Upwork Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Upwork Inc. reported revenue of $787.8M (+2.4% year on year) and net income of $115.4M (-46.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $787.8M | $769.3M | $689.1M | $618.3M |
| Cost of revenue | $174.8M | $174.1M | $170.4M | $160.4M |
| Gross profit | $613.0M | $595.2M | $518.7M | $457.9M |
| Research and development | $185.5M | $209.3M | $177.4M | $154.6M |
| Sales and marketing | $143.4M | $185.2M | $220.7M | $246.9M |
| General and administrative | $146.6M | $128.8M | $118.9M | $124.0M |
| Provision for transaction losses | $8.1M | $6.7M | $13.0M | $25.2M |
| Total operating expenses | $483.7M | $530.0M | $529.9M | $550.5M |
| Income (loss) from operations | $129.3M | $65.2M | ($11.3M) | ($92.6M) |
| Other income, net | $23.9M | $25.2M | $60.1M | ($7.8M) |
| Income before income taxes | $153.2M | $90.4M | $48.9M | ($89.3M) |
| Income tax (provision) benefit | ($37.8M) | $125.2M | ($2.0M) | ($536.0K) |
| Net income | $115.4M | $215.6M | $46.9M | ($89.9M) |
| Basic (in dollars per share) | $0.87 | $1.61 | $0.35 | -$0.69 |
| Diluted (in dollars per share) | $0.84 | $1.52 | $0.06 | -$0.69 |
| Basic (in shares) | 132.5M | 133.6M | 134.8M | 130.5M |
| Diluted (in shares) | 140.7M | 143.2M | 137.3M | 130.5M |
| Net unrealized holding gain on marketable securities, net | $490.0K | $59.0K | $3.3M | ($2.6M) |
| Total comprehensive income | $115.9M | $215.6M | $50.2M | ($92.4M) |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenue | $191.7M | $195.5M | $201.7M | $194.9M |
| Cost of revenue | $45.3M | $44.6M | $45.8M | $43.4M |
| Gross profit | $146.4M | $150.8M | $155.9M | $151.5M |
| Research and development | $43.9M | $43.3M | $47.5M | $44.8M |
| Sales and marketing | $34.9M | $37.4M | $35.0M | $36.7M |
| General and administrative | $36.9M | $35.2M | $41.3M | $35.7M |
| Provision for transaction losses | $2.5M | $2.2M | $2.4M | $1.8M |
| Total operating expenses | $118.2M | $118.1M | $126.1M | $118.9M |
| Income from operations | $28.1M | $32.7M | $29.8M | $32.6M |
| Other income, net | $4.0M | $5.0M | $5.9M | $5.9M |
| Income before income taxes | $32.1M | $37.7M | $35.7M | $38.4M |
| Income tax provision | ($6.7M) | ($6.2M) | ($6.3M) | ($5.7M) |
| Net income | $25.4M | $31.5M | $29.3M | $32.7M |
| Basic (in dollars per share) | $0.21 | $0.25 | $0.22 | $0.25 |
| Diluted (in dollars per share) | $0.20 | $0.24 | $0.21 | $0.24 |
| Basic (in shares) | 123.9M | 128.1M | 132.0M | 132.2M |
| Diluted (in shares) | 130.0M | 135.7M | 139.7M | 140.2M |
| Net unrealized holding (loss) gain on marketable securities, net | ($178.0K) | ($615.0K) | $143.0K | $176.0K |
| Total comprehensive income | $25.2M | $30.8M | $29.5M | $32.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $294.4M | $305.8M | $79.6M | $129.4M |
| Marketable securities | $378.4M | $316.3M | $470.5M | $557.2M |
| Funds held in escrow, including funds in transit | $180.8M | $195.7M | $212.4M | $161.5M |
| Trade and client receivables – net of allowance of $5,919 and $4,646 as of December 31, 2025 and 2024, respectively | $76.2M | $75.5M | $103.1M | $64.9M |
| Prepaid expenses and other current assets | $21.1M | $17.7M | $17.8M | $17.9M |
| Total current assets | $950.8M | $911.1M | $883.4M | $930.9M |
| Property and equipment, net | $44.4M | $30.1M | $27.1M | $22.1M |
| Goodwill | $149.2M | $121.1M | $118.2M | $118.2M |
| Intangible assets, net | $37.2M | $13.0M | $3.0M | — |
| Operating lease asset | $5.0M | $5.8M | $4.3M | $7.6M |
| Deferred tax asset | $111.5M | $128.8M | — | — |
| Other assets, noncurrent | $1.5M | $1.9M | $1.4M | $1.5M |
| Total assets | $1.3B | $1.2B | $1.0B | $1.1B |
| Accounts payable | $7.9M | $6.1M | $5.1M | $7.5M |
| Escrow funds payable | $180.8M | $195.7M | $212.4M | $161.5M |
| Debt, current | $359.8M | — | — | — |
| Accrued expenses and other current liabilities | $94.0M | $59.3M | $58.2M | $53.6M |
| Deferred revenue, current | $7.8M | $7.3M | $17.4M | $25.1M |
| Total current liabilities | $650.2M | $268.4M | $293.0M | $247.7M |
| Debt, noncurrent | $0 | $357.9M | $356.1M | $564.3M |
| Operating lease liability, noncurrent | $9.7M | $9.6M | $6.1M | $11.2M |
| Other liabilities, noncurrent | $9.4M | $308.0K | $1.3M | $8.2M |
| Total liabilities | $669.3M | $636.2M | $656.5M | $831.4M |
| Common stock, $0.0001 par value; 490,000,000 shares authorized as of December 31, 2025 and 2024; 130,545,236 and 135,348,453 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 13.0K | 14.0K | 14.0K | 13.0K |
| Additional paid-in capital | $592.6M | $653.6M | $674.9M | $592.9M |
| Accumulated and other comprehensive income | $754.0K | $264.0K | $205.0K | ($3.1M) |
| Retained earnings (accumulated deficit) | $36.9M | ($78.5M) | ($294.1M) | ($340.9M) |
| Total stockholders’ equity | $630.3M | $575.4M | $381.1M | $248.9M |
| Total liabilities and stockholders’ equity | $1.3B | $1.2B | $1.0B | $1.1B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $476.0M | $328.4M | $260.8M | $291.1M |
| Marketable securities | $138.2M | $251.3M | $382.3M | $343.5M |
| Funds held in escrow, including funds in transit | $193.3M | $203.7M | $211.4M | $212.0M |
| Trade and client receivables – net of allowance of $6,754 and $5,919 as of June 30, 2026 and December 31, 2025, respectively | $76.5M | $75.9M | $76.4M | $71.2M |
| Prepaid expenses and other current assets | $25.0M | $24.0M | $18.0M | $21.1M |
| Total current assets | $909.0M | $883.3M | $949.0M | $939.0M |
| Property and equipment, net | $58.6M | $49.3M | $40.4M | $38.1M |
| Goodwill | $149.2M | $149.2M | $150.5M | $141.5M |
| Intangible assets, net | $31.3M | $34.2M | $39.7M | $9.5M |
| Operating lease asset | $12.2M | $12.7M | $5.2M | $5.4M |
| Deferred tax asset | $109.9M | $111.4M | $125.1M | $126.7M |
| Other assets, noncurrent | $4.2M | $1.9M | $1.5M | $1.5M |
| Total assets | $1.3B | $1.2B | $1.3B | $1.3B |
| Accounts payable | $7.0M | $11.1M | $8.5M | $1.0M |
| Escrow funds payable | $193.3M | $203.7M | $211.4M | $212.0M |
| Debt, current | $360.7M | $360.2M | $359.3M | — |
| Accrued expenses and other current liabilities | $68.7M | $64.0M | $73.3M | $58.8M |
| Deferred revenue | $8.6M | $8.2M | $7.9M | $7.8M |
| Total current liabilities | $638.2M | $647.2M | $660.5M | $279.6M |
| Operating lease liability, noncurrent | $14.4M | $15.2M | $10.1M | $10.4M |
| Other liabilities, noncurrent | $10.5M | $9.9M | $12.5M | $4.2M |
| Total liabilities | $663.1M | $672.3M | $683.1M | $653.1M |
| Common stock, $0.0001 par value; 490,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 124,797,586 and 130,545,236 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 12.0K | 12.0K | 13.0K | 13.0K |
| Additional paid-in capital | $517.5M | $501.1M | $605.9M | $615.9M |
| Accumulated and other comprehensive (loss) income | ($39.0K) | $139.0K | $867.0K | $724.0K |
| Retained earnings | $93.8M | $68.4M | $21.3M | ($8.0M) |
| Total stockholders’ equity | $611.3M | $569.6M | $628.1M | $608.7M |
| Total liabilities and stockholders’ equity | $1.3B | $1.2B | $1.3B | $1.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $115.4M | $215.6M | $46.9M | ($89.9M) |
| Provision for transaction losses | $6.7M | $5.5M | $8.7M | $23.3M |
| Depreciation and amortization | $25.7M | $14.8M | $9.4M | $8.1M |
| Amortization of debt issuance costs | $1.8M | $1.8M | $2.1M | $3.0M |
| Accretion of discount on purchases of marketable securities, net | ($8.2M) | ($11.9M) | ($14.4M) | ($1.5M) |
| Amortization of operating lease asset | $741.0K | $2.8M | $3.3M | $3.1M |
| Tides Foundation common stock warrant expense | $750.0K | $750.0K | $750.0K | $750.0K |
| Stock-based compensation expense | $65.4M | $68.4M | $74.2M | $75.5M |
| Deferred taxes | $18.5M | ($129.3M) | — | — |
| Gain on early extinguishment of convertible senior notes | $0 | $0 | ($38.9M) | — |
| Trade and client receivables | ($3.3M) | ($4.8M) | ($47.7M) | ($20.2M) |
| Prepaid expenses and other assets | ($2.6M) | ($656.0K) | $146.0K | ($630.0K) |
| Operating lease liability | $188.0K | ($4.4M) | ($5.9M) | ($5.4M) |
| Accounts payable | ($1.2M) | $969.0K | ($2.5M) | $2.6M |
| Accrued expenses and other liabilities | $27.7M | $4.7M | $5.7M | $3.7M |
| Deferred revenue | $489.0K | ($10.9M) | ($14.5M) | $4.3M |
| Net cash provided by operating activities | $248.3M | $153.6M | $27.2M | $6.6M |
| Purchases of marketable securities | ($485.2M) | ($362.3M) | ($709.2M) | ($581.9M) |
| Proceeds from maturities of marketable securities | $420.4M | $486.9M | $648.8M | $521.2M |
| Proceeds from sale of marketable securities | $11.3M | $41.8M | $165.0M | — |
| Purchase of an intangible asset | $0 | $0 | ($3.0M) | — |
| Acquisition of business, net of cash acquired | ($58.4M) | ($14.3M) | — | — |
| Purchases of property and equipment | ($5.8M) | ($3.5M) | ($692.0K) | ($1.2M) |
| Internal-use software and platform development costs | ($19.3M) | ($10.9M) | ($12.7M) | ($7.5M) |
| Net cash (used in) provided by investing activities | ($136.9M) | $137.6M | $88.3M | ($69.5M) |
| Change in escrow funds payable, net | ($6.7M) | $10.0M | — | — |
| Proceeds from exercises of stock options and common stock warrant | $750.0K | $3.3M | $2.0M | $1.6M |
| Proceeds from employee stock purchase plan | $3.9M | $4.8M | $4.1M | $3.8M |
| Net cash paid for early extinguishment of convertible senior notes | $0 | $0 | ($171.3M) | — |
| Repurchase of common stock | ($136.0M) | ($100.0M) | — | — |
| Net cash used in financing activities | ($138.0M) | ($82.0M) | ($114.3M) | $6.1M |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ($26.7M) | $209.2M | $1.2M | ($56.8M) |
| Cash, cash equivalents, and restricted cash—beginning of period | $505.6M | $296.4M | $295.2M | $352.1M |
| Cash, cash equivalents, and restricted cash—end of period | $478.9M | $505.6M | — | — |
| Cash paid for income taxes | $13.5M | $4.6M | $2.0M | — |
| Cash paid for interest | $1.2M | $920.0K | $1.3M | $1.5M |
| Right-of-use asset recognized | $0 | $4.4M | — | — |
| Property and equipment purchased but not yet paid | $0 | $26.0K | $27.0K | $0 |
| Internal-use software and platform development costs incurred but not yet paid | $1.1M | $400.0K | $215.0K | $73.0K |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $56.9M | $31.5M | $99.8M | $70.5M |
| Provision for transaction losses | $4.1M | $1.9M | $5.7M | $3.6M |
| Depreciation and amortization | $17.9M | $9.1M | $18.7M | $10.7M |
| Amortization of debt issuance costs | $921.0K | $460.0K | $1.4M | $921.0K |
| Accretion of discount on purchases of marketable securities, net | ($2.8M) | ($1.9M) | ($5.7M) | ($3.5M) |
| Amortization of operating lease asset | $836.0K | $397.0K | $564.0K | $385.0K |
| Tides Foundation common stock warrant expense | $375.0K | $188.0K | $563.0K | $375.0K |
| Stock-based compensation expense | $29.5M | $15.4M | $48.0M | $28.2M |
| Deferred taxes | $1.6M | $93.0K | ($399.0K) | $2.1M |
| Loss on disposal of fixed assets | $178.0K | — | — | — |
| Trade and client receivables | ($1.4M) | ($784.0K) | ($1.7M) | $360.0K |
| Prepaid expenses and other assets | ($5.6M) | ($3.5M) | $40.0K | ($3.3M) |
| Operating lease liability | ($556.0K) | ($25.0K) | $600.0K | $808.0K |
| Accounts payable | ($845.0K) | $3.1M | ($504.0K) | ($5.1M) |
| Accrued expenses and other liabilities | ($32.1M) | ($33.5M) | $16.8M | $2.9M |
| Deferred revenue | $811.0K | $435.0K | $667.0K | $533.0K |
| Net cash provided by operating activities | $69.9M | $23.0M | $184.6M | $109.5M |
| Purchases of marketable securities | $0 | $0 | ($365.9M) | ($259.1M) |
| Proceeds from maturities of marketable securities | $240.2M | $128.3M | $302.7M | $232.4M |
| Proceeds from sale of marketable securities | $2.0M | $0 | $3.6M | $3.5M |
| Acquisition of business, net of cash acquired | $0 | — | ($59.8M) | ($20.4M) |
| Purchases of property and equipment | ($3.3M) | ($1.7M) | ($5.3M) | ($4.9M) |
| Internal-use software and platform development costs | ($17.7M) | ($8.4M) | ($13.4M) | ($8.2M) |
| Net cash provided by (used in) investing activities | $221.2M | $118.2M | ($138.2M) | ($56.7M) |
| Change in escrow funds payable, net | $11.7M | $23.6M | $23.0M | $16.6M |
| Proceeds from exercises of stock options and common stock warrants | $769.0K | $83.0K | $729.0K | $653.0K |
| Proceeds from employee stock purchase plan | $1.6M | — | $2.2M | $2.2M |
| Repurchase of common stock | ($109.7M) | ($107.9M) | ($101.9M) | ($70.9M) |
| Payment of debt issuance costs | ($1.2M) | — | — | — |
| Net cash used in financing activities | ($96.8M) | ($84.3M) | ($76.0M) | ($51.5M) |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | $194.2M | $57.0M | ($29.6M) | $1.3M |
| Cash, cash equivalents, and restricted cash—beginning of period | $478.9M | $478.9M | $505.6M | $505.6M |
| Cash, cash equivalents, and restricted cash—end of period | $673.1M | $535.9M | $476.0M | $506.9M |
| Cash paid for income taxes | $16.4M | $500.0K | $10.4M | $5.6M |
| Cash paid for interest | $576.0K | $559.0K | $899.0K | $451.0K |
| Right-of-use asset recognized | $8.0M | $8.0M | $0 | — |
| Property and equipment purchased but not yet paid | $2.7M | $150.0K | $54.0K | $51.0K |
| Internal-use software and platform development costs incurred but not yet paid | $691.0K | $345.0K | $479.0K | $479.0K |
Upwork Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.