UPWK Nasdaq Human Resource & Employment Services Financials FY2016βFY2025
Upwork had $788M of revenue in fiscal 2025, up 2.4% on the year before. Over five years, revenue changed +16.1% a year on average.
Hi! I read Upworkβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+2.4%
Only a little. Sales grew 2.4% last year.
Does it make a profit?
14.7%
Yes. It keeps 14.7% of every sale as profit.
Does profit turn into cash?
30.8%
Yes. 30.8% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
12.3x
One share costs 12.3 times its yearly profit per share. Typical for its sector: 26.0x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Upwork had $788M of revenue in fiscal 2025, up 2.4% on the year before. Over five years, revenue changed +16.1% a year on average. Its operating margin was 16.4%, up 7.9Β pts: of every 100 in sales, about 16 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Upwork made $115M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $242M in fiscal 2025, 30.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Upwork returned $136M to shareholders in fiscal 2025, 56% of free cash flow. The diluted share count fell 1.7%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $15.8M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$15.8M
6 insiders
Of sales under plans
26%
$4.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 19, 2026 | Anthony Ray KappusGM & Chief Operating Officer | Sold | 559 | $8.43 | $0.0M | Form 4 |
| Sep 18, 2026 | Sabrina MekhalfaChief Accounting Officer | Sold | 1,299 | $8.45 | $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 | Hayden BrownPresident & CEO, Director | Sold | 23,893 | $8.45 | $0.2M | Form 4 |
| Sep 18, 2026 | Erica GessertChief Financial Officer | Sold | 9,336 | $8.45 | $0.1M | Form 4 |
| Aug 18, 2026 | Anthony Ray KappusGM & Chief Operating Officer | Sold | 1,964 | $8.43 | $0.0M | Form 4 |
| Aug 18, 2026 | Hayden BrownPresident & CEO, Director | Sold plan | 73,241 | $8.43 | $0.6M | Form 4 |
| Aug 18, 2026 | Erica GessertChief Financial Officer | Sold | 22,844 | $8.43 | $0.2M | Form 4 |
| Jul 18, 2026 | Anthony Ray KappusGM & Chief Operating Officer | Sold | 558 | $9.06 | $0.0M | Form 4 |
| Jun 18, 2026 | Sabrina MekhalfaChief Accounting Officer | Sold | 1,276 | $8.15 | $0.0M | Form 4 |
| Jun 18, 2026 | Hayden BrownPresident & CEO, Director | Sold | 23,468 | $8.15 | $0.2M | Form 4 |
| Jun 18, 2026 | Erica GessertChief Financial Officer | Sold | 9,169 | $8.15 | $0.1M | Form 4 |
| May 18, 2026 | Anthony Ray KappusGM & Chief Operating Officer | Sold | 1,905 | $8.66 | $0.0M | Form 4 |
| May 18, 2026 | Erica GessertChief Financial Officer | Sold | 22,162 | $8.66 | $0.2M | Form 4 |
| May 18, 2026 | Hayden BrownPresident & CEO, Director | Sold plan | 72,546 | $8.60 | $0.6M | Form 4 |
| Mar 19, 2026 | Dave BottomsGM, Marketplace | Sold plan | 7,000 | $11.49 | $0.1M | Form 4 |
| Mar 18, 2026 | Dave BottomsGM, Marketplace | Sold plan | 11,575 | $12.31 | $0.1M | Form 4 |
| Mar 18, 2026 | Sabrina MekhalfaChief Accounting Officer | Sold | 1,482 | $12.31 | $0.0M | Form 4 |
| Mar 18, 2026 | Erica GessertChief Financial Officer | Sold | 9,278 | $12.31 | $0.1M | Form 4 |
| Mar 18, 2026 | Hayden BrownPresident & CEO, Director | Sold | 23,745 | $12.31 | $0.3M | Form 4 |
| Feb 19, 2026 | Dave BottomsGM, Marketplace | Sold plan | 15,649 | $13.51 | $0.2M | Form 4 |
| Feb 18, 2026 | Dave BottomsGM, Marketplace | Sold plan | 17,013 | $13.80 | $0.2M | Form 4 |
| Feb 18, 2026 | Hayden BrownPresident & CEO, Director | Sold plan | 123,152 | $13.80 | $1.7M | Form 4 |
| Feb 18, 2026 | Erica GessertChief Financial Officer | Sold | 26,292 | $13.80 | $0.4M | Form 4 |
| Dec 19, 2025 | Dave BottomsGM, Marketplace | Sold plan | 9,622 | $20.66 | $0.2M | Form 4 |
| Dec 18, 2025 | Hayden BrownPresident & CEO, Director | Sold | 23,147 | $20.59 | $0.5M | Form 4 |
| Dec 18, 2025 | Dave BottomsGM, Marketplace | Sold plan | 11,285 | $20.59 | $0.2M | Form 4 |
| Dec 18, 2025 | Erica GessertChief Financial Officer | Sold | 9,044 | $20.59 | $0.2M | Form 4 |
| Nov 26, 2025 | Hayden BrownPresident & CEO, Director | Sold | 275,000 | $19.43 | $5.3M | Form 4 |
| Nov 25, 2025 | Hayden BrownPresident & CEO, Director | Sold | 75,000 | $19.78 | $1.5M | Form 4 |
| Nov 21, 2025 | Hayden BrownPresident & CEO, Director | Sold | 60,000 | $18.20 | $1.1M | Form 4 |
| Nov 21, 2025 | Gary SteeleDirector | Sold | 12,500 | $17.51 | $0.2M | Form 4 |
| Nov 19, 2025 | Dave BottomsGM, Marketplace | Sold plan | 1,748 | $18.13 | $0.0M | Form 4 |
| Nov 18, 2025 | Hayden BrownPresident & CEO, Director | Sold | 24,846 | $16.70 | $0.4M | Form 4 |
| Nov 18, 2025 | Dave BottomsGM, Marketplace | Sold plan | 2,002 | $16.72 | $0.0M | Form 4 |
| Nov 18, 2025 | Erica GessertChief Financial Officer | Sold | 18,493 | $16.70 | $0.3M | Form 4 |
| Nov 17, 2025 | Dave BottomsGM, Marketplace | Sold plan | 561 | $16.45 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Upwork has $313M more cash than debt.
Cash, debt and the ratios that show how comfortably Upwork can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $685M | $687M | $550M | $622M | $673M |
| Debt incl. finance leases | $561M | $564M | $356M | $358M | $360M |
| Net debt / EBITDA | β | β | β | β3.3x | β2.0x |
| Debt / equity | 2.2x | 2.3x | 0.9x | 0.6x | 0.6x |
| Interest coverage | β24.9x | β20.7x | β8.5x | 70.9x | 105.4x |
| Current ratio | 4.0x | 3.8x | 3.0x | 3.4x | 1.5x |
| Quick ratio | 4.0x | 3.8x | 3.0x | 3.4x | 1.5x |
| 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 (β = net cash) | β$124M | β$122M | β$194M | β$264M | β$313M |
KIRA Β· Its return on capital was 31.0%: every 100 invested in the business earned about 31 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Upwork passes 6 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 7 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | β0.6% | 5.5% | β10.6% |
| Altman Z'' | 3.35 | 4.58 | 3.27 |
What does the share cost, and how does it compare?
KIRA Β· At $9.48 a share, the company is worth $1.2B: 12.3 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $313M and divides by 140.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 12.3x Β· peers 25.6x Β· sector 26.0x.
KIRA Β· Upwork grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 0 of 2.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-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% | β | 8 | Compare β |
| Korn Ferry KFY | $4.0B | 6.4% | 12.8% | 11.0% | 21.9% | 14.9x | 8 | Compare β |
| Paychex PAYX | $41.3B | 16.9% | 38.6% | 35.7% | 26.2% | 22.9x | 6 | Compare β |
| Automatic Data Processing ADP | $121.4B | 6.7% | β | 23.9% | 68.8% | β | 9 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$14.5M | β$3.1M | β$11.7M | β$18.7M | β$22.4M | β$54.2M | β$92.6M | β$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 | β$16.2M | β$4.1M | β$19.9M | β$16.6M | β$22.7M | β$56.1M | β$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 | β$125M | $37.8M |
| Net income | β$16.2M | β$4.1M | β$19.9M | β$16.7M | β$22.9M | β$56.2M | β$89.9M | $46.9M | $216M | $115M |
| Diluted EPS | β$0.51 | β$0.32 | β$0.38 | β$0.15 | β$0.19 | β$0.44 | β$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 | β$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 | β$5.8M | $10.7M | β$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 | β | $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 | β | $144M | $256M | $281M | $361M | $930M | $931M | $883M | $911M | $951M |
| Current liabilities | β | $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 | β | $3.5M | $10.8M | $21.5M | $28.1M | $21.3M | $22.1M | $27.1M | $30.1M | $44.4M |
| Total assets | β | $275M | $392M | $446M | $529M | $1.1B | $1.1B | $1.0B | $1.2B | $1.3B |
| Total liabilities | β | $140M | $148M | $187M | $230M | $822M | $831M | $657M | $636M | $669M |
| Shareholders' equity | β$30.1M | β$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 | β8.8% | β1.5% | β4.6% | β6.2% | β6.0% | β10.8% | β15.0% | β1.6% | 8.5% | 16.4% |
| EBITDA margin | β4.2% | 0.5% | β2.7% | β4.4% | β4.3% | β9.9% | β13.7% | β0.3% | 10.4% | 19.7% |
| Net margin | β9.9% | β2.0% | β7.9% | β5.5% | β6.1% | β11.2% | β14.5% | 6.8% | 28.0% | 14.7% |
| FCF margin | 1.4% | β2.9% | 4.2% | β3.2% | 4.3% | 2.0% | 1.7% | 7.6% | 19.5% | 30.8% |
| Returns | ||||||||||
| Return on capital | β | β | β15.5% | β10.5% | β12.5% | β31.0% | β55.7% | β6.9% | 26.2% | 31.0% |
| Return on capital employed | β | β | β5.5% | β6.7% | β7.1% | β9.2% | β11.0% | β1.4% | 7.7% | 16.2% |
| Return on equity | β | β | β18.8% | β6.6% | β8.2% | β20.1% | β35.4% | 14.9% | 45.1% | 19.2% |
| Return on assets | β | β | β6.0% | β4.0% | β4.7% | β7.0% | β8.3% | 4.4% | 19.2% | 9.2% |
| Growth | ||||||||||
| Revenue growth | β | 23.2% | 25.1% | 18.6% | 24.3% | 34.6% | 23.0% | 11.5% | 11.6% | 2.4% |
| Net income growth | β | β | β | β | β | β | β | β | 359.8% | β46.5% |
| EPS growth | β | β | β | β | β | β | β | β | 2,433.3% | β44.7% |
| FCF growth | β | β353.3% | β | β190.2% | β | β38.9% | 4.5% | 407.5% | 188.4% | 61.6% |
| Share count change | β | 2.7% | 58.8% | 109.9% | 8.1% | 7.1% | 2.6% | 5.2% | 4.3% | β1.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | 11.4x | β | β | β | β | β | β | β3.3x | β2.0x |
| Debt / equity | β | β | 0.1x | 0.1x | 0.0x | 2.2x | 2.3x | 0.9x | 0.6x | 0.6x |
| Interest coverage | β16.9x | β3.3x | β5.8x | β14.3x | β28.8x | β24.9x | β20.7x | β8.5x | 70.9x | 105.4x |
| Current ratio | β | 1.3x | 2.0x | 1.9x | 1.8x | 4.0x | 3.8x | 3.0x | 3.4x | 1.5x |
| Quick ratio | β | 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% | β | 0.0% | β | 0.0% | 0.0% | 0.0% | 0.0% | 66.7% | 56.1% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | β | 5.0 | 5.0 | 5.0 | 5.0 | 7.0 | 7.0 | 6.0 |
| Altman Z'' | β | β1.1 | 2.5 | 1.9 | 1.9 | 3.5 | 2.9 | 3.4 | 4.6 | 3.3 |
| Accruals ratio | β | β | β10.1% | β4.2% | β9.3% | β8.3% | β9.4% | β0.6% | 5.5% | β10.6% |
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 β not investment advice. Check the original filings before relying on any figure.
