Upwork Inc. (UPWK) Income Statement
UPWK 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUPWK revenue and net income
Where UPWK's revenue goes
2025Each bar shows an amount and its share of revenue. UPWK kept 14.7% of revenue as net income.
UPWK profit margins
UPWK growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| 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) | +31.8% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UPWK quarterly EPS vs estimates
Upwork beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 2, 2026 (estimate $0.32).
UPWK income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $787.8M | $769.3M | $689.1M | $618.3M | $502.8M | $373.6M | $300.6M | $253.4M | $202.6M | $164.4M |
| Cost of revenue | $174.8M | $174.1M | $170.4M | $160.4M | $135.5M | $104.3M | $88.1M | $81.5M | $65.4M | $62.6M |
| Gross profit | $613.0M | $595.2M | $518.7M | $457.9M | $367.3M | $269.4M | $212.4M | $171.9M | $137.1M | $101.9M |
| Research & development | $189.3M | $209.3M | $177.4M | $154.6M | $119.1M | $83.5M | $64.0M | $55.5M | $45.6M | $37.9M |
| Sales, general & admin | $288.1M | $314.0M | $339.6M | $370.8M | $296.4M | $204.7M | $163.2M | $122.3M | $90.4M | $72.9M |
| Total operating expenses | $483.7M | $530.0M | $529.9M | $550.5M | $421.5M | $291.8M | $231.2M | $183.6M | $140.2M | $116.3M |
| Operating income | $129.3M | $65.2M | −$11.3M | −$92.6M | −$54.2M | −$22.4M | −$18.7M | −$11.7M | −$3.1M | −$14.5M |
| Interest income | — | — | — | — | — | — | $1.3M | $2.0M | $960,000 | $858,000 |
| Interest expense | $700,000 | $2.7M | $1.0M | $4.5M | $2.2M | $778,000 | $1.3M | $2.0M | $960,000 | $858,000 |
| Income before taxes | $153.2M | $90.4M | $48.9M | −$89.3M | −$56.1M | −$22.7M | −$16.6M | −$19.9M | −$4.1M | −$16.2M |
| Income taxes | $37.8M | −$125.2M | $2.0M | $536,000 | $122,000 | $150,000 | $28,000 | $15,000 | −$22,000 | −$1,000 |
| Net income | $115.4M | $215.6M | $46.9M | −$89.9M | −$56.2M | −$22.9M | −$16.7M | −$19.9M | −$4.1M | −$16.2M |
| EBITDA | $167.4M | $110.8M | $61.6M | −$73.7M | −$40.1M | −$7.9M | −$4.7M | −$12.9M | $1.0M | −$6.9M |
| EPS (diluted) | $1.41 | $1.07 | $0.50 | −$0.06 | $0.05 | −$0.07 | $0.02 | −$0.16 | −$0.04 | −$0.51 |
| Gross margin | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | 72.1% | 70.7% | 67.8% | 67.7% | 61.9% |
| Operating margin | 16.4% | 8.5% | −1.6% | −15.0% | −10.8% | −6.0% | −6.2% | −4.6% | −1.5% | −8.8% |
| Net margin | 14.7% | 28.0% | 6.8% | −14.5% | −11.2% | −6.1% | −5.5% | −7.9% | −2.0% | −9.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $191.7M | $195.5M | $198.4M | $201.7M | $194.9M | $192.7M | $191.5M | $193.8M | $193.1M | $190.9M | $183.9M | $175.7M |
| Cost of revenue | $45.3M | $44.6M | $43.7M | $45.8M | $43.4M | $41.8M | $42.6M | $43.4M | $43.9M | $44.2M | $45.9M | $43.3M |
| Gross profit | $146.4M | $150.8M | $154.7M | $155.9M | $151.5M | $150.9M | $148.8M | $150.4M | $149.3M | $146.7M | $138.1M | $132.5M |
| Research & development | $43.9M | $43.3M | $47.1M | $51.3M | $44.8M | $46.2M | $53.5M | $50.4M | $52.5M | $52.9M | $46.2M | $43.4M |
| Sales, general & admin | $71.8M | $72.6M | $77.7M | $74.3M | $72.3M | $63.8M | $79.5M | $77.4M | $77.3M | $79.9M | $81.3M | $76.0M |
| Total operating expenses | $118.2M | $118.1M | $126.4M | $126.1M | $118.9M | $112.2M | $135.3M | $129.6M | $131.5M | $133.7M | $129.6M | $121.0M |
| Operating income | $28.1M | $32.7M | $28.3M | $29.8M | $32.6M | $38.7M | $13.6M | $20.8M | $17.8M | $13.0M | $8.4M | $11.5M |
| Interest expense | $700,000 | $700,000 | $600,000 | $700,000 | $700,000 | $700,000 | $600,000 | — | $700,000 | $700,000 | — | $711,000 |
| Income before taxes | $32.1M | $37.7M | $34.1M | $35.7M | $38.4M | $45.0M | $18.4M | $28.9M | $23.4M | $19.8M | $15.8M | $17.2M |
| Income taxes | $6.7M | $6.2M | $18.4M | $6.3M | $5.7M | $7.3M | −$128.8M | $1.1M | $1.2M | $1.3M | −$1.6M | $895,000 |
| Net income | $25.4M | $31.5M | $15.6M | $29.3M | $32.7M | $37.7M | $147.2M | $27.8M | $22.2M | $18.4M | $17.4M | $16.3M |
| EBITDA | $40.9M | $47.9M | $41.3M | $36.8M | $45.2M | $50.1M | $24.3M | $32.1M | $27.9M | $23.8M | −$42.2M | $20.5M |
| EPS (diluted) | $0.20 | $0.35 | $0.36 | $0.36 | $0.35 | $0.34 | $0.30 | $0.29 | $0.26 | $0.22 | $0.20 | $0.21 |
| Gross margin | 76.4% | 77.2% | 78.0% | 77.3% | 77.7% | 78.3% | 77.7% | 77.6% | 77.3% | 76.9% | 75.1% | 75.4% |
| Operating margin | 14.7% | 16.7% | 14.3% | 14.8% | 16.7% | 20.1% | 7.1% | 10.7% | 9.2% | 6.8% | 4.6% | 6.5% |
| Net margin | 13.3% | 16.1% | 7.9% | 14.5% | 16.8% | 19.6% | 76.9% | 14.3% | 11.5% | 9.7% | 9.4% | 9.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in UPWK's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UPWK financial results
In fiscal year 2025 (ended December 31, 2025), Upwork reported revenue of $787.8 million, up 2.4% from the year before. It had net income of $115.4 million (down 46.5%), a net profit margin of 14.7%. Diluted earnings per share came to $1.41. Over five years revenue grew at an average rate of 16.1% a year.
See the UPWK stock overview for the latest quote and news, or the UPWK chart for price history and technical indicators.
UPWK income statement FAQ
What is Upwork's annual revenue?
Upwork reported total revenue of $787.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 2.4% from $769.3 million the previous year.
Is Upwork profitable?
Yes. Upwork reported net income of $115.4 million in fiscal 2025, a net profit margin of 14.7%; its operating margin was 16.4%.
What is Upwork's gross margin?
Upwork's gross margin was 77.8% in fiscal 2025: for every $100 of revenue, Upwork kept $78 after the direct cost of its products and services.
How much does Upwork spend on research and development?
Upwork spent $189.3 million on research and development in fiscal 2025, 24.0% of revenue.
How fast is Upwork growing?
Revenue grew 16.1% a year on average over the last five fiscal years, from $373.6 million to $787.8 million.
What are Upwork's earnings per share?
Upwork earned $1.41 per diluted share in fiscal 2025, compared with $1.07 a year earlier.
When will Upwork report its next earnings?
Upwork is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Upwork's fiscal year end?
Upwork's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.