UPWK

MKT CAP:$1B

Upwork Inc.

Market Cap

$1B

Industrials·Staffing & Employment Services·🇺🇸 United States·NASDAQ

Industrials·Staffing·🇺🇸·NASDAQ

Stock Price

$10.48-$9.36 (-47.18%)

Apr 23, 2026

Company Details

Upwork Inc., together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work mark...

CEO

Hayden Brown

IPO Date

Oct 3, 2018

Website

www.upwork.com

Key Metrics TTM

Revenue

$788M

+2.4% YoY

Net Income

$115M

EPS (Diluted)

$0.83

Free Cash Flow

$234M

Revenue / Share

$5.65

Gross Margin

77.8%

Operating Margin

16.4%

Net Margin

14.7%

FCF Margin

29.7%

P/S

1.8x

P/E

12.0x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 12, 2026

$788M+2.4%EPS $0.83

Q4 2025

Feb 12, 2026

$198M+3.6%EPS $0.11

Q3 2025

Nov 4, 2025

$202M+4.1%EPS $0.21

Q2 2025

Aug 6, 2025

$195M+0.9%EPS $0.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$141M	$103M	-$24M
Q2 22	$157M	$116M	-$23M
Q3 22	$159M	$118M	-$25M
Q4 22	$161M	$120M	-$20M
Q1 23	$161M	$120M	-$25M
Q2 23	$169M	$128M	-$6M
Q3 23	$176M	$132M	$11M
Q4 23	$184M	$138M	$8M
Q1 24	$191M	$147M	$13M
Q2 24	$193M	$149M	$18M
Q3 24	$194M	$150M	$21M
Q4 24	$191M	$149M	$14M
Q1 25	$193M	$151M	$39M
Q2 25	$195M	$152M	$33M
Q3 25	$202M	$156M	$30M
Q4 25	$198M	$155M	$28M

Valuation

Quarter	P/S	P/E
Q1 22	2.6x	—
Q2 22	2.5x	—
Q3 22	2.3x	—
Q4 22	2.2x	—
Q1 23	2.2x	—
Q2 23	2.1x	—
Q3 23	2.1x	106.5x
Q4 23	2.0x	29.6x
Q1 24	1.9x	28.8x
Q2 24	1.9x	18.6x
Q3 24	1.8x	16.2x
Q4 24	1.8x	6.4x
Q1 25	1.8x	5.9x
Q2 25	1.8x	5.6x
Q3 25	1.8x	5.6x
Q4 25	1.8x	12.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$11M	-$13M
Q2 22	-$446.0K	-$2M
Q3 22	$10M	$7M
Q4 22	$8M	$6M
Q1 23	-$9M	-$12M
Q2 23	$4M	$963.0K
Q3 23	$37M	$33M
Q4 23	-$5M	-$12M
Q1 24	$15M	$12M
Q2 24	$39M	$35M
Q3 24	$91M	$87M
Q4 24	$8M	$5M
Q1 25	$37M	$31M
Q2 25	$73M	$70M
Q3 25	$75M	$69M
Q4 25	$64M	$63M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$2M
Q3 22	$3M
Q4 22	$3M
Q1 23	$3M
Q2 23	$3M
Q3 23	$4M
Q4 23	$7M
Q1 24	$3M
Q2 24	$4M
Q3 24	$4M
Q4 24	$4M
Q1 25	$6M
Q2 25	$2M
Q3 25	$6M
Q4 25	$455.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+24.4%	+36.0%
Q2 22	+26.3%	+28.0%
Q3 22	+23.8%	+34.9%
Q4 22	+18.0%	+14.7%
Q1 23	+13.8%	+12.7%
Q2 23	+7.5%	-2.9%
Q3 23	+10.8%	-10.8%
Q4 23	+13.9%	-3.5%
Q1 24	+18.7%	-4.3%
Q2 24	+14.5%	+0.4%
Q3 24	+10.3%	+5.3%
Q4 24	+4.1%	+1.4%
Q1 25	+0.9%	-13.4%
Q2 25	+0.9%	-7.4%
Q3 25	+4.1%	-0.6%
Q4 25	+3.6%	-4.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$17M	11.8%
Q2 22	$19M	12.1%
Q3 22	$20M	12.9%
Q4 22	$19M	12.0%
Q1 23	$20M	12.4%
Q2 23	$18M	10.9%
Q3 23	$18M	10.1%
Q4 23	$18M	9.8%
Q1 24	$17M	8.9%
Q2 24	$19M	10.0%
Q3 24	$19M	9.6%
Q4 24	$14M	7.1%
Q1 25	$12M	6.4%
Q2 25	$16M	8.2%
Q3 25	$0	0.0%
Q4 25	$17M	8.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$38M	$29M	$58M
Q2 22	$36M	$33M	$63M
Q3 22	$39M	$31M	$63M
Q4 22	$42M	$30M	$63M
Q1 23	$44M	$29M	$65M
Q2 23	$43M	$29M	$59M
Q3 23	$43M	$29M	$47M
Q4 23	$46M	$32M	$49M
Q1 24	$53M	$32M	$48M
Q2 24	$52M	$30M	$47M
Q3 24	$50M	$31M	$46M
Q4 24	$53M	$36M	$44M
Q1 25	$46M	$28M	$36M
Q2 25	$45M	$36M	$37M
Q3 25	$51M	$39M	$35M
Q4 25	$47M	$42M	$36M

Revenue Segments

Quarter	Managed Services	Marketplace, Basic, Plus, And Other	Marketplace, Enterprise	Enterprise	Marketplace
Q1 22	$12M	$119M	$11M	—	—
Q1 25	—	—	—	$26M	$166M
Q2 25	—	—	—	$24M	$171M
Q3 25	—	—	—	$27M	$175M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$121M	$552M	$673M
Q2 22	$135M	$532M	$668M
Q3 22	$156M	$519M	$676M
Q4 22	$129M	$557M	$687M
Q1 23	$102M	$408M	$510M
Q2 23	$154M	$363M	$517M
Q3 23	$147M	$408M	$555M
Q4 23	$80M	$470M	$550M
Q1 24	$25M	$466M	$491M
Q2 24	$183M	$315M	$498M
Q3 24	$288M	$313M	$601M
Q4 24	$306M	$316M	$622M
Q1 25	$304M	$318M	$622M
Q2 25	$291M	$344M	$635M
Q3 25	$261M	$382M	$643M
Q4 25	$298M	$378M	$676M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	129M	+1.4%	+3.3%
Q2 22	130M	+0.5%	+2.6%
Q3 22	131M	+0.6%	+2.3%
Q4 22	132M	+0.8%	+3.4%
Q1 23	136M	+3.1%	+5.1%
Q2 23	134M	-1.3%	+3.1%
Q3 23	137M	+2.3%	+4.9%
Q4 23	144M	+4.7%	+9.1%
Q1 24	144M	-0.1%	+5.7%
Q2 24	138M	-3.8%	+3.1%
Q3 24	139M	+0.7%	+1.5%
Q4 24	143M	+2.7%	-0.5%
Q1 25	143M	-0.2%	-0.6%
Q2 25	140M	-1.8%	+1.4%
Q3 25	140M	-0.4%	+0.3%
Q4 25	139M	-0.2%	-2.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$217.4K	650
Q2 22	$241.4K	650
Q3 22	$244.1K	650
Q4 22	$189.9K	850
Q1 23	$189.2K	850
Q2 23	$198.4K	850
Q3 23	$206.7K	850
Q4 23	$229.9K	800
Q1 24	$238.7K	800
Q2 24	$241.4K	800
Q3 24	$242.2K	800
Q4 24	$319.1K	600
Q1 25	$321.2K	600
Q2 25	$324.9K	600
Q3 25	$336.2K	600
Q4 25	$314.9K	630

Revenue / Employee