UPWORK, INC UPWK
Upwork Inc., through its complementary, wholly owned subsidiaries, connects businesses with global, AI-enabled talent across every on-demand work type, including freelance, agency, fractional, and payrolled. Our portfolio of platforms and other workforce solutions includes the Upwork Marketplace, the world's human and AI-powered work marketplace that connects businesses with on-demand access to highly skilled independent talent worldwide, and Lifted, our wholly owned subsidiary that provides a purpose-built solution for enterprise organizations to source, contract, manage, and pay talent across the full spectrum of contingent work.
Our customers consist of both talent and clients. We define talent as those who deliver services through the Upwork Marketplace, Lifted, or other Upwork workforce solutions. We define clients as customers who seek and engage with talent through these platforms and other workforce solutions. Talent includes independent professionals and agencies of varying sizes, while clients range from small businesses and entrepreneurs to large enterprises, including Fortune 100 companies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $787.8M | $769.3M | $689.1M | $618.3M | $502.8M | $373.6M | $300.6M | $253.4M | $202.6M | $164.4M |
| Cost of revenue | $174.8M | $174.1M | $170.4M | $160.4M | $135.5M | $104.3M | $88.1M | $81.5M | $65.4M | $62.6M |
| Gross profit | $613.0M | $595.2M | $518.7M | $457.9M | $367.3M | $269.4M | $212.4M | $171.9M | $137.1M | $101.9M |
| R&D | $185.5M | $209.3M | $177.4M | $154.6M | $119.1M | $83.5M | $64.0M | $55.5M | $45.6M | $37.9M |
| SG&A | $146.6M | $128.8M | $118.9M | $124.0M | $113.1M | $71.5M | $67.3M | $49.3M | $37.3M | $35.4M |
| Total operating expenses | $483.7M | $530.0M | $529.9M | $550.5M | $421.5M | $291.8M | $231.2M | $183.6M | $140.2M | $116.3M |
| Operating income | $129.3M | $65.2M | -$11.3M | -$92.6M | -$54.2M | -$22.4M | -$18.7M | -$11.7M | -$3.1M | -$14.5M |
| Interest expense | — | — | $24.4M | $7.9M | $300.0K | $778.0K | $1.3M | $2.0M | $960.0K | $858.0K |
| Pre-tax income | $153.2M | $90.4M | $48.9M | -$89.3M | -$56.1M | -$22.7M | -$16.6M | -$19.9M | -$4.1M | -$16.2M |
| Income tax | $37.8M | $125.2M | $2.0M | $536.0K | $122.0K | $150.0K | $28.0K | $15.0K | $22.0K | $1.0K |
| Net income | $115.4M | $215.6M | $46.9M | -$89.9M | -$56.2M | -$22.9M | -$16.7M | -$19.9M | -$4.1M | -$16.2M |
| EPS, basic | 0.87 | 1.61 | 0.35 | -0.69 | -0.44 | -0.19 | -0.15 | — | — | — |
| EPS, diluted | 0.84 | 1.52 | 0.06 | -0.69 | -0.44 | -0.19 | -0.15 | -0.38 | -0.32 | -0.51 |
| Shares, diluted (wtd. avg.) | $140.7M | $143.2M | $137.3M | $130.5M | $127.2M | $118.7M | $109.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $294.4M | $305.8M | $79.6M | $295.2M | $352.1M | $232.5M | $159.6M | $230.1M | $111.1M | $89.7M |
| Short-term investments | $378.4M | $316.3M | $470.5M | $557.2M | $497.6M | $75.6M | $85.5M | $0 | — | — |
| Receivables | $76.2M | $75.5M | $103.1M | $64.9M | $66.8M | $47.0M | $30.2M | $22.3M | $30.8M | — |
| Total current assets | $950.8M | $911.1M | $883.4M | $930.9M | $929.7M | $360.8M | $280.6M | $255.9M | $144.1M | — |
| Property, plant and equipment | $44.4M | $30.1M | $27.1M | $22.1M | $21.3M | $28.1M | $21.5M | $10.8M | $3.5M | — |
| Goodwill | $149.2M | $121.1M | $118.2M | $118.2M | $118.2M | $118.2M | $118.2M | $118.2M | $118.2M | — |
| Other intangibles | $37.2M | $13.0M | $3.0M | $0 | $0 | $667.0K | $3.3M | $6.0M | $8.7M | — |
| Total assets | $1.30B | $1.21B | $1.04B | $1.08B | $1.08B | $529.2M | $446.4M | $391.6M | $275.2M | — |
| Accounts payable | $7.9M | $6.1M | $5.1M | $7.5M | $5.0M | $6.5M | $652.0K | $2.1M | $462.0K | — |
| Short-term debt | $359.8M | $0 | — | — | $0 | $7.6M | $7.6M | $5.7M | $10.3M | — |
| Total current liabilities | $650.2M | $268.4M | $293.0M | $247.7M | $233.6M | $198.7M | $149.1M | $127.6M | $114.6M | — |
| Long-term debt | $0 | $357.9M | $356.1M | $564.3M | $561.3M | $3.1M | $10.7M | $18.2M | $23.5M | — |
| Total liabilities | $669.3M | $636.2M | $656.5M | $831.4M | $821.5M | $229.9M | $187.0M | $147.8M | $140.1M | — |
| Retained earnings | $36.9M | -$78.5M | -$294.1M | -$340.9M | -$251.1M | -$194.8M | -$172.0M | -$143.5M | -$123.6M | — |
| Total equity | $630.3M | $575.4M | $381.1M | $248.9M | $259.5M | $299.3M | $259.4M | $243.7M | -$31.4M | -$30.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $248.3M | $153.6M | $52.7M | $11.5M | $10.8M | $22.4M | $1.1M | $13.7M | -$4.0M | $3.1M |
| Depreciation and amortisation | $25.7M | $14.8M | $9.4M | $8.1M | $3.7M | $3.6M | $2.8M | $2.2M | $1.5M | $1.8M |
| Stock-based compensation | $65.4M | $68.4M | $74.2M | $75.5M | $53.6M | $25.5M | $18.8M | $10.4M | $6.8M | $7.3M |
| Capital expenditure | $5.8M | $3.5M | $692.0K | $1.2M | $1.0M | $6.3M | $10.8M | $3.0M | $1.8M | $846.0K |
| Investing cash flow | -$136.9M | $137.6M | $88.3M | -$69.5M | -$429.0M | -$4.1M | -$100.9M | -$6.8M | -$2.3M | -$475.0K |
| Financing cash flow | -$138.0M | -$82.0M | -$139.8M | $1.1M | $537.7M | $54.6M | $29.4M | $112.1M | $27.7M | $5.2M |
| Buybacks | $136.0M | $100.0M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001627475-26-000026.
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