10 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $788M | $115M | 77.8% | 16.4% | $242M | $360M | $294M |
| 2024 | $769M | $216M | 77.4% | 8.5% | $150M | $358M | $306M |
| 2023 | $689M | $47M | 75.3% | -1.6% | $52M | $356M | $80M |
| 2022 | $618M | -$90M | 74.1% | -15.0% | $10M | $564M | $129M |
| 2021 | $503M | -$56M | 73.0% | -10.8% | $10M | $561M | $187M |
| 2020 | $374M | -$23M | 72.1% | -6.0% | $16M | $11M | $94M |
| 2019 | $301M | -$17M | 70.7% | -6.2% | -$10M | $18M | $48M |
| 2018 | $253M | -$20M | 67.8% | -4.6% | $11M | $24M | $129M |
| 2017 | $203M | -$4M | 67.7% | -1.5% | -$6M | $34M | $22M |
| 2016 | $164M | -$16M | 61.9% | -8.8% | $2M | — | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $195M | $31M | 77.2% | 16.7% | $21M | $360M | $328M |
| Dec '25 | $198M | $16M | 78.0% | 14.3% | $63M | $360M | $294M |
| Sep '25 | $202M | $29M | 77.3% | 14.8% | $75M | $359M | $261M |
| Jun '25 | $195M | $33M | 77.7% | 16.7% | $70M | $359M | $291M |
| Mar '25 | $193M | $38M | 78.3% | 20.1% | $34M | $358M | $304M |
| Dec '24 | $191M | $147M | 77.7% | 7.1% | $37M | $358M | $306M |
| Sep '24 | $194M | $28M | 77.6% | 10.7% | $60M | $357M | $288M |
| Jun '24 | $193M | $22M | 77.3% | 9.2% | $39M | $357M | $183M |
| Mar '24 | $191M | $18M | 76.9% | 6.8% | $15M | $357M | $25M |
| Dec '23 | $184M | $17M | 75.1% | 4.6% | $20M | $356M | $80M |
| Sep '23 | $176M | $16M | 75.4% | 6.5% | $37M | $356M | $147M |
| Jun '23 | $169M | -$4M | 75.8% | -3.6% | $4M | $355M | $154M |
| Mar '23 | $161M | $17M | 74.9% | -15.6% | -$9M | $355M | $102M |
| Dec '22 | $161M | -$17M | 74.5% | -12.7% | $8M | $564M | $129M |
| Sep '22 | $159M | -$25M | 74.5% | -16.0% | $10M | $564M | $156M |
| Jun '22 | $157M | -$24M | 74.0% | -14.7% | -$855000 | $563M | $135M |
| Mar '22 | $141M | -$25M | 73.2% | -16.7% | -$12M | $562M | $121M |
| Dec '21 | $137M | -$23M | 72.9% | -15.9% | -$13M | $561M | $187M |
| Sep '21 | $128M | -$9M | 72.7% | -6.5% | $21M | $561M | $600M |
| Jun '21 | $124M | -$17M | 73.4% | -13.2% | $280000 | $7M | $131M |
How the market has priced UPWK against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Upwork, Inc's revenue has grown 16.1% per year. These are computed facts, not advice.
As of FY2025, Upwork, Inc reported $360M of total debt against $294M of cash.
In FY2025, gross margin was 77.8%, operating margin 16.4%, and net margin 14.7%.
As of Jun '26, Upwork, Inc traded at a price-to-earnings ratio of about 8.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.