Upwork Financial Statements
NASDAQ: UPWKTechnologyEDP ServicesUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Upwork revenue and earnings
In fiscal 2025, Upwork generated $787.8 million in revenue, up 2.4% from fiscal 2024, its 9th consecutive year of revenue growth. Net income was $115.4 million (-46.5% year over year), for a net margin of 14.7% versus a median of -6.1% in the prior 5 years. Gross margin was 77.8% (up from 77.4%) and operating margin 16.4%.
Diluted earnings per share came in at $0.84, down from $1.52. Over the last 5 fiscal years, UPWK's revenue has grown at a 16.1% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
Upwork income statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 787.78M | 769.33M | 689.14M | 618.32M | 502.80M | 373.63M | 300.56M | 253.35M | 202.55M | 164.44M |
| Revenue growth (YoY) | +2.40% | +11.64% | +11.45% | +22.98% | +34.57% | +24.31% | +18.63% | +25.08% | +23.17% | — |
| Cost of Revenue | 174.75M | 174.09M | 170.45M | 160.40M | 135.51M | 2.90M | 900.00K | 81.46M | 65.44M | 62.58M |
| Gross Profit | 613.03M | 595.23M | 518.69M | 457.92M | 367.29M | 269.36M | 212.42M | 171.90M | 137.11M | 101.87M |
| Operating Expenses | 483.73M | 530.02M | 529.95M | 550.54M | 421.51M | 291.77M | 231.15M | 183.61M | 140.23M | 116.33M |
| Research & Development | 185.54M | 209.28M | 177.36M | 154.55M | 119.08M | 83.47M | 64.03M | 55.49M | 45.60M | 37.90M |
| Selling, General & Admin | 290.04M | 314.01M | 339.61M | 370.83M | 296.38M | 204.74M | 163.22M | 122.30M | 90.38M | 72.88M |
| Operating Income | 129.31M | 65.21M | -11.26M | -92.62M | -54.22M | -22.41M | -18.73M | -11.71M | -3.12M | -14.47M |
| Interest Expense | — | — | — | 4.48M | 2.18M | 778.00K | 1.31M | 2.04M | 960.00K | 858.00K |
| Other Income (Expense) | 23.87M | 25.22M | 60.14M | 3.27M | -1.90M | 469.00K | 3.41M | -6.14M | -62.00K | -908.00K |
| Pretax Income | 153.18M | 90.43M | 48.88M | -89.35M | -56.12M | -22.72M | -16.63M | -19.89M | -4.14M | -16.23M |
| Income Tax | 37.75M | -125.16M | 1.99M | 536.00K | 122.00K | 150.00K | 28.00K | 15.00K | -22.00K | -1.00K |
| Net Income | 115.42M | 215.59M | 46.89M | -89.89M | -56.24M | -22.87M | -16.66M | -19.91M | -4.12M | -16.23M |
| Net Income growth (YoY) | -46.46% | +359.80% | — | — | — | — | — | — | — | — |
| EPS (Basic) | 0.87 | 1.61 | 0.35 | -0.69 | -0.44 | -0.19 | -0.15 | -0.38 | -0.32 | -0.51 |
| EPS (Diluted) | 0.84 | 1.52 | 0.06 | -0.69 | -0.44 | -0.19 | -0.15 | -0.38 | -0.32 | -0.51 |
| Shares Outstanding (Basic) | 132.49M | 133.62M | 134.77M | 130.52M | 127.16M | 118.70M | 109.81M | 52.33M | 32.94M | 32.07M |
| Shares Outstanding (Diluted) | 140.66M | 143.15M | 137.26M | 130.52M | 127.16M | 118.70M | 109.81M | 52.33M | 32.94M | 32.07M |
| EBITDA | 155.02M | 80.02M | -1.81M | -84.57M | -50.52M | -18.81M | -15.93M | -9.51M | -1.62M | -12.67M |
| Gross Margin | 77.82% | 77.37% | 75.27% | 74.06% | 73.05% | 72.09% | 70.67% | 67.85% | 67.69% | 61.95% |
| Operating Margin | 16.41% | 8.48% | -1.63% | -14.98% | -10.78% | -6.00% | -6.23% | -4.62% | -1.54% | -8.80% |
| Net Margin | 14.65% | 28.02% | 6.80% | -14.54% | -11.19% | -6.12% | -5.54% | -7.86% | -2.04% | -9.87% |
This table shows 10 annual periods of Upwork's income statement, from FY 2025 back to FY 2016, across 20 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow UPWK's reporting calendar. What is a income statement?