Upwork Quarterly Cash Flow Statement
NASDAQ: UPWKTechnologyEDP ServicesUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Upwork free cash flow
In the quarter ended Jun 30, 2026, Upwork generated $46.9 million of operating cash flow and spent $1.6 million on capital expenditures. That left free cash flow of $45.3 million, a free-cash-flow margin of 23.6% of revenue. Free cash flow was down 35.5% from the prior year's $70.1 million.
Upwork returned $1.8 million to shareholders through share repurchases, equal to 4% of free cash flow.
Summary generated from market data by MetaCap's automated system. Methodology
Upwork cash flow statement (quarterly)
| Quarter (USD) | Q2 20262026-06-30 | Q1 20262026-03-31 | Q4 20252025-12-31 | Q3 20252025-09-30 | Q2 20252025-06-30 | Q1 20252025-03-31 | Q4 20242024-12-31 | Q3 20242024-09-30 | Q2 20242024-06-30 | Q1 20242024-03-31 | Q4 20232023-12-31 | Q3 20232023-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 25.40M | 31.46M | 15.63M | 29.34M | 32.73M | 37.73M | 147.17M | 27.76M | 22.22M | 18.44M | 17.37M | 16.34M |
| Net Income growth (YoY) | -22.37% | -16.62% | -89.38% | +5.68% | +47.28% | +104.59% | +747.05% | +69.91% | — | +7.43% | — | — |
| Depreciation & Amortization | 8.78M | 9.10M | 7.02M | 7.95M | 5.88M | 4.86M | 4.37M | 3.67M | 3.63M | 3.15M | 700.00K | 700.00K |
| Stock-Based Compensation | 14.12M | 15.42M | 17.35M | 19.79M | 15.98M | 12.27M | 13.63M | 18.58M | 19.24M | 16.94M | 18.05M | 17.81M |
| Change in Working Capital | -6.35M | -705.00K | -5.07M | 6.07M | 1.07M | -8.59M | -3.84M | 5.37M | -8.21M | -8.69M | -23.13M | -672.00K |
| Operating Cash Flow | 46.87M | 23.02M | 63.70M | 75.08M | 72.51M | 36.97M | 38.58M | 60.96M | 39.20M | 14.81M | 20.15M | 36.95M |
| Capital Expenditures | -1.62M | -1.72M | -455.00K | -482.00K | -2.38M | -2.47M | -1.55M | -1.20M | -598.00K | -177.00K | -134.00K | -423.00K |
| Investing Cash Flow | 102.94M | 118.21M | 1.23M | -81.50M | -51.45M | -5.22M | -21.04M | 2.08M | 150.39M | 6.14M | -63.44M | -45.24M |
| Share Repurchases | -1.83M | -107.89M | -34.04M | -31.00M | -37.87M | -33.05M | 0 | 0 | -33.12M | -66.88M | 0 | 0 |
| Financing Cash Flow | -12.60M | -84.25M | -62.03M | -24.47M | -38.35M | -13.14M | -18.82M | 37.98M | -35.74M | -65.38M | 10.52M | 1.32M |
| Net Change in Cash | 137.22M | 56.98M | 2.90M | -30.89M | -17.29M | 18.60M | -1.27M | 101.02M | 153.85M | -44.42M | -32.77M | -6.96M |
| Free Cash Flow | 45.26M | 21.30M | 63.25M | 74.60M | 70.13M | 34.49M | 37.03M | 59.76M | 38.60M | 14.64M | 20.01M | 36.53M |
This table shows 12 quarterly periods of Upwork's cash flow statement, from Q2 2026 back to Q3 2023, 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?