M	131.59M	132.61M	130.65M	130.38M	123.52M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-6.96	-33	-44	154	101	-1.27	19	-17	-31	2.90	57
Net Cash From Operating Activities	37	20	15	37	102	8.49	37	73	75	64	23
Net Cash From Continuing Operating Activities	37	20	15	37	102	8.49	37	73	75	64	23
Net Income / (Loss) Continuing Operations	16	17	18	22	28	147	38	33	29	16	31
Consolidated Net Income / (Loss)	16	17	18	22	28	147	38	33	29	16	31
Depreciation Expense	1.76	3.81	3.15	3.63	3.67	4.37	4.86	5.88	7.95	7.02	9.10
Amortization Expense	-2.39	-3.30	-3.57	-1.96	-1.09	-0.61	-1.28	-0.92	-1.56	-1.86	-0.99
Non-Cash Adjustments To Reconcile Net Income	15	24	18	21	16	20	15	18	22	19	18
Changes in Operating Assets and Liabilities, net	6.26	-22	-21	-7.66	56	-162	-19	17	17	24	-34
Net Cash From Investing Activities	-45	-63	6.14	150	2.08	-21	-5.22	-51	-81	1.23	118
Net Cash From Continuing Investing Activities	-45	-63	6.14	150	2.08	-21	-5.22	-51	-81	1.23	118
Purchase of Property, Plant & Equipment	-3.53	-3.61	-2.67	-3.75	-4.17	-3.87	-6.18	-6.89	-5.65	-6.43	-10
Purchase of Investments	-195	-260	-150	-44	-40	-128	-51	-208	-107	-119	0.00
Sale and/or Maturity of Investments	153	203	159	199	46	125	52	184	70	125	128
Net Cash From Financing Activities	1.32	11	-65	-34	-3.19	11	-13	-38	-24	-62	-84
Net Cash From Continuing Financing Activities	1.32	11	-65	-34	-3.19	11	-13	-38	-24	-62	-84
Repurchase of Common Equity	-	-	-67	-33	-	-	-33	-38	-31	-34	-108
Issuance of Common Equity	-	1.52	0.11	-	-	5.17	0.65	2.20	0.08	1.76	0.08
Other Financing Activities, net	1.32	9.00	1.39	-3.62	-3.19	6.11	19	-2.68	6.45	-30	24
Cash Interest Paid	0.48	0.01	0.46	0.01	0.46	-	0.45	-	0.45	0.33	0.56
Cash Income Taxes Paid	-	1.32	-	-	-	1.41	0.06	-	4.81	3.16	0.50

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	1,079	918	931	961	1,001	1,009	1,063	1,240	1,262	1,311	1,242
Total Current Assets	930	768	780	810	848	856	904	938	939	949	883
Cash & Equivalents	156	102	154	147	25	183	288	304	291	261	328
Short-Term Investments	519	408	363	408	466	315	313	318	344	382	251
Accounts Receivable	67	59	66	60	114	117	69	78	71	76	76
Prepaid Expenses	17	19	19	17	20	23	19	22	21	18	24
Other Current Assets	170	179	178	178	223	219	214	216	212	211	204
Plant, Property, & Equipment, net	21	23	25	27	27	28	30	35	38	40	49
Total Noncurrent Assets	128	127	126	125	126	125	128	267	285	322	309
Goodwill	118	118	118	118	118	118	118	121	141	150	149
Intangible Assets	-	-	-	-	2.66	2.26	1.86	11	9.53	40	34
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	128	127	125	111
Other Noncurrent Operating Assets	9.82	8.92	7.46	6.55	4.80	4.27	8.42	7.13	6.91	6.69	15
Total Liabilities & Shareholders' Equity	1,079	918	931	961	1,001	1,009	1,063	1,240	1,262	1,311	1,242
Total Liabilities	837	629	624	618	652	647	651	646	653	683	672
Total Current Liabilities	252	257	255	253	289	285	284	275	280	660	647
Short-Term Debt	-	-	-	-	-	-	-	-	-	359	360
Accounts Payable	5.35	4.25	4.18	1.75	5.92	5.86	5.60	4.12	1.03	8.51	11
Accrued Expenses	52	48	49	52	47	50	56	47	59	73	64
Current Deferred Revenue	25	26	24	21	14	11	8.78	7.50	7.80	7.94	8.20
Other Current Liabilities	170	179	178	178	223	219	214	216	212	211	204
Total Noncurrent Liabilities	585	372	369	365	362	362	367	371	373	23	25
Other Noncurrent Operating Liabilities	21	18	14	9.81	5.90	5.36	9.58	13	15	23	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	243	289	307	343	349	361	411	594	609	628	570
Total Preferred & Common Equity	243	289	307	343	349	361	411	594	609	628	570
Total Common Equity	243	289	307	343	349	361	411	594	609	628	570
Common Stock	572	614	636	655	627	615	636	635	616	606	501
Retained Earnings	-324	-324	-328	-311	-276	-253	-226	-41	-8.02	21	68
Accumulated Other Comprehensive Income / (Loss)	-4.62	-1.16	-0.87	-0.39	-0.39	-0.53	1.22	0.55	0.72	0.87	0.14

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	130,380,213.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	130,380,213.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.24
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.77%	13.93%	18.70%	14.54%	10.27%	4.10%	0.93%	0.94%	4.10%	3.62%	1.44%
EBITDA Growth	181.04%	191.60%	7.40%	1,596.54%	89.52%	35.59%	151.12%	73.16%	33.70%	77.19%	-5.70%
EBIT Growth	172.80%	181.44%	10.07%	1,196.58%	67.62%	16.15%	127.64%	64.28%	23.51%	85.35%	-16.21%
NOPAT Growth	161.04%	164.57%	150.86%	494.37%	83.82%	1,075.36%	166.47%	64.20%	22.46%	-88.06%	-15.84%
Net Income Growth	165.80%	205.30%	7.43%	656.75%	69.91%	747.05%	104.59%	47.28%	5.68%	-89.38%	-16.62%
EPS Growth	163.16%	192.31%	186.67%	666.67%	66.67%	750.00%	107.69%	41.18%	5.00%	-88.24%	-11.11%
Operating Cash Flow Growth	268.56%	50.44%	165.00%	765.40%	176.38%	-57.87%	149.53%	84.97%	23.15%	65.11%	-37.73%
Free Cash Flow Firm Growth	88.99%	-964.26%	-251.34%	-605.21%	-92.83%	70.11%	-21.57%	-46.14%	-3,570.33%	144.95%	109.39%
Invested Capital Growth	10.00%	47.85%	60.27%	51.53%	16.84%	66.36%	53.93%	51.08%	105.63%	1.96%	5.89%
Revenue Q/Q Growth	4.22%	4.67%	3.81%	1.15%	0.34%	-1.18%	0.64%	1.16%	3.48%	-1.65%	-1.47%
EBITDA Q/Q Growth	1,091.10%	-1.68%	23.94%	29.56%	25.51%	-29.66%	119.54%	-10.67%	-3.09%	-6.78%	16.84%
EBIT Q/Q Growth	907.50%	-8.21%	30.88%	18.36%	23.43%	-36.40%	144.99%	-14.58%	-7.20%	-4.55%	10.75%
NOPAT Q/Q Growth	353.91%	-14.84%	31.48%	38.71%	18.35%	444.53%	-70.19%	-14.53%	-11.73%	-46.91%	110.12%
Net Income Q/Q Growth	509.35%	6.35%	6.15%	20.49%	24.92%	430.18%	-74.36%	-13.26%	-10.36%	-46.71%	101.23%
EPS Q/Q Growth	500.00%	0.00%	8.33%	30.77%	17.65%	410.00%	-73.53%	-11.11%	-12.50%	-42.86%	100.00%
Operating Cash Flow Q/Q Growth	757.55%	-45.48%	205.94%	559.30%	173.88%	-91.69%	335.45%	96.17%	3.54%	-15.15%	-63.86%
Free Cash Flow Firm Q/Q Growth	73.84%	-2,281.23%	-33.80%	15.39%	92.85%	-269.16%	-444.12%	-1.71%	-79.64%	104.52%	13.71%
Invested Capital Q/Q Growth	-1.44%	30.52%	14.84%	2.58%	-24.01%	85.84%	6.25%	0.68%	3.43%	-7.85%	10.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.38%	75.06%	76.85%	77.29%	77.60%	77.73%	78.31%	77.72%	77.28%	77.99%	77.16%
EBITDA Margin	9.45%	8.87%	10.13%	12.98%	16.24%	11.56%	25.21%	22.27%	20.85%	19.76%	23.44%
Operating Margin	6.52%	4.58%	6.83%	9.21%	10.73%	7.09%	20.08%	16.71%	14.75%	14.26%	16.74%
EBIT Margin	9.81%	8.60%	10.35%	12.12%	14.91%	9.59%	23.36%	19.72%	17.68%	17.16%	19.29%
Profit (Net Income) Margin	9.30%	9.45%	9.66%	11.51%	14.32%	76.86%	19.58%	16.79%	14.54%	7.88%	16.09%
Tax Burden Percent	94.81%	109.84%	93.28%	94.95%	96.10%	801.08%	83.83%	85.13%	82.23%	45.91%	83.43%
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	5.19%	-9.84%	6.72%	5.05%	3.90%	-701.08%	16.17%	14.87%	17.77%	54.09%	16.57%
Return on Invested Capital (ROIC)	30.14%	22.12%	26.29%	35.55%	50.55%	175.48%	47.58%	39.73%	37.01%	16.41%	32.43%
ROIC Less NNEP Spread (ROIC-NNEP)	26.64%	16.99%	21.95%	32.02%	47.05%	158.73%	44.92%	37.33%	35.17%	15.50%	30.71%
Return on Net Nonoperating Assets (RNNOA)	-14.19%	-8.53%	-9.94%	-14.49%	-27.66%	-76.04%	-18.94%	-16.03%	-17.85%	-7.42%	-12.75%
Return on Equity (ROE)	15.95%	13.59%	16.34%	21.06%	22.90%	99.44%	28.64%	23.70%	19.16%	8.99%	19.68%
Cash Return on Invested Capital (CROIC)	-32.00%	-45.50%	-31.70%	-13.91%	22.20%	12.57%	25.16%	30.99%	11.31%	29.07%	21.39%
Operating Return on Assets (OROA)	6.41%	5.60%	7.76%	9.29%	11.22%	6.56%	16.07%	13.43%	11.63%	10.77%	12.29%
Return on Assets (ROA)	6.07%	6.15%	7.24%	8.83%	10.78%	52.58%	13.47%	11.43%	9.57%	4.94%	10.25%
Return on Common Equity (ROCE)	15.95%	13.59%	16.34%	21.06%	22.90%	99.44%	28.64%	23.70%	19.16%	8.99%	19.68%
Return on Equity Simple (ROE_SIMPLE)	3.79%	0.00%	13.80%	20.60%	20.87%	0.00%	39.52%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	11	9.26	12	17	20	109	32	28	24	13	27
NOPAT Margin	6.19%	5.03%	6.37%	8.74%	10.31%	56.83%	16.83%	14.22%	12.13%	6.55%	13.96%
Net Nonoperating Expense Percent (NNEP)	3.51%	5.13%	4.34%	3.53%	3.51%	16.74%	2.66%	2.40%	1.84%	0.92%	1.72%
Return On Investment Capital (ROIC_SIMPLE)	-	1.26%	-	-	-	11.66%	3.40%	2.87%	2.48%	1.31%	2.94%
Cost of Revenue to Revenue	24.62%	24.94%	23.15%	22.71%	22.40%	22.27%	21.69%	22.28%	22.72%	22.01%	22.84%
SG&A Expenses to Revenue	16.30%	17.40%	16.76%	15.49%	16.14%	18.59%	14.55%	18.29%	20.45%	21.00%	17.99%
R&D to Revenue	24.71%	25.13%	27.71%	27.17%	26.02%	27.94%	23.95%	23.00%	23.54%	23.72%	22.15%
Operating Expenses to Revenue	68.85%	70.48%	70.02%	68.09%	66.87%	70.64%	58.23%	61.02%	62.52%	63.73%	60.43%
Earnings before Interest and Taxes (EBIT)	17	16	20	23	29	18	45	38	36	34	38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	17	16	19	25	31	22	49	43	42	39	46
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.47	5.31	4.78	3.96	3.36	3.80	2.97	2.91	3.92	4.11	2.51
Price to Tangible Book Value (P/TBV)	6.82	7.79	7.32	5.95	4.74	4.95	3.83	3.86	5.62	5.83	3.70
Price to Revenue (P/Rev)	2.30	2.94	2.32	1.92	1.81	2.84	2.29	2.29	3.15	3.29	1.81
Price to Earnings (P/E)	117.75	43.17	34.65	19.24	16.08	10.14	7.53	7.21	9.97	22.44	13.09
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	0.85%	2.32%	2.89%	5.20%	6.22%	9.86%	13.29%	13.87%	10.03%	4.46%	7.64%
Enterprise Value to Invested Capital (EV/IC)	9.30	9.78	7.14	5.86	6.78	6.17	4.55	4.48	6.33	7.17	3.45
Enterprise Value to Revenue (EV/Rev)	2.00	2.66	2.13	1.73	1.49	2.50	1.95	1.93	2.79	2.89	1.53
Enterprise Value to EBITDA (EV/EBITDA)	88.13	37.15	30.33	16.68	12.32	19.60	11.82	10.25	13.95	13.14	7.09
Enterprise Value to EBIT (EV/EBIT)	97.72	37.44	30.28	16.93	12.93	21.25	13.00	11.42	15.85	14.86	8.29
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	60.20	26.07	19.37	12.36	8.15	7.53	10.59	23.36	13.11
Enterprise Value to Operating Cash Flow (EV/OCF)	32.49	34.72	36.91	17.31	8.13	12.51	8.56	7.14	9.76	9.17	5.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	32.93	61.35	21.91	17.41	75.28	24.92	16.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.04	0.93	1.02	0.99	0.87	0.62	0.60	0.59	0.57	0.57	0.63
Long-Term Debt to Equity	1.04	0.93	1.02	0.99	0.87	0.62	0.60	0.59	0.00	0.00	0.00
Financial Leverage	-0.53	-0.50	-0.45	-0.45	-0.59	-0.48	-0.42	-0.43	-0.51	-0.48	-0.42
Leverage Ratio	3.49	3.36	3.01	2.90	2.68	2.35	2.38	2.34	2.28	2.08	2.13
Compound Leverage Factor	3.49	3.36	3.01	2.90	2.68	2.35	2.38	2.34	2.28	2.08	2.13
Debt to Total Capital	50.91%	48.31%	50.54%	49.72%	46.51%	38.35%	37.62%	37.09%	36.39%	36.34%	38.74%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	36.39%	36.34%	38.74%
Long-Term Debt to Total Capital	50.91%	48.31%	50.54%	49.72%	46.51%	38.35%	37.62%	37.09%	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	49.09%	51.69%	49.46%	50.28%	53.49%	61.65%	62.38%	62.91%	63.61%	63.66%	61.26%
Debt to EBITDA	23.52	7.23	7.05	4.62	3.88	3.65	2.82	2.46	2.30	2.08	2.11
Net Debt to EBITDA	-13.20	-3.94	-2.65	-1.82	-2.64	-2.70	-2.07	-1.89	-1.82	-1.81	-1.29
Long-Term Debt to EBITDA	23.52	7.23	7.05	4.62	3.88	3.65	2.82	2.46	0.00	0.00	0.00
Debt to NOPAT	-11.57	-32.97	13.99	7.21	6.10	2.30	1.94	1.81	1.75	3.69	3.90
Net Debt to NOPAT	6.49	17.96	-5.26	-2.84	-4.16	-1.70	-1.43	-1.39	-1.38	-3.21	-2.38
Long-Term Debt to NOPAT	-11.57	-32.97	13.99	7.21	6.10	2.30	1.94	1.81	0.00	0.00	0.00
Altman Z-Score	2.48	2.85	2.60	2.47	2.48	3.29	2.98	2.96	3.14	3.33	2.32
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	3.20	3.01	2.93	3.00	3.18	3.39	3.41	3.36	1.44	1.46	1.36
Quick Ratio	2.43	2.23	2.09	2.15	2.36	2.60	2.55	2.52	1.09	1.15	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.15	-51	-69	-58	-4.15	-15	-83	-85	-152	6.89	7.84
Operating Cash Flow to CapEx	1,046.80%	557.50%	212.23%	995.20%	2,450.88%	219.64%	598.62%	1,052.76%	1,329.30%	990.99%	227.60%
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	0.65	0.75	0.77	0.75	0.68	0.69	0.68	0.66	0.63	0.64
Accounts Receivable Turnover	10.47	8.21	8.28	8.14	11.75	8.62	8.02	8.23	10.71	10.38	10.28
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	27.69	28.01	28.64	28.06	26.95	26.90	24.85	23.33	22.23	21.16	18.78
Accounts Payable Turnover	46.68	27.03	34.28	35.29	48.26	31.11	34.24	49.72	24.62	24.99	23.36
Days Sales Outstanding (DSO)	34.86	44.48	44.07	44.86	31.07	42.36	45.52	44.33	34.09	35.15	35.51
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)	7.82	13.50	10.65	10.34	7.56	11.73	10.66	7.34	14.83	14.61	15.63
Cash Conversion Cycle (CCC)	27.04	30.97	33.43	34.52	23.51	30.62	34.86	36.99	19.27	20.54	19.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	143	187	215	220	167	311	331	333	344	317	350
Invested Capital Turnover	4.87	4.40	4.12	4.07	4.90	3.09	2.83	2.79	3.05	2.51	2.32
Increase / (Decrease) in Invested Capital	13	61	81	75	24	124	116	113	177	6.10	19
Enterprise Value (EV)	1,333	1,830	1,535	1,290	1,136	1,921	1,504	1,493	2,179	2,277	1,209
Market Capitalization	1,532	2,024	1,669	1,431	1,379	2,185	1,768	1,769	2,463	2,590	1,429
Book Value per Share	$2.54	$2.80	$2.56	$2.71	$3.11	$4.30	$4.39	$4.63	$4.74	$4.82	$4.37
Tangible Book Value per Share	$1.67	$1.91	$1.67	$1.81	$2.21	$3.30	$3.41	$3.48	$3.30	$3.40	$2.96
Total Capital	699	737	705	718	769	933	953	968	987	990	930
Total Debt	356	356	357	357	357	358	358	359	359	360	360
Total Long-Term Debt	356	356	357	357	357	358	358	359	0.00	0.00	0.00
Net Debt	-200	-194	-134	-141	-244	-264	-264	-276	-284	-313	-220
Capital Expenditures (CapEx)	3.53	3.61	2.67	3.75	4.17	3.87	6.18	6.89	5.65	6.43	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.70	40	68	73	19	21	41	25	4.69	-12	17
Debt-free Net Working Capital (DFNWC)	557	590	559	571	620	643	663	659	648	660	596
Net Working Capital (NWC)	557	590	559	571	620	643	663	659	288	301	236
Net Nonoperating Expense (NNE)	-5.47	-8.12	-6.27	-5.34	-7.78	-38	-5.30	-5.00	-4.87	-2.64	-4.16
Net Nonoperating Obligations (NNO)	-200	-194	-134	-141	-244	-264	-264	-276	-284	-313	-220
Total Depreciation and Amortization (D&A)	-0.63	0.51	-0.42	1.67	2.58	3.76	3.58	4.96	6.39	5.16	8.11
Debt-free, Cash-free Net Working Capital to Revenue	0.26%	5.84%	9.44%	9.79%	2.45%	2.67%	5.35%	3.21%	0.60%	-1.57%	2.10%
Debt-free Net Working Capital to Revenue	83.55%	85.67%	77.66%	76.72%	81.37%	83.53%	86.02%	85.31%	82.96%	83.83%	75.43%
Net Working Capital to Revenue	83.55%	85.67%	77.66%	76.72%	81.37%	83.53%	86.02%	85.31%	36.94%	38.17%	29.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.12	$0.13	$0.14	$0.17	$0.21	$1.09	$0.28	$0.25	$0.22	$0.12	$0.25
Adjusted Weighted Average Basic Shares Outstanding	135.45M	134.77M	136.36M	131.44M	132.60M	133.62M	135.21M	132.18M	131.99M	132.49M	128.12M
Adjusted Diluted Earnings per Share	$0.12	$0.12	$0.13	$0.17	$0.20	$1.02	$0.27	$0.24	$0.21	$0.12	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	137.29M	137.26M	143.66M	138.27M	139.29M	143.15M	142.78M	140.20M	139.67M	140.66M	135.66M
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	136.11M	137.39M	133.12M	132.01M	133.67M	135.46M	131.59M	132.61M	130.65M	130.38M	123.52M
Normalized Net Operating Profit after Tax (NOPAT)	11	5.90	12	17	20	9.51	32	28	24	20	27
Normalized NOPAT Margin	6.19%	3.21%	6.37%	8.74%	10.31%	4.97%	16.83%	14.22%	12.13%	9.98%	13.96%
Pre Tax Income Margin	9.81%	8.60%	10.35%	12.12%	14.91%	9.59%	23.36%	19.72%	17.68%	17.16%	19.29%
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%	0.00%	46.39%	28.18%	28.90%	41.27%	117.79%	193.11%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for Upwork (UPWK) based on quarterly statements from the last four years, focusing on what may matter to retail investors.

Gross margin has remained solid and relatively stable, around the high-70s. For example, Q4 2025 shows gross profit of 154,738,000 on 198,409,000 revenue (about 77.9%).
Operating cash flow from continuing operations has been positive in 2025 quarters, signaling ongoing cash generation strength. Examples: Q3 2025 CFO about 75,079,000; Q4 2025 CFO about 63,701,000; Q2 2025 CFO about 72,514,000; Q1 2025 CFO about 36,965,000.
Net income from continuing operations has been positive in recent quarters, indicating ongoing profitability at the operating level (e.g., Q3 2025 net income continuing operations around 29,335,000; Q4 2025 around 15,634,000).
Long-term debt has been effectively zero across the recent periods, implying low leverage and financial flexibility to fund operations from cash flow rather than debt.
Revenue levels are steady in the roughly $190–$200 million per quarter range in 2025, suggesting a stable top line rather than rapid growth. This can be a pro or con depending on your growth expectations.
Cash on hand has fluctuated but generally remained in the low-to-mid hundreds of millions (roughly $260–$304 million in early 2025), with net additions and withdrawals reflecting operating needs and financing activity.
Investing activity in 2025 shows active asset management, including sizable purchases of investments in some quarters and offsetting proceeds from sales, indicating strategic portfolio moves rather than a simple capex-heavy expansion.
Financing activity has generated meaningful cash outflows in several quarters, notably substantial share repurchases and net financing outflows (for example, Q4 2025 Repurchase of Common Equity around 34,036,000 and Net cash from financing activities around -62,035,000), which reduces cash on hand and may affect shareholder value in the near term.
Investing cash outflows in certain periods were substantial, including large net purchases of investments (for instance, Q2 2025 and Q3 2025 show sizable investment purchases), which can pressure near-term liquidity if operating cash flow slows.
Earnings variance can be pronounced across quarters, with occasional large swings year to year in net income signals (for example, very large prior-year quarterly net income figures in some quarters vs. more modest current-quarter profits), highlighting earnings volatility inherent in a services marketplace model.

05/23/26 10:52 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%.

Related Companies

Financial statements for NASDAQ:UPWK last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Upwork (UPWK) Financials

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Key Financial Trends

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Upwork (UPWK) Financials

Annual Income Statements for Upwork

Quarterly Income Statements for Upwork

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Quarterly Cash Flow Statements for Upwork

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Quarterly Metrics And Ratios for Upwork

Financials Breakdown Chart

Key Financial Trends

Upwork Financials - Frequently Asked Questions

When does Upwork's fiscal year end?

How has Upwork's net income changed over the last 9 years?

What is Upwork's operating income?

How has Upwork's revenue changed over the last 9 years?

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How has Upwork's book value per share changed over the last 9 years?

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