Upwork Inc. (UPWK) Financial Statements (2026 and earlier)

Company Profile

Business Address 530 LYTTON AVENUE, SUITE 301
PALO ALTO, CA 94301
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 7374 - Computer Processing and Data Preparation and Processing Services (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)
Annual | Quarterly

3/31/2026
MRQ
12/31/2025
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments672,781622,101550,098686,614684,771169,651
Cash and cash equivalent294,356305,75779,641129,384187,20594,081
Short-term investments378,425316,344470,457557,230497,56675,570
Restricted cash and investments 3,6003,6003,6003,6003,2002,300
Receivables76,23675,490103,06164,88866,82647,018
Other undisclosed current assets198,216209,863226,612175,804174,856141,832
Total current assets:950,833911,054883,371930,906929,653360,801
Noncurrent Assets
Operating lease, right-of-use asset5,0115,7524,3337,60310,68219,729
Property, plant, and equipment, after accumulated depreciation, depletion, and amortization44,42130,05627,14022,06321,32928,139
Intangible asset, including goodwill, after accumulated amortization186,353134,053121,267118,219118,219118,886
Goodwill149,192121,064118,219118,219118,219118,219
Intangible asset, excluding goodwill, after accumulated amortization37,16112,9893,048  667
Deferred income tax assets111,495128,779    
Other noncurrent assets1,4671,9191,4301,4541,1781,672
Total noncurrent assets:348,747300,559154,170149,339151,408168,426
TOTAL ASSETS:1,299,5801,211,6131,037,5411,080,2451,081,061529,227
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities80,92437,64632,04826,92129,05620,664
Employee-related liabilities✕✕✕✕✕23,04714,007
Accounts payable7,8586,1285,0637,5494,9966,455
Accrued liabilities73,06631,51826,98519,3721,013202
Deferred revenue7,7657,26917,36125,07522,08316,801
Debt359,770    7,581
Other undisclosed current liabilities201,709223,518243,594195,696182,495153,701
Total current liabilities:650,168268,433293,003247,692233,634198,747
Noncurrent Liabilities
Long-term debt and lease obligation  357,928356,087564,261578,05223,648
Long-term debt, excluding current maturities  357,928356,087564,261561,2993,142
Liabilities, other than long-term debt19,0979,8757,37619,4139,8587,522
Other liabilities9,3903081,2888,2369,8587,522
Operating lease, liability9,7079,5676,08811,17716,75320,506
Total noncurrent liabilities:19,097367,803363,463583,674587,91031,170
Total liabilities:669,265636,236656,466831,366821,544229,917
Equity
Equity, attributable to parent630,315575,377381,075248,879259,517299,310
Common stock131414131312
Additional paid in capital592,599653,575674,918592,900510,568494,122
Accumulated other comprehensive income (loss)754264205(3,085)  
Retained earnings (accumulated deficit)36,949(78,476)(294,062)(340,949)(251,064)(194,824)
Total equity:630,315575,377381,075248,879259,517299,310
TOTAL LIABILITIES AND EQUITY:1,299,5801,211,6131,037,5411,080,2451,081,061529,227

Income Statement (P&L) ($ in thousands)
Annual | Quarterly

3/31/2026
TTM
12/31/2025
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
Revenues787,784769,325689,136618,318502,797373,628
Cost of revenue(174,752)(174,094)(170,450)(160,402)(135,508)(2,900)
Cost of product and service sold(174,752)(174,094)(170,450)(160,402)(135,508)(104,267)
Other undisclosed gross profit      (101,367)
Gross profit:613,032595,231518,686457,916367,289269,361
Operating expenses(483,725)(530,025)(529,946)(550,540)(421,506)(291,769)
Operating income (loss):129,30765,206(11,260)(92,624)(54,217)(22,408)
Nonoperating income
(Other Nonoperating income)		23,86925,22160,1377,758279469
Interest and debt expense   38,945(4,483)(2,180)(778)
Income (loss) from continuing operations before equity method investments, income taxes:153,17690,42787,822(89,349)(56,118)(22,717)
Other undisclosed loss from continuing operations before income taxes   (38,945)   
Income (loss) from continuing operations before income taxes:153,17690,42748,877(89,349)(56,118)(22,717)
Income tax expense (benefit)(37,751)125,159(1,990)(536)(122)(150)
Income (loss) from continuing operations:115,425215,58646,887(89,885)(56,240)(22,867)
Loss before gain (loss) on sale of properties:✕✕✕✕✕(56,240)(22,867)
Net income (loss) available to common stockholders, basic:115,425215,58646,887(89,885)(56,240)(22,867)
Interest on convertible debt2,0692,239389   
Other undisclosed net loss available to common stockholders, diluted   (38,525)   
Net income (loss) available to common stockholders, diluted:117,494217,8258,751(89,885)(56,240)(22,867)

Comprehensive Income ($ in thousands)
Annual | Quarterly

3/31/2026
TTM
12/31/2025
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
Net income (loss):115,425215,58646,887(89,885)(56,240)(22,867)
Comprehensive income (loss):115,425215,58646,887(89,885)(56,240)(22,867)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent490593,290(2,557)  
Comprehensive income (loss), net of tax, attributable to parent:115,915215,64550,177(92,442)(56,240)(22,867)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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