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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) and UPWORK, INC (UPWK). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($276.3M vs $198.4M, roughly 1.4× UPWORK, INC). PATHWARD FINANCIAL, INC. runs the higher net margin — 26.4% vs 7.9%, a 18.5% gap on every dollar of revenue. Over the past eight quarters, PATHWARD FINANCIAL, INC.'s revenue compounded faster (21.0% CAGR vs 1.9%).
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
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.
CASH vs UPWK — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $276.3M | $198.4M |
| Net Profit | $72.9M | $15.6M |
| Gross Margin | — | 78.0% |
| Operating Margin | — | 14.3% |
| Net Margin | 26.4% | 7.9% |
| Revenue YoY | — | 3.6% |
| Net Profit YoY | — | -89.4% |
| EPS (diluted) | $3.35 | $0.12 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $276.3M | — | ||
| Q4 25 | $173.1M | $198.4M | ||
| Q3 25 | $186.7M | $201.7M | ||
| Q2 25 | $195.8M | $194.9M | ||
| Q1 25 | $274.8M | $192.7M | ||
| Q4 24 | $182.6M | $191.5M | ||
| Q3 24 | $179.5M | $193.8M | ||
| Q2 24 | $188.6M | $193.1M |
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | $15.6M | ||
| Q3 25 | $38.8M | $29.3M | ||
| Q2 25 | $42.1M | $32.7M | ||
| Q1 25 | $75.0M | $37.7M | ||
| Q4 24 | $30.0M | $147.2M | ||
| Q3 24 | $33.5M | $27.8M | ||
| Q2 24 | $44.9M | $22.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 78.0% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.7% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 77.7% | ||
| Q3 24 | — | 77.6% | ||
| Q2 24 | — | 77.3% |
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | 14.3% | ||
| Q3 25 | 25.9% | 14.8% | ||
| Q2 25 | 24.1% | 16.7% | ||
| Q1 25 | 33.2% | 20.1% | ||
| Q4 24 | 19.8% | 7.1% | ||
| Q3 24 | 20.9% | 10.7% | ||
| Q2 24 | 27.1% | 9.2% |
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | 7.9% | ||
| Q3 25 | 20.8% | 14.5% | ||
| Q2 25 | 21.5% | 16.8% | ||
| Q1 25 | 27.3% | 19.6% | ||
| Q4 24 | 16.4% | 76.9% | ||
| Q3 24 | 18.7% | 14.3% | ||
| Q2 24 | 23.8% | 11.5% |
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | $0.12 | ||
| Q3 25 | $1.69 | $0.21 | ||
| Q2 25 | $1.81 | $0.24 | ||
| Q1 25 | $3.14 | $0.27 | ||
| Q4 24 | $1.23 | $1.02 | ||
| Q3 24 | $1.34 | $0.20 | ||
| Q2 24 | $1.78 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $157.6M | $672.8M |
| Total DebtLower is stronger | $59.5M | $359.8M |
| Stockholders' EquityBook value | $850.7M | $630.3M |
| Total Assets | $7.1B | $1.3B |
| Debt / EquityLower = less leverage | 0.07× | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $157.6M | — | ||
| Q4 25 | $331.2M | $672.8M | ||
| Q3 25 | $120.6M | $643.1M | ||
| Q2 25 | $258.3M | $634.6M | ||
| Q1 25 | $254.2M | $622.1M | ||
| Q4 24 | $597.4M | $622.1M | ||
| Q3 24 | $158.3M | $601.2M | ||
| Q2 24 | $298.9M | $497.7M |
| Q1 26 | $59.5M | — | ||
| Q4 25 | $33.5M | $359.8M | ||
| Q3 25 | $33.5M | $359.3M | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | $357.9M | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — |
| Q1 26 | $850.7M | — | ||
| Q4 25 | $854.5M | $630.3M | ||
| Q3 25 | $858.0M | $628.1M | ||
| Q2 25 | $819.0M | $608.7M | ||
| Q1 25 | $814.7M | $594.3M | ||
| Q4 24 | $758.3M | $575.4M | ||
| Q3 24 | $822.5M | $411.2M | ||
| Q2 24 | $748.4M | $361.1M |
| Q1 26 | $7.1B | — | ||
| Q4 25 | $7.6B | $1.3B | ||
| Q3 25 | $7.2B | $1.3B | ||
| Q2 25 | $7.2B | $1.3B | ||
| Q1 25 | $7.0B | $1.2B | ||
| Q4 24 | $7.6B | $1.2B | ||
| Q3 24 | $7.5B | $1.1B | ||
| Q2 24 | $7.5B | $1.0B |
| Q1 26 | 0.07× | — | ||
| Q4 25 | 0.04× | 0.57× | ||
| Q3 25 | 0.04× | 0.57× | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | 0.62× | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $63.7M |
| Free Cash FlowOCF − Capex | — | $63.2M |
| FCF MarginFCF / Revenue | — | 31.9% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | — | 4.07× |
| TTM Free Cash FlowTrailing 4 quarters | — | $242.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.3M | $63.7M | ||
| Q3 25 | $303.7M | $75.1M | ||
| Q2 25 | $30.4M | $72.5M | ||
| Q1 25 | $188.3M | $37.0M | ||
| Q4 24 | $-71.7M | $38.6M | ||
| Q3 24 | $143.1M | $61.0M | ||
| Q2 24 | $113.2M | $39.2M |
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $63.2M | ||
| Q3 25 | $300.3M | $74.6M | ||
| Q2 25 | $27.7M | $70.1M | ||
| Q1 25 | $184.7M | $34.5M | ||
| Q4 24 | $-73.8M | $37.0M | ||
| Q3 24 | $138.8M | $59.8M | ||
| Q2 24 | $111.0M | $38.6M |
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | 31.9% | ||
| Q3 25 | 160.9% | 37.0% | ||
| Q2 25 | 14.1% | 36.0% | ||
| Q1 25 | 67.2% | 17.9% | ||
| Q4 24 | -40.4% | 19.3% | ||
| Q3 24 | 77.3% | 30.8% | ||
| Q2 24 | 58.8% | 20.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 0.2% | ||
| Q3 25 | 1.8% | 0.2% | ||
| Q2 25 | 1.4% | 1.2% | ||
| Q1 25 | 1.3% | 1.3% | ||
| Q4 24 | 1.1% | 0.8% | ||
| Q3 24 | 2.4% | 0.6% | ||
| Q2 24 | 1.2% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | 4.07× | ||
| Q3 25 | 7.83× | 2.56× | ||
| Q2 25 | 0.72× | 2.22× | ||
| Q1 25 | 2.51× | 0.98× | ||
| Q4 24 | -2.39× | 0.26× | ||
| Q3 24 | 4.27× | 2.20× | ||
| Q2 24 | 2.52× | 1.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
UPWK
Segment breakdown not available.
