UPWORK, INC

Listed Company

UPWKCIK 0001627475NasdaqLarge AcceleratedServices-Computer Processing & Data PreparationDelawareFY ends Dec 31

Period

FY 2025

Revenue

$787.78M

Net Income

$115.42M

Total Assets

$1.30B

Equity

$630.32M

Shares Out

123.52M

Op. Cash Flow

$248.26M

UPWK$9.05−32.44% · past yearDBEQ Basic

Daily closing prices

Business

Upwork connects businesses with global, AI-enabled talent across freelance, agency, fractional, and payrolled work through its Upwork Marketplace and Lifted subsidiary. The company offers a two-sided marketplace platform and enterprise workforce solutions for sourcing, contracting, managing, and paying contingent talent across multiple engagement models. Upwork operates the Upwork Marketplace serving small to enterprise clients, and Lifted serving enterprise-scale organizations with compliance and managed services. The platform serves customers in over 180 countries.

Summary from 10-K filed 2026-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	788	769	689	618	503
Cost of revenue	175	174	170	160	136
Gross profit	613	595	519	458	367
Research and development	186	209	177	155	119
Sales and marketing	143	185	221	247	183
General and administrative	147	129	119	124	113
Provision for transaction losses	8	7	13	25	6
Total operating expenses	484	530	530	551	422
Income (loss) from operations	129	65	−11	−93	−54
Other income, net	24	25	60	3	−2
Income before income taxes	153	90	49	−89	−56
Income tax (provision) benefit	−38	125	−2	−536,000	−122,000
Net income	115	216	47	−90	−56
Basic (in dollars per share)	0.87	1.61	0.35	−0.69	−0.44
Diluted (in dollars per share)	0.84	1.52	0.06	−0.69	−0.44
Basic (in shares)	132	134	135	131	127
Diluted (in shares)	141	143	137	131	127
Net unrealized holding gain on marketable securities, net	490,000	59,000	3	−3	−547,000
Total comprehensive income	116	216	50	−92	−57

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	294	306	80	129	187
Marketable securities	378	316	470	557	498
Funds held in escrow, including funds in transit	181	196	212	161	161
Trade and client receivables net of allowance of $5,919 and $4,646 as of December 31, 2025 and 2024, respectively	76	75	103	65	67
Prepaid expenses and other current assets	21	18	18	18	17
Total current assets	951	911	883	931	930
Property and equipment, net	44	30	27	22	21
Goodwill	149	121	118	118	118
Intangible assets, net	37	13	3	0	0
Operating lease asset	5	6	4	8	11
Deferred tax asset	111	129	0	—	—
Other assets, noncurrent	1	2	1	1	1
Total assets	1,300	1,212	1,038	1,080	1,081
Accounts payable	8	6	5	8	5
Escrow funds payable	181	196	212	162	161
Debt, current	360	0	—	—	0
Accrued expenses and other current liabilities	94	59	58	54	46
Deferred revenue, current	8	7	17	25	22
Total current liabilities	650	268	293	248	234
Debt, noncurrent	0	358	356	564	561
Operating lease liability, noncurrent	10	10	6	11	17
Other liabilities, noncurrent	9	308,000	1	8	10
Total liabilities	669	636	656	831	822
Commitments and contingencies (Note 9)	—	—	—	—	—
Common stock, $0.0001 par value; 490,000,000 shares authorized as of December 31, 2025 and 2024; 130,545,236 and 135,348,453 shares issued and outstanding as of December 31, 2025 and 2024, respectively	13,000	14,000	14,000	13,000	13,000
Additional paid-in capital	593	654	675	593	511
Accumulated and other comprehensive income	754,000	264,000	205,000	−3	−528,000
Retained earnings (accumulated deficit)	37	−78	−294	−341	−251
Total stockholders equity	630	575	381	249	260
Total liabilities and stockholders equity	1,300	1,212	1,038	1,080	1,081

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	115	216	47	−90	−56
Provision for transaction losses	7	6	9	23	5
Depreciation and amortization	26	15	9	8	—
Amortization of debt issuance costs	2	2	2	3	1
Accretion of discount on purchases of marketable securities, net	−8	−12	−14	−1	298,000
Amortization of operating lease asset	741,000	3	3	3	4
Tides Foundation common stock warrant expense	750,000	750,000	750,000	750,000	750,000
Stock-based compensation expense	65	68	74	76	54
Deferred taxes	18	−129	0	0	—
Gain on early extinguishment of convertible senior notes	0	0	−39	0	0
Trade and client receivables	−3	−5	−22	−15	−25
Prepaid expenses and other assets	−3	−656,000	146,000	−630,000	−7
Operating lease liability	188,000	−4	−6	−5	−1
Accounts payable	−1	969,000	−3	3	−1
Accrued expenses and other liabilities	28	5	6	4	10
Deferred revenue	489,000	−11	−15	4	7
Net cash provided by operating activities	248	154	53	11	11
Purchases of marketable securities	−485	−362	−709	−582	−525
Proceeds from maturities of marketable securities	420	487	649	521	103
Proceeds from sale of marketable securities	11	42	165	0	0
Purchase of an intangible asset	0	0	−3	0	0
Acquisition of business, net of cash acquired	−58	−14	0	0	—
Purchases of property and equipment	−6	−4	−692,000	−1	−1
Internal-use software and platform development costs	−19	−11	−13	−7	−5
Net cash (used in) provided by investing activities	−137	138	88	−69	−429
Change in escrow funds payable, net	−7	10	25	−4	—
Proceeds from exercises of stock options and common stock warrant	750,000	3	2	2	7
Proceeds from employee stock purchase plan	4	5	4	4	5
Net cash paid for early extinguishment of convertible senior notes	0	0	−171	0	0
Repurchase of common stock	−136	−100	0	0	—
Net cash used in financing activities	−138	−82	−140	1	538
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	−27	209	1	−57	120
Cash paid for income taxes	14	5	2	0	0
Cash paid for interest	1	920,000	1	2	373,000
Right-of-use asset recognized	0	4	0	0	—
Property and equipment purchased but not yet paid	0	26,000	27,000	0	22,000
Internal-use software and platform development costs incurred but not yet paid	1	400,000	215,000	73,000	106,000

Filings

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Frequently asked questions

What is UPWORK, INC's CIK number?

UPWORK, INC's SEC CIK number is 0001627475 (1627475). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find UPWORK, INC's SEC filings?

All of UPWORK, INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did UPWORK, INC last report earnings?

UPWORK, INC (UPWK) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001627475-26-000033). This is UPWORK, INC's most recent earnings filing of record — not a forecast of its next earnings date.

What is UPWORK, INC's most recent earnings 8-K?

UPWORK, INC's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001627475-26-000033. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View UPWORK, INC's latest earnings 8-K →
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