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