# Upwork, Inc: financial statements, quarterly

UPWK · Nasdaq · CIK 1627475 · [Technology](/sectors/technology.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/upwk.md) · [Financials](/companies/upwk/financials.md) · [Filings](/companies/upwk/filings.md) · [Insiders](/companies/upwk/insiders.md)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/upwk/financials.md?period=annual).

## Income statement

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [176](/filings/0001627475-24-000043.md) | [184 d](/filings/0001627475-26-000012.md) | [191](/filings/0001627475-25-000033.md) | [193](/filings/0001627475-25-000046.md) | [194](/filings/0001627475-25-000058.md) | [191 d](/filings/0001627475-26-000012.md) | [193](/filings/0001627475-26-000034.md) | [195](/filings/0001627475-26-000047.md) | [202](/filings/0001627475-25-000058.md) | [198 d](/filings/0001627475-26-000012.md) | [195](/filings/0001627475-26-000034.md) | [192](/filings/0001627475-26-000047.md) |
| Cost of revenue | $m | [43.3](/filings/0001627475-24-000043.md) | [45.9 d](/filings/0001627475-26-000012.md) | [44.2](/filings/0001627475-25-000033.md) | [43.9](/filings/0001627475-25-000046.md) | [43.4](/filings/0001627475-25-000058.md) | [42.6 d](/filings/0001627475-26-000012.md) | [41.8](/filings/0001627475-26-000034.md) | [43.4](/filings/0001627475-26-000047.md) | [45.8](/filings/0001627475-25-000058.md) | [43.7 d](/filings/0001627475-26-000012.md) | [44.6](/filings/0001627475-26-000034.md) | [45.3](/filings/0001627475-26-000047.md) |
| Gross profit | $m | [132](/filings/0001627475-24-000043.md) | [138 d](/filings/0001627475-26-000012.md) | [147](/filings/0001627475-25-000033.md) | [149](/filings/0001627475-25-000046.md) | [150](/filings/0001627475-25-000058.md) | [149 d](/filings/0001627475-26-000012.md) | [151](/filings/0001627475-26-000034.md) | [152](/filings/0001627475-26-000047.md) | [156](/filings/0001627475-25-000058.md) | [155 d](/filings/0001627475-26-000012.md) | [151](/filings/0001627475-26-000034.md) | [146](/filings/0001627475-26-000047.md) |
| Research and development | $m | [43.4](/filings/0001627475-24-000043.md) | [46.2 d](/filings/0001627475-26-000012.md) | [52.9](/filings/0001627475-25-000033.md) | [52.5](/filings/0001627475-25-000046.md) | [50.4](/filings/0001627475-25-000058.md) | [53.5 d](/filings/0001627475-26-000012.md) | [46.2](/filings/0001627475-26-000034.md) | [44.8](/filings/0001627475-26-000047.md) | [47.5](/filings/0001627475-25-000058.md) | [47.1 d](/filings/0001627475-26-000012.md) | [43.3](/filings/0001627475-26-000034.md) | [43.9](/filings/0001627475-26-000047.md) |
| Operating income | $m | [11.5](/filings/0001627475-24-000043.md) | [8.4 d](/filings/0001627475-26-000012.md) | [13.0](/filings/0001627475-25-000033.md) | [17.8](/filings/0001627475-25-000046.md) | [20.8](/filings/0001627475-25-000058.md) | [13.6 d](/filings/0001627475-26-000012.md) | [38.7](/filings/0001627475-26-000034.md) | [32.6](/filings/0001627475-26-000047.md) | [29.8](/filings/0001627475-25-000058.md) | [28.3 d](/filings/0001627475-26-000012.md) | [32.7](/filings/0001627475-26-000034.md) | [28.1](/filings/0001627475-26-000047.md) |
| Interest expense | $m | [0.7](/filings/0001627475-23-000057.md) | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Income tax | $m | [0.9](/filings/0001627475-24-000043.md) | [(1.6) d](/filings/0001627475-26-000012.md) | [1.3](/filings/0001627475-25-000033.md) | [1.2](/filings/0001627475-25-000046.md) | [1.1](/filings/0001627475-25-000058.md) | [(129) d](/filings/0001627475-26-000012.md) | [7.3](/filings/0001627475-26-000034.md) | [5.7](/filings/0001627475-26-000047.md) | [6.3](/filings/0001627475-25-000058.md) | [18.4 d](/filings/0001627475-26-000012.md) | [6.2](/filings/0001627475-26-000034.md) | [6.7](/filings/0001627475-26-000047.md) |
| Net income | $m | [16.3](/filings/0001627475-24-000043.md) | [17.4 d](/filings/0001627475-26-000012.md) | [18.4](/filings/0001627475-25-000033.md) | [22.2](/filings/0001627475-25-000046.md) | [27.8](/filings/0001627475-25-000058.md) | [147 d](/filings/0001627475-26-000012.md) | [37.7](/filings/0001627475-26-000034.md) | [32.7](/filings/0001627475-26-000047.md) | [29.3](/filings/0001627475-25-000058.md) | [15.6 d](/filings/0001627475-26-000012.md) | [31.5](/filings/0001627475-26-000034.md) | [25.4](/filings/0001627475-26-000047.md) |
| Diluted EPS | $ per share | [0.12](/filings/0001627475-24-000043.md) | not reported | [0.13](/filings/0001627475-25-000033.md) | [0.17](/filings/0001627475-25-000046.md) | [0.20](/filings/0001627475-25-000058.md) | not reported | [0.27](/filings/0001627475-26-000034.md) | [0.24](/filings/0001627475-26-000047.md) | [0.21](/filings/0001627475-25-000058.md) | not reported | [0.24](/filings/0001627475-26-000034.md) | [0.20](/filings/0001627475-26-000047.md) |
| Basic EPS | $ per share | [0.12](/filings/0001627475-24-000043.md) | not reported | [0.14](/filings/0001627475-25-000033.md) | [0.17](/filings/0001627475-25-000046.md) | [0.21](/filings/0001627475-25-000058.md) | not reported | [0.28](/filings/0001627475-26-000034.md) | [0.25](/filings/0001627475-26-000047.md) | [0.22](/filings/0001627475-25-000058.md) | not reported | [0.25](/filings/0001627475-26-000034.md) | [0.21](/filings/0001627475-26-000047.md) |

- Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
- Cost of revenue: us-gaap:CostOfGoodsAndServicesSold
- Gross profit: us-gaap:GrossProfit
- Research and development: us-gaap:ResearchAndDevelopmentExpense
- Operating income: us-gaap:OperatingIncomeLoss
- Interest expense: us-gaap:InterestExpense
- Income tax: us-gaap:IncomeTaxExpenseBenefit
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | Q3 FY2023 (2023-09-30) | FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $m | [147](/filings/0001627475-23-000057.md) | [79.6](/filings/0001627475-26-000012.md) | [24.7](/filings/0001627475-24-000022.md) | [183](/filings/0001627475-24-000034.md) | [288](/filings/0001627475-24-000043.md) | [306](/filings/0001627475-26-000012.md) | [304](/filings/0001627475-25-000033.md) | [291](/filings/0001627475-25-000046.md) | [261](/filings/0001627475-25-000058.md) | [294](/filings/0001627475-26-000047.md) | [328](/filings/0001627475-26-000034.md) | [476](/filings/0001627475-26-000047.md) |
| Current assets | $m | [810](/filings/0001627475-23-000057.md) | [883](/filings/0001627475-25-000011.md) | [848](/filings/0001627475-24-000022.md) | [856](/filings/0001627475-24-000034.md) | [904](/filings/0001627475-24-000043.md) | [911](/filings/0001627475-26-000012.md) | [938](/filings/0001627475-25-000033.md) | [939](/filings/0001627475-25-000046.md) | [949](/filings/0001627475-25-000058.md) | [951](/filings/0001627475-26-000047.md) | [883](/filings/0001627475-26-000034.md) | [909](/filings/0001627475-26-000047.md) |
| Total assets | $m | [961](/filings/0001627475-23-000057.md) | [1,038](/filings/0001627475-25-000011.md) | [1,001](/filings/0001627475-24-000022.md) | [1,009](/filings/0001627475-24-000034.md) | [1,063](/filings/0001627475-24-000043.md) | [1,212](/filings/0001627475-26-000012.md) | [1,240](/filings/0001627475-25-000033.md) | [1,262](/filings/0001627475-25-000046.md) | [1,311](/filings/0001627475-25-000058.md) | [1,300](/filings/0001627475-26-000047.md) | [1,242](/filings/0001627475-26-000034.md) | [1,274](/filings/0001627475-26-000047.md) |
| Current liabilities | $m | [253](/filings/0001627475-23-000057.md) | [293](/filings/0001627475-25-000011.md) | [289](/filings/0001627475-24-000022.md) | [285](/filings/0001627475-24-000034.md) | [284](/filings/0001627475-24-000043.md) | [268](/filings/0001627475-26-000012.md) | [275](/filings/0001627475-25-000033.md) | [280](/filings/0001627475-25-000046.md) | [660](/filings/0001627475-25-000058.md) | [650](/filings/0001627475-26-000047.md) | [647](/filings/0001627475-26-000034.md) | [638](/filings/0001627475-26-000047.md) |
| Total liabilities | $m | [618](/filings/0001627475-23-000057.md) | [656](/filings/0001627475-25-000011.md) | [652](/filings/0001627475-24-000022.md) | [647](/filings/0001627475-24-000034.md) | [651](/filings/0001627475-24-000043.md) | [636](/filings/0001627475-26-000012.md) | [646](/filings/0001627475-25-000033.md) | [653](/filings/0001627475-25-000046.md) | [683](/filings/0001627475-25-000058.md) | [669](/filings/0001627475-26-000047.md) | [672](/filings/0001627475-26-000034.md) | [663](/filings/0001627475-26-000047.md) |
| Long-term debt | $m | [356](/filings/0001627475-23-000057.md) | [356](/filings/0001627475-25-000011.md) | [357](/filings/0001627475-24-000022.md) | [357](/filings/0001627475-24-000034.md) | [357](/filings/0001627475-24-000043.md) | [358](/filings/0001627475-26-000012.md) | [358](/filings/0001627475-25-000033.md) | [359](/filings/0001627475-25-000046.md) | [0.0](/filings/0001627475-25-000058.md) | [0.0](/filings/0001627475-26-000012.md) | [360](/filings/0001627475-26-000034.md) | [361](/filings/0001627475-26-000047.md) |
| Current portion of debt | $m | not reported | not reported | not reported | not reported | not reported | [0.0](/filings/0001627475-26-000012.md) | not reported | not reported | [359](/filings/0001627475-25-000058.md) | [360](/filings/0001627475-26-000047.md) | [360](/filings/0001627475-26-000034.md) | [361](/filings/0001627475-26-000047.md) |
| Shareholders' equity | $m | [343](/filings/0001627475-24-000043.md) | [381](/filings/0001627475-26-000012.md) | [349](/filings/0001627475-25-000046.md) | [361](/filings/0001627475-25-000058.md) | [411](/filings/0001627475-25-000058.md) | [575](/filings/0001627475-26-000047.md) | [594](/filings/0001627475-26-000047.md) | [609](/filings/0001627475-26-000047.md) | [628](/filings/0001627475-25-000058.md) | [630](/filings/0001627475-26-000047.md) | [570](/filings/0001627475-26-000047.md) | [611](/filings/0001627475-26-000047.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue
- Current assets: us-gaap:AssetsCurrent
- Total assets: us-gaap:Assets
- Current liabilities: us-gaap:LiabilitiesCurrent
- Total liabilities: us-gaap:Liabilities
- Long-term debt: us-gaap:LongTermDebtNoncurrent, us-gaap:LongTermDebt
- Current portion of debt: us-gaap:LongTermDebtCurrent
- Shareholders' equity: us-gaap:StockholdersEquity

## Cash flow

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $m | [37.0 d](/filings/0001627475-24-000043.md) | [20.1 d](/filings/0001627475-26-000012.md) | [14.8](/filings/0001627475-25-000033.md) | [39.2 d](/filings/0001627475-25-000046.md) | [61.0 d](/filings/0001627475-25-000058.md) | [38.6 d](/filings/0001627475-26-000012.md) | [37.0](/filings/0001627475-26-000034.md) | [72.5 d](/filings/0001627475-26-000047.md) | [75.1 d](/filings/0001627475-25-000058.md) | [63.7 d](/filings/0001627475-26-000012.md) | [23.0](/filings/0001627475-26-000034.md) | [46.9 d](/filings/0001627475-26-000047.md) |
| Capital expenditure | $m | [0.4 d](/filings/0001627475-24-000043.md) | [0.1 d](/filings/0001627475-26-000012.md) | [0.2](/filings/0001627475-25-000033.md) | [0.6 d](/filings/0001627475-25-000046.md) | [1.2 d](/filings/0001627475-25-000058.md) | [1.5 d](/filings/0001627475-26-000012.md) | [2.5](/filings/0001627475-26-000034.md) | [2.4 d](/filings/0001627475-26-000047.md) | [0.5 d](/filings/0001627475-25-000058.md) | [0.5 d](/filings/0001627475-26-000012.md) | [1.7](/filings/0001627475-26-000034.md) | [1.6 d](/filings/0001627475-26-000047.md) |
| Share repurchases | $m | [0.0 d](/filings/0001627475-24-000043.md) | [0.0 d](/filings/0001627475-26-000012.md) | [66.9](/filings/0001627475-25-000033.md) | [33.1 d](/filings/0001627475-25-000046.md) | [0.0 d](/filings/0001627475-25-000058.md) | [0.0 d](/filings/0001627475-26-000012.md) | [33.1](/filings/0001627475-26-000034.md) | [37.9 d](/filings/0001627475-26-000047.md) | [31.0 d](/filings/0001627475-25-000058.md) | [34.0 d](/filings/0001627475-26-000012.md) | [108](/filings/0001627475-26-000034.md) | [1.8 d](/filings/0001627475-26-000047.md) |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities
- Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
- Share repurchases: us-gaap:PaymentsForRepurchaseOfCommonStock

## Shares

| Line item | Unit | Q3 FY2022 (2022-09-30) | Q1 FY2023 (2023-03-31) | Q2 FY2023 (2023-06-30) | Q3 FY2023 (2023-09-30) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [131](/filings/0001627475-23-000057.md) | [136](/filings/0001627475-24-000022.md) | [134](/filings/0001627475-24-000034.md) | [137](/filings/0001627475-24-000043.md) | [144](/filings/0001627475-25-000033.md) | [138](/filings/0001627475-25-000046.md) | [139](/filings/0001627475-25-000058.md) | [143](/filings/0001627475-26-000034.md) | [140](/filings/0001627475-26-000047.md) | [140](/filings/0001627475-25-000058.md) | [136](/filings/0001627475-26-000034.md) | [130](/filings/0001627475-26-000047.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 124,903,365 at 2026-07-31, from the cover of the [10-Q filed 2026-08-10](/filings/0001627475-26-000047.md) (dei:EntityCommonStockSharesOutstanding).

Source: SEC EDGAR, XBRL company facts. Last ingested by Listed: Oct 24, 2026, 15:44 ET. No prices; not investment advice.