UPWK
$8.75+2.70%
Upwork Inc.Stock · Communication ServicesRussell 2000 · 0.03% of IWMNasdaq Composite · 0.004% of ONEQUS Stock Market · 0.001% of VTIRussell 3000 · 0.001% of IWV
UPWK financial statements
The full income statement, balance sheet, and cash-flow statement for Upwork Inc. (UPWK), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 132.0M2024-09 133.7M2024-12 135.5M2025-03 131.6M2025-06 132.6M2025-09 130.7M2025-12 130.4M2026-03 123.5M2026-06 124.9M-5.4% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 788M+2.4% | 769M+11.6% | 689M+11.5% | 618M+23.0% | 503M+34.6% | |
| 613M+3.0% | 595M+14.8% | 519M+13.3% | 458M+24.7% | 367M+36.4% | ||
| Cost of revenue | 175M+0.4% | 174M+2.1% | 170M+6.3% | 160M+18.4% | 136M+4572.7% | |
| 484M-8.7% | 530M+0.0% | 530M-3.7% | 551M+30.6% | 422M+44.5% | ||
| Research & development | 186M-11.3% | 209M+18.0% | 177M+14.8% | 155M+29.8% | 119M+42.7% | |
| Selling, general & administrative | 147M+13.8% | 129M+8.3% | 119M-4.1% | 124M+9.6% | 113M+58.1% | |
| General & administrative | 147M+13.8% | 129M+8.3% | 119M-4.1% | 124M+9.6% | 113M+58.1% | |
| Selling & marketing | 143M-22.6% | 185M-16.1% | 221M-10.6% | 247M+34.7% | 183M+37.6% | |
| Amortization of intangibles | 9.40M+347.6% | 2.10M | 0.00 | 0.00-100.0% | 700K-74.1% | |
| Provision for credit losses | 6.71M+21.8% | 5.50M-36.5% | 8.67M-62.8% | 23.3M+350.1% | 5.18M+64.7% | |
| Operating income | 129M+98.3% | 65.2M+679.1% | -11.3M+87.8% | -92.6M-70.8% | -54.2M-142.0% | |
| Interest expense | — | — | — | 4.48M+105.6% | 2.18M+180.2% | |
| Interest & investment income | 27.4M-2.1% | 28.0M+14.8% | 24.4M+208.9% | 7.90M | — | |
| Net interest income | — | — | 24.4M+208.9% | 7.90M+2533.3% | 300K | |
| Other non-operating income | 23.9M-5.4% | 25.2M-58.1% | 60.1M+1736.2% | 3.27M+272.3% | -1.90M-505.3% | |
| Pre-tax income | 153M+69.4% | 90.4M+85.0% | 48.9M+154.7% | -89.3M-59.2% | -56.1M-147.0% | |
| Income tax | 37.8M+130.2% | -125M-6389.4% | 1.99M+271.3% | 536K+339.3% | 122K-18.7% | |
| 115M-46.5% | 216M+359.8% | 46.9M+152.2% | -89.9M-59.8% | -56.2M-145.9% | ||
| Net income to common | 115M-46.5% | 216M+359.8% | 46.9M+152.2% | -89.9M-59.8% | -56.2M | |
| $0.84-44.7% | $1.52+2433.3% | $0.06+108.7% | -$0.69-56.8% | -$0.44-131.6% | ||
| EPS (basic) | $0.87-46.0% | $1.61+360.0% | $0.35+150.7% | -$0.69-56.8% | -$0.44-131.6% | |
| Weighted-avg shares (basic) | 132M-0.8% | 134M-0.9% | 135M+3.3% | 131M+2.6% | 127M+7.1% | |
| Weighted-avg shares (diluted) | 141M-1.7% | 143M+4.3% | 137M+5.2% | 131M+2.6% | 127M+7.1% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 951M+4.4% | 911M+3.1% | 883M-5.1% | 931M+0.1% | 930M+157.7% | ||
| Cash & equivalents | 294M-3.7% | 306M+283.9% | 79.6M-38.4% | 129M-30.9% | 187M+99.0% | |
| Short-term investments | 378M+19.6% | 316M-32.8% | 470M-15.6% | 557M+12.0% | 498M+558.4% | |
| Accounts receivable | 76.2M+1.0% | 75.5M-26.8% | 103M+58.8% | 64.9M-2.9% | 66.8M+42.1% | |
| Prepaid expenses | 21.1M+18.8% | 17.7M-0.5% | 17.8M-0.7% | 17.9M+4.1% | 17.2M+89.7% | |
| 1.30B+7.3% | 1.21B+16.8% | 1.04B-4.0% | 1.08B-0.1% | 1.08B+104.3% | ||
| Property, plant & equipment | 44.4M+47.8% | 30.1M+10.7% | 27.1M+23.0% | 22.1M+3.4% | 21.3M-24.2% | |
| Operating lease right-of-use | 5.01M-12.9% | 5.75M+32.7% | 4.33M-43.0% | 7.60M-28.8% | 10.7M-45.9% | |
| Goodwill | 149M+23.2% | 121M+2.4% | 118M+0.0% | 118M+0.0% | 118M+0.0% | |
| Intangible assets | 37.2M+186.1% | 13.0M+326.1% | 3.05M | 0.00 | 0.00-100.0% | |
| Deferred tax assets | 111M-13.4% | 129M | 0.00 | — | — | |
| Other non-current assets | 1.47M-23.6% | 1.92M+34.2% | 1.43M-1.7% | 1.45M+23.4% | 1.18M-29.5% | |
| 650M+142.2% | 268M-8.4% | 293M+18.3% | 248M+6.0% | 234M+17.6% | ||
| Accounts payable | 7.86M+28.2% | 6.13M+21.0% | 5.06M-32.9% | 7.55M+51.1% | 5.00M-22.6% | |
| Deferred revenue | 7.76M+6.8% | 7.27M-58.1% | 17.4M-30.8% | 25.1M+13.5% | 22.1M+31.4% | |
| Short-term & current debt | 360M | 0.00 | — | — | 0.00-100.0% | |
| Current lease liability | 1.67M+3.0% | 1.62M-71.4% | 5.69M-12.5% | 6.50M+3.0% | 6.32M+69.5% | |
| 669M+5.2% | 636M-3.1% | 656M-21.0% | 831M+1.2% | 822M+257.3% | ||
| Long-term debt | 0.00-100.0% | 358M+0.5% | 356M-36.9% | 564M+0.5% | 561M+17764.4% | |
| Deferred revenue (non-current) | — | 0.00-100.0% | 790K-89.6% | 7.61M+19.9% | 6.35M+52.0% | |
| Non-current lease liability | 9.71M+1.5% | 9.57M+57.1% | 6.09M-45.5% | 11.2M-33.3% | 16.8M-18.3% | |
| Operating lease liability (total) | 11.4M+1.7% | 11.2M-5.0% | 11.8M-33.4% | 17.7M-23.4% | 23.1M-4.8% | |
| Other non-current liabilities | 9.39M+2948.7% | 308K-76.1% | 1.29M-84.4% | 8.24M-16.5% | 9.86M+31.1% | |
| 630M+9.5% | 575M+51.0% | 381M+53.1% | 249M-4.1% | 260M-13.3% | ||
| Common stock | 13.0K-7.1% | 14.0K+0.0% | 14.0K+7.7% | 13.0K+0.0% | 13.0K+8.3% | |
| Additional paid-in capital | 593M-9.3% | 654M-3.2% | 675M+13.8% | 593M+16.0% | 511M+3.4% | |
| Retained earnings | 36.9M+147.1% | -78.5M+73.3% | -294M+13.8% | -341M-35.8% | -251M-28.9% | |
| Treasury stock | — | — | 0.00 | — | — | |
| Accumulated other comprehensive income | 754K+185.6% | 264K+28.8% | 205K+106.6% | -3.08M-484.3% | -528K | |
| Total liabilities & equity | 1.30B+7.3% | 1.21B+16.8% | 1.04B-4.0% | 1.08B-0.1% | 1.08B+104.3% | |
| Common shares issued | 131M-3.5% | 135M-1.4% | 137M+3.7% | 132M+2.5% | 129M+3.5% | |
| Common shares outstanding | 131M-3.5% | 135M-1.4% | 137M+3.7% | 132M+2.5% | 129M+3.5% | |
| Shares outstanding (cover) | 130M-3.7% | 135M-1.4% | 137M+3.7% | 132M+2.5% | 129M+3.4% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 248M+61.7% | 154M+191.3% | 52.7M+358.5% | 11.5M+6.1% | 10.8M-51.5% | ||
| Depreciation & amortization | 25.7M+73.6% | 14.8M+410.8% | 2.90M-64.0% | 8.06M+83.1% | 4.40M-30.2% | |
| Intangible amortization | 9.40M+347.6% | 2.10M | 0.00 | 0.00-100.0% | 700K-74.1% | |
| Share-based compensation | 65.4M-4.4% | 68.4M-7.8% | 74.2M-1.7% | 75.5M+40.9% | 53.6M+110.1% | |
| Deferred income taxes | 18.5M+114.3% | -129M | 0.00 | 0.00 | 0.00 | |
| Change in receivables | 3.28M-31.6% | 4.80M-78.3% | 22.2M+45.0% | 15.3M-37.9% | 24.6M+23.1% | |
| Change in payables | -1.16M-219.7% | 969K+138.6% | -2.51M-197.4% | 2.58M+278.5% | -1.45M-124.8% | |
| -137M-199.5% | 138M+55.8% | 88.3M+227.1% | -69.5M+83.8% | -429M-10246.8% | ||
| Capital expenditure | 5.79M+64.1% | 3.53M+409.8% | 692K-44.6% | 1.25M+21.5% | 1.03M-83.8% | |
| Free cash flow | 242M+61.6% | 150M+188.4% | 52.0M+407.5% | 10.2M+4.5% | 9.81M-38.9% | |
| Acquisitions | 58.4M+307.5% | 14.3M | 0.00 | 0.00 | 0.00 | |
| Sales/maturities of investments | 420M-13.6% | 487M-25.0% | 649M+24.5% | 521M+408.4% | 103M | |
| -138M-68.4% | -82.0M+41.4% | -140M-12330.2% | 1.14M-99.8% | 538M+884.1% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 136M+36.0% | 100M | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net change in cash | -26.7M-112.8% | 209M+17522.2% | 1.19M+102.1% | -56.8M-147.5% | 120M+64.1% | |
| Interest paid | 1.23M+33.4% | 920K-30.4% | 1.32M-14.3% | 1.54M+313.1% | 373K-51.2% | |
| Income taxes paid | 13.5M+193.9% | 4.59M+131.4% | 1.98M | 0.00 | 0.00 | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 2.58B+16.7% | 2.21B+9.4% | 2.02B+47.6% | 1.37B-68.9% | 4.41B+2.3% | |
| P/E | 22.4×+117.9% | 10.3×-93.4% | 155.5× | — | — | |
| P/S | 3.3×+13.9% | 2.9×-5.2% | 3.0×+31.5% | 2.3×-73.7% | 8.8×-24.0% | |
| P/B | 4.1×+6.5% | 3.8×-34.8% | 5.9×+4.4% | 5.7×-66.8% | 17.0×+18.0% | |
| P/FCF | 10.7×-27.8% | 14.8×-67.2% | 44.9× | — | 450.0×+67.4% | |
| Earnings yield | 4.5%-54.1% | 9.7%+1414.0% | 0.64% | — | — | |
| FCF yield | 9.4%+38.5% | 6.8%+204.4% | 2.2% | — | 0.22%-40.3% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: UPWK’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all UPWK filings on SEC EDGAR → Not investment advice.