Upwork Inc. (UPWK) — Financial statements
Income statement, balance sheet, and cash flow for Upwork Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 788↑2.4% | 769↑11.6% | 689↑11.5% | 618↑23.0% | 503 | |
| Cost of Revenue | 175↑0.4% | 174↑2.1% | 170↑6.3% | 160↑18.4% | 136 | |
| Gross Profit | 613↑3.0% | 595↑14.8% | 519↑13.3% | 458↑24.7% | 367 | |
| Operating Expenses | ||||||
| R&D Expenses | 189↓9.5% | 209↑18.0% | 177↑14.8% | 155↑29.8% | 119 | |
| General & Administrative Expenses | 145↑12.4% | 129↑8.3% | 119↓4.1% | 124↑9.6% | 113 | |
| Selling & Marketing Expenses | 143↓22.6% | 185↓16.1% | 221↓10.6% | 247↑34.7% | 183 | |
| SG&A Expenses | 288↓8.2% | 314↓7.5% | 340↓8.4% | 371↑25.1% | 296 | |
| Other Expenses | 6↓7.3% | 7↓48.2% | 13↓48.4% | 25↑315.9% | 6 | |
| Operating Expenses | 484↓8.7% | 530↑0.0% | 530↓3.7% | 551↑30.6% | 422 | |
| Total Costs & Expenses | 658↓6.5% | 704↑0.5% | 700↓1.5% | 711↑27.6% | 557 | |
| Operating Results | ||||||
| Operating Income | 129↑98.3% | 65↑679.1% | -11↑87.8% | -93↓70.8% | -54 | |
| Depreciation & Amortization | 22↑27.3% | 18↑38.8% | 13↑14.2% | 11↓19.3% | 14 | |
| EBITDA | 163↑97.3% | 83↑5582.9% | 1↑101.8% | -81↓103.0% | -40 | |
| EBIT | 141↑116.2% | 65↑679.1% | -11↑87.8% | -93↓71.7% | -54 | |
| Interest & Other Income | ||||||
| Net Interest Income | 13↓54.3% | 28 | 0.00↑100.0% | -4↓105.6% | -2 | |
| Interest Income | 14↓56.0% | 31 | 0.00 | 0.00 | 0.00 | |
| Interest Expense | 0.70↓74.1% | 3 | 0.00↓100.0% | 4↑105.6% | 2 | |
| Non-Operating Income | -12 | 0.00 | 0.00 | 0.00↑100.0% | -0.28 | |
| Other Income / Expenses | 24↓5.4% | 25↓58.1% | 60↑1736.2% | 3↑272.3% | -2 | |
| Income Before Tax | 153↑69.4% | 90↑85.0% | 49↑154.7% | -89↓59.2% | -56 | |
| Income Tax Expense | 38↑130.2% | -125↓6389.4% | 2↑271.3% | 0.54↑339.3% | 0.12 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 115↓46.5% | 216↑359.8% | 47↑152.2% | -90↓59.8% | -56 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 115↓46.5% | 216↑359.8% | 47↑152.2% | -90↓59.8% | -56 | |
| Bottom-Line Net Income | 117↓46.1% | 218↑364.6% | 47↑152.2% | -90↓59.8% | -56 | |
| EPS (Basic) | 0.87↓46.0% | 1.61↑360.0% | 0.35↑150.7% | -0.69↓56.8% | -0.44 | |
| EPS (Diluted) | 0.83↓45.4% | 1.52↑347.1% | 0.34↑149.3% | -0.69↓56.8% | -0.44 | |
| Weighted Average Shares | 131↓2.2% | 134↓0.9% | 135↑3.3% | 131↑2.6% | 127 | |
| Weighted Average Diluted Shares | 139↓2.6% | 143↑4.3% | 137↑5.2% | 131↑2.6% | 127 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.