UPWORK, INCUPWKEarnings & Financial Report
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.
Revenue
$194.9M
Gross Profit
$151.5M
Operating Profit
$32.6M
Net Profit
$32.7M
Gross Margin
77.7%
Operating Margin
16.7%
Net Margin
16.8%
YoY Growth
0.9%
EPS
$0.24
UPWORK, INC Q2 FY2025 Financial Summary
UPWORK, INC reported revenue of $194.9M (up 0.9% YoY) for Q2 FY2025, with a net profit of $32.7M (up 47.3% YoY) (16.8% margin). Cost of goods sold was $43.4M, operating expenses totaled $118.9M.
Key Financial Metrics
| Total Revenue | $194.9M |
|---|---|
| Net Profit | $32.7M |
| Gross Margin | 77.7% |
| Operating Margin | 16.7% |
| Report Period | Q2 FY2025 |
Revenue Breakdown
UPWORK, INC Q2 FY2025 revenue of $194.9M breaks down across 2 segments, led by Marketplace at $170.7M (87.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Marketplace | $170.7M | 87.5% |
| Enterprise | $24.3M | 12.5% |
UPWORK, INC Revenue by Segment — Quarterly Trend
UPWORK, INC revenue by segment across the last 4 reported quarters, showing how each business line (such as Marketplace and Enterprise) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Marketplace | $170.7M | — | $174.6M | $170.7M |
| Enterprise | $24.8M | — | — | $24.3M |
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 |
UPWORK, INC Quarterly Revenue & Net Profit History
UPWORK, INC results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $195.5M | +1.4% | $31.5M | 16.1% |
| Q4 FY2025 | $198.4M | +3.6% | $15.6M | 7.9% |
| Q3 FY2025 | $201.7M | +4.1% | $29.3M | 14.5% |
| Q2 FY2025 | $194.9M | +0.9% | $32.7M | 16.8% |
| Q1 FY2025 | $192.7M | +0.9% | $37.7M | 19.6% |
| Q4 FY2024 | $191.5M | +4.1% | $147.2M | 76.9% |
| Q3 FY2024 | $193.8M | +10.3% | $27.8M | 14.3% |
| Q2 FY2024 | $193.1M | +14.5% | $22.2M | 11.5% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $193.1M | $193.8M | $191.5M | $192.7M | $194.9M | $201.7M | $198.4M | $195.5M |
| YoY Growth | 14.5% | 10.3% | 4.1% | 0.9% | 0.9% | 4.1% | 3.6% | 1.4% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $1.01B | $1.06B | $1.21B | $1.24B | $1.26B | $1.31B | $1.30B | $1.24B |
| Liabilities | $647.5M | $651.5M | $636.2M | $645.7M | $653.1M | $683.1M | $669.3M | $672.3M |
| Equity | $361.1M | $411.2M | $575.4M | $594.3M | $608.7M | $628.1M | $630.3M | $569.6M |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $39.2M | $61.0M | $38.6M | $37.0M | $72.5M | $75.1M | $63.7M | $23.0M |