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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and UPWORK, INC (UPWK). Click either name above to swap in a different company.
UPWORK, INC is the larger business by last-quarter revenue ($198.4M vs $114.9M, roughly 1.7× DULUTH HOLDINGS INC.). UPWORK, INC runs the higher net margin — 7.9% vs -8.8%, a 16.7% gap on every dollar of revenue. On growth, UPWORK, INC posted the faster year-over-year revenue change (3.6% vs -9.6%). UPWORK, INC produced more free cash flow last quarter ($63.2M vs $-8.9M). Over the past eight quarters, UPWORK, INC's revenue compounded faster (1.9% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
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.
DLTH vs UPWK — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $198.4M |
| Net Profit | $-10.1M | $15.6M |
| Gross Margin | 53.8% | 78.0% |
| Operating Margin | -7.7% | 14.3% |
| Net Margin | -8.8% | 7.9% |
| Revenue YoY | -9.6% | 3.6% |
| Net Profit YoY | 64.6% | -89.4% |
| EPS (diluted) | $-0.29 | $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.
| Q4 25 | $114.9M | $198.4M | ||
| Q3 25 | $131.7M | $201.7M | ||
| Q2 25 | $102.7M | $194.9M | ||
| Q1 25 | $241.3M | $192.7M | ||
| Q4 24 | $127.1M | $191.5M | ||
| Q3 24 | $141.6M | $193.8M | ||
| Q2 24 | $116.7M | $193.1M | ||
| Q1 24 | $245.6M | $190.9M |
| Q4 25 | $-10.1M | $15.6M | ||
| Q3 25 | $1.3M | $29.3M | ||
| Q2 25 | $-15.3M | $32.7M | ||
| Q1 25 | $-5.6M | $37.7M | ||
| Q4 24 | $-28.2M | $147.2M | ||
| Q3 24 | $-2.0M | $27.8M | ||
| Q2 24 | $-7.9M | $22.2M | ||
| Q1 24 | $6.4M | $18.4M |
| Q4 25 | 53.8% | 78.0% | ||
| Q3 25 | 54.7% | 77.3% | ||
| Q2 25 | 52.0% | 77.7% | ||
| Q1 25 | 44.1% | 78.3% | ||
| Q4 24 | 52.3% | 77.7% | ||
| Q3 24 | 52.3% | 77.6% | ||
| Q2 24 | 52.8% | 77.3% | ||
| Q1 24 | 48.2% | 76.9% |
| Q4 25 | -7.7% | 14.3% | ||
| Q3 25 | 1.8% | 14.8% | ||
| Q2 25 | -12.0% | 16.7% | ||
| Q1 25 | -1.8% | 20.1% | ||
| Q4 24 | -17.4% | 7.1% | ||
| Q3 24 | -1.1% | 10.7% | ||
| Q2 24 | -7.7% | 9.2% | ||
| Q1 24 | 3.6% | 6.8% |
| Q4 25 | -8.8% | 7.9% | ||
| Q3 25 | 1.0% | 14.5% | ||
| Q2 25 | -14.9% | 16.8% | ||
| Q1 25 | -2.3% | 19.6% | ||
| Q4 24 | -22.2% | 76.9% | ||
| Q3 24 | -1.4% | 14.3% | ||
| Q2 24 | -6.7% | 11.5% | ||
| Q1 24 | 2.6% | 9.7% |
| Q4 25 | $-0.29 | $0.12 | ||
| Q3 25 | $0.04 | $0.21 | ||
| Q2 25 | $-0.45 | $0.24 | ||
| Q1 25 | $-0.17 | $0.27 | ||
| Q4 24 | $-0.84 | $1.02 | ||
| Q3 24 | $-0.06 | $0.20 | ||
| Q2 24 | $-0.24 | $0.17 | ||
| Q1 24 | $0.20 | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.2M | $672.8M |
| Total DebtLower is stronger | — | $359.8M |
| Stockholders' EquityBook value | $160.6M | $630.3M |
| Total Assets | $468.0M | $1.3B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $672.8M | ||
| Q3 25 | $5.7M | $643.1M | ||
| Q2 25 | $8.6M | $634.6M | ||
| Q1 25 | $3.3M | $622.1M | ||
| Q4 24 | $9.3M | $622.1M | ||
| Q3 24 | $9.8M | $601.2M | ||
| Q2 24 | $6.8M | $497.7M | ||
| Q1 24 | $32.2M | $490.6M |
| Q4 25 | — | $359.8M | ||
| Q3 25 | — | $359.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $357.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $160.6M | $630.3M | ||
| Q3 25 | $170.0M | $628.1M | ||
| Q2 25 | $167.9M | $608.7M | ||
| Q1 25 | $182.7M | $594.3M | ||
| Q4 24 | $188.1M | $575.4M | ||
| Q3 24 | $215.7M | $411.2M | ||
| Q2 24 | $218.4M | $361.1M | ||
| Q1 24 | $222.8M | $348.9M |
| Q4 25 | $468.0M | $1.3B | ||
| Q3 25 | $433.8M | $1.3B | ||
| Q2 25 | $463.7M | $1.3B | ||
| Q1 25 | $452.4M | $1.2B | ||
| Q4 24 | $533.1M | $1.2B | ||
| Q3 24 | $488.6M | $1.1B | ||
| Q2 24 | $471.4M | $1.0B | ||
| Q1 24 | $491.2M | $1.0B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-6.7M | $63.7M |
| Free Cash FlowOCF − Capex | $-8.9M | $63.2M |
| FCF MarginFCF / Revenue | -7.8% | 31.9% |
| Capex IntensityCapex / Revenue | 2.0% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 4.07× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $242.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $63.7M | ||
| Q3 25 | $32.0M | $75.1M | ||
| Q2 25 | $-56.5M | $72.5M | ||
| Q1 25 | $41.2M | $37.0M | ||
| Q4 24 | $-41.1M | $38.6M | ||
| Q3 24 | $16.6M | $61.0M | ||
| Q2 24 | $-33.7M | $39.2M | ||
| Q1 24 | $69.7M | $14.8M |
| Q4 25 | $-8.9M | $63.2M | ||
| Q3 25 | $29.8M | $74.6M | ||
| Q2 25 | $-57.8M | $70.1M | ||
| Q1 25 | $38.7M | $34.5M | ||
| Q4 24 | $-43.7M | $37.0M | ||
| Q3 24 | $15.0M | $59.8M | ||
| Q2 24 | $-35.2M | $38.6M | ||
| Q1 24 | $60.6M | $14.6M |
| Q4 25 | -7.8% | 31.9% | ||
| Q3 25 | 22.6% | 37.0% | ||
| Q2 25 | -56.3% | 36.0% | ||
| Q1 25 | 16.0% | 17.9% | ||
| Q4 24 | -34.4% | 19.3% | ||
| Q3 24 | 10.6% | 30.8% | ||
| Q2 24 | -30.2% | 20.0% | ||
| Q1 24 | 24.7% | 7.7% |
| Q4 25 | 2.0% | 0.2% | ||
| Q3 25 | 1.7% | 0.2% | ||
| Q2 25 | 1.3% | 1.2% | ||
| Q1 25 | 1.0% | 1.3% | ||
| Q4 24 | 2.1% | 0.8% | ||
| Q3 24 | 1.2% | 0.6% | ||
| Q2 24 | 1.3% | 0.3% | ||
| Q1 24 | 3.7% | 0.1% |
| Q4 25 | — | 4.07× | ||
| Q3 25 | 25.40× | 2.56× | ||
| Q2 25 | — | 2.22× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 2.20× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | 10.86× | 0.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
UPWK
Segment breakdown not available.
