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UPWORK, INC

UPWK Clue Score60
United States Fiscal year ends December CIK 0001627475
$8.60 +0.35% Close, 9 Oct 2026
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Price $8.60 −84.39% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 3 Oct 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue164.4Operating income−14.5Net income−16.2Fiscal year 2017Revenue202.6 +23.2%Operating income−3.1Net income−4.1Fiscal year 2018Revenue253.4 +25.1%Operating income−11.7Net income−19.9Fiscal year 2019Revenue300.6 +18.6%Operating income−18.7Net income−16.7EPS, diluted−0.15Fiscal year 2020Revenue373.6 +24.3%Operating income−22.4Net income−22.9EPS, diluted−0.19Fiscal year 2021Revenue502.8 +34.6%Operating income−54.2Net income−56.2EPS, diluted−0.44Fiscal year 2022Revenue618.3 +23.0%Operating income−92.6Net income−89.9EPS, diluted−0.69Fiscal year 2023Revenue689.1 +11.5%Operating income−11.3Net income46.9EPS, diluted0.06Fiscal year 2024Revenue769.3 +11.6%Operating income65.2Net income215.6 +359.8%EPS, diluted1.52 +2,433.3%Fiscal year 2025Revenue787.8 +2.4%Operating income129.3Net income115.4 −46.5%EPS, diluted0.84 −44.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 164.4 202.6 253.4 300.6 373.6 502.8 618.3 689.1 769.3 787.8
Growth +23.2% +25.1% +18.6% +24.3% +34.6% +23.0% +11.5% +11.6% +2.4%
Operating income −14.5 −3.1 −11.7 −18.7 −22.4 −54.2 −92.6 −11.3 65.2 129.3
Net income −16.2 −4.1 −19.9 −16.7 −22.9 −56.2 −89.9 46.9 215.6 115.4
Growth +359.8% −46.5%
EPS, diluted n/a n/a n/a −0.15 −0.19 −0.44 −0.69 0.06 1.52 0.84
Growth +2,433.3% −44.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin61.9%Operating margin−8.8%Net margin−9.9%Free cash flow margin1.4%Fiscal year 2017Gross margin67.7%Operating margin−1.5%Net margin−2.0%Free cash flow margin−2.9%Fiscal year 2018Gross margin67.8%Operating margin−4.6%Net margin−7.9%Free cash flow margin4.2%Fiscal year 2019Gross margin70.7%Operating margin−6.2%Net margin−5.5%Free cash flow margin−3.2%Fiscal year 2020Gross margin72.1%Operating margin−6.0%Net margin−6.1%Free cash flow margin4.3%Fiscal year 2021Gross margin73.0%Operating margin−10.8%Net margin−11.2%Free cash flow margin2.0%Fiscal year 2022Gross margin74.1%Operating margin−15.0%Net margin−14.5%Free cash flow margin1.7%Fiscal year 2023Gross margin75.3%Operating margin−1.6%Net margin6.8%Free cash flow margin7.5%Fiscal year 2024Gross margin77.4%Operating margin8.5%Net margin28.0%Free cash flow margin19.5%Fiscal year 2025Gross margin77.8%Operating margin16.4%Net margin14.7%Free cash flow margin30.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 61.9% 67.7% 67.8% 70.7% 72.1% 73.0% 74.1% 75.3% 77.4% 77.8%
Operating margin −8.8% −1.5% −4.6% −6.2% −6.0% −10.8% −15.0% −1.6% 8.5% 16.4%
Net margin −9.9% −2.0% −7.9% −5.5% −6.1% −11.2% −14.5% 6.8% 28.0% 14.7%
Free cash flow margin 1.4% −2.9% 4.2% −3.2% 4.3% 2.0% 1.7% 7.5% 19.5% 30.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow3.1Capital expenditure−0.8Free cash flow2.3Fiscal year 2017Operating cash flow−4.0Capital expenditure−1.8Free cash flow−5.8 −353.3%Fiscal year 2018Operating cash flow13.7Capital expenditure−3.0Free cash flow10.7Fiscal year 2019Operating cash flow1.1Capital expenditure−10.8Free cash flow−9.7 −190.2%Fiscal year 2020Operating cash flow22.4Capital expenditure−6.3Free cash flow16.0Fiscal year 2021Operating cash flow10.8Capital expenditure−1.0Free cash flow9.8 −38.9%Fiscal year 2022Operating cash flow11.5Capital expenditure−1.2Free cash flow10.2 +4.5%Buybacks0.0Fiscal year 2023Operating cash flow52.7Capital expenditure−0.7Free cash flow52.0 +407.5%Buybacks0.0Fiscal year 2024Operating cash flow153.6Capital expenditure−3.5Free cash flow150.0 +188.4%Buybacks−100.0Fiscal year 2025Operating cash flow248.3Capital expenditure−5.8Free cash flow242.5 +61.6%Buybacks−136.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 3.1 −4.0 13.7 1.1 22.4 10.8 11.5 52.7 153.6 248.3
Capital expenditure −0.8 −1.8 −3.0 −10.8 −6.3 −1.0 −1.2 −0.7 −3.5 −5.8
Free cash flow 2.3 −5.8 10.7 −9.7 16.0 9.8 10.2 52.0 150.0 242.5
Growth −353.3% −190.2% −38.9% +4.5% +407.5% +188.4% +61.6%
Buybacks n/a n/a n/a n/a n/a n/a 0.0 0.0 −100.0 −136.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash89.7Shareholders’ equity−30.1Fiscal year 2017Cash21.6Total debt33.8Net cash (debt)−12.2Shareholders’ equity−31.4Fiscal year 2018Cash129.1Total debt23.9Net cash (debt)105.2Shareholders’ equity243.7Debt to equity0.10Fiscal year 2019Cash48.4Total debt18.3Net cash (debt)30.1Shareholders’ equity259.4Debt to equity0.07Fiscal year 2020Cash94.1Total debt10.7Net cash (debt)83.4Shareholders’ equity299.3Debt to equity0.04Fiscal year 2021Cash187.2Total debt561.3Net cash (debt)−374.1Shareholders’ equity259.5Debt to equity2.16Fiscal year 2022Cash129.4Total debt564.3Net cash (debt)−434.9Shareholders’ equity248.9Debt to equity2.27Fiscal year 2023Cash79.6Total debt356.1Net cash (debt)−276.4Shareholders’ equity381.1Debt to equity0.93Fiscal year 2024Cash305.8Total debt357.9Net cash (debt)−52.2Shareholders’ equity575.4Debt to equity0.62Fiscal year 2025Cash294.4Total debt359.8Net cash (debt)−65.4Shareholders’ equity630.3Debt to equity0.57
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 89.7 21.6 129.1 48.4 94.1 187.2 129.4 79.6 305.8 294.4
Total debt n/a 33.8 23.9 18.3 10.7 561.3 564.3 356.1 357.9 359.8
Net cash (debt) n/a −12.2 105.2 30.1 83.4 −374.1 −434.9 −276.4 −52.2 −65.4
Shareholders’ equity −30.1 −31.4 243.7 259.4 299.3 259.5 248.9 381.1 575.4 630.3
Debt to equity n/a n/a 0.10 0.07 0.04 2.16 2.27 0.93 0.62 0.57

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
61.9% 67.7% 67.8% 70.7% 72.1% 73.0% 74.1% 75.3% 77.4% 77.8%
−8.8% −1.5% −4.6% −6.2% −6.0% −10.8% −15.0% −1.6% 8.5% 16.4%
−9.9% −2.0% −7.9% −5.5% −6.1% −11.2% −14.5% 7.1% 11.8% 19.4%
−9.9% −2.0% −7.9% −5.5% −6.1% −11.2% −14.5% 6.8% 28.0% 14.7%
1.4% −2.9% 4.2% −3.2% 4.3% 2.0% 1.7% 7.5% 19.5% 30.8%
Spending
23.0% 22.5% 21.9% 21.3% 22.3% 23.7% 25.0% 25.7% 27.2% 23.6%
21.6% 18.4% 19.5% 22.4% 19.1% 22.5% 20.0% 17.3% 16.7% 18.6%
0.5% 0.9% 1.2% 3.6% 1.7% 0.2% 0.2% 0.1% 0.5% 0.7%
n/a n/a n/a n/a n/a n/a n/a 4.1% −138.4% 24.6%
Returns
n/a n/a −8.2% −6.4% −7.6% −21.7% −36.1% 12.3% 37.5% 18.3%
n/a −1.5% −5.1% −3.7% −4.3% −5.2% −8.3% 4.5% 17.8% 8.9%
Balance and payout
n/a n/a 0.10 0.07 0.04 2.16 2.27 0.93 0.62 0.57
n/a 50.9% 37.8% 41.9% 43.4% 76.0% 77.0% 63.3% 52.5% 51.5%
n/a n/a n/a n/a n/a n/a 0.0% 0.0% 66.7% 56.1%