Upwork (UPWK) Cash Flow: Operating & Free Cash Flow

Upwork Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Upwork Inc. (UPWK) - 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
Operating Activities
Net Income	115.43	215.59	46.89	-89.89	-56.24	-22.87	-16.66	-19.91	-4.12
Depreciation & Amortization	25.71	17.65	9.45	11.14	13.81	14.03	10.61	4.95	4.19
Deferred Income Tax	18.49	-129.26	0.00	0.00	0.00	0.00	2.69	11.48	4.43
Stock Based Compensation	65.39	68.39	74.20	75.50	53.59	25.51	18.80	10.36	6.85
Change in Working Capital	21.40	-14.99	-39.24	-10.79	-16.47	2.24	-14.42	6.78	-15.39
Change in Accounts Receivable	-3.28	-4.80	-22.18	-15.29	-24.61	-20.00	-10.92	3.51	-8.86
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	-6.48	1.56	-6.63
Change in Accounts Payable	-1.16	0.97	-2.51	2.58	-1.45	5.82	-1.46	1.61	0.07
Change in Other Working Capital	-2.38	1.84	-5.76	2.96	9.58	16.42	4.43	0.11	0.02
Other Operating Activities	20.33	1.84	-38.59	2.96	16.15	3.45	0.05	0.08	0.05
Net Cash from Operating Activities	248.26	153.56	52.71	11.50	10.84	22.37	1.06	13.74	-4.00
Investing Activities
Capital Expenditures	-5.79	-14.44	-0.69	-8.73	-6.14	-14.37	-16.64	-6.84	-2.32
Acquisitions	-58.41	-14.33	0.00	0.00	0.00	0.00	5.89	0.00	0.00
Purchases of Investments	-485.18	-362.32	-709.21	-581.89	-525.34	-107.28	-168.79	0.00	0.00
Sales/Maturities of Investments	431.78	528.67	813.84	521.15	102.50	117.50	84.50	0.00	0.21
Other Investing Activities	-11.15	-10.92	-15.66	-7.49	-5.11	-8.05	-5.89	-0.44	0.21
Net Cash from Investing Activities	-136.94	137.57	88.27	-69.47	-428.98	-4.15	-100.92	-7.29	-2.11
Financing Activities
Debt Repayment	0.00	0.00	-171.33	0.00	564.25	-7.62	-5.68	-10.00	16.78
Common Stock Issued	4.69	8.09	6.09	5.44	0.00	0.00	18.16	109.38	2.81
Common Stock Repurchased	-135.96	-100.00	0.00	0.00	0.00	0.00	0.00	0.00	-19.21
Other Financing Activities	-6.73	9.96	-145.88	-4.29	-26.51	62.26	35.08	12.68	-19.21
Net Cash from Financing Activities	-138.01	-81.96	-139.79	1.14	537.74	54.64	29.40	101.07	0.38
Summary
Net Change in Cash	-26.69	209.18	1.19	-56.83	119.60	72.86	-70.46	107.53	-5.73
Cash at Beginning of Period	505.59	296.42	295.23	352.06	232.46	159.60	230.07	21.60	27.33
Cash at End of Period	478.91	505.59	296.42	295.23	352.06	232.46	159.60	129.13	21.60
Free Cash Flow	242.47	139.12	52.02	2.76	4.70	8.00	-15.58	6.90	-6.32
Supplemental Disclosures
Interest Paid	1.23	0.92	1.32	1.54	0.37	-	-	-	-
Income Taxes Paid	13.53	4.59	1.98	-	-	-	-	-	-

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

Frequently Asked Questions About Upwork Cash Flow

What is Upwork's free cash flow?

Upwork generated free cash flow of $242.47M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $248.26M minus $5.79M of capital expenditures. That was up 74.3% from $139.12M a year earlier. Free cash flow equaled 30.8% of revenue.

How much does Upwork spend on capital expenditures?

Upwork spent $5.79M on capital expenditures in fiscal 2025, compared with $14.44M a year earlier. That equals 2.3% of operating cash flow.

Does Upwork pay dividends or buy back shares?

Yes. In fiscal 2025 Upwork returned $135.96M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition