UPWKNasdaqServices-Computer Processing & Data PreparationFiscal year ends December 31
UPWORK, INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$8.52+0.09 (+1.07%)
Close on Oct 19, 2026
- Market cap
- $1.11B
- P/E (TTM)
- 11.2
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
77.8%+5.7 pts over 5 years
Operating margin
16.4%+22.4 pts over 5 years
Net margin
14.7%+20.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.4% | +8.4% | +16.1% | – | |
| Gross profit | +3.0% | +10.2% | +17.9% | – | |
| Operating income | +98.3% | – | – | – | |
| Net income | -46.5% | – | – | – | |
| EPS, diluted | -44.7% | – | – | – | |
| Free cash flow | +61.6% | +187.1% | +72.1% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 63.0% | -8.2% | 19.1% | |
| Return on assets | – | -4.7% | 9.2% | |
| Current ratio | – | 1.82 | 1.46 | |
| Debt to equity | – | 0.04 | 0.57 | |
| Net debt to EBITDA | – | – | 0.42× | |
| Interest coverage | -16.9× | -28.8× | – | |
| Capex to revenue | 0.5% | 1.7% | 0.7% | |
| Diluted shares | 32M | 119M | 141M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Upwork generated $476.86M from operations and spent $248.24M on capital expenditure, dividends and share buybacks. 5% of that went back into the business.
Generated
$476.86M
Used
$248.24M
Capital expenditure$12.29M5%Dividends$00%Share buybacks$235.96M95%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin14.7%
×Asset turnover0.63×
×Equity multiplier2.08×
=Return on equity, FY202519.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.7% | 0.63× | 2.08× | 19.1% |
| FY2024 | 28.0% | 0.68× | 2.35× | 45.1% |
| FY2023 | 6.8% | 0.65× | 3.36× | 14.9% |
| FY2022 | -14.5% | 0.57× | 4.25× | -35.4% |
| FY2021 | -11.2% | 0.62× | 2.88× | -20.1% |
| FY2020 | -6.1% | 0.77× | 1.75× | -8.2% |
| FY2019 | -5.5% | 0.72× | 1.67× | -6.6% |
| FY2018 | -7.9% | 0.76× | 3.14× | -18.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$115.43M
- Cash generatingOperating cash flow above zero$248.26M
- Return on assets improvedROA up on the prior year20.8% → 9.5%
- Earnings backed by cashOperating cash flow above net income$248.26M vs $115.43M
- Less leverageLong-term debt to assets fell29.5% → 0.0%
- Better liquidityCurrent ratio rose3.39 → 1.46
- No dilutionShare count did not rise143M → 141M
- Gross margin improvedGross margin up on the prior year77.37% → 77.82%
- More efficientAsset turnover rose0.74 → 0.65