Upwork Inc. (UPWK) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the UPWK SEC filings page.
Upwork Inc. (UPWK) reported $787.3M in revenue over the twelve months to Jun 30, 2026, up 1.9% from the prior twelve months. This page shows its 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).
Upwork’s numbers show profitability scaling faster than sales, with cash generation funding reinvestment and shareholder returns.
Cash conversion improved materially in 2025: operating cash flow reached$248.3M against net income of$115.4M , while free cash flow was$242.5M . That contrasts with 2024, when net income of$215.6M exceeded operating cash flow of$153.6M , indicating the latest earnings are more closely supported by cash generation.
Revenue barely moved from
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 Upwork Inc.'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.
Upwork Inc. has an operating margin of 16.4%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 49/100, indicating healthy but not exceptional operating efficiency. This is up from 8.5% the prior year.
Upwork Inc.'s revenue grew a modest 2.4% year-over-year to $787.8M. This slow but positive growth earns a score of 57/100.
Upwork Inc. carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
Upwork Inc.'s current ratio of 1.46 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
Upwork Inc. converts 30.8% of revenue into free cash flow ($242.5M). This strong cash generation earns a score of 89/100.
Upwork Inc.'s ROE of 18.3% shows moderate profitability relative to equity, earning a score of 52/100. This is down from 37.5% the prior year.
Upwork Inc. scores 2.15, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Upwork Inc. 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 Inc. generates $2.15 in operating cash flow ($248.3M OCF vs $115.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Upwork Inc. generated $191.7M in revenue in Q2 2026. This represents a decrease of 1.7% from the same quarter a year earlier. Against the prior quarter it is down 2.0%.
Upwork Inc.'s EBITDA was $28.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 12.2% from the same quarter a year earlier. Against the prior quarter it is down 30.8%.
Upwork Inc. reported $25.4M in net income in Q2 2026. This represents a decrease of 22.4% from the same quarter a year earlier. Against the prior quarter it is down 19.3%.
Upwork Inc. earned $0.20 per diluted share (EPS) in Q2 2026. This represents a decrease of 16.7% from the same quarter a year earlier. Against the prior quarter it is down 16.7%.
Cash & Balance Sheet
Upwork Inc. generated $45.3M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 35.5% from the same quarter a year earlier. Against the prior quarter it is up 112.5%.
Upwork Inc. held $476.0M in cash against $360.7M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Upwork Inc.'s gross margin was 76.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.
Upwork Inc.'s operating margin was 14.7% in Q2 2026, reflecting core business profitability. This is down 2.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.1 percentage points.
Upwork Inc.'s net profit margin was 13.3% in Q2 2026, showing the share of revenue converted to profit. This is down 3.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.8 percentage points.
Upwork Inc.'s ROE was 4.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.4 percentage points.
Capital Allocation
Upwork Inc. invested $43.9M in research and development in Q2 2026. This represents a decrease of 2.1% from the same quarter a year earlier. Against the prior quarter it is up 1.4%.
Upwork Inc. spent $1.8M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 95.2% from the same quarter a year earlier. Against the prior quarter it is down 98.3%.
Upwork Inc. invested $1.6M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 32.0% from the same quarter a year earlier. Against the prior quarter it is down 6.1%.
UPWK Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $191.7M-1.7% | $195.5M+1.4% | $198.4M+3.6% | $201.7M+4.1% | $194.9M+0.9% | $192.7M+0.9% | $191.5M+4.1% | $193.8M+10.3% |
| Cost of Revenue | $45.3M+4.3% | $44.6M+6.8% | $43.7M+2.4% | $45.8M+5.6% | $43.4M-1.0% | $41.8M-5.4% | $42.6M-7.0% | $43.4M+0.3% |
| Gross Profit | $146.4M-3.4% | $150.8M0.0% | $154.7M+4.0% | $155.9M+3.7% | $151.5M+1.5% | $150.9M+2.8% | $148.8M+7.8% | $150.4M+13.5% |
| R&D Expenses | $43.9M-2.1% | $43.3M-6.2% | $47.1M-12.0% | $47.5M-5.8% | $44.8M-14.5% | $46.2M-12.8% | $53.5M+15.7% | $50.4M+16.1% |
| SG&A Expenses | $36.9M+3.4% | $35.2M+25.3% | $41.7M+17.0% | $41.3M+31.9% | $35.7M+19.2% | $28.0M-12.4% | $35.6M+11.2% | $31.3M+9.2% |
| Operating Income | $28.1M-13.6% | $32.7M-15.4% | $28.3M+108.3% | $29.8M+43.1% | $32.6M+83.1% | $38.7M+196.5% | $13.6M+61.2% | $20.8M+81.3% |
| EBITDA | $28.9M-12.2% | $41.8M-4.0% | $48.0M+100.6% | $30.5M+41.7% | $33.0M+79.3% | $43.6M+168.9% | $23.9M+53.8% | $21.5M+76.7% |
| Income Tax | $6.7M+17.2% | $6.2M-14.1% | $18.4M+114.3% | $6.3M+463.1% | $5.7M+384.1% | $7.3M+447.6% | -$128.8M-8172.0% | $1.1M+25.8% |
| Net Income | $25.4M-22.4% | $31.5M-16.6% | $15.6M-89.4% | $29.3M+5.7% | $32.7M+47.3% | $37.7M+104.6% | $147.2M+747.0% | $27.8M+69.9% |
| EPS (Basic) | $0.21-16.0% | $0.25-10.7% | $0.12-89.1% | $0.22+4.8% | $0.25+47.1% | $0.28+100.0% | $1.10+746.2% | $0.21+75.0% |
| EPS (Diluted) | $0.20-16.7% | $0.24-11.1% | $0.12-88.2% | $0.21+5.0% | $0.24+41.2% | $0.27+107.7% | $1.02+750.0% | $0.20+66.7% |
| Diluted Shares (Avg) | 130M-7.3% | 136M-5.0% | N/A | 140M+0.3% | 140M+1.4% | 143M-0.6% | N/A | 139M+1.5% |
Not reported in any period shown, so not listed: Interest Expense.
UPWK Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+1.0% | $1.2B+0.2% | $1.3B+7.3% | $1.3B+23.4% | $1.3B+25.1% | $1.2B+23.9% | $1.2B+16.8% | $1.1B+10.5% |
| Current Assets | $909.0M-3.2% | $883.3M-5.8% | $950.8M+4.4% | $949.0M+4.9% | $939.0M+9.7% | $938.0M+10.6% | $911.1M+3.1% | $904.3M+11.6% |
| Cash & Equivalents | $476.0M+63.5% | $328.4M+7.9% | $294.4M-3.7% | $260.8M-9.6% | $291.1M+59.2% | $304.4M+1134.2% | $305.8M+283.9% | $288.5M+96.5% |
| Short-Term Investments | $138.2M-59.8% | $251.3M-20.9% | $378.4M+19.6% | $382.3M+22.2% | $343.5M+9.1% | $317.6M-31.8% | $316.3M-32.8% | $312.7M-23.4% |
| Accounts Receivable | $76.5M+7.3% | $75.9M-2.6% | $76.2M+1.0% | $76.4M+10.1% | $71.2M-38.9% | $77.9M-31.9% | $75.5M-26.8% | $69.4M+15.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $149.2M+5.5% | $149.2M+23.2% | $149.2M+23.2% | $150.5M+27.3% | $141.5M+19.7% | $121.1M+2.4% | $121.1M+2.4% | $118.2M0.0% |
| Total Liabilities | $663.1M+1.5% | $672.3M+4.1% | $669.3M+5.2% | $683.1M+4.8% | $653.1M+0.9% | $645.7M-1.0% | $636.2M-3.1% | $651.5M+5.3% |
| Current Liabilities | $638.2M+128.3% | $647.2M+135.6% | $650.2M+142.2% | $660.5M+132.2% | $279.6M-1.9% | $274.7M-5.1% | $268.4M-8.4% | $284.4M+12.4% |
| Non-Current Liabilities | $24.9M-93.3% | $25.1M-93.2% | $19.1M-94.8% | $22.6M-93.8% | $373.4M+3.1% | $371.0M+2.4% | $367.8M+1.2% | $367.0M+0.4% |
| Long-Term Debt | $360.7M+0.5% | $360.2M+0.5% | $0-100.0% | $0-100.0% | $358.8M+0.5% | $358.4M+0.5% | $357.9M+0.5% | $357.5M+0.5% |
| Total Equity | $611.3M+0.4% | $569.6M-4.2% | $630.3M+9.5% | $628.1M+52.8% | $608.7M+68.6% | $594.3M+70.4% | $575.4M+51.0% | $411.2M+19.9% |
| Retained Earnings | $93.8M+1269.8% | $68.4M+267.9% | $36.9M+147.1% | $21.3M+109.4% | -$8.0M+96.8% | -$40.7M+85.2% | -$78.5M+73.3% | -$225.6M+27.5% |
Not reported in any period shown, so not listed: Inventory.
UPWK Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $46.9M-35.4% | $23.0M-37.7% | $63.7M+65.1% | $75.1M+23.2% | $72.5M+85.0% | $37.0M+149.5% | $38.6M+91.5% | $61.0M+65.0% |
| Depreciation & Amortization | $800K+100.0% | $9.1M+87.2% | $7.0M+60.7% | $700K0.0% | $400K-33.3% | $4.9M+54.5% | $4.4M-38.9% | $700K0.0% |
| Stock-Based Compensation | N/A | $15.4M+25.7% | N/A | N/A | N/A | $12.3M-27.6% | N/A | N/A |
| Capital Expenditures | $1.6M-32.0% | $1.7M-30.3% | $455K-70.6% | $482K-60.0% | $2.4M+298.2% | $2.5M+1296.6% | $1.5M+1056.0% | $1.2M+184.6% |
| Free Cash Flow | $45.3M-35.5% | $21.3M-38.3% | $63.2M+70.8% | $74.6M+24.8% | $70.1M+81.7% | $34.5M+135.7% | $37.0M+85.0% | $59.8M+63.6% |
| Investing Cash Flow | $102.9M+300.1% | $118.2M+2363.3% | $1.2M+105.9% | -$81.5M-4021.9% | -$51.5M-134.2% | -$5.2M-185.1% | -$21.0M+66.8% | $2.1M+104.6% |
| Financing Cash Flow | -$12.6M+67.2% | -$84.3M-541.0% | -$62.0M-229.7% | -$24.5M-164.4% | -$38.4M-7.3% | -$13.1M+79.9% | -$18.8M-278.9% | $38.0M+2772.5% |
| Share Buybacks | $1.8M-95.2% | $107.9M+226.4% | $34.0M | $31.0M | $37.9M+14.3% | $33.1M-50.6% | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
UPWK Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.4%-1.3pp | 77.2%-1.2pp | 78.0%+0.3pp | 77.3%-0.3pp | 77.7%+0.4pp | 78.3%+1.5pp | 77.7%+2.7pp | 77.6%+2.2pp |
| Operating Margin | 14.7%-2.0pp | 16.7%-3.3pp | 14.3%+7.2pp | 14.8%+4.0pp | 16.7%+7.5pp | 20.1%+13.3pp | 7.1%+2.5pp | 10.7%+4.2pp |
| Net Margin | 13.3%-3.5pp | 16.1%-3.5pp | 7.9%-69.0pp | 14.5%+0.2pp | 16.8%+5.3pp | 19.6%+9.9pp | 76.9%+67.4pp | 14.3%+5.0pp |
| Return on Equity | 4.2%-1.2pp | 5.5%-0.8pp | 2.5%-23.1pp | 4.7%-2.1pp | 5.4%-0.8pp | 6.3%+1.1pp | 25.6%+21.0pp | 6.8%+2.0pp |
| Return on Assets | 2.0%-0.6pp | 2.5%-0.5pp | 1.2%-10.9pp | 2.2%-0.4pp | 2.6%+0.4pp | 3.0%+1.2pp | 12.2%+10.5pp | 2.6%+0.9pp |
| Current Ratio | 1.42-1.9x | 1.36-2.0x | 1.46-1.9x | 1.44-1.7x | 3.36+0.4x | 3.41+0.5x | 3.39+0.4x | 3.180.0x |
| Debt-to-Equity | 0.590.0x | 0.630.0x | 0.00-0.6x | 0.00-0.9x | 0.59-0.4x | 0.60-0.4x | 0.62-0.3x | 0.87-0.2x |
| Asset Turnover | 0.150.0x | 0.160.0x | 0.150.0x | 0.150.0x | 0.150.0x | 0.160.0x | 0.160.0x | 0.180.0x |
| FCF Margin | 23.6%-12.4pp | 10.9%-7.0pp | 31.9%+12.5pp | 37.0%+6.1pp | 36.0%+16.0pp | 17.9%+10.2pp | 19.3%+8.5pp | 30.8%+10.1pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Upwork Inc. UPWK | FY2025 | $787.8M | $115.4M | 14.6% | $1.0B | 64/100 |
| YELP INC. YELP | FY2025 | $1.5B | $145.6M | 9.9% | $990.9M | 70/100 |
| Genius Sports Limited GENI | FY2025 | $669.5M | -$111.6M | -16.7% | $1.6B | 49/100 |
| RUM Group Inc. RUM | FY2025 | $100.6M | -$81.8M | -81.3% | $3.8B | 50/100 |
| IAC Inc. IAC | FY2025 | $2.4B | -$104.0M | -4.3% | $3.1B | 33/100 |
| Weibo Corporation WB | FY2025 | $1.8B | $449.0M | 25.6% | $1.6B | 77/100 |
Where Upwork Inc. Ranks
Frequently Asked Questions
What is Upwork Inc.'s annual revenue?
Upwork Inc. (UPWK) reported $787.8M in total revenue for fiscal year 2025. This represents a 2.4% 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 Inc.'s revenue growing?
Upwork Inc. (UPWK) revenue grew by 2.4% year-over-year, from $769.3M to $787.8M in fiscal year 2025.
Is Upwork Inc. profitable?
Yes, Upwork Inc. (UPWK) reported a net income of $115.4M in fiscal year 2025, with a net profit margin of 14.6%.
What is Upwork Inc.'s EBITDA?
Upwork Inc. (UPWK) had EBITDA of $155.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Upwork Inc. have?
As of fiscal year 2025, Upwork Inc. (UPWK) had $294.4M in cash and equivalents against $0 in long-term debt.
What is Upwork Inc.'s gross margin?
Upwork Inc. (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 Inc.'s operating margin?
Upwork Inc. (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 Inc.'s net profit margin?
Upwork Inc. (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 Inc.'s return on equity (ROE)?
Upwork Inc. (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 Inc.'s free cash flow?
Upwork Inc. (UPWK) generated $242.5M in free cash flow during fiscal year 2025. This represents a 61.6% 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 Inc.'s operating cash flow?
Upwork Inc. (UPWK) generated $248.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Upwork Inc.'s total assets?
Upwork Inc. (UPWK) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Upwork Inc.'s capital expenditures?
Upwork Inc. (UPWK) invested $5.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Upwork Inc. spend on research and development?
Upwork Inc. (UPWK) invested $185.5M in research and development during fiscal year 2025.
What is Upwork Inc.'s current ratio?
Upwork Inc. (UPWK) had a current ratio of 1.46 as of fiscal year 2025, which is considered adequate.
What is Upwork Inc.'s debt-to-equity ratio?
Upwork Inc. (UPWK) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Upwork Inc.'s return on assets (ROA)?
Upwork Inc. (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 Inc.'s P/E ratio?
Upwork Inc. (UPWK) trades at 9.9x earnings, its market capitalization divided by net income of $101.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.0B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Upwork Inc.'s price-to-sales ratio?
Upwork Inc. (UPWK) trades at 1.3x sales, its market capitalization divided by revenue of $787.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.0B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Upwork Inc.'s Altman Z-Score?
Upwork Inc. (UPWK) has an Altman Z-Score of 2.15, placing it in the Grey Zone (moderate 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 Inc.'s Piotroski F-Score?
Upwork Inc. (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Upwork Inc.'s earnings high quality?
Upwork Inc. (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.
How financially healthy is Upwork Inc.?
Upwork Inc. (UPWK) scores 64 out of 100 on our Financial Health Score, indicating moderate 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.