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Upwork

UPWK Nasdaq Human Resource & Employment Services Financials FY2016–FY2025

Upwork's revenue rose 2.4% to $788 million in fiscal 2025. Its operating margin was 16.4%, up from 8.5% a year earlier. Free cash flow was $242 million, up 61.6%. It paid out $136 million in dividends and buybacks, 56% of free cash flow. The diluted share count fell 1.7%.

Last close · Oct 23, 2026

$9.48

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$788M
2.4% vs prior year
Operating margin Operating income as a share of revenue.
16.4%
7.9 pts
Net income Profit after all expenses, interest and tax.
$115M
46.5%
Free cash flow Cash from operations minus capital spending.
$242M
61.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
31.0%
4.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
12.3x
On $0.77 EPS (TTM)

What Upwork does

No business description yet.

Legal name
UPWORK INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001627475-26-000012
0001627475

Revenue and margins

Upwork had $788M of revenue in fiscal 2025, up 2.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $242M in fiscal 2025, 30.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Upwork returned $136M to shareholders in fiscal 2025, 56% of free cash flow. The diluted share count fell 1.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Upwork yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $313M and divides by 140.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 12.3x · peers 25.6x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Upwork can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $685M$687M$550M$622M$673M
Debt incl. finance leases $561M$564M$356M$358M$360M
Net debt / EBITDA ———−3.3x−2.0x
Debt / equity 2.2x2.3x0.9x0.6x0.6x
Interest coverage −24.9x−20.7x−8.5x70.9x105.4x
Current ratio 4.0x3.8x3.0x3.4x1.5x
Quick ratio 4.0x3.8x3.0x3.4x1.5x
Total assets $1.1B$1.1B$1.0B$1.2B$1.3B
Total liabilities $822M$831M$657M$636M$669M
Shareholders' equity $260M$249M$381M$575M$630M
Net debt (− = net cash) −$124M−$122M−$194M−$264M−$313M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.8M

4 insiders

Of sales under plans

34%

$0.6M

DateInsiderTradeSharesPriceValueFiling
Oct 19, 2026 Anthony Ray KappusGM & Chief Operating Officer Sold 559 $8.43 $0.0M Form 4
Sep 18, 2026 Anthony Ray KappusGM & Chief Operating Officer Sold 45,732 $8.45 $0.4M Form 4
Sep 18, 2026 Erica GessertChief Financial Officer Sold 9,336 $8.45 $0.1M Form 4
Sep 18, 2026 Hayden BrownPresident & CEO, Director Sold 23,893 $8.45 $0.2M Form 4
Sep 18, 2026 Sabrina MekhalfaChief Accounting Officer Sold 1,299 $8.45 $0.0M Form 4
Aug 18, 2026 Anthony Ray KappusGM & Chief Operating Officer Sold 1,964 $8.43 $0.0M Form 4
Aug 18, 2026 Erica GessertChief Financial Officer Sold 22,844 $8.43 $0.2M Form 4
Aug 18, 2026 Hayden BrownPresident & CEO, Director Sold plan 73,241 $8.43 $0.6M Form 4
Jul 18, 2026 Anthony Ray KappusGM & Chief Operating Officer Sold 558 $9.06 $0.0M Form 4
Jun 18, 2026 Erica GessertChief Financial Officer Sold 9,169 $8.15 $0.1M Form 4
Jun 18, 2026 Hayden BrownPresident & CEO, Director Sold 23,468 $8.15 $0.2M Form 4
Jun 18, 2026 Sabrina MekhalfaChief Accounting Officer Sold 1,276 $8.15 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 7 / 97 / 96 / 9
Accruals ratio −0.6%5.5%−10.6%
Altman Z'' 3.354.583.27

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Upwork UPWK $1.2B 2.4% 16.4% 30.8% 31.0% 12.3x 6
Paylocity PCTY $9.7B 11.0% 21.8% 28.1% 26.5% 36.0x 8 Compare →
Korn Ferry KFY $4.0B 6.4% 12.8% 11.0% 21.9% 14.8x 8 Compare →
Paychex PAYX $42.1B 16.9% 38.6% 35.7% 26.2% 23.4x 6 Compare →
Automatic Data Processing ADP $122.7B 6.7% — 23.9% 68.8% 27.8x 9 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $164M $203M $253M $301M $374M $503M $618M $689M $769M $788M
Gross profit $102M $137M $172M $212M $269M $367M $458M $519M $595M $613M
Research and development $37.9M $45.6M $55.5M $64.0M $83.5M $119M $155M $177M $209M $186M
Operating income −$14.5M −$3.1M −$11.7M −$18.7M −$22.4M −$54.2M −$92.6M −$11.3M $65.2M $129M
Interest expense $0.9M $1.0M $2.0M $1.3M $0.8M $2.2M $4.5M $1.3M $0.9M $1.2M
Pretax income −$16.2M −$4.1M −$19.9M −$16.6M −$22.7M −$56.1M −$89.3M $48.9M $90.4M $153M
Income tax $0.0M $0.0M $0.0M $0.0M $0.1M $0.1M $0.5M $2.0M −$125M $37.8M
Net income −$16.2M −$4.1M −$19.9M −$16.7M −$22.9M −$56.2M −$89.9M $46.9M $216M $115M
Diluted EPS −$0.51 −$0.32 −$0.38 −$0.15 −$0.19 −$0.44 −$0.69 $0.06 $1.52 $0.84
Diluted shares 0.03B 0.03B 0.05B 0.11B 0.12B 0.13B 0.13B 0.14B 0.14B 0.14B
Cash flow
Cash from operations $3.1M −$4.0M $13.7M $1.1M $22.4M $10.8M $11.5M $52.7M $154M $248M
Capital expenditure $0.8M $1.8M $3.0M $10.8M $6.3M $1.0M $1.2M $0.7M $3.5M $5.8M
Free cash flow $2.3M −$5.8M $10.7M −$9.7M $16.0M $9.8M $10.3M $52.0M $150M $242M
Depreciation and amortization $7.5M $4.2M $4.9M $5.5M $6.3M $4.4M $8.1M $9.4M $14.8M $25.7M
Stock-based compensation $7.3M $6.8M $10.4M $18.8M $25.5M $53.6M $75.5M $74.2M $68.4M $65.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $14.3M $58.4M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $100M $136M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $100M $136M
Balance sheet
Cash and short-term investments $89.7M $21.6M $129M $134M $170M $685M $687M $550M $622M $673M
Total debt — $33.8M $23.9M $18.3M $10.7M $561M $564M $356M $358M $360M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $144M $256M $281M $361M $930M $931M $883M $911M $951M
Current liabilities — $115M $128M $149M $199M $234M $248M $293M $268M $650M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $3.5M $10.8M $21.5M $28.1M $21.3M $22.1M $27.1M $30.1M $44.4M
Total assets — $275M $392M $446M $529M $1.1B $1.1B $1.0B $1.2B $1.3B
Total liabilities — $140M $148M $187M $230M $822M $831M $657M $636M $669M
Shareholders' equity −$30.1M −$31.4M $244M $259M $299M $260M $249M $381M $575M $630M
Margins
Gross margin 62.0% 67.7% 67.9% 70.7% 72.1% 73.1% 74.1% 75.3% 77.4% 77.8%
Operating margin −8.8% −1.5% −4.6% −6.2% −6.0% −10.8% −15.0% −1.6% 8.5% 16.4%
EBITDA margin −4.2% 0.5% −2.7% −4.4% −4.3% −9.9% −13.7% −0.3% 10.4% 19.7%
Net margin −9.9% −2.0% −7.9% −5.5% −6.1% −11.2% −14.5% 6.8% 28.0% 14.7%
FCF margin 1.4% −2.9% 4.2% −3.2% 4.3% 2.0% 1.7% 7.6% 19.5% 30.8%
Returns
Return on capital — — −15.5% −10.5% −12.5% −31.0% −55.7% −6.9% 26.2% 31.0%
Return on capital employed — — −5.5% −6.7% −7.1% −9.2% −11.0% −1.4% 7.7% 16.2%
Return on equity — — −18.8% −6.6% −8.2% −20.1% −35.4% 14.9% 45.1% 19.2%
Return on assets — — −6.0% −4.0% −4.7% −7.0% −8.3% 4.4% 19.2% 9.2%
Growth
Revenue growth — 23.2% 25.1% 18.6% 24.3% 34.6% 23.0% 11.5% 11.6% 2.4%
Net income growth — — — — — — — — 359.8% −46.5%
EPS growth — — — — — — — — 2,433.3% −44.7%
FCF growth — −353.3% — −190.2% — −38.9% 4.5% 407.5% 188.4% 61.6%
Share count change — 2.7% 58.8% 109.9% 8.1% 7.1% 2.6% 5.2% 4.3% −1.7%
Financial health
Net debt / EBITDA — 11.4x — — — — — — −3.3x −2.0x
Debt / equity — — 0.1x 0.1x 0.0x 2.2x 2.3x 0.9x 0.6x 0.6x
Interest coverage −16.9x −3.3x −5.8x −14.3x −28.8x −24.9x −20.7x −8.5x 70.9x 105.4x
Current ratio — 1.3x 2.0x 1.9x 1.8x 4.0x 3.8x 3.0x 3.4x 1.5x
Quick ratio — 1.3x 2.0x 1.9x 1.8x 4.0x 3.8x 3.0x 3.4x 1.5x
Capital allocation
Capex / revenue 0.5% 0.9% 1.2% 3.6% 1.7% 0.2% 0.2% 0.1% 0.5% 0.7%
Stock comp / revenue 4.4% 3.4% 4.1% 6.3% 6.8% 10.7% 12.2% 10.8% 8.9% 8.3%
Payouts / FCF 0.0% — 0.0% — 0.0% 0.0% 0.0% 0.0% 66.7% 56.1%
Quality scores
Piotroski F-score — — — 5.0 5.0 5.0 5.0 7.0 7.0 6.0
Altman Z'' — −1.1 2.5 1.9 1.9 3.5 2.9 3.4 4.6 3.3
Accruals ratio — — −10.1% −4.2% −9.3% −8.3% −9.4% −0.6% 5.5% −10.6%

Source: SEC EDGAR XBRL filings (CIK 0001627475). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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