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Upwork Inc $UPWK

Industrials

Russell 2000 California
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Upwork Inc (UPWK) is a Industrials company in the Russell 2000. Latest news and coverage below.

IPO: October 3, 2018 · $15.00 offering · NASDAQ · View IPO details →

Upwork Inc revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)
$787.8M$348.9M−$89.9MFY2016 revenue: $164.4MFY2016 net income: −$16.2M · Net margin −9.9%'16FY2017 revenue: $202.6MFY2017 net income: −$4.12M · Net margin −2.0%'17FY2018 revenue: $253.4MFY2018 net income: −$19.9M · Net margin −7.9%'18FY2019 revenue: $300.6MFY2019 net income: −$16.7M · Net margin −5.5%'19FY2020 revenue: $373.6MFY2020 net income: −$22.9M · Net margin −6.1%'20FY2021 revenue: $502.8MFY2021 net income: −$56.2M · Net margin −11.2%'21FY2022 revenue: $618.3MFY2022 net income: −$89.9M · Net margin −14.5%'22FY2023 revenue: $689.1MFY2023 net income: $46.9M · Net margin 6.8%'23FY2024 revenue: $769.3MFY2024 net income: $215.6M · Net margin 28.0%'24FY2025 revenue: $787.8MFY2025 net income: $115.4M · Net margin 14.7%'25−6.8%0%20%40%60%FY2016 net margin: −9.9% (off the scale, which stops at −6.8%)FY2017 net margin: −2.0%FY2018 net margin: −7.9% (off the scale, which stops at −6.8%)FY2019 net margin: −5.5%FY2020 net margin: −6.1%FY2021 net margin: −11.2% (off the scale, which stops at −6.8%)FY2022 net margin: −14.5% (off the scale, which stops at −6.8%)FY2023 net margin: 6.8%FY2024 net margin: 28.0%FY2025 net margin: 14.7%
Upwork Inc annual financial statements
FY2016Dec 2016FY2017Dec 2017FY2018Dec 2018FY2019Dec 2019FY2020Dec 2020FY2021Dec 2021FY2022Dec 2022FY2023Dec 2023FY2024Dec 2024FY2025Dec 2025
Income statement
Revenue$164.4M$202.6M$253.4M$300.6M$373.6M$502.8M$618.3M$689.1M$769.3M$787.8M
Growth (year over year)—+23.2%+25.1%+18.6%+24.3%+34.6%+23.0%+11.5%+11.6%+2.4%
Gross profit$101.9M$137.1M$171.9M$212.4M$269.4M$367.3M$457.9M$518.7M$595.2M$613.0M
Gross margin61.9%67.7%67.8%70.7%72.1%73.0%74.1%75.3%77.4%77.8%
Operating income−$14.5M−$3.12M−$11.7M−$18.7M−$22.4M−$54.2M−$92.6M−$11.3M$65.2M$129.3M
Operating margin−8.8%−1.5%−4.6%−6.2%−6.0%−10.8%−15.0%−1.6%8.5%16.4%
Net income−$16.2M−$4.12M−$19.9M−$16.7M−$22.9M−$56.2M−$89.9M$46.9M$215.6M$115.4M
Net margin−9.9%−2.0%−7.9%−5.5%−6.1%−11.2%−14.5%6.8%28.0%14.7%
EPS (diluted)−$0.51−$0.32−$0.38−$0.15−$0.19−$0.44−$0.69$0.06$1.52$0.84
Balance sheet
Cash and equivalents$89.7M$21.6M$129.1M$48.4M$94.1M$187.2M$129.4M$79.6M$305.8M$294.4M
Total assets—$275.2M$391.6M$446.4M$529.2M$1.08B$1.08B$1.04B$1.21B$1.30B
Total liabilities—$140.1M$147.8M$187.0M$229.9M$821.5M$831.4M$656.5M$636.2M$669.3M
Long-term debt—$23.5M$18.2M$10.7M$3.14M$561.3M$564.3M$356.1M$357.9M$0
Shareholders' equity−$30.1M−$31.4M$243.7M$259.4M$299.3M$259.5M$248.9M$381.1M$575.4M$630.3M
Cash flow
Operating cash flow$3.15M−$4.00M$13.7M$1.06M$22.4M$10.8M$11.5M$52.7M$153.6M$248.3M
Capital expenditure$846.0K$1.83M$3.00M$10.8M$6.32M$1.03M$1.25M$692.0K$3.53M$5.79M
Free cash flow$2.30M−$5.83M$10.7M−$9.69M$16.0M$9.81M$10.2M$52.0M$150.0M$242.5M
Share buybacks——————$0$0$100.0M$136.0M

From Upwork Inc's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

About Upwork Inc

Headquarters
Palo Alto, California From SEC filings, Oct 2026

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