UPWORK, INCUPWKEarnings & Financial Report
Nasdaq
Upwork Inc. is an American freelancing platform headquartered in Santa Clara and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.
UPWK Q4 2025 Key Financial Metrics
Revenue
$198.4M
Gross Profit
$154.7M
Operating Profit
$28.3M
Net Profit
$15.6M
Gross Margin
78.0%
Operating Margin
14.3%
Net Margin
7.9%
YoY Growth
3.6%
EPS
$0.12
Financial Flow
UPWORK, INC Q4 2025 Financial Summary
UPWORK, INC reported revenue of $198.4M for Q4 2025, with a net profit of $15.6M (7.9% margin). Cost of goods sold was $43.7M, operating expenses totaled $126.4M.
Key Financial Metrics
| Total Revenue | $198.4M |
|---|---|
| Net Profit | $15.6M |
| Gross Margin | 78.0% |
| Operating Margin | 14.3% |
| Report Period | Q4 2025 |
UPWORK, INC Annual Revenue by Year
UPWORK, INC annual revenue history includes year-by-year totals (for example, 2025 revenue was $787.8M).
| Year | Annual Revenue |
|---|---|
| 2025 | $787.8M |
| 2024 | $769.3M |
| 2023 | $689.1M |
| 2022 | $618.3M |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $190.9M | $193.1M | $193.8M | $191.5M | $192.7M | $194.9M | $201.7M | $198.4M |
| YoY Growth | 18.7% | 14.5% | 10.3% | 4.1% | 0.9% | 0.9% | 4.1% | 3.6% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $1.00B | $1.01B | $1.06B | $1.21B | $1.24B | $1.26B | $1.31B | $1.30B |
| Liabilities | $651.9M | $647.5M | $651.5M | $636.2M | $645.7M | $653.1M | $683.1M | $669.3M |
| Equity | $348.9M | $361.1M | $411.2M | $575.4M | $594.3M | $608.7M | $628.1M | $630.3M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $5.7M | $37.3M | $102.1M | $8.5M | $37.0M | $72.5M | $75.1M | $63.7M |