UPWORK, INC
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $787.8M | $769.3M | $689.1M | $618.3M | $502.8M |
| Cost of revenue | $174.8M | $174.1M | $170.4M | $160.4M | $135.5M |
| Gross profit | $613.0M | $595.2M | $518.7M | $457.9M | $367.3M |
| Research and development | $185.5M | $209.3M | $177.4M | $154.6M | $119.1M |
| Operating expenses | $483.7M | $530.0M | $529.9M | $550.5M | $421.5M |
| Operating income | $129.3M | $65.2M | -$11.3M | -$92.6M | -$54.2M |
| Interest expense | — | — | — | $4.5M | $2.2M |
| Pretax income | $153.2M | $90.4M | $48.9M | -$89.3M | -$56.1M |
| Income tax expense | $37.8M | -$125.2M | $2.0M | $536,000 | $122,000 |
| Net income | $115.4M | $215.6M | $46.9M | -$89.9M | -$56.2M |
| Balance Sheet | |||||
| Cash and equivalents | $294.4M | $305.8M | $79.6M | $129.4M | $187.2M |
| Current assets | $950.8M | $911.1M | $883.4M | $930.9M | $929.7M |
| Total assets | $1.3B | $1.2B | $1.0B | $1.1B | $1.1B |
| Current liabilities | $650.2M | $268.4M | $293.0M | $247.7M | $233.6M |
| Total liabilities | $669.3M | $636.2M | $656.5M | $831.4M | $821.5M |
| Total debt | $361.0M | $361.0M | $361.0M | $575.0M | $575.0M |
| Stockholders' equity | $630.3M | $575.4M | $381.1M | $248.9M | $259.5M |
| Cash Flow Statement | |||||
| Cash from operations | $248.3M | $153.6M | $52.7M | $11.5M | $10.8M |
| Depreciation and amortization | $25.7M | $14.8M | $9.4M | $8.1M | $3.7M |
| Stock-based compensation | $65.4M | $68.4M | $74.2M | $75.5M | $53.6M |
| Capital expenditure | $5.8M | $3.5M | $692,000 | $1.2M | $1.0M |
| Free cash flow | $242.5M | $150.0M | $52.0M | $10.2M | $9.8M |
| Share repurchases | $136.0M | $100.0M | $0 | $0 | — |
| Impairments | $0 | $0 | $0 | $0 | $8.7M |
Shares outstanding 123.5M · Free float 95.1%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.