Upwork (UPWK) Financial Statements & Analysis

Upwork (UPWK) Income Statement

Upwork reported revenue of $787.78M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 2.4% from $769.33M a year earlier. Net income was $115.42M, down 46.5% year over year, a net margin of 14.7%. Gross margin was 77.8% and operating margin 16.4%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $191.66M, down 1.7% from the same quarter a year earlier.

Upwork Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Upwork Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	787.78	769.33	689.14	618.32	502.80	373.63	300.56	253.35	202.55
Cost of Revenue	174.75	174.09	170.45	160.40	135.51	104.27	88.14	81.46	65.44
Gross Profit	613.03	595.23	518.69	457.92	367.29	269.36	212.42	171.90	137.11
Operating Expenses
Research & Development	185.54	209.28	177.36	154.55	119.08	83.47	64.03	55.49	45.60
Selling, General & Administrative	285.64	314.01	339.61	370.83	296.38	204.74	163.22	122.30	90.38
Operating Expenses	483.73	530.03	529.95	550.54	421.51	291.77	231.15	183.61	140.23
Operating Income	129.31	65.21	-11.26	-92.62	-54.22	-22.41	-18.73	-11.71	-3.12
Other Income/Expense
Interest Income	27.44	27.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest Expense	-3.15	-2.76	0.00	4.48	2.18	0.78	1.31	2.04	0.96
Other Income/Expense	23.87	25.22	60.14	3.28	-1.90	-0.31	2.10	-8.18	-1.02
Income
Income Before Tax	153.18	90.43	48.88	-89.35	-56.12	-22.72	-16.63	-19.89	-4.15
Income Tax Expense	37.75	-125.16	1.99	0.54	0.12	0.15	0.03	0.02	-0.02
Net Income	115.43	215.59	46.89	-89.89	-56.24	-22.87	-16.66	-19.91	-4.12
Net Income - Continuous Operations	115.43	215.59	46.89	-89.89	-56.24	-22.87	-16.66	-19.91	-4.12
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	145.42	82.86	61.60	-73.73	-40.13	-7.91	-5.88	-12.91	1.00
EBIT	133.71	65.21	-11.26	-92.62	-45.48	-	-	-	-
Depreciation & Amortization	11.71	17.65	12.72	11.14	13.81	14.03	9.45	4.95	4.19
Earnings Per Share
Basic EPS	1.00	2.00	-	-1.00	-	-	-	-	-
Diluted EPS	1.00	2.00	-	-1.00	-	-	-	-	-
Basic Shares Outstanding	132.49	133.62	134.77	130.52	127.16	118.70	109.81	103.72	95.93
Diluted Shares Outstanding	140.66	143.15	137.26	130.52	127.16	118.70	109.81	103.72	95.93

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Upwork Financial Statements

What was Upwork's revenue in fiscal 2025?

Upwork reported revenue of $787.78M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 2.4% from $769.33M a year earlier.

Is Upwork profitable?

Yes. Upwork earned net income of $115.42M in fiscal 2025, a net margin of 14.7%. In fiscal 2024 it earned $215.59M.

What is Upwork's operating margin?

Upwork's operating income was $129.31M on revenue of $787.78M in fiscal 2025, an operating margin of 16.4%, compared with 8.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition