UPWK

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Upwork Inc.

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Key Metrics

Previous Close: $8.69
52-Week Range: $7.44 – $22.84
Market Cap: $1.08B
P/E (TTM): 11.10
EPS (TTM): 0.78
Dividend Yield: —

Advanced Metrics

Price/Book: 1.88
PEG Ratio: 0.85
Return on Equity: 16.70%
Return on Assets: 6.63%
Gross Margin: 77.24%
Operating Margin: 21.81%
Profit Margin: 12.93%
Current Ratio: 1.42
Debt/Equity: 0.62
Total Debt: $379.41M
Free Cash Flow: $156.38M
Revenue Growth: -1.70%
Earnings Growth: -15.90%
Enterprise Value: $849.65M

UPWK Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$618.32M	$689.14M	$769.33M	$787.78M
Cost of Revenue	$160.40M	$170.45M	$174.09M	$174.75M
Gross Profit	$457.92M	$518.69M	$595.23M	$613.03M
Research & Development	$154.55M	$177.36M	$209.28M	$185.54M
Selling, General & Admin	$370.83M	$339.61M	$314.01M	$290.04M
Operating Expenses	$550.54M	$529.95M	$530.02M	$483.73M
Operating Income	-$92.62M	-$11.26M	$65.21M	$129.31M
EBITDA	-$81.49M	$1.46M	$82.86M	$155.76M
Pretax Income	-$89.35M	$48.88M	$90.43M	$153.18M
Income Tax	$536.00K	$1.99M	-$125.16M	$37.75M
Net Income	-$89.89M	$46.89M	$215.59M	$115.42M
Diluted EPS	-0.69	0.06	1.52	0.84
Diluted Shares	130.52M	137.26M	143.15M	140.66M

UPWK Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$129.38M	$79.64M	$305.76M	$294.36M
Receivables	$64.89M	$103.06M	$75.49M	$76.24M
Current Assets	$930.91M	$883.37M	$911.05M	$950.83M
Total Assets	$1.08B	$1.04B	$1.21B	$1.30B
Current Liabilities	$247.69M	$293.00M	$268.43M	$650.17M
Long-Term Debt	$564.26M	$356.09M	$357.93M	—
Total Debt	$581.94M	$367.86M	$369.12M	$371.15M
Total Liabilities	$831.37M	$656.47M	$636.24M	$669.26M
Retained Earnings	-$340.95M	-$294.06M	-$78.48M	$36.95M
Shareholders' Equity	$248.88M	$381.07M	$575.38M	$630.32M
Working Capital	$683.21M	$590.37M	$642.62M	$300.67M
Net Debt	$434.88M	$276.45M	$52.17M	$65.41M

UPWK Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$11.50M	$52.71M	$153.56M	$248.26M
Capital Expenditure	-$8.73M	-$16.35M	-$14.44M	-$25.14M
Free Cash Flow	$2.76M	$36.36M	$139.12M	$223.12M
Depreciation & Amortisation	$11.14M	$12.72M	$17.65M	$26.45M
Stock-Based Compensation	$75.50M	$74.19M	$68.39M	$65.39M
Investing Cash Flow	-$69.47M	$88.27M	$137.57M	-$136.94M
Financing Cash Flow	$1.14M	-$139.79M	-$81.96M	-$138.00M
Share Repurchases	$0.00	$0.00	-$100.00M	-$135.96M
Net Change in Cash	-$56.83M	$1.19M	$209.18M	-$26.68M

UPWK Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$192.71M	$194.94M	$201.73M	$198.41M	$195.48M
Cost of Revenue	$41.81M	$43.43M	$45.84M	$43.67M	$44.64M
Gross Profit	$150.90M	$151.51M	$155.89M	$154.74M	$150.84M
Research & Development	$46.15M	$44.84M	$47.49M	$47.05M	$43.31M
Selling, General & Admin	$63.80M	$72.33M	$76.24M	$77.67M	$72.59M
Operating Expenses	$112.21M	$118.94M	$126.13M	$126.44M	$118.12M
Operating Income	$38.69M	$32.56M	$29.76M	$28.29M	$32.72M
EBITDA	$43.75M	$38.63M	$30.90M	$42.48M	$42.21M
Pretax Income	$45.01M	$38.44M	$35.67M	$34.05M	$37.71M
Income Tax	$7.28M	$5.72M	$6.34M	$18.42M	$6.25M
Net Income	$37.73M	$32.73M	$29.34M	$15.63M	$31.46M
Diluted EPS	0.27	0.24	0.21	0.12	0.24
Diluted Shares	142.78M	140.20M	139.67M	139.41M	135.66M

UPWK Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$304.45M	$291.07M	$260.84M	$294.36M	$328.40M
Receivables	$77.92M	$71.23M	$76.43M	$76.24M	$75.91M
Current Assets	$938.01M	$938.98M	$948.95M	$950.83M	$883.30M
Total Assets	$1.24B	$1.26B	$1.31B	$1.30B	$1.24B
Current Liabilities	$274.70M	$279.62M	$660.48M	$650.17M	$647.20M
Long-Term Debt	$358.39M	$358.85M	—	—	—
Total Debt	$370.41M	$370.85M	$371.10M	$371.15M	$379.48M
Total Liabilities	$645.72M	$653.06M	$683.08M	$669.26M	$672.33M
Retained Earnings	-$40.75M	-$8.02M	$21.32M	$36.95M	$68.41M
Shareholders' Equity	$594.34M	$608.65M	$628.13M	$630.32M	$569.63M
Working Capital	$663.32M	$659.36M	$288.48M	$300.67M	$236.10M
Net Debt	$53.94M	$67.78M	$98.47M	$65.41M	$31.83M

UPWK Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$36.97M	$72.51M	$75.08M	$63.70M	$23.02M
Capital Expenditure	-$6.17M	-$6.89M	-$5.65M	-$6.43M	-$10.11M
Free Cash Flow	$30.79M	$65.63M	$69.43M	$57.27M	$12.90M
Depreciation & Amortisation	$5.06M	$6.06M	$1.14M	$14.19M	$9.50M
Stock-Based Compensation	$12.27M	$15.98M	$19.79M	$17.35M	$15.42M
Investing Cash Flow	-$5.22M	-$51.45M	-$81.50M	$1.23M	$118.21M
Financing Cash Flow	-$13.14M	-$38.35M	-$24.47M	-$62.03M	-$84.25M
Share Repurchases	-$33.05M	-$37.87M	-$31.00M	-$34.04M	-$107.89M
Net Change in Cash	$18.60M	-$17.29M	-$30.89M	$2.90M	$56.98M

Market Snapshot

About

Upwork operates a leading online marketplace connecting businesses with independent professionals and agencies. The platform enables companies to find, hire, and collaborate with freelancers across various fields including software development, design, writing, and marketing. Upwork serves millions of clients and freelancers globally.