UPWK
Upwork Inc
NASDAQ: UPWK · COMMUNICATION SERVICES · INTERNET CONTENT & INFORMATION
$10.35
+0.00% today
Updated 2026-04-30
Market cap
$1.28B
P/E ratio
12.36
P/S ratio
1.63x
EPS (TTM)
$0.84
Dividend yield
—
52W range
$10 – $23
Volume
3.3M
Upwork Inc (UPWK) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $164.44M | $202.55M | $253.35M | $300.56M | $373.63M | $502.80M | $618.32M | $689.14M | $769.33M | $787.78M |
| Revenue growth (YoY) | — | +23.2% | +25.1% | +18.6% | +24.3% | +34.6% | +23.0% | +11.5% | +11.6% | +2.4% |
| Cost of revenue | $62.58M | $65.44M | $81.46M | $88.14M | $104.27M | $135.51M | $160.40M | $170.45M | $174.09M | $174.75M |
| Gross profit | $101.87M | $137.11M | $171.90M | $212.42M | $269.36M | $367.29M | $457.92M | $518.69M | $595.23M | $613.03M |
| Gross margin | 61.9% | 67.7% | 67.8% | 70.7% | 72.1% | 73.0% | 74.1% | 75.3% | 77.4% | 77.8% |
| R&D | $37.90M | $45.60M | $55.49M | $64.03M | $83.47M | $119.08M | $154.55M | $177.36M | $209.28M | $189.34M |
| SG&A | $35.45M | $37.33M | $49.34M | $67.33M | $71.52M | $113.08M | $123.95M | $118.92M | $128.80M | $144.73M |
| Operating income | $-14.47M | $-3.12M | $-11.71M | $-18.73M | $-22.41M | $-54.22M | $-92.62M | $-11.26M | $65.21M | $129.31M |
| Operating margin | -8.8% | -1.5% | -4.6% | -6.2% | -6.0% | -10.8% | -15.0% | -1.6% | 8.5% | 16.4% |
| EBITDA | $-6.91M | $1.00M | $-12.90M | $-5.88M | $-7.91M | $-40.13M | $-81.49M | $1.46M | $82.86M | $163.45M |
| EBITDA margin | -4.2% | 0.5% | -5.1% | -2.0% | -2.1% | -8.0% | -13.2% | 0.2% | 10.8% | 20.7% |
| EBIT | $-15.38M | $-3.19M | $-17.85M | $-15.32M | $-21.94M | $-53.94M | $-92.62M | $-11.26M | $65.21M | $140.98M |
| Interest expense | $858000.00 | $960000.00 | $2.04M | $1.31M | $778000.00 | $2.18M | $4.48M | $1.00M | $2.70M | $700000.00 |
| Income tax | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-16.23M | $-4.12M | $-19.91M | $-16.66M | $-22.87M | $-56.24M | $-89.89M | $46.89M | $215.59M | $115.42M |
| Net income growth (YoY) | — | +74.6% | -382.8% | +16.3% | -37.3% | -145.9% | -59.8% | +152.2% | +359.8% | -46.5% |
| Profit margin | -9.9% | -2.0% | -7.9% | -5.5% | -6.1% | -11.2% | -14.5% | 6.8% | 28.0% | 14.7% |