What is Upland Software's earnings per share (EPS)?

Upland Software (UPLD) reported diluted earnings per share of $-1.56 for fiscal year 2025. This represents a 63.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Upland Software Financials

UPLD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Upland Software (UPLD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 23/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Upland Software has an operating margin of 2.0%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is up from -37.2% the prior year.

Growth

Upland Software's revenue declined 21.1% year-over-year, from $274.8M to $216.9M. This contraction results in a growth score of 0/100.

Liquidity

Upland Software's current ratio of 0.80 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 11/100, which could limit financial flexibility.

Cash Flow

Upland Software has a free cash flow margin of 11.3%, earning a moderate score of 53/100. The company generates positive cash flow after capital investments, but with room for improvement.

Altman Z-Score Distress

-1.64

Upland Software scores -1.64, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($19.6M) relative to total liabilities ($461.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Upland Software passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-0.66x

For every $1 of reported earnings, Upland Software generates $-0.66 in operating cash flow ($25.8M OCF vs -$38.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$216.9M

YoY-21.1%

5Y CAGR-5.8%

10Y CAGR+12.0%

Upland Software generated $216.9M in revenue in fiscal year 2025. This represents a decrease of 21.1% from the prior year.

EBITDA

$36.6M

YoY+177.3%

5Y CAGR+9.4%

Upland Software's EBITDA was $36.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 177.3% from the prior year.

Net Income

-$38.9M

YoY+65.5%

Upland Software reported -$38.9M in net income in fiscal year 2025. This represents an increase of 65.5% from the prior year.

EPS (Diluted)

$-1.56

YoY+63.4%

Upland Software earned $-1.56 per diluted share (EPS) in fiscal year 2025. This represents an increase of 63.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$24.4M

YoY+4.7%

5Y CAGR-6.7%

Upland Software generated $24.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 4.7% from the prior year.

Cash & Debt

$29.4M

YoY-47.9%

5Y CAGR-34.8%

10Y CAGR+4.8%

Upland Software held $29.4M in cash against $224.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

29M

YoY+3.4%

5Y CAGR-0.6%

10Y CAGR+6.3%

Upland Software had 29M shares outstanding in fiscal year 2025. This represents an increase of 3.4% from the prior year.

Margins & Returns

Gross Margin

74.8%

YoY+4.3pp

5Y CAGR+8.5pp

10Y CAGR+12.9pp

Upland Software's gross margin was 74.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.3 percentage points from the prior year.

Operating Margin

2.0%

YoY+39.3pp

5Y CAGR+10.2pp

10Y CAGR+16.7pp

Upland Software's operating margin was 2.0% in fiscal year 2025, reflecting core business profitability. This is up 39.3 percentage points from the prior year.

Net Margin

-17.9%

YoY+23.1pp

5Y CAGR-0.4pp

10Y CAGR+1.6pp

Upland Software's net profit margin was -17.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 23.1 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$36.5M

YoY-22.9%

5Y CAGR-1.3%

10Y CAGR+8.8%

Upland Software invested $36.5M in research and development in fiscal year 2025. This represents a decrease of 22.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.4M

YoY+53.3%

5Y CAGR+3.9%

10Y CAGR+3.5%

Upland Software invested $1.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 53.3% from the prior year.

UPLD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$216.9M-21.1%	$274.8M-7.7%	$297.9M-6.1%	$317.3M+5.1%	$302.0M+3.5%	$291.8M
Cost of Revenue	$54.8M-32.5%	$81.1M-15.8%	$96.4M-7.1%	$103.7M+4.3%	$99.5M+1.0%	$98.4M
Gross Profit	$162.1M-16.3%	$193.7M-3.9%	$201.5M-5.7%	$213.6M+5.4%	$202.6M+4.8%	$193.3M
R&D Expenses	$36.5M-22.9%	$47.4M-4.1%	$49.4M+6.9%	$46.2M+8.2%	$42.7M+9.5%	$39.0M
SG&A Expenses	$38.0M-23.1%	$49.5M-19.3%	$61.3M-13.1%	$70.5M-8.4%	$76.9M+13.0%	$68.1M
Operating Income	$4.4M+104.3%	-$102.3M+37.6%	-$163.9M-307.5%	-$40.2M-16.0%	-$34.7M-45.6%	-$23.8M
Interest Expense	N/A	$8.9M-52.2%	$18.7M-35.9%	$29.1M+192.2%	-$31.6M-0.3%	-$31.5M
Income Tax	$232K-91.2%	$2.6M+205.9%	-$2.5M-43.2%	-$1.7M+79.1%	-$8.3M-97.1%	-$4.2M
Net Income	-$38.9M+65.5%	-$112.7M+37.3%	-$179.9M-162.9%	-$68.4M-17.5%	-$58.2M-13.7%	-$51.2M
EPS (Diluted)	$-1.56+63.4%	$-4.26+26.2%	$-5.77-158.7%	$-2.23-16.1%	$-1.920.0%	$-1.92

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$49.3M-2.4%	$50.5M-5.4%	$53.4M-16.1%	$63.7M-6.4%	$68.0M+2.0%	$66.7M-3.8%	$69.3M-2.0%	$70.7M
Cost of Revenue	$11.6M-0.7%	$11.7M-13.1%	$13.4M-25.6%	$18.0M-9.1%	$19.9M+0.8%	$19.7M-3.8%	$20.5M-2.7%	$21.0M
Gross Profit	$37.7M-2.9%	$38.8M-2.8%	$39.9M-12.4%	$45.6M-5.3%	$48.2M+2.5%	$47.0M-3.8%	$48.9M-1.7%	$49.7M
R&D Expenses	$7.3M-7.1%	$7.9M-19.5%	$9.8M-15.3%	$11.5M+2.2%	$11.3M-1.2%	$11.4M-6.2%	$12.2M-2.2%	$12.5M
SG&A Expenses	$7.4M-15.8%	$8.8M-14.0%	$10.2M-12.1%	$11.6M+2.8%	$11.3M+2.3%	$11.1M-20.4%	$13.9M+4.9%	$13.2M
Operating Income	$7.2M+34.1%	$5.3M+176.0%	-$7.0M-568.7%	-$1.1M+46.7%	-$2.0M+40.4%	-$3.3M+38.4%	-$5.4M+94.1%	-$91.6M
Interest Expense	N/A	N/A	$4.1M+69.3%	$2.4M+93.6%	$1.3M+154.0%	-$2.3M-146.2%	$5.1M+2.0%	$5.0M
Income Tax	$2.0M+874.9%	-$259K-51.5%	-$171K+87.3%	-$1.3M-193.0%	$1.4M+173.0%	$530K-56.2%	$1.2M+321.2%	-$547K
Net Income	$1.1M+197.6%	-$1.1M+91.4%	-$13.0M+49.6%	-$25.8M-653.6%	-$3.4M-97.9%	-$1.7M+84.9%	-$11.4M+88.1%	-$96.1M
EPS (Diluted)	N/A	$-0.09+82.4%	$-0.51+47.4%	$-0.97	N/A	$-0.12+74.5%	$-0.47+86.1%	$-3.37

UPLD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$413.2M-22.0%	$529.5M-39.1%	$870.0M-21.9%	$1.1B+8.2%	$1.0B+1.8%	$1.0B
Current Assets	$75.3M-36.4%	$118.4M-60.6%	$300.2M-6.6%	$321.3M+22.2%	$263.0M-17.2%	$317.5M
Cash & Equivalents	$29.4M-47.9%	$56.4M-76.1%	$236.6M-4.9%	$248.7M+31.5%	$189.2M-24.3%	$250.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$25.6M-33.8%	$38.6M-0.3%	$38.8M-18.6%	$47.6M-5.8%	$50.5M+13.6%	$44.5M
Goodwill	$259.6M-0.5%	$261.0M-26.2%	$353.8M-25.8%	$477.0M+4.3%	$457.5M+19.3%	$383.6M
Total Liabilities	$461.5M-15.7%	$547.8M-12.5%	$626.1M-9.6%	$692.3M-2.9%	$712.7M+1.2%	$704.6M
Current Liabilities	$93.8M-22.1%	$120.4M-7.8%	$130.6M-13.6%	$151.2M-3.3%	$156.4M+28.8%	$121.4M
Long-Term Debt	$224.7M-21.7%	$287.0M-39.4%	$473.5M-7.5%	$511.8M-0.6%	$515.2M-0.6%	$518.4M
Total Equity	-$48.4M-164.2%	-$18.3M-114.5%	$126.3M-59.1%	$308.9M-2.3%	$316.3M+3.2%	$306.6M
Retained Earnings	-$640.5M-6.5%	-$601.6M-23.1%	-$488.9M-58.2%	-$309.0M-28.4%	-$240.6M-31.9%	-$182.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$413.2M+1.0%	$409.1M-7.4%	$441.7M-3.3%	$457.0M-13.7%	$529.5M-4.6%	$554.9M-25.0%	$739.9M-2.0%	$754.9M
Current Assets	$75.3M+15.6%	$65.1M-21.9%	$83.4M-0.9%	$84.2M-28.9%	$118.4M+0.4%	$117.9M-59.3%	$289.9M+0.3%	$289.2M
Cash & Equivalents	$29.4M+29.2%	$22.8M-44.5%	$41.0M+21.7%	$33.7M-40.3%	$56.4M-5.5%	$59.7M-74.3%	$232.4M+0.3%	$231.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$25.6M+35.2%	$18.9M-5.9%	$20.1M-22.8%	$26.1M-32.5%	$38.6M+21.3%	$31.8M+5.3%	$30.2M+3.4%	$29.3M
Goodwill	$259.6M+0.2%	$259.0M-0.7%	$260.7M+0.2%	$260.1M-0.4%	$261.0M-3.0%	$269.0M+1.8%	$264.2M+0.1%	$264.0M
Total Liabilities	$461.5M+1.1%	$456.4M-5.7%	$484.1M-2.2%	$494.8M-9.7%	$547.8M-1.1%	$554.0M-9.6%	$613.0M-0.5%	$615.8M
Current Liabilities	$93.8M+11.7%	$84.0M-6.3%	$89.6M-11.5%	$101.3M-15.9%	$120.4M+1.2%	$119.0M-2.7%	$122.3M-0.9%	$123.4M
Long-Term Debt	$224.7M	N/A	N/A	N/A	$287.0M	N/A	N/A	N/A
Total Equity	-$48.4M-2.4%	-$47.3M-11.5%	-$42.4M-12.1%	-$37.8M-106.6%	-$18.3M-2118.2%	$907K-86.0%	$6.5M-67.8%	$20.1M
Retained Earnings	-$640.5M+0.2%	-$641.6M-0.2%	-$640.5M-2.1%	-$627.5M-4.3%	-$601.6M-0.6%	-$598.2M-0.3%	-$596.4M-2.0%	-$585.0M

UPLD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$25.8M+6.4%	$24.2M-51.5%	$49.9M+66.6%	$30.0M-28.2%	$41.7M+17.2%	$35.6M
Capital Expenditures	$1.4M+53.3%	$882K-27.7%	$1.2M+40.9%	$866K-22.3%	$1.1M+0.1%	$1.1M
Free Cash Flow	$24.4M+4.7%	$23.4M-52.1%	$48.7M+67.4%	$29.1M-28.3%	$40.6M+17.7%	$34.5M
Investing Cash Flow	$8.8M+1097.7%	-$882K+27.7%	-$1.2M+98.1%	-$63.2M+32.4%	-$93.5M-35.6%	-$69.0M
Financing Cash Flow	-$63.4M+68.6%	-$202.3M-229.6%	-$61.4M-165.2%	$94.2M+1251.0%	-$8.2M-107.6%	$107.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$7.3M+6.2%	$6.9M+109.4%	$3.3M-60.4%	$8.3M-11.1%	$9.3M+116.9%	$4.3M-21.3%	$5.5M+6.8%	$5.1M
Capital Expenditures	$87K-58.0%	$207K-67.4%	$634K+49.5%	$424K+32.5%	$320K+204.8%	$105K-61.7%	$274K+49.7%	$183K
Free Cash Flow	$7.2M+8.2%	$6.7M+151.6%	$2.7M-66.3%	$7.9M-12.6%	$9.0M+114.7%	$4.2M-19.1%	$5.2M+5.2%	$4.9M
Investing Cash Flow	$835K+2187.5%	-$40K-100.9%	$4.2M+11.3%	$3.8M+1284.1%	-$320K-204.8%	-$105K+61.7%	-$274K-49.7%	-$183K
Financing Cash Flow	-$1.9M+92.7%	-$25.3M-1545.7%	-$1.5M+95.6%	-$34.7M-266.7%	-$9.5M+94.7%	-$178.5M-3699.5%	-$4.7M+51.0%	-$9.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UPLD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	74.8%+4.3pp	70.5%+2.8pp	67.7%+0.3pp	67.3%+0.2pp	67.1%+0.8pp	66.3%
Operating Margin	2.0%+39.3pp	-37.2%+17.8pp	-55.0%-42.4pp	-12.7%-1.2pp	-11.5%-3.3pp	-8.2%
Net Margin	-17.9%+23.1pp	-41.0%+19.4pp	-60.4%-38.8pp	-21.6%-2.3pp	-19.3%-1.7pp	-17.5%
Return on Equity	N/A	N/A	-142.4%-120.3pp	-22.1%-3.8pp	-18.4%-1.7pp	-16.7%
Return on Assets	-9.4%+11.9pp	-21.3%-0.6pp	-20.7%-14.5pp	-6.1%-0.5pp	-5.7%-0.6pp	-5.1%
Current Ratio	0.80-0.2	0.98-1.3	2.30+0.2	2.12+0.4	1.68-0.9	2.62
Debt-to-Equity	-4.64+11.0	-15.68-19.4	3.75+2.1	1.66+0.0	1.63-0.1	1.69
FCF Margin	11.3%+2.8pp	8.5%-7.9pp	16.4%+7.2pp	9.2%-4.3pp	13.5%+1.6pp	11.8%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	76.5%-0.4pp	76.9%+2.1pp	74.8%+3.2pp	71.7%+0.9pp	70.8%+0.3pp	70.5%-0.0pp	70.5%+0.2pp	70.2%
Operating Margin	14.5%+4.0pp	10.6%+23.8pp	-13.2%-11.5pp	-1.7%+1.3pp	-2.9%+2.1pp	-5.0%+2.8pp	-7.8%+121.8pp	-129.6%
Net Margin	2.2%+4.4pp	-2.2%+22.2pp	-24.4%+16.2pp	-40.6%-35.6pp	-5.0%-2.4pp	-2.6%+13.9pp	-16.5%+119.4pp	-135.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	-191.1%-14.8pp	-176.3%+301.4pp	-477.8%
Return on Assets	0.3%+0.5pp	-0.3%+2.7pp	-2.9%+2.7pp	-5.7%-5.0pp	-0.7%-0.3pp	-0.3%+1.2pp	-1.6%+11.2pp	-12.7%
Current Ratio	0.80+0.0	0.78-0.2	0.93+0.1	0.83-0.2	0.980.0	0.99-1.4	2.37+0.0	2.34
Debt-to-Equity	-4.64+5.0	-9.66+1.8	-11.42+1.7	-13.08+2.6	-15.68-626.5	610.84+516.4	94.48+63.9	30.61
FCF Margin	14.7%+1.4pp	13.2%+8.3pp	5.0%-7.4pp	12.4%-0.9pp	13.3%+7.0pp	6.3%-1.2pp	7.5%+0.5pp	7.0%

Note: Shareholder equity is negative (-$48.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.80), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Upland Software's annual revenue?

Upland Software (UPLD) reported $216.9M in total revenue for fiscal year 2025. This represents a -21.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Upland Software's revenue growing?

Upland Software (UPLD) revenue declined by 21.1% year-over-year, from $274.8M to $216.9M in fiscal year 2025.

Is Upland Software profitable?

No, Upland Software (UPLD) reported a net income of -$38.9M in fiscal year 2025, with a net profit margin of -17.9%.

What is Upland Software's EBITDA?

Upland Software (UPLD) had EBITDA of $36.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Upland Software have?

As of fiscal year 2025, Upland Software (UPLD) had $29.4M in cash and equivalents against $224.7M in long-term debt.

What is Upland Software's gross margin?

Upland Software (UPLD) had a gross margin of 74.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Upland Software's operating margin?

Upland Software (UPLD) had an operating margin of 2.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Upland Software's net profit margin?

Upland Software (UPLD) had a net profit margin of -17.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Upland Software's free cash flow?

Upland Software (UPLD) generated $24.4M in free cash flow during fiscal year 2025. This represents a 4.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Upland Software's operating cash flow?

Upland Software (UPLD) generated $25.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Upland Software's total assets?

Upland Software (UPLD) had $413.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Upland Software's capital expenditures?

Upland Software (UPLD) invested $1.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Upland Software spend on research and development?

Upland Software (UPLD) invested $36.5M in research and development during fiscal year 2025.

How many shares does Upland Software have outstanding?

Upland Software (UPLD) had 29M shares outstanding as of fiscal year 2025.

What is Upland Software's current ratio?

Upland Software (UPLD) had a current ratio of 0.80 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Upland Software's debt-to-equity ratio?

Upland Software (UPLD) had a debt-to-equity ratio of -4.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Upland Software's return on assets (ROA)?

Upland Software (UPLD) had a return on assets of -9.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Upland Software's debt-to-equity ratio negative or unusual?

Upland Software (UPLD) has negative shareholder equity of -$48.4M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Upland Software's Altman Z-Score?

Upland Software (UPLD) has an Altman Z-Score of -1.64, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Upland Software's Piotroski F-Score?

Upland Software (UPLD) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Upland Software's earnings high quality?

Upland Software (UPLD) has an earnings quality ratio of -0.66x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Upland Software?

Upland Software (UPLD) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.