For the twelve months ended Sep 30, 2026, Upwork Inc. reported $771.15M of revenue and $104.31M of net income.
UPWK revenue was $185.60M in fiscal Q3 2026 (ended Sep 30, 2026), down 8.0% from a year earlier and down 3.2% from the prior quarter. For the full fiscal 2025 it was $787.78M, up 2.4% from fiscal 2024. Compound annual growth was +16.1% over 5 years. It rose in each of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.
UPWK net income was $31.81M in fiscal Q3 2026 (ended Sep 30, 2026), up 8.4% from a year earlier and up 25.2% from the prior quarter. For the full fiscal 2025 it was $115.42M, down 46.5% from fiscal 2024.
UPWK diluted EPS was $0.25 in fiscal Q3 2026 (ended Sep 30, 2026), up 19.0% from a year earlier and up 25.0% from the prior quarter. For the full fiscal 2025 it was $0.84, down 44.7% from fiscal 2024.
UPWK free cash flow was $61.80M in fiscal Q3 2026 (ended Sep 30, 2026), down 17.2% from a year earlier and up 36.5% from the prior quarter. For the full fiscal 2025 it was $242.47M, up 61.6% from fiscal 2024. Compound annual growth was +72.1% over 5 years. It rose in 4 of the last 5 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $787.78M | $769.33M | $689.14M | $618.32M | $502.80M | $373.63M | $300.56M | $253.35M | $202.55M | $164.44M |
| Cost of revenue | $174.75M | $174.09M | $170.45M | $160.40M | $135.51M | $104.27M | $88.14M | $81.46M | $65.44M | $62.58M |
| Gross profit | $613.03M | $595.23M | $518.69M | $457.92M | $367.29M | $269.36M | $212.42M | $171.90M | $137.11M | $101.87M |
| Research and development | $185.54M | $209.28M | $177.36M | $154.55M | $119.08M | $83.47M | $64.03M | $55.49M | $45.60M | $37.90M |
| Selling, general and admin | $146.63M | $128.80M | $118.92M | $123.95M | $113.08M | $71.52M | $67.33M | $49.34M | $37.33M | $35.45M |
| Operating income | $129.31M | $65.21M | -$11.26M | -$92.62M | -$54.22M | -$22.41M | -$18.73M | -$11.71M | -$3.12M | -$14.47M |
| Interest expense | - | - | - | $4.48M | $2.18M | $778.0K | $1.31M | $2.04M | $960.0K | $858.0K |
| Pre-tax income | $153.18M | $90.43M | $48.88M | -$89.35M | -$56.12M | -$22.72M | -$16.63M | -$19.89M | -$4.14M | -$16.23M |
| Income tax | $37.75M | -$125.16M | $1.99M | $536.0K | $122.0K | $150.0K | $28.0K | $15.0K | -$22.0K | -$1.0K |
| Net income | $115.42M | $215.59M | $46.89M | -$89.89M | -$56.24M | -$22.87M | -$16.66M | -$19.91M | -$4.12M | -$16.23M |
| EPS, basic | $0.87 | $1.61 | $0.35 | -$0.69 | -$0.44 | -$0.19 | -$0.15 | -$0.38 | -$0.32 | -$0.51 |
| EPS, diluted | $0.84 | $1.52 | $0.06 | -$0.69 | -$0.44 | -$0.19 | -$0.15 | -$0.38 | -$0.32 | -$0.51 |
| Diluted shares | 140.7M | 143.2M | 137.3M | 130.5M | 127.2M | 118.7M | 109.8M | 52.3M | 32.9M | 32.1M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $294.36M | $505.59M | $79.64M | $295.23M | $352.06M | $232.46M | $159.60M | $230.07M | $111.10M | $89.68M |
| Short-term investments | $378.43M | $316.34M | $470.46M | $557.23M | $497.57M | $75.57M | $85.48M | $0 | - | - |
| Receivables | $76.24M | $75.49M | $103.06M | $64.89M | $66.83M | $47.02M | $30.16M | $22.32M | $30.76M | - |
| Current assets | $950.83M | $911.05M | $883.37M | $930.91M | $929.65M | $360.80M | $280.63M | $255.88M | $144.13M | - |
| Goodwill | $149.19M | $121.06M | $118.22M | $118.22M | $118.22M | $118.22M | $118.22M | $118.22M | $118.22M | - |
| Total assets | $1.30B | $1.21B | $1.04B | $1.08B | $1.08B | $529.23M | $446.38M | $391.57M | $275.19M | - |
| Current liabilities | $650.17M | $268.43M | $293.00M | $247.69M | $233.63M | $198.75M | $149.10M | $127.60M | $114.64M | - |
| Short-term debt | $359.77M | $0 | - | - | $0 | $7.58M | $7.58M | $5.67M | $10.34M | - |
| Long-term debt | $0 | $357.93M | $356.09M | $564.26M | $561.30M | $3.14M | $10.70M | $18.24M | $23.49M | - |
| Total debt | $359.77M | $357.93M | $356.09M | $564.26M | $561.30M | $10.72M | $18.28M | $23.91M | $33.83M | - |
| Total liabilities | $669.26M | $636.24M | $656.47M | $831.37M | $821.54M | $229.92M | $186.96M | $147.83M | $140.07M | - |
| Shareholders' equity | $630.32M | $575.38M | $381.07M | $248.88M | $259.52M | $299.31M | $259.42M | $243.75M | -$31.37M | -$30.13M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $248.26M | $153.56M | $52.71M | $11.50M | $10.84M | $22.36M | $1.06M | $13.74M | -$4.00M | $3.15M |
| Capital expenditures | $5.79M | $3.53M | $692.0K | $1.25M | $1.03M | $6.32M | $10.75M | $3.00M | $1.83M | $846.0K |
| Free cash flow | $242.47M | $150.03M | $52.02M | $10.25M | $9.81M | $16.05M | -$9.69M | $10.74M | -$5.83M | $2.30M |
| Investing cash flow | -$136.94M | $137.57M | $88.27M | -$69.47M | -$428.98M | -$4.15M | -$100.92M | -$6.84M | -$2.32M | -$475.0K |
| Financing cash flow | -$138.00M | -$81.96M | -$139.79M | $1.14M | $537.74M | $54.64M | $29.40M | $112.06M | $27.74M | $5.23M |
| Share repurchases | $135.96M | $100.00M | $0 | $0 | - | - | - | - | - | - |
| Stock-based compensation | $65.39M | $68.39M | $74.19M | $75.50M | $53.59M | $25.51M | $18.80M | $10.36M | $6.85M | $7.27M |
| Depreciation and amortization | $25.71M | $14.81M | $9.45M | $8.06M | - | - | - | - | - | - |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 2.4% | 11.6% | 11.5% | 23.0% | 34.6% | 24.3% | 18.6% | 25.1% | 23.2% | - |
| Net income growth, YoY | -46.5% | 359.8% | - | - | - | - | - | - | - | - |
| EPS growth, YoY | -44.7% | 2433.3% | - | - | - | - | - | - | - | - |
| Gross margin | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | 72.1% | 70.7% | 67.8% | 67.7% | 61.9% |
| Operating margin | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% | -6.0% | -6.2% | -4.6% | -1.5% | -8.8% |
| Net margin | 14.7% | 28.0% | 6.8% | -14.5% | -11.2% | -6.1% | -5.5% | -7.9% | -2.0% | -9.9% |
| Free cash flow margin | 30.8% | 19.5% | 7.5% | 1.7% | 2.0% | 4.3% | -3.2% | 4.2% | -2.9% | 1.4% |
| Return on equity | 18.3% | 37.5% | 12.3% | -36.1% | -21.7% | -7.6% | -6.4% | -8.2% | - | - |
| Return on assets | 8.9% | 17.8% | 4.5% | -8.3% | -5.2% | -4.3% | -3.7% | -5.1% | -1.5% | - |
| Current ratio | 1.46 | 3.39 | 3.01 | 3.76 | 3.98 | 1.82 | 1.88 | 2.01 | 1.26 | - |
| Debt to equity | 0.57 | 0.62 | 0.93 | 2.27 | 2.16 | 0.04 | 0.07 | 0.10 | - | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $185.60M | $191.66M | $195.48M | $198.41M | $201.73M | $194.94M | $192.71M | $191.48M | $193.78M | $193.13M | $190.94M | $183.93M |
| Cost of revenue | $44.30M | $45.29M | $44.64M | $43.67M | $45.84M | $43.43M | $41.81M | $42.64M | $43.41M | $43.85M | $44.19M | $45.87M |
| Gross profit | $141.29M | $146.37M | $150.84M | $154.74M | $155.89M | $151.51M | $150.90M | $148.84M | $150.37M | $149.28M | $146.74M | $138.07M |
| Research and development | $34.89M | $43.89M | $43.31M | $47.05M | $47.49M | $44.84M | $46.15M | $53.49M | $50.41M | $52.47M | $52.92M | $46.22M |
| Selling, general and admin | $36.80M | $36.88M | $35.16M | $41.66M | $41.26M | $35.66M | $28.05M | $35.60M | $31.28M | $29.92M | $32.00M | $32.00M |
| Operating income | $34.59M | $28.14M | $32.72M | $28.29M | $29.76M | $32.56M | $38.69M | $13.58M | $20.79M | $17.78M | $13.05M | $8.43M |
| Pre-tax income | $38.54M | $32.10M | $37.71M | $34.05M | $35.67M | $38.44M | $45.01M | $18.37M | $28.88M | $23.40M | $19.77M | $15.82M |
| Income tax | $6.73M | $6.70M | $6.25M | $18.42M | $6.34M | $5.72M | $7.28M | -$128.79M | $1.13M | $1.18M | $1.33M | -$1.56M |
| Net income | $31.81M | $25.40M | $31.46M | $15.63M | $29.34M | $32.73M | $37.73M | $147.17M | $27.76M | $22.22M | $18.44M | $17.37M |
| EPS, basic | $0.25 | $0.21 | $0.25 | $0.12 | $0.22 | $0.25 | $0.28 | $1.09 | $0.21 | $0.17 | $0.14 | $0.13 |
| EPS, diluted | $0.25 | $0.20 | $0.24 | $0.12 | $0.21 | $0.24 | $0.27 | $1.02 | $0.20 | $0.17 | $0.13 | $0.12 |
| Diluted shares | 128.3M | 130.0M | 135.7M | - | 139.7M | 140.2M | 142.8M | - | 139.3M | 138.3M | 143.7M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $227.99M | $476.04M | $328.40M | $294.36M | $476.01M | $506.90M | $524.19M | $505.59M | $506.87M | $405.85M | $251.99M | $79.64M |
| Short-term investments | $76.35M | $138.20M | $251.33M | $378.43M | $382.26M | $343.51M | $317.62M | $316.34M | $312.72M | $314.94M | $465.94M | $470.46M |
| Receivables | $79.31M | $76.46M | $75.91M | $76.24M | $76.43M | $71.23M | $77.92M | $75.49M | $69.45M | $116.52M | $114.40M | $103.06M |
| Current assets | $567.90M | $908.99M | $883.30M | $950.83M | $948.95M | $938.98M | $938.01M | $911.05M | $904.29M | $855.66M | $848.02M | $883.37M |
| Goodwill | $149.19M | $149.19M | $149.19M | $149.19M | $150.47M | $141.47M | $121.06M | $121.06M | $118.22M | $118.22M | $118.22M | $118.22M |
| Total assets | $931.10M | $1.27B | $1.24B | $1.30B | $1.31B | $1.26B | $1.24B | $1.21B | $1.06B | $1.01B | $1.00B | $1.04B |
| Current liabilities | $252.29M | $638.25M | $647.20M | $650.17M | $660.48M | $279.62M | $274.70M | $268.43M | $284.44M | $285.10M | $289.49M | $293.00M |
| Short-term debt | $0 | $360.69M | $360.23M | $359.77M | $359.31M | - | - | $0 | - | - | - | - |
| Long-term debt | - | - | - | $0 | $0 | $358.85M | $358.39M | $357.93M | $357.47M | $357.01M | $356.55M | $356.09M |
| Total debt | $0 | $360.69M | $360.23M | $359.77M | $359.31M | $358.85M | $358.39M | $357.93M | $357.47M | $357.01M | $356.55M | $356.09M |
| Total liabilities | $277.07M | $663.14M | $672.33M | $669.26M | $683.08M | $653.06M | $645.72M | $636.24M | $651.49M | $647.47M | $651.94M | $656.47M |
| Shareholders' equity | $654.02M | $611.27M | $569.63M | $630.32M | $628.13M | $608.65M | $594.34M | $575.38M | $411.17M | $361.10M | $348.88M | $381.07M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $65.95M | $46.87M | $23.02M | $63.70M | $75.08M | $72.51M | $36.97M | $38.58M | $60.96M | $39.20M | $14.81M | $20.15M |
| Capital expenditures | $4.15M | $1.62M | $1.72M | $455.0K | $482.0K | $2.38M | $2.47M | $1.55M | $1.20M | $598.0K | $177.0K | $134.0K |
| Free cash flow | $61.80M | $45.26M | $21.30M | $63.25M | $74.60M | $70.13M | $34.49M | $37.03M | $59.76M | $38.60M | $14.64M | $20.01M |
| Investing cash flow | $49.55M | $102.94M | $118.21M | $1.23M | -$81.50M | -$51.45M | -$5.22M | -$21.04M | $2.08M | $150.39M | $6.14M | -$63.44M |
| Financing cash flow | -$392.21M | -$12.60M | -$84.25M | -$62.03M | -$24.47M | -$38.35M | -$13.14M | -$18.82M | $37.98M | -$35.74M | -$65.38M | $10.52M |
| Share repurchases | $0 | $1.83M | $107.89M | $34.04M | $31.00M | $37.87M | $33.05M | $0 | $0 | $33.12M | $66.88M | $0 |
| Stock-based compensation | $9.17M | $14.12M | $15.42M | $17.35M | $19.79M | $15.98M | $12.27M | $13.63M | $18.58M | $19.24M | $16.94M | $18.05M |
| Depreciation and amortization | $11.35M | $8.78M | $9.10M | $7.02M | $7.95M | $5.88M | $4.86M | $4.37M | $3.67M | $3.63M | $3.15M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -8.0% | -1.7% | 1.4% | 3.6% | 4.1% | 0.9% | 0.9% | 4.1% | 10.3% | 14.5% | 18.7% | 13.9% |
| Net income growth, YoY | 8.4% | -22.4% | -16.6% | -89.4% | 5.7% | 47.3% | 104.6% | 747.0% | 69.9% | - | 7.4% | - |
| EPS growth, YoY | 19.0% | -16.7% | -11.1% | -88.2% | 5.0% | 41.2% | 107.7% | 750.0% | 66.7% | - | - | - |
| Gross margin | 76.1% | 76.4% | 77.2% | 78.0% | 77.3% | 77.7% | 78.3% | 77.7% | 77.6% | 77.3% | 76.9% | 75.1% |
| Operating margin | 18.6% | 14.7% | 16.7% | 14.3% | 14.8% | 16.7% | 20.1% | 7.1% | 10.7% | 9.2% | 6.8% | 4.6% |
| Net margin | 17.1% | 13.3% | 16.1% | 7.9% | 14.5% | 16.8% | 19.6% | 76.9% | 14.3% | 11.5% | 9.7% | 9.4% |
| Free cash flow margin | 33.3% | 23.6% | 10.9% | 31.9% | 37.0% | 36.0% | 17.9% | 19.3% | 30.8% | 20.0% | 7.7% | 10.9% |
| Current ratio | 2.25 | 1.42 | 1.36 | 1.46 | 1.44 | 3.36 | 3.41 | 3.39 | 3.18 | 3.00 | 2.93 | 3.01 |
| Debt to equity | 0.00 | 0.59 | 0.63 | 0.57 | 0.57 | 0.59 | 0.60 | 0.62 | 0.87 | 0.99 | 1.02 | 0.93 |
Source: XBRL data Upwork Inc. files with the SEC, latest filing dated Nov 2, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| UPWK | $771.15M | -1.2% | $104.31M | 13.5% | $1.26B |
| SHOP | $14.17B | +32.5% | $2.13B | 15.0% | $191.58B |
| HUBS | $3.59B | +20.1% | $213.29M | 5.9% | $9.80B |
| FVRR | $430.91M | +10.1% | $20.98M | 4.9% | $298.4M |