Upwork Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Upwork has an operating margin of 16.4%, meaning the company retains $16 of operating profit per $100 of revenue. This strong profitability earns a score of 82/100, reflecting efficient cost management and pricing power. This is up from 8.5% the prior year.
Upwork's revenue declined 99.9% year-over-year, from $769.3M to $788K. This contraction results in a growth score of 0/100.
Upwork carries a low D/E ratio of 0.57, meaning only $0.57 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
Upwork's current ratio of 1.46 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.
Upwork converts 30.8% of revenue into free cash flow ($242K). This strong cash generation earns a score of 100/100.
Upwork earns a strong 18.3% return on equity (ROE), meaning it generates $18 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 73/100. This is down from 37.5% the prior year.
Upwork scores 1550.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($669K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Upwork passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Upwork generates $2.15 in operating cash flow ($248K OCF vs $115K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Upwork earns $41.0 in operating income for every $1 of interest expense ($129K vs $3K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Upwork (UPWK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).
Key Financial Metrics
Upwork generated $788K in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Upwork's EBITDA was $155K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 99.8% from the prior year.
Upwork generated $242K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 99.8% from the prior year.
Upwork reported $115K in net income in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Upwork earned $0.84 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 44.7% from the prior year.
Upwork held $294K in cash against $358K in long-term debt as of fiscal year 2025.
Upwork had 130M shares outstanding in fiscal year 2025. This represents a decrease of 3.7% from the prior year.
Upwork's gross margin was 77.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Upwork's operating margin was 16.4% in fiscal year 2025, reflecting core business profitability. This is up 7.9 percentage points from the prior year.
Upwork's net profit margin was 14.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 13.4 percentage points from the prior year.
Upwork's ROE was 18.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 19.2 percentage points from the prior year.
Upwork invested $186K in research and development in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Upwork spent $136K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.9% from the prior year.
Upwork invested $6K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.8% from the prior year.
UPWK Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $198.4M-1.6% | $201.7M+3.5% | $194.9M+1.2% | $192.7M+0.6% | $191.5M-1.2% | $193.8M+0.3% | $193.1M+1.1% | $190.9M |
| Cost of Revenue | $43.7M-4.7% | $45.8M+5.6% | $43.4M+3.9% | $41.8M-2.0% | $42.6M-1.8% | $43.4M-1.0% | $43.9M-0.8% | $44.2M |
| Gross Profit | $154.7M-0.7% | $155.9M+2.9% | $151.5M+0.4% | $150.9M+1.4% | $148.8M-1.0% | $150.4M+0.7% | $149.3M+1.7% | $146.7M |
| R&D Expenses | $47.1M-0.9% | $47.5M+5.9% | $44.8M-2.8% | $46.2M-13.7% | $53.5M+6.1% | $50.4M-3.9% | $52.5M-0.9% | $52.9M |
| SG&A Expenses | $41.7M+1.0% | $41.3M+15.7% | $35.7M+27.1% | $28.0M-21.2% | $35.6M+13.8% | $31.3M+4.5% | $29.9M-6.5% | $32.0M |
| Operating Income | $28.3M-4.9% | $29.8M-8.6% | $32.6M-15.8% | $38.7M+184.8% | $13.6M-34.7% | $20.8M+16.9% | $17.8M+36.3% | $13.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $7.7M |
| Income Tax | $18.4M+190.5% | $6.3M+10.9% | $5.7M-21.4% | $7.3M+105.7% | -$128.8M-11538.3% | $1.1M-4.7% | $1.2M-11.1% | $1.3M |
| Net Income | $15.6M-46.7% | $29.3M-10.4% | $32.7M-13.3% | $37.7M-74.4% | $147.2M+430.2% | $27.8M+24.9% | $22.2M+20.5% | $18.4M |
| EPS (Diluted) | $0.12-42.9% | $0.21-12.5% | $0.24-11.1% | $0.27-73.5% | $1.02+410.0% | $0.20+17.6% | $0.17+30.8% | $0.13 |
UPWK Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B-0.9% | $1.3B+3.9% | $1.3B+1.7% | $1.2B+2.3% | $1.2B+14.0% | $1.1B+5.4% | $1.0B+0.8% | $1.0B |
| Current Assets | $950.8M+0.2% | $949.0M+1.1% | $939.0M+0.1% | $938.0M+3.0% | $911.1M+0.7% | $904.3M+5.7% | $855.7M+0.9% | $848.0M |
| Cash & Equivalents | $294.4M+12.9% | $260.8M-10.4% | $291.1M-4.4% | $304.4M-0.4% | $305.8M+6.0% | $288.5M+57.8% | $182.8M+641.1% | $24.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $76.2M-0.3% | $76.4M+7.3% | $71.2M-8.6% | $77.9M+3.2% | $75.5M+8.7% | $69.4M-40.4% | $116.5M+1.9% | $114.4M |
| Goodwill | $149.2M-0.8% | $150.5M+6.4% | $141.5M+16.9% | $121.1M0.0% | $121.1M+2.4% | $118.2M0.0% | $118.2M0.0% | $118.2M |
| Total Liabilities | $669.3M-2.0% | $683.1M+4.6% | $653.1M+1.1% | $645.7M+1.5% | $636.2M-2.3% | $651.5M+0.6% | $647.5M-0.7% | $651.9M |
| Current Liabilities | $650.2M-1.6% | $660.5M+136.2% | $279.6M+1.8% | $274.7M+2.3% | $268.4M-5.6% | $284.4M-0.2% | $285.1M-1.5% | $289.5M |
| Long-Term Debt | $0 | $0-100.0% | $358.8M+0.1% | $358.4M+0.1% | $357.9M+0.1% | $357.5M+0.1% | $357.0M+0.1% | $356.5M |
| Total Equity | $630.3M+0.3% | $628.1M+3.2% | $608.7M+2.4% | $594.3M+3.3% | $575.4M+39.9% | $411.2M+13.9% | $361.1M+3.5% | $348.9M |
| Retained Earnings | $36.9M+73.3% | $21.3M+365.8% | -$8.0M+80.3% | -$40.7M+48.1% | -$78.5M+65.2% | -$225.6M+11.0% | -$253.4M+8.1% | -$275.6M |
UPWK Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $63.7M-15.2% | $75.1M+3.5% | $72.5M+96.2% | $37.0M-4.2% | $38.6M-36.7% | $61.0M+55.5% | $39.2M+164.6% | $14.8M |
| Capital Expenditures | $455K-5.6% | $482K-79.8% | $2.4M-3.7% | $2.5M+59.6% | $1.5M+28.7% | $1.2M+101.3% | $598K+237.9% | $177K |
| Free Cash Flow | $63.2M-15.2% | $74.6M+6.4% | $70.1M+103.3% | $34.5M-6.9% | $37.0M-38.0% | $59.8M+54.8% | $38.6M+163.7% | $14.6M |
| Investing Cash Flow | $1.2M+101.5% | -$81.5M-58.4% | -$51.5M-885.1% | -$5.2M+75.2% | -$21.0M-1112.5% | $2.1M-98.6% | $150.4M+2349.3% | $6.1M |
| Financing Cash Flow | -$62.0M-153.5% | -$24.5M+36.2% | -$38.4M-191.8% | -$13.1M+30.1% | -$18.8M-149.5% | $38.0M+206.3% | -$35.7M+45.3% | -$65.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $34.0M+9.8% | $31.0M-18.1% | $37.9M+14.6% | $33.1M | $0 | $0-100.0% | $33.1M-50.5% | $66.9M |
UPWK Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.0%+0.7pp | 77.3%-0.4pp | 77.7%-0.6pp | 78.3%+0.6pp | 77.7%+0.1pp | 77.6%+0.3pp | 77.3%+0.4pp | 76.8% |
| Operating Margin | 14.3%-0.5pp | 14.8%-2.0pp | 16.7%-3.4pp | 20.1%+13.0pp | 7.1%-3.6pp | 10.7%+1.5pp | 9.2%+2.4pp | 6.8% |
| Net Margin | 7.9%-6.7pp | 14.5%-2.2pp | 16.8%-2.8pp | 19.6%-57.3pp | 76.9%+62.5pp | 14.3%+2.8pp | 11.5%+1.8pp | 9.7% |
| Return on Equity | 2.5%-2.2pp | 4.7%-0.7pp | 5.4%-1.0pp | 6.3%-19.2pp | 25.6%+18.8pp | 6.8%+0.6pp | 6.2%+0.9pp | 5.3% |
| Return on Assets | 1.2%-1.0pp | 2.2%-0.3pp | 2.6%-0.5pp | 3.0%-9.1pp | 12.2%+9.5pp | 2.6%+0.4pp | 2.2%+0.4pp | 1.8% |
| Current Ratio | 1.46+0.0 | 1.44-1.9 | 3.36-0.1 | 3.41+0.0 | 3.39+0.2 | 3.18+0.2 | 3.00+0.1 | 2.93 |
| Debt-to-Equity | 0.000.0 | 0.00-0.6 | 0.59-0.0 | 0.60-0.0 | 0.62-0.2 | 0.87-0.1 | 0.99-0.0 | 1.02 |
| FCF Margin | 31.9%-5.1pp | 37.0%+1.0pp | 36.0%+18.1pp | 17.9%-1.4pp | 19.3%-11.5pp | 30.8%+10.9pp | 20.0%+12.3pp | 7.7% |
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Frequently Asked Questions
What is Upwork's annual revenue?
Upwork (UPWK) reported $788K in total revenue for fiscal year 2025. This represents a -99.9% 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 Upwork's revenue growing?
Upwork (UPWK) revenue declined by 99.9% year-over-year, from $769.3M to $788K in fiscal year 2025.
Is Upwork profitable?
Yes, Upwork (UPWK) reported a net income of $115K in fiscal year 2025, with a net profit margin of 14.6%.
What is Upwork's earnings per share (EPS)?
Upwork (UPWK) reported diluted earnings per share of $0.84 for fiscal year 2025. This represents a -44.7% 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.
What is Upwork's EBITDA?
Upwork (UPWK) had EBITDA of $155K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Upwork have?
As of fiscal year 2025, Upwork (UPWK) had $294K in cash and equivalents against $358K in long-term debt.
What is Upwork's gross margin?
Upwork (UPWK) had a gross margin of 77.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Upwork's operating margin?
Upwork (UPWK) had an operating margin of 16.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Upwork's net profit margin?
Upwork (UPWK) had a net profit margin of 14.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Upwork's return on equity (ROE)?
Upwork (UPWK) has a return on equity of 18.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Upwork's free cash flow?
Upwork (UPWK) generated $242K in free cash flow during fiscal year 2025. This represents a -99.8% 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 Upwork's operating cash flow?
Upwork (UPWK) generated $248K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Upwork's total assets?
Upwork (UPWK) had $1.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Upwork's capital expenditures?
Upwork (UPWK) invested $6K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Upwork spend on research and development?
Upwork (UPWK) invested $186K in research and development during fiscal year 2025.
Does Upwork buy back shares?
Yes, Upwork (UPWK) spent $136K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Upwork have outstanding?
Upwork (UPWK) had 130M shares outstanding as of fiscal year 2025.
What is Upwork's current ratio?
Upwork (UPWK) had a current ratio of 1.46 as of fiscal year 2025, which is considered adequate.
What is Upwork's debt-to-equity ratio?
Upwork (UPWK) had a debt-to-equity ratio of 0.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Upwork's return on assets (ROA)?
Upwork (UPWK) had a return on assets of 8.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Upwork's Altman Z-Score?
Upwork (UPWK) has an Altman Z-Score of 1550.33, placing it in the Safe Zone (low 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 Upwork's Piotroski F-Score?
Upwork (UPWK) has a Piotroski F-Score of 6 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 Upwork's earnings high quality?
Upwork (UPWK) has an earnings quality ratio of 2.15x, considered cash-backed (high 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.
Can Upwork cover its interest payments?
Upwork (UPWK) has an interest coverage ratio of 41.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Upwork?
Upwork (UPWK) scores 64 out of 100 on our Financial Profile, indicating moderate 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.