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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States - Clients
- Rest of world - Talent
- United States - Talent
- Rest of world - Clients
- Philippines - Talent
- India - Talent
- Pakistan - Talent
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States - Clients | $246.2M | $238.8M | $236.7M |
| Rest of world - Talent | $171.7M | $173.1M | $148.1M |
| United States - Talent | $114.0M | $111.7M | $95.8M |
| Rest of world - Clients | $98.2M | $91.4M | $82.5M |
| Philippines - Talent | $57.9M | $58.5M | $45.9M |
| India - Talent | $53.5M | $56.9M | $49.5M |
| Pakistan - Talent | $46.2M | $39.0M | $30.6M |
As the company reported it, from the “Revenue - Schedule of Revenue by Geographic Area Based on Billing Address of Talent and Clients (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $164.4M | $202.6M | $253.4M | $300.6M | $373.6M | $502.8M | $618.3M | $689.1M | $769.3M | $787.8M |
| Gross profit | $101.9M | $137.1M | $171.9M | $212.4M | $269.4M | $367.3M | $457.9M | $518.7M | $595.2M | $613.0M |
| Net income | -$16.2M | -$4.1M | -$19.9M | -$16.7M | -$22.9M | -$56.2M | -$89.9M | $46.9M | $215.6M | $115.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 7374
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| PEGA | PEGASYSTEMS INC | $5.99B | 17.1x | 16.6% |