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NASDAQ · SERVICES-COMPUTER PROCESSING & DATA PREPARATION · LARGE CAP

Upwork, Inc. UPWK

10 fiscal years on record · USD · FY2025 reported · SEC filings only
$787.8M
▲ 2.4% YoY
$115.4M
▼ 46.5% YoY
$242.5M
▲ 61.6% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

As of December 31, 2025, it had approximately 630 employees, and throughout 2025 it engaged approximately 1,600 independent team members through its platforms and other workforce solutions. Its principal executive office is located in Palo Alto, California, and its mailing address is in West Valley City, Utah. Its portfolio of platforms and other workforce solutions includes the Upwork Marketplace, which connects businesses with on-demand access to highly skilled independent talent worldwide, and Lifted, its wholly owned subsidiary that provides a solution for enterprise organizations to source, contract, manage, and pay talent across the full spectrum of contingent work. Revenue is primarily derived through the Upwork Marketplace, which charges fees to talent as a percentage of their billings to clients and fees to clients as a percentage of payment to talent.

Written from the business description in UPWORK INC's annual report to the U.S. Securities and Exchange Commission, filed 13 February 2026. Every sentence was checked against that document before publication.

Growth

USD 787.8M
Revenue, FY2025 · full 10-year series below
Revenue $M Net income $M
FY2025 · Revenue 787.8 · Net income 115.4
300M600M-40M-80M
2016201920222025
Compound annual growth
+8.4%
+16.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +16.1% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

15 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 16.4% · Net 14.7%
10%20%-5%-10%
201620202025
ROE
FY2025 · ROE 19.1%
20%40%-10%-20%-30%
201620202025
Three returns, three denominators.

Each USD of equity produced 19 cents of profit this year.

Cash & shareholders

USD 136.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 242.5
100M200M
201620202025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 136.0
50M100M
2022202320242025

USD 136.0M in buybacks — 118% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 1.3B
EquityUSD 630.3M
CashUSD 294.4M
Gross debtUSD 359.8M
Net debtUSD 65.4M
Current ratio1.46×

Net debt stands at 10% of equity.

The 10-year record

10 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
UPWK, 10-year financial record
Metric 2025202420232022202120202019201820172016
Revenue $B0.80.80.70.60.50.40.30.30.20.2
Operating income $B0.10.1−0.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0
EBITDA $B0.20.1−0.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0
Income tax $B0.0−0.10.00.00.00.00.00.0−0.0−0.0
Net income $B0.10.20.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0
Free cash flow $B0.20.20.10.00.00.0−0.00.0−0.00.0
EPS, diluted $0.841.520.06−0.69−0.44−0.19−0.15−0.38−0.32−0.51
Dividend / sh $◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend——————————
ROE %19.145.114.9−35.4−20.1−8.2−6.6———
Shares out B0.130.140.140.130.130.120.110.110.03◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 48 reconciliationsAUDITED

Reconciled in 10 of the 10 fiscal years we could check. 20 checks were skipped: the balance sheet is not tagged before 2017. Nine checks were skipped: EPS is not tagged before 2016. Nine checks were skipped: revenue is not tagged before 2016.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-Computer Processing & Data Preparation
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2016

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