Financials in USD. Standardized financial statements.
A compact view of how Upwork Inc. turns revenue into operating income and net income.
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue? | $787.78M | $769.33M | $689.14M | $618.32M | $502.80M | $373.63M | $300.56M | $253.35M | $202.55M | $164.44M |
| Revenue Growth? | +2.4% | +11.6% | +11.5% | +23.0% | +34.6% | +24.3% | +18.6% | +25.1% | +23.2% | 0.0% |
| Cost of Revenue? | $174.75M | $174.09M | $170.45M | $160.40M | $135.51M | $104.27M | $88.14M | $81.46M | $65.44M | $62.58M |
| Gross Profit? | $613.03M | $595.23M | $518.69M | $457.92M | $367.29M | $269.36M | $212.42M | $171.90M | $137.11M | $101.87M |
| Gross Margin? | +77.8% | +77.4% | +75.3% | +74.1% | +73.0% | +72.1% | +70.7% | +67.8% | +67.7% | +61.9% |
| Operating Expenses? | $483.73M | $530.02M | $529.95M | $550.54M | $421.51M | $291.77M | $231.15M | $183.61M | $140.23M | $116.33M |
| Operating Income? | $129.31M | $65.21M | -$11.26M | -$92.62M | -$54.22M | -$22.41M | -$18.73M | -$11.71M | -$3.12M | -$14.47M |
| EBITDA? | $163.45M | $82.86M | $1.46M | -$81.49M | -$40.13M | -$7.91M | -$5.88M | -$12.90M | $1.00M | -$6.91M |
| Income Before Tax | $153.18M | $90.43M | $48.88M | -$89.35M | -$56.12M | -$22.72M | -$16.63M | -$19.89M | -$4.14M | -$16.23M |
| Income Tax Expense | $37.75M | -$125.16M | $1.99M | $536,000 | $122,000 | $150,000 | $28,000 | $15,000 | -$22,000 | -$1,000 |
| Net Income? | $115.42M | $215.59M | $46.89M | -$89.89M | -$56.24M | -$22.87M | -$16.66M | -$19.91M | -$4.12M | -$16.23M |
| EPS? | $0.87 | $1.61 | $0.35 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | $-0.19 | $-0.04 | $-0.50 |
| Diluted EPS? | $0.83 | $1.52 | $0.34 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | $-0.19 | $-0.04 | $-0.50 |
Revenue, profitability, margins, EPS, and share-count trends over time.
Top-line demand and scale over time
Profit left after direct production costs
Core business profitability before financing and tax
Bottom-line profit after all expenses
Profit allocated to each diluted share
Share count trend that affects EPS quality
Gross, operating, and net margin quality