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Side-by-side financial comparison of UPWORK, INC (UPWK) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
Vital Farms, Inc. is the larger business by last-quarter revenue ($213.6M vs $195.5M, roughly 1.1× UPWORK, INC). UPWORK, INC runs the higher net margin — 16.1% vs 7.6%, a 8.4% gap on every dollar of revenue. On growth, Vital Farms, Inc. posted the faster year-over-year revenue change (28.7% vs 1.4%). UPWORK, INC produced more free cash flow last quarter ($12.9M vs $-32.1M). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% CAGR vs 0.6%).
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.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
UPWK vs VITL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $195.5M | $213.6M |
| Net Profit | $31.5M | $16.3M |
| Gross Margin | 77.2% | 35.8% |
| Operating Margin | 16.7% | 10.0% |
| Net Margin | 16.1% | 7.6% |
| Revenue YoY | 1.4% | 28.7% |
| Net Profit YoY | — | 54.3% |
| EPS (diluted) | $0.24 | $0.35 |
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 | $195.5M | — | ||
| Q4 25 | $198.4M | $213.6M | ||
| Q3 25 | $201.7M | $198.9M | ||
| Q2 25 | $194.9M | $184.8M | ||
| Q1 25 | $192.7M | $162.2M | ||
| Q4 24 | $191.5M | $166.0M | ||
| Q3 24 | $193.8M | $145.0M | ||
| Q2 24 | $193.1M | $147.4M |
| Q1 26 | $31.5M | — | ||
| Q4 25 | $15.6M | $16.3M | ||
| Q3 25 | $29.3M | $16.4M | ||
| Q2 25 | $32.7M | $16.6M | ||
| Q1 25 | $37.7M | $16.9M | ||
| Q4 24 | $147.2M | $10.6M | ||
| Q3 24 | $27.8M | $7.4M | ||
| Q2 24 | $22.2M | $16.3M |
| Q1 26 | 77.2% | — | ||
| Q4 25 | 78.0% | 35.8% | ||
| Q3 25 | 77.3% | 37.7% | ||
| Q2 25 | 77.7% | 38.9% | ||
| Q1 25 | 78.3% | 38.5% | ||
| Q4 24 | 77.7% | 36.1% | ||
| Q3 24 | 77.6% | 36.9% | ||
| Q2 24 | 77.3% | 39.1% |
| Q1 26 | 16.7% | — | ||
| Q4 25 | 14.3% | 10.0% | ||
| Q3 25 | 14.8% | 10.8% | ||
| Q2 25 | 16.7% | 12.9% | ||
| Q1 25 | 20.1% | 13.4% | ||
| Q4 24 | 7.1% | 7.8% | ||
| Q3 24 | 10.7% | 6.4% | ||
| Q2 24 | 9.2% | 11.6% |
| Q1 26 | 16.1% | — | ||
| Q4 25 | 7.9% | 7.6% | ||
| Q3 25 | 14.5% | 8.3% | ||
| Q2 25 | 16.8% | 9.0% | ||
| Q1 25 | 19.6% | 10.4% | ||
| Q4 24 | 76.9% | 6.4% | ||
| Q3 24 | 14.3% | 5.1% | ||
| Q2 24 | 11.5% | 11.1% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.12 | $0.35 | ||
| Q3 25 | $0.21 | $0.36 | ||
| Q2 25 | $0.24 | $0.36 | ||
| Q1 25 | $0.27 | $0.37 | ||
| Q4 24 | $1.02 | $0.23 | ||
| Q3 24 | $0.20 | $0.16 | ||
| Q2 24 | $0.17 | $0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $328.4M | $48.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $569.6M | $351.3M |
| Total Assets | $1.2B | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $328.4M | — | ||
| Q4 25 | $672.8M | $48.8M | ||
| Q3 25 | $643.1M | $93.8M | ||
| Q2 25 | $634.6M | $108.2M | ||
| Q1 25 | $622.1M | $156.3M | ||
| Q4 24 | $622.1M | $150.6M | ||
| Q3 24 | $601.2M | $149.5M | ||
| Q2 24 | $497.7M | $133.2M |
| Q1 26 | — | — | ||
| Q4 25 | $359.8M | — | ||
| Q3 25 | $359.3M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $357.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $569.6M | — | ||
| Q4 25 | $630.3M | $351.3M | ||
| Q3 25 | $628.1M | $331.2M | ||
| Q2 25 | $608.7M | $309.8M | ||
| Q1 25 | $594.3M | $288.9M | ||
| Q4 24 | $575.4M | $269.3M | ||
| Q3 24 | $411.2M | $253.4M | ||
| Q2 24 | $361.1M | $238.4M |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.3B | $518.7M | ||
| Q3 25 | $1.3B | $481.5M | ||
| Q2 25 | $1.3B | $430.8M | ||
| Q1 25 | $1.2B | $376.9M | ||
| Q4 24 | $1.2B | $359.3M | ||
| Q3 24 | $1.1B | $344.7M | ||
| Q2 24 | $1.0B | $320.5M |
| Q1 26 | — | — | ||
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $23.0M | $5.8M |
| Free Cash FlowOCF − Capex | $12.9M | $-32.1M |
| FCF MarginFCF / Revenue | 6.6% | -15.1% |
| Capex IntensityCapex / Revenue | — | 17.8% |
| Cash ConversionOCF / Net Profit | 0.73× | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $220.9M | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.0M | — | ||
| Q4 25 | $63.7M | $5.8M | ||
| Q3 25 | $75.1M | $23.4M | ||
| Q2 25 | $72.5M | $-761.0K | ||
| Q1 25 | $37.0M | $5.3M | ||
| Q4 24 | $38.6M | $14.8M | ||
| Q3 24 | $61.0M | $10.0M | ||
| Q2 24 | $39.2M | $16.1M |
| Q1 26 | $12.9M | — | ||
| Q4 25 | $63.2M | $-32.1M | ||
| Q3 25 | $74.6M | $-10.6M | ||
| Q2 25 | $70.1M | $-7.6M | ||
| Q1 25 | $34.5M | $2.1M | ||
| Q4 24 | $37.0M | $-3.4M | ||
| Q3 24 | $59.8M | $6.4M | ||
| Q2 24 | $38.6M | $10.5M |
| Q1 26 | 6.6% | — | ||
| Q4 25 | 31.9% | -15.1% | ||
| Q3 25 | 37.0% | -5.3% | ||
| Q2 25 | 36.0% | -4.1% | ||
| Q1 25 | 17.9% | 1.3% | ||
| Q4 24 | 19.3% | -2.0% | ||
| Q3 24 | 30.8% | 4.4% | ||
| Q2 24 | 20.0% | 7.2% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 17.8% | ||
| Q3 25 | 0.2% | 17.1% | ||
| Q2 25 | 1.2% | 3.7% | ||
| Q1 25 | 1.3% | 1.9% | ||
| Q4 24 | 0.8% | 10.9% | ||
| Q3 24 | 0.6% | 2.5% | ||
| Q2 24 | 0.3% | 3.8% |
| Q1 26 | 0.73× | — | ||
| Q4 25 | 4.07× | 0.35× | ||
| Q3 25 | 2.56× | 1.43× | ||
| Q2 25 | 2.22× | -0.05× | ||
| Q1 25 | 0.98× | 0.31× | ||
| Q4 24 | 0.26× | 1.40× | ||
| Q3 24 | 2.20× | 1.34× | ||
| Q2 24 | 1.76× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UPWK
| Marketplace | $170.7M | 87% |
| Enterprise | $24.8M | 13% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
