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Upwork, Inc. (UPWK)

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Upwork, Inc. (UPWK) reported revenue of $192 million for Q2 FY2026, the quarter ended 30 June 2026, down 1.7% on the same quarter a year earlier. Net income was $25 million, down 22.4% on the year, and diluted earnings per share $0.20. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue$192 milliondown 1.7%
Net income$25 milliondown 22.4%
Diluted EPS$0.20
QuarterQ2 FY2026ended 30 June 2026

Upwork (UPWK) in brief

Upwork (UPWK) reported revenue of $788 million for fiscal 2025, the year ended 31 December 2025, up 2.4% on the year before.
Read moreNet income was $115 million and diluted earnings per share $0.84. Revenue was $769 million in fiscal 2024, $689 million in fiscal 2023, $618 million in fiscal 2022 and $503 million in fiscal 2021. Net income in the same years was $216 million, $47 million, a loss of $90 million and a loss of $56 million. Over the twelve months to 30 June 2026, Upwork reported revenue of $787 million and net income of $102 million. Revenue grew 16.1% a year, compounded, over the five years to fiscal 2025. Upwork had 125 million shares outstanding at the latest filed count. At 30 June 2026 it carried $361 million of debt and $476 million of cash. At the close of 9 October 2026 the market cap of Upwork was $1.1 billion, 11.2 times its earnings over the last twelve months.

Ratios

From the filings

ROE16.7%
ROCE12.2%
Operating margin15.1%
Net margin12.9%
FCF margin26.0%
Interest covern/a
Debt to equity0.59
Cash conversion2.05
Share count, 1 year-5.8%
Sales CAGR, 3 years8.4%
Profit CAGR, 3 yearsn/a
EPS, TTM$0.77

At the close of 9 October 2026

Price$8.61
Market cap$1.1 billion
Stock P/E11.18
Price to book1.76
EV / EBITDA6.32
Dividend yieldn/a
Market cap / sales1.36
52-week high$22.11
52-week low$7.84
Price, 1 year-50.6%
Price CAGR, 3 years-9.2%
Price CAGR, 5 years-30.8%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Upwork, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
UPWKgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on UPWK

Filings18 in twelve months: 10 current reports (8-K), about 4 results of operations; 4 officer or director change; 1 material agreement; 1 new financial obligation; 1 shareholder vote
Planned insider sales33 Form 144 notices in twelve months, $15.7 million; latest 18 September 2026
Options tapeput/call 0.54 by open interest at the 9 October 2026 close; the straddle prices a 15.4% move to 16 October 2026
13F holders7 of the followed funds hold it; largest Geode Capital Management; 11 Schedule 13D or 13G filings in twelve months
Insider trading43 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest17.5 million shares short, 6.83 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue176184191193194191193195202198195192
Cost of revenue43.345.944.243.943.442.641.843.445.843.744.645.3
Gross profit132138147149150149151152156155151146
Gross margin75%75%77%77%78%78%78%78%77%78%77%76%
R&D43.446.252.952.550.453.546.244.847.547.143.343.9
Operating income11.58.413.017.820.813.638.732.629.828.332.728.1
Operating margin7%5%7%9%11%7%20%17%15%14%17%15%
Interest expense0.7n/an/an/an/an/an/an/an/an/an/an/a
Pre-tax income17.215.819.823.428.918.445.038.435.734.137.732.1
Tax rate5%-10%7%5%4%-701%16%15%18%54%17%21%
Net income16.317.418.422.227.814737.732.729.315.631.525.4
Net margin9%9%10%12%14%77%20%17%15%8%16%13%
Diluted EPS$0.12$0.12$0.13$0.17$0.20$1.03$0.27$0.24$0.21$0.12$0.24$0.20
Operating cash flow37.0-5.35.737.31028.537.072.575.163.723.046.9
Capital expenditure0.40.10.20.61.21.52.52.40.50.51.71.6
Free cash flow36.5-5.55.536.71016.934.570.174.663.221.345.3
Buybacks0.00.066.933.10.00.033.137.931.034.01081.8
Shares outstanding136m137m133m132m133m135m134m133m131m131m124m125m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 10 fiscal years and the trailing twelve months

FY2016FY2017 †FY2018 †FY2019FY2020FY2021FY2022 †FY2023 †FY2024FY2025TTM
Revenue164203253301374503618689769788787
Cost of revenue62.665.481.50.92.9136160170174175179
Gross profit102137172212269367458519595613608
Gross margin61.9%67.7%67.8%70.7%72.1%73.0%74.1%75.3%77.4%77.8%77.2%
Research and development37.945.655.564.083.5119155177209186182
Operating income-14.5-3.1-11.7-18.7-22.4-54.2-92.6-11.365.2129119
Operating margin-8.8%-1.5%-4.6%-6.2%-6.0%-10.8%-15.0%-1.6%8.5%16.4%15.1%
Interest expense0.91.02.01.30.82.24.5n/an/an/an/a
Pre-tax income-16.2-4.1-19.9-16.6-22.7-56.1-89.348.990.4153140
Income tax-0.0-0.00.00.00.10.10.52.0-12537.837.7
Effective tax raten/an/an/an/an/an/an/a4.1%-138.4%24.6%27.0%
Net income-16.2-4.1-19.9-16.7-22.9-56.2-89.946.9216115102
Net margin-9.9%-2.0%-7.9%-5.5%-6.1%-11.2%-14.5%6.8%28.0%14.7%12.9%
Diluted EPS-$0.51-$0.32-$0.38-$0.15-$0.19-$0.44-$0.69$0.06$1.52$0.84$0.77
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Marketplace58666268386.7%
Enterprise10310710513.3%
MarketplaceEnterprise
689FY2023769FY2024788FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2016FY2017 †FY2018 †FY2019FY2020FY2021FY2022 †FY2023 †FY2024FY2025TTM
Operating cash flow3.1-4.013.71.122.410.811.552.7154248209
Capital expenditure0.81.83.010.86.31.01.20.73.55.84.3
Free cash flow2.3-5.810.7-9.716.09.810.252.0150242204
Free cash flow margin1.4%-2.9%4.2%-3.2%4.3%2.0%1.7%7.5%19.5%30.8%26.0%
Cash from investing-0.5-2.3-6.8-101-4.1-429-69.588.3138-137141
Cash from financing5.227.711229.454.65381.1-140-82.0-138-183
Depreciation and amortisation7.54.24.95.56.34.48.19.414.825.732.8
Share-based compensation7.36.810.418.825.553.675.574.268.465.466.7
Buybacksn/an/an/an/an/an/a0.00.0100136175
Diluted shares, weightedn/an/an/a110m119m127m131m137m143m141m130m
Shares outstanding at period endn/a34m106m114m125m129m132m137m135m131m125m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2016FY2017 †FY2018 †FY2019FY2020FY2021FY2022 †FY2023 †FY2024FY2025TTM
Funded by
Shareholders' equity-30.1-31.4244259299260249381575630611
Redeemable equity1791660.0n/an/an/an/an/an/an/an/a
Debtn/a33.823.918.310.7561564356358360361
Operating lease liabilitiesn/an/an/a21.220.516.811.26.19.69.714.4
Other liabilitiesn/a106124147199243256294269300288
Total liabilities and equityn/a2753924465291,0811,0801,0381,2121,3001,274
Owned
Fixed assetsn/a3.510.821.528.121.322.127.130.144.458.6
Goodwilln/a118118118118118118118121149149
Intangible assetsn/a8.76.03.30.70.00.03.013.037.231.3
Investmentsn/an/a0.085.575.6498557470316378138
Cash and equivalents89.721.612948.494.118712979.6306294476
Receivablesn/a30.822.330.247.066.864.910375.576.276.5
Other assetsn/a92.4105139166190188236350320345
Total assetsn/a2753924465291,0811,0801,0381,2121,3001,274
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a16.1%8.4%1.9%
Profit growth, compoundedn/an/an/a-58.5%
Return on equity, averagen/a2.1%22.7%18.3%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Upwork's revenue in fiscal 2025?

Upwork (UPWK) reported revenue of $788 million for fiscal 2025, the year ended 31 December 2025, up 2.4% on the year before.

How much did Upwork earn in fiscal 2025?

Net income was $115 million for fiscal 2025, and diluted earnings per share $0.84.

What is Upwork's P/E ratio?

At the close of 9 October 2026, Upwork traded at 11.2 times its earnings over the twelve months to 30 June 2026.

What is Upwork's market cap?

The market cap of Upwork was $1.1 billion at the close of 9 October 2026.

How much debt does Upwork have?

At 30 June 2026 Upwork carried $361 million of debt and $476 million of cash.

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Bentley Systems Inc. BSY$11.2 billion38.4224.1%23.6%12.8%1.010.8%
Maplebear Inc. CART$11.1 billion25.9520.7%14.8%12.6%0.00n/a
Paycom Software, Inc. PAYC$10.3 billion24.6985.3%30.3%9.2%1.570.2%
Factset Research Systems Inc. FDS$10.3 billion18.9127.8%29.6%6.6%0.681.6%
Match Group, Inc. MTCH$9.4 billion14.52n/a28.2%1.7%n/a1.8%
Booz Allen Hamilton Holding Corp. BAH$8.9 billion11.6164.7%9.5%-7.3%3.273.0%
Tetra Tech Inc. TTEK$8.5 billion20.0923.5%12.1%-7.6%0.430.8%
Paylocity Holding Corp. PCTY$8.2 billion31.1122.1%21.8%11.0%0.07n/a
Dropbox, Inc. DBX$7.8 billion19.08n/a26.6%-0.0%n/an/a
Healthequity, Inc. HQY$7.7 billion33.4411.9%25.8%7.3%0.47n/a
Aecom ACM$7.6 billion27.1913.1%4.1%-4.2%1.212.0%
Duolingo, Inc. DUOL$7.5 billion17.6429.1%13.7%29.4%0.00n/a
Appfolio Inc. APPF$7.2 billion46.1829.9%17.5%20.7%0.00n/a
Etsy Inc. ETSY$7.1 billion42.85n/a16.0%0.7%n/an/a
UiPath, Inc. PATH$7.1 billion20.1218.6%8.9%15.0%0.00n/a
Qualys, Inc. QLYS$7.0 billion35.0236.7%34.4%10.4%0.00n/a
RingCentral, Inc. RNG$6.9 billion63.43n/a6.7%5.2%n/an/a
Commvault Systems Inc. CVLT$6.5 billion100.15131.2%6.1%15.5%16.94n/a
Bilibili Inc. BILI *$6.4 billion37.927.7%3.7%13.1%0.62n/a
Lyft, Inc. LYFT$6.1 billion2.3694.8%-1.8%10.8%0.35n/a
WEX Inc. WEX$5.9 billion17.1826.1%25.5%7.5%2.62n/a
Pegasystems Inc. PEGA$5.9 billion20.1557.8%9.9%3.6%0.000.3%
Epam Systems, Inc. EPAM$5.8 billion15.3411.4%10.0%10.8%0.01n/a
Genpact Ltd. G$5.8 billion10.2122.4%14.8%6.5%0.452.1%
ExlService Holdings, Inc. EXLS$5.6 billion23.1428.9%14.9%13.6%0.44n/a
Frontdoor, Inc. FTDR$5.5 billion21.2196.1%n/a9.2%4.08n/a
Doximity, Inc. DOCS$5.5 billion35.8718.2%29.6%11.2%0.00n/a
ACI Worldwide, Inc. ACIW$5.2 billion23.3515.1%18.6%7.0%0.550.0%
Remitly Global, Inc. RELY$5.1 billion17.3527.1%9.5%23.8%0.00n/a
BOX Inc. BOX$5.0 billion52.75n/a9.4%9.6%n/an/a
VSE Corp. VSEC$4.9 billionn/an/an/an/a0.320.2%
Amentum Holdings, Inc. AMTM$4.7 billion23.244.3%4.2%11.4%0.81n/a
Clear Secure, Inc. YOU$4.5 billion29.5271.7%25.1%19.8%0.00n/a
Sezzle Inc. SEZL$4.3 billion27.9669.3%40.4%43.1%0.52n/a
Wix.com Ltd. WIX *$4.2 billion87.09n/a0.1%13.2%n/an/a
Bill Holdings, Inc. BILL$4.1 billionn/a-0.3%-4.4%13.0%0.52n/a
FTI Consulting, Inc. FCN$3.8 billion16.4619.0%9.7%7.1%0.76n/a
monday.com Ltd. MNDY *$3.8 billionn/a9.5%-0.1%26.7%0.00n/a
Q2 Holdings, Inc. QTWO$3.7 billion41.8414.3%10.0%13.9%0.00n/a
Korn Ferry KFY$3.6 billion13.5214.0%12.9%6.9%0.202.8%
Life360, Inc. LIF$3.5 billion25.2324.0%1.1%34.0%0.51n/a
Robert Half Inc. RHI$3.5 billion29.509.5%n/a-4.9%0.007.0%
Exponent Inc. EXPO$3.3 billion31.3038.7%20.2%12.8%0.001.7%
First Advantage Corp. FA$3.3 billion136.001.9%10.7%32.9%1.577.9%
Maximus, Inc. MMS$3.1 billion8.7721.3%11.0%-3.3%0.942.0%
People Inc. PPLI$3.1 billionn/an/an/an/a0.27n/a
WillScot Holdings Corp. WSC$3.1 billionn/a-7.6%6.5%-2.5%3.800.0%
SPS Commerce Inc. SPSC$3.1 billion40.848.3%12.8%9.8%0.00n/a
ABM Industries Inc. ABM$2.9 billion17.919.3%3.5%6.0%0.972.1%
Teradata Corp. TDC$2.8 billion6.4477.2%7.5%1.0%0.00n/a
Alarm.com Holdings, Inc. ALRM$2.7 billion24.6413.6%12.8%8.7%0.570.0%
Five9, Inc. FIVN$2.7 billion52.757.6%4.7%8.9%0.94n/a
CarGurus, Inc. CARG$2.6 billion15.6966.6%n/a13.9%0.00n/a
ManpowerGroup Inc. MAN$2.5 billion24.004.9%1.5%6.7%0.272.7%
Payoneer Global Inc. PAYO$2.4 billion51.007.7%10.4%6.3%0.00n/a
LiveRamp Holdings, Inc. RAMP$2.3 billion15.3915.9%11.6%8.9%0.00n/a
PDF Solutions Inc. PDFS$2.3 billion217.602.8%8.2%23.0%0.18n/a
V2X, Inc. VVX$2.2 billion24.538.1%4.2%13.0%0.92n/a
Astrana Health, Inc. ASTH$2.1 billion45.834.9%2.6%58.9%1.06n/a
Neogenomics Inc. NEO$2.1 billionn/a-6.6%-8.9%11.2%0.48n/a
DoubleVerify Holdings, Inc. DV$2.1 billion37.475.4%12.7%7.6%0.00n/a
Blackbaud Inc. BLKB$2.1 billionn/an/a19.8%0.6%16.820.3%
DXC Technology Co. DXC$2.0 billion17.704.1%7.2%-2.4%0.986.8%
Western Union Co. WU$1.9 billion4.9743.2%15.9%-1.6%2.7415.4%
Insperity, Inc. NSP$1.9 billionn/a-26.2%-0.0%2.6%6.874.9%
Evertec, Inc. EVTC$1.8 billion19.2715.2%17.9%12.4%1.900.7%
Blackline, Inc. BL$1.7 billion52.3011.0%4.3%8.6%2.11n/a
Liquidity Services Inc. LQDT$1.6 billion42.3014.1%9.0%5.2%0.00n/a
Progress Software Corp. PRGS$1.6 billion18.1317.4%17.7%6.4%2.330.0%
Concentrix Corp. CNXC$1.6 billionn/a-135.2%-20.9%2.6%2.22n/a
Everforth Inc. EFOR$1.5 billion19.344.6%4.9%-1.0%0.80n/a
AMN Healthcare Services Inc. AMN$1.4 billion13.5814.2%5.8%24.0%1.00n/a
Certara, Inc. CERT$1.4 billionn/a-7.1%-0.2%0.7%0.30n/a
Arlo Technologies, Inc. ARLO$1.3 billion45.9319.3%2.7%15.6%0.00n/a
Sprinklr, Inc. CXM$1.3 billion55.104.5%5.3%6.3%0.00n/a
Prog Holdings, Inc. PRG$1.2 billionn/an/an/an/a1.101.7%
Donnelley Financial Solutions, Inc. DFIN$1.2 billion33.399.1%18.9%3.0%0.53n/a
ZoomInfo Technologies Inc. GTM$1.1 billionn/a-65.3%-35.2%2.7%1.53n/a
Upwork, Inc. UPWK$1.1 billion11.1816.7%15.1%1.9%0.59n/a
TripAdvisor, Inc. TRIP$1.0 billion867.000.8%2.7%-4.4%1.230.0%
Legalzoom.Com, Inc. LZ$1,000 million66.3313.3%4.1%12.3%0.00n/a
Healthstream Inc. HSTM$969 million46.045.9%8.0%8.8%0.000.4%
Upbound Group, Inc. UPBD$898 million9.9312.3%5.1%5.9%1.9410.1%
Quinstreet, Inc. QNST$888 million11.1525.1%2.7%18.3%0.22n/a
N-able, Inc. NABL$874 millionn/a-0.9%9.5%10.0%0.49n/a
Sabre Corp. SABR$765 millionn/an/an/an/an/a0.0%
ADT Inc. ADTn/an/a17.6%25.0%2.1%2.243.4%
16 companies share its SEC industry code (Services-Computer Processing & Data Preparation); the rest are the names nearest in size in its wider industry, Business Services, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202610 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-K31 December 202513 February 2026EDGAR
10-Q30 September 20254 November 2025EDGAR
10-Q30 June 20256 August 2025EDGAR
10-Q31 March 20255 May 2025EDGAR
10-K31 December 202413 February 2025EDGAR
10-Q30 September 20246 November 2024EDGAR
10-Q30 June 20247 August 2024EDGAR
10-Q31 March 20241 May 2024EDGAR

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