Upwork Cash Flow Statement
NASDAQ: UPWKTechnologyEDP ServicesUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Upwork free cash flow
In fiscal 2025, Upwork generated $248.3 million of operating cash flow and spent $5.8 million on capital expenditures. That left free cash flow of $242.5 million, a free-cash-flow margin of 30.8% of revenue. Free cash flow was up 61.6% from the prior year's $150.0 million.
Upwork returned $136.0 million to shareholders through share repurchases, equal to 56% of free cash flow.
Summary generated from market data by MetaCap's automated system. Methodology
Upwork cash flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — | — | — | — | — | — | — | — |
| Depreciation & Amortization | 25.71M | 14.81M | 9.45M | 8.06M | 3.70M | 3.60M | 2.80M | 2.20M | 1.50M | 1.80M |
| Stock-Based Compensation | 65.39M | 68.39M | 74.19M | 75.50M | 53.59M | 25.51M | 18.80M | 10.36M | 6.85M | 7.27M |
| Change in Working Capital | -6.53M | -15.37M | -39.08M | -9.09M | -25.56M | -15.38M | -26.24M | 3.82M | -9.27M | -9.35M |
| Operating Cash Flow | 248.26M | 153.56M | 52.71M | 11.50M | 10.84M | 22.36M | 1.06M | 13.74M | -4.00M | 3.15M |
| Capital Expenditures | -5.79M | -3.53M | -692.00K | -1.25M | -1.03M | -6.32M | -10.75M | -3.00M | -1.83M | -846.00K |
| Investing Cash Flow | -136.94M | 137.57M | 88.27M | -69.47M | -428.98M | -4.15M | -100.92M | -6.84M | -2.32M | -475.00K |
| Share Repurchases | -135.96M | -100.00M | 0 | 0 | — | — | — | — | — | — |
| Debt Issued | — | — | — | 0 | 0 | 18.00M | 50.00M | 15.00M | 34.00M | 17.00M |
| Debt Repaid | — | — | 0 | 0 | -10.75M | -25.62M | -55.68M | -25.00M | -17.00M | -12.00M |
| Financing Cash Flow | -138.00M | -81.96M | -139.79M | 1.14M | 537.74M | 54.64M | 29.40M | 112.06M | 27.74M | 5.23M |
| Net Change in Cash | -26.68M | 209.18M | 1.19M | -56.83M | 119.59M | 72.86M | -70.46M | 118.97M | 21.42M | 7.91M |
| Free Cash Flow | 242.47M | 150.03M | 52.02M | 10.25M | 9.81M | 16.05M | -9.69M | 10.74M | -5.83M | 2.30M |
This table shows 10 annual periods of Upwork's cash flow statement, from FY 2025 back to FY 2016, across 13 line items including net income, depreciation & amortization, stock-based compensation. Values in USD; B = billions, M = millions. Fiscal periods follow UPWK's reporting calendar. What is a cash flow statement?