Upwork Inc.
Profit after direct costs
Core business profitability
Bottom line profitability
Top line growth rate
Flow of revenue through cost categories to net income
| Item | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | YoY Change |
|---|---|---|---|---|---|---|---|
Total Revenue | 502.80M | 618.32M | 689.14M | 769.33M | 787.78M | 2.4% | |
| Cost of Revenue | (135.51M) | (160.40M) | (170.45M) | (174.09M) | (174.75M) | 0.4% | |
Gross Profit | 367.29M | 457.92M | 518.69M | 595.23M | 613.03M | 3.0% | |
| Operating Expenses | |||||||
| Research & Development | (119.08M) | (154.55M) | (177.36M) | (209.28M) | (189.34M) | -9.5% | |
| Selling, General & Administrative | (296.38M) | (370.83M) | (339.61M) | (314.01M) | (288.14M) | -8.2% | |
| General & Administrative | (113.08M) | (123.95M) | (118.92M) | (128.80M) | (144.73M) | 12.4% | |
| Selling & Marketing | (183.29M) | (246.88M) | (220.68M) | (185.21M) | (143.41M) | -22.6% | |
| Depreciation & Amortization | (13.81M) | (11.14M) | (12.72M) | (17.65M) | (22.47M) | 27.3% | |
Operating Income (EBIT) | -54.22M | -92.62M | -11.26M | 65.21M | 129.31M | 98.3% | |
| Non-Operating Items | |||||||
| Interest Income | — | — | — | 30.70M | 13.50M | -56.0% | |
| Interest Expense | (2.18M) | (4.48M) | — | (2.70M) | (700.00K) | -74.1% | |
| Other Income/Expenses (Net) | -1.90M | 3.27M | 60.14M | 25.22M | 23.87M | -5.4% | |
Income Before Tax | -56.12M | -89.35M | 48.88M | 90.43M | 153.18M | 69.4% | |
| Income Tax Expense | (122.00K) | (536.00K) | (1.99M) | (125.16M) | (37.75M) | -130.2% | |
Net Income | -56.24M | -89.89M | 46.89M | 215.59M | 115.42M | -46.5% | |
| Per Share Metrics | |||||||
| Earnings Per Share (Basic) | $-0 | $-1 | $0 | $2 | $1 | -46.0% | |
| Weighted Avg Shares Outstanding | 127.16M | 130.52M | 134.77M | 133.62M | 130.62M | -2.2% | |
| Weighted Avg Shares Outstanding (Diluted) | 127.16M | 130.52M | 137.26M | 143.15M | 139.41M | -2.6% | |
EBITDA | -40.13M | -73.73M | 61.59M | 110.78M | 163.45M | 47.6% |
Explore UPWK
UPWK in the Industrials
Small Cap