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Upwork (UPWK) FY2024 results: revenue $769 million, up 11.6% on the year

Upwork, Inc. (UPWK) reported revenue of $769 million for fiscal 2024, the year ended 31 December 2024, up 11.6% on the year before. Net income was $216 million, up 359.8%, and diluted earnings per share $1.52. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2025.

Revenue
$769 million
+11.6% on the year
FY2017FY2024
Operating margin
8.5%
-1.6% a year earlier
FY2017FY2024
Net income
$216 million
+359.8% on the year
FY2017FY2024
Diluted EPS
$1.52
+2,433.3% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue769689618+11.6%
Cost of revenue174170160+2.1%
Gross profit595519458+14.8%
Gross margin77.4%75.3%74.1%
Research and development209177155+18.0%
Operating income65.2-11.3-92.6
Operating margin8.5%-1.6%-15.0%
Interest expensen/an/a4.5
Pre-tax income90.448.9-89.3+85.0%
Income tax-1252.00.5
Effective tax rate-138.4%4.1%n/a
Net income21646.9-89.9+359.8%
Net margin28.0%6.8%-14.5%
Diluted EPS$1.52$0.06-$0.69+2,433.3%
$ million except per share.
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.

Cash flow

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow15452.711.5+191.3%
Capital expenditure3.50.71.2+409.8%
Free cash flow15052.010.2+188.4%
Free cash flow margin19.5%7.5%1.7%
Cash from investing13888.3-69.5+55.8%
Cash from financing-82.0-1401.1
Depreciation and amortisation14.89.48.1+56.8%
Share-based compensation68.474.275.5-7.8%
Buybacks1000.00.0
Diluted shares, weighted143m137m131m+4.3%
Shares outstanding at period end135m137m132m-1.4%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity575381249+51.0%
Debt358356564+0.5%
Operating lease liabilities9.66.111.2+57.1%
Other liabilities269294256-8.7%
Total liabilities and equity1,2121,0381,080+16.8%
Fixed assets30.127.122.1+10.7%
Goodwill121118118+2.4%
Intangible assets13.03.00.0+326.1%
Investments316470557-32.8%
Cash and equivalents30679.6129+283.9%
Receivables75.510364.9-26.8%
Other assets350236188+48.3%
Total assets1,2121,0381,080+16.8%

10-K for the year ended 31 December 2024, filed 13 February 2025: the filing.