Saturday 17 October 2026 Export UPWK’s income statement to Excel — free account

Upwork Inc.

UPWK Communication Services Internet Content & Information

Upwork Inc.’s revenue for fiscal 2025 (year ended December 2025) was $787.8 million, up 2.40% from fiscal 2024. In the quarter to June 2026, revenue fell 1.68%, EPS fell 16.0%, free cash flow fell 45.2% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

8.43 0.31 −3.55%

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Market cap: $1.1B
P/E: 10.5×
Fwd P/E: 8.5×
Dividend yield: —
F-score: 6/9
Altman Z: 3.61
Beneish M: −2.95
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
Piotroski F-Score Full definition →	—	—	5	5	5	4	4	7	8	6
P/E ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	40.97	10.09	22.78
Altman Z-Score Full definition →	—	—	4.27	4.11	11.11	3.92	1.59	2.75	3.42	3.61
P/S ratio Full definition →	3.21	3.21	3.74	3.90	10.97	8.64	2.28	2.80	2.84	3.33
P/FCF ratio Full definition →	0.00	0.00	137.28	0.00	512.19	924.44	509.04	53.16	15.70	11.77
Altman Z″-Score (non-manufacturers) Full definition →	(1.24)	(0.94)	2.48	1.85	1.89	3.46	2.86	3.35	4.58	3.27
Beneish M-Score Full definition →	—	(2.42)	(3.02)	(2.39)	(2.54)	(2.98)	(2.92)	0.95	(2.16)	(2.95)
P/Operating CF Full definition →	(41.09)	(41.09)	43.21	(1,242.55)	457.67	(348.97)	105.05	95.92	56.62	41.22
P/B ratio Full definition →	0.00	0.00	3.89	4.52	13.69	16.74	5.65	5.07	3.80	4.17
Price to Tangible BV Full definition →	0.00	0.00	7.93	8.50	22.71	30.74	10.77	7.44	4.95	5.91
EV/Sales Full definition →	3.30	3.30	3.33	3.51	10.54	8.41	2.09	2.53	2.50	3.39
EV/EBITDA Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.47	17.88
EV/Operating CF Full definition →	(30.65)	(30.65)	61.30	998.24	176.10	390.04	112.35	33.10	12.55	10.76
EV/FCF Full definition →	(25.66)	(25.66)	122.04	(67.79)	492.32	899.44	467.31	47.99	13.85	11.97
Quick Ratio Full definition →	0.62	0.46	1.19	1.10	1.09	3.22	3.03	2.23	2.60	1.15
Current Ratio Full definition →	1.37	1.26	2.01	1.88	1.82	3.98	3.76	3.01	3.39	1.46
Net Debt/EBITDA Full definition →	1.73	11.01	15.74	12.52	18.41	3.02	1.44	17.84	(3.63)	(2.10)
Debt/Assets Full definition →	6.80%	12.29%	6.11%	4.10%	2.03%	52.48%	52.88%	34.32%	29.54%	27.68%
Debt/Equity Full definition →	(0.56)	(1.08)	0.10	0.07	0.04	2.19	2.30	0.93	0.62	0.57
Asset Turnover Full definition →	0.63	0.77	0.76	0.72	0.77	0.62	0.57	0.65	0.68	0.63
Operating CF/Net income Full definition →	(0.19)	0.38	(0.69)	(0.06)	(0.98)	(0.19)	(0.13)	1.12	0.71	2.15
Capex/Depreciation Full definition →	(0.10)	(0.55)	(1.36)	(1.75)	(1.04)	(0.40)	(0.69)	(42.36)	(1.91)	(1.25)
Interest Coverage Full definition →	(16.86)	(3.25)	(5.75)	(14.34)	(28.80)	(24.87)	(20.66)	—	—	—
ROE Full definition →	53.11%	34.57%	(18.75%)	(6.62%)	(8.19%)	(20.13%)	(35.36%)	14.89%	45.08%	19.15%
ROA Full definition →	(6.19%)	(4.05%)	(5.97%)	(3.98%)	(4.69%)	(6.99%)	(8.32%)	4.43%	19.17%	9.19%
ROIC Full definition →	0.00%	0.00%	(5.28%)	(8.14%)	(9.98%)	(23.86%)	(43.35%)	(3.76%)	13.10%	25.47%
Return on Tangible Assets Full definition →	(48.01%)	(32.21%)	(14.31%)	(10.89%)	(12.02%)	(7.84%)	(12.74%)	7.59%	32.05%	33.45%
Average Days of Receivables Full definition →	56.20	55.43	32.15	36.62	45.93	48.51	38.30	54.59	35.82	35.32
Research and Development Expense of Revenue Full definition →	23.05%	22.51%	21.90%	21.30%	22.34%	23.68%	25.00%	25.74%	27.20%	23.55%
Selling, General and Administrative Expense of Revenue Full definition →	44.32%	44.62%	48.27%	54.30%	54.80%	58.95%	59.97%	49.28%	40.82%	36.82%
Intangible Assets out of Total Assets Full definition →	0.52	0.46	0.32	0.27	0.22	0.11	0.11	0.12	0.11	0.14
Share Based Compensation of Revenue Full definition →	4.42%	3.38%	4.09%	6.25%	6.83%	10.66%	12.21%	10.77%	8.89%	8.30%
Graham Net Nets Full definition →	(0.22)	(0.22)	0.11	0.08	0.03	0.02	0.07	0.12	0.13	0.11
Graham Number Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.72	12.53	9.65
Earnings Yield Full definition →	(1.98%)	(1.98%)	(2.54%)	(1.31%)	(0.55%)	(1.29%)	(6.40%)	2.44%	9.91%	4.39%
Free Cash Flow Yield Full definition →	(4.01%)	(4.01%)	0.73%	(1.33%)	0.20%	0.11%	0.20%	1.88%	6.37%	8.50%
Revenue per Share Full definition →	5.13	6.15	4.84	2.74	3.15	3.95	4.74	5.11	5.76	5.95
Operating CF per Share Full definition →	0.10	(0.12)	0.26	0.01	0.19	0.09	0.09	0.39	1.15	1.87
Capex per Share Full definition →	(0.03)	(0.07)	(0.13)	(0.15)	(0.12)	(0.05)	(0.07)	(0.12)	(0.11)	(0.19)
Free Cash Flow per Share Full definition →	0.07	(0.19)	0.13	(0.14)	0.07	0.04	0.02	0.27	1.04	1.68
Cash per Share Full definition →	0.85	0.66	2.47	1.22	1.43	5.38	5.26	4.08	4.66	5.08
Shareholders Equity per Share Full definition →	(0.94)	(0.95)	4.66	2.36	2.52	2.04	1.91	2.83	4.31	4.76
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	(0.94)	(0.95)	4.66	2.36	2.52	2.04	1.91	2.83	4.31	4.76
Free Cash Flow Full definition →	2.30	(6.32)	6.90	(15.58)	8.00	4.70	2.76	36.36	139.12	223.12
Working Capital Full definition →	31.21	29.48	128.28	131.54	162.05	696.02	683.21	590.37	642.62	300.67
Capital Expenditures Full definition →	(0.85)	(2.32)	(6.84)	(16.64)	(14.36)	(6.14)	(8.73)	(16.35)	(14.44)	(25.14)
Net Current Asset Value Full definition →	(163.11)	(162.43)	108.05	93.68	130.88	108.11	99.54	226.91	274.82	281.57
EV/EBIT Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	29.55	20.66
Capex to Sales Full definition →	0.01	0.01	0.03	0.06	0.04	0.01	0.01	0.02	0.02	0.03
Price to Operating Income Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	33.50	20.31
Other line items
Depreciation/Fixed assets Full definition →	3.25	1.21	0.46	0.44	0.49	0.72	0.57	0.01	0.25	0.45
Cash ROIC Full definition →	16.26%	(26.27%)	1.74%	(3.79%)	1.67%	0.31%	0.18%	2.82%	8.94%	13.42%
Accounts Receivable Turnover Full definition →	5.84	7.22	9.55	11.46	9.68	8.83	9.39	8.21	8.62	10.38
Accounts Payable Turnover Full definition →	338.26	157.31	64.27	64.69	29.34	23.67	25.57	27.03	31.11	24.99
Inventory Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Days of Payables Full definition →	2.16	2.58	9.29	2.70	22.60	13.46	17.18	10.84	12.85	16.41
Days of Inventory on Hand Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Receivables Full definition →	28.16	28.04	26.54	26.24	38.59	56.92	65.86	83.97	89.28	75.86
Average Payables Full definition →	0.19	0.42	1.27	1.36	3.55	5.73	6.27	6.31	5.60	6.99
Average Assets Full definition →	262.30	262.39	333.38	418.98	487.80	805.14	1,080.65	1,058.89	1,124.58	1,255.60
Average Common Equity Full definition →	(30.57)	(30.75)	106.19	251.58	279.37	279.41	254.20	314.98	478.23	602.85

Fold the line items

Columns are period end dates

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