Upwork Inc (UPWK) financials
Upwork revenue and earnings by year
Upwork's revenue was $788 million in the fiscal year to December 31, 2025, up 2.4% from the year before. Net income was $115 million, 14.7% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 19.0% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 788 | 769 | 689 | 618 | 503 | 374 | 301 | 253 | 203 | 164 |
| Revenue growth | 2.4% | 11.6% | 11.5% | 23.0% | 34.6% | 24.3% | 18.6% | 25.1% | 23.2% | — |
| Gross profit | 613 | 595 | 519 | 458 | 367 | 269 | 212 | 172 | 137 | 102 |
| Gross margin | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | 72.1% | 70.7% | 67.8% | 67.7% | 61.9% |
| Operating income | 129 | 65 | -11 | -93 | -54 | -22 | -19 | -12 | -3 | -14 |
| Operating margin | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% | -6.0% | -6.2% | -4.6% | -1.5% | -8.8% |
| Net income | 115 | 216 | 47 | -90 | -56 | -23 | -17 | -20 | -4 | -16 |
| Net margin | 14.7% | 28.0% | 6.8% | -14.5% | -11.2% | -6.1% | -5.5% | -7.9% | -2.0% | -9.9% |
| Diluted EPS | $0.84 | $1.52 | — | -$0.69 | -$0.44 | -$0.19 | -$0.15 | — | — | — |
| Free cash flow | 223 | 139 | 39 | 3 | 5 | 8 | -16 | 7 | -6 | 2 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open UPWK in Markets.
How Upwork makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Marketplace | $167M | 87.1% |
| Enterprise | $24.8M | 12.9% |
See also: UPWK valuation and P/E history · UPWK returns
No forecast, no recommendation. This page describes Upwork Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.