Upland Software Financials
Upland Software (UPLD) reported $216.9M in revenue for fiscal year 2025, down 21.1% from the prior fiscal year. This page shows its 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).
Upland's 2025 reset paired a smaller revenue base with margin expansion, positive cash generation, and a balance sheet still financed by liabilities.
FY2025 reached operating profit of$4.4M even as revenue fell to$216.9M , so profitability did not depend on top-line growth. Gross margin reached74.8% while SG&A fell to$38.0M , indicating the turnaround came from a leaner cost base and improved revenue economics rather than scale.
FY2025 net income of
Long-term debt fell to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Upland Software's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 22/100, suggesting thin profitability after operating expenses. This is up from -37.2% the prior year.
Upland Software's revenue declined 21.1% year-over-year, from $274.8M to $216.9M. This contraction results in a growth score of 7/100.
Upland Software's current ratio of 0.80 is below the typical benchmark, resulting in a score of 12/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Upland Software converts 11.3% of revenue into free cash flow ($24.4M). This strong cash generation earns a score of 71/100.
Upland Software scores -1.65, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($14.0M) relative to total liabilities ($461.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Upland Software passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Upland Software generates $0.64 in operating cash flow ($25.8M OCF vs $40.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Upland Software generated $216.9M in revenue in fiscal year 2025. This represents a decrease of 21.1% from the prior year.
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.
Upland Software reported $40.4M in net income in fiscal year 2025. This represents a decrease of 64.2% from the prior year.
Cash & Balance Sheet
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.
Upland Software held $29.4M in cash against $224.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Upland Software's net profit margin was 18.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 22.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Upland Software invested $36.5M in research and development in fiscal year 2025. This represents a decrease of 22.9% from the prior year.
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.
Not reported for fiscal year 2025.
UPLD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $197.7M | $216.9M-21.1% | $274.8M-7.7% | $297.9M-6.1% | $317.3M+5.1% | $302.0M+3.5% | $291.8M+31.1% | $222.6M+48.5% | $149.9M+53.0% | $98.0M+31.0% | $74.8M+6.9% | $69.9M+8.3% | $64.6M+56.8% | $41.2M+81.0% | $22.8M |
| Cost of Revenue | $46.9M | $54.8M-32.5% | $81.1M-15.8% | $96.4M-7.1% | $103.7M+4.3% | $99.5M+1.0% | $98.4M+42.4% | $69.1M+42.2% | $48.6M+44.4% | $33.6M+22.1% | $27.6M | N/A | N/A | N/A | N/A |
| Gross Profit | $150.8M | $162.1M-16.3% | $193.7M-3.9% | $201.5M-5.7% | $213.6M+5.4% | $202.6M+4.8% | $193.3M+25.9% | $153.5M+51.6% | $101.3M+57.5% | $64.3M+36.2% | $47.2M+9.2% | $43.2M+4.3% | $41.5M+49.5% | $27.7M+79.4% | $15.5M |
| R&D Expenses | $31.0M | $36.5M-22.9% | $47.4M-4.1% | $49.4M+6.9% | $46.2M+8.2% | $42.7M+9.5% | $39.0M+34.3% | $29.0M+38.8% | $20.9M+32.4% | $15.8M+5.9% | $14.9M-5.4% | $15.8M-39.7% | $26.2M+153.0% | $10.3M+94.8% | $5.3M |
| SG&A Expenses | $33.8M | $38.0M-23.1% | $49.5M-19.3% | $61.3M-13.1% | $70.5M-8.4% | $76.9M+13.0% | $68.1M+41.6% | $48.1M+50.0% | $32.0M+37.6% | $23.3M+27.4% | $18.3M+0.5% | $18.2M+34.2% | $13.6M+98.5% | $6.8M+49.4% | $4.6M |
| Operating Income | -$12.1M | $4.4M+104.3% | -$102.3M+37.6% | -$163.9M-307.5% | -$40.2M-16.0% | -$34.7M-45.6% | -$23.8M+2.0% | -$24.3M-334.5% | -$5.6M+49.8% | -$11.1M-30.6% | -$8.5M+16.6% | -$10.2M+44.3% | -$18.3M-297.2% | -$4.6M-22.3% | -$3.8M |
| Interest Expense | N/A | N/A | $8.9M-52.2% | $18.7M-35.9% | $29.1M+192.2% | -$31.6M-0.3% | -$31.5M-41.3% | -$22.3M-68.1% | -$13.3M-101.7% | -$6.6M-136.7% | -$2.8M-49.7% | -$1.9M+4.8% | -$2.0M+30.2% | -$2.8M-429.7% | -$528K |
| Income Tax | $3.6M | $232K-91.2% | $2.6M+205.9% | -$2.5M-43.2% | -$1.7M+79.1% | -$8.3M-97.1% | -$4.2M+37.8% | -$6.8M+30.6% | -$9.8M-856.9% | $1.3M-15.3% | $1.5M+47.3% | $1.0M+1432.1% | -$78K-111.0% | $708K+1083.3% | -$72K |
| Net Income | $42.7M | $40.4M-64.2% | $112.7M-37.4% | $179.9M+363.0% | -$68.4M-17.5% | -$58.2M-13.7% | -$51.2M-12.9% | -$45.4M-318.6% | -$10.8M+42.1% | -$18.7M-38.6% | -$13.5M+1.1% | -$13.7M+32.1% | -$20.1M-118.7% | -$9.2M-266.9% | -$2.5M |
| EPS (Diluted) | — | -$1.56 | -$4.26+26.2% | -$5.77-158.7% | -$2.23-16.1% | -$1.920.0% | -$1.92+2.0% | -$1.96 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
UPLD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $413.2M-22.0% | $529.5M-39.1% | $870.0M-21.9% | $1.1B+8.2% | $1.0B+1.8% | $1.0B+12.8% | $896.8M+85.6% | $483.2M+71.8% | $281.3M+86.8% | $150.6M+23.0% | $122.4M-9.8% | $135.7M+43.1% | $94.8M | N/A |
| Current Assets | $75.3M-36.4% | $118.4M-60.6% | $300.2M-6.6% | $321.3M+22.2% | $263.0M-17.2% | $317.5M+32.9% | $238.9M+255.0% | $67.3M+30.2% | $51.7M+9.3% | $47.3M+35.0% | $35.0M-26.4% | $47.6M+160.3% | $18.3M | N/A |
| Cash & Equivalents | $29.4M-47.9% | $56.4M-76.1% | $236.6M-4.9% | $248.7M+31.5% | $189.2M-24.3% | $250.0M+42.9% | $175.0M+945.7% | $16.7M-25.0% | $22.3M-22.4% | $28.8M+55.7% | $18.5M-40.4% | $31.0M+558.9% | $4.7M+20.8% | $3.9M |
| Accounts Receivable | $25.6M-33.8% | $38.6M-0.3% | $38.8M-18.6% | $47.6M-5.8% | $50.5M+13.6% | $44.5M-12.7% | $50.9M+24.7% | $40.8M+54.1% | $26.5M+73.8% | $15.3M+9.2% | $14.0M-4.0% | $14.6M+32.0% | $11.0M | N/A |
| Goodwill | $259.6M-0.5% | $261.0M-26.2% | $353.8M-25.8% | $477.0M+4.3% | $457.5M+19.3% | $383.6M+10.8% | $346.1M+53.6% | $225.3M+45.7% | $154.6M+123.8% | $69.1M+45.7% | $47.4M+5.0% | $45.1M+34.2% | $33.6M+59.4% | $21.1M |
| Total Liabilities | $461.5M-15.7% | $547.8M-12.5% | $626.1M-9.6% | $692.3M-2.9% | $712.7M+1.2% | $704.6M+3.0% | $684.0M+72.8% | $395.9M+108.5% | $189.8M+107.3% | $91.6M+47.4% | $62.1M-3.3% | $64.3M-41.9% | $110.7M | N/A |
| Current Liabilities | $93.8M-22.1% | $120.4M-7.8% | $130.6M-13.6% | $151.2M-3.3% | $156.4M+28.8% | $121.4M-6.1% | $129.4M+20.2% | $107.6M+43.3% | $75.1M+89.3% | $39.7M+16.8% | $34.0M-25.2% | $45.4M+53.8% | $29.6M | N/A |
| 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-0.7% | $521.9M+90.7% | $273.7M+151.5% | $108.8M+138.0% | $45.7M+104.5% | $22.4M+81.4% | $12.3M-47.4% | $23.4M | N/A |
| Total Equity | -$48.4M-164.2% | -$18.3M-114.5% | $126.3M-59.1% | $308.9M-2.3% | $316.3M+3.2% | $306.6M+44.0% | $212.9M+143.8% | $87.3M-4.5% | $91.4M+54.9% | $59.0M-2.1% | $60.3M-15.6% | $71.4M+549.5% | -$15.9M-280.0% | -$4.2M |
| Retained Earnings | -$640.5M-6.5% | -$601.6M-23.1% | -$488.9M-58.2% | -$309.0M-28.4% | -$240.6M-31.9% | -$182.4M-39.2% | -$131.0M-53.0% | -$85.7M-5.6% | -$81.1M-30.0% | -$62.4M-27.6% | -$48.9M-38.8% | -$35.2M-133.1% | -$15.1M | N/A |
Not reported in any period shown, so not listed: Inventory.
UPLD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $25.2M | $25.8M+6.4% | $24.2M-51.5% | $49.9M+66.6% | $30.0M-28.2% | $41.7M+17.2% | $35.6M+195.0% | $12.1M+64.4% | $7.3M-4.8% | $7.7M+99.1% | $3.9M+357.8% | -$1.5M-227.7% | $1.2M+592.5% | -$239K-114.9% | $1.6M |
| Capital Expenditures | $462K | $1.4M+53.3% | $882K-27.7% | $1.2M+40.9% | $866K-22.3% | $1.1M+0.1% | $1.1M+7.1% | $1.0M+11.2% | $935K+136.1% | $396K-40.9% | $670K-29.9% | $956K+11.0% | $861K+227.4% | $263K-4.0% | $274K |
| Free Cash Flow | $24.7M | $24.4M+4.7% | $23.4M-52.1% | $48.7M+67.4% | $29.1M-28.3% | $40.6M+17.7% | $34.5M+212.7% | $11.0M+72.1% | $6.4M-12.4% | $7.3M+128.4% | $3.2M+230.3% | -$2.5M-878.2% | $316K+162.9% | -$502K-137.7% | $1.3M |
| Investing Cash Flow | $988K | $8.8M+1097.7% | -$882K+27.7% | -$1.2M+98.1% | -$63.2M+32.4% | -$93.5M-35.6% | -$69.0M+68.3% | -$217.8M-34.7% | -$161.7M-46.0% | -$110.8M-737.4% | -$13.2M-40.6% | -$9.4M-33.0% | -$7.1M+75.2% | -$28.6M+14.3% | -$33.3M |
| Financing Cash Flow | -$36.5M | -$63.4M+68.6% | -$202.3M-229.6% | -$61.4M-165.2% | $94.2M+1251.0% | -$8.2M-107.6% | $107.9M-70.3% | $363.8M+142.6% | $149.9M+55.9% | $96.2M+392.6% | $19.5M+1699.1% | -$1.2M-103.8% | $32.4M+9.5% | $29.6M+21.9% | $24.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
UPLD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.8%+4.3pp | 70.5%+2.8pp | 67.7%+0.3pp | 67.3%+0.2pp | 67.1%+0.8pp | 66.3%-2.7pp | 69.0%+1.4pp | 67.6%+1.9pp | 65.6%+2.5pp | 63.1%+1.3pp | 61.9%-2.3pp | 64.2%-3.1pp | 67.3%-0.6pp | 67.9% |
| Operating Margin | 2.0%+39.3pp | -37.2%+17.8pp | -55.0%-42.4pp | -12.7%-1.2pp | -11.5%-3.3pp | -8.2%+2.8pp | -10.9%-7.2pp | -3.7%+7.6pp | -11.4%0.0pp | -11.4%+3.2pp | -14.6%+13.8pp | -28.4%-17.2pp | -11.2%+5.4pp | -16.6% |
| Net Margin | 18.6%-22.4pp | 41.0%-19.4pp | 60.4%+82.0pp | -21.6%-2.3pp | -19.3%-1.7pp | -17.5%+2.8pp | -20.4%-13.2pp | -7.2%+11.9pp | -19.1%-1.1pp | -18.1%+1.5pp | -19.5%+11.6pp | -31.1%-8.8pp | -22.3%-11.3pp | -11.0% |
| Return on Equity | N/A | N/A | 142.5%+164.6pp | -22.1%-3.8pp | -18.4%-1.7pp | -16.7%+4.6pp | -21.3%-8.9pp | -12.4%+8.1pp | -20.5%+2.4pp | -22.9%-0.2pp | -22.7%+5.5pp | -28.2% | N/A | N/A |
| Return on Assets | 9.8%-11.5pp | 21.3%+0.6pp | 20.7%+26.8pp | -6.1%-0.5pp | -5.7%-0.6pp | -5.1%0.0pp | -5.1%-2.8pp | -2.2%+4.4pp | -6.7%+2.3pp | -9.0%+2.2pp | -11.2%+3.7pp | -14.8%-5.1pp | -9.7% | N/A |
| Current Ratio | 0.80-0.2x | 0.98-1.3x | 2.30+0.2x | 2.12+0.4x | 1.68-0.9x | 2.62+0.8x | 1.85+1.2x | 0.63-0.1x | 0.69-0.5x | 1.19+0.2x | 1.030.0x | 1.05+0.4x | 0.62 | N/A |
| Debt-to-Equity | N/A | N/A | 3.75+2.1x | 1.660.0x | 1.63-0.1x | 1.69-0.8x | 2.45-0.7x | 3.14+1.9x | 1.19+0.4x | 0.78+0.4x | 0.37+0.2x | 0.17 | N/A | N/A |
| FCF Margin | 11.3%+2.8pp | 8.5%-7.9pp | 16.4%+7.2pp | 9.2%-4.3pp | 13.5%+1.6pp | 11.8%+6.9pp | 5.0%+0.7pp | 4.3%-3.2pp | 7.5%+3.2pp | 4.3%+7.8pp | -3.5%-4.0pp | 0.5%+1.7pp | -1.2%-7.1pp | 5.8% |
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.
Similar Companies
Where Upland Software Ranks
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?
Yes, Upland Software (UPLD) reported a net income of $40.4M in fiscal year 2025, with a net profit margin of 18.6%.
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 18.6% 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.
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 return on assets (ROA)?
Upland Software (UPLD) had a return on assets of 9.8% 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 not reported?
Upland Software (UPLD) has negative shareholder equity of -$48.4M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 -1.65, 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 to 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 0.64x, 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 24 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.