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Side-by-side financial comparison of UPWORK, INC (UPWK) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($199.5M vs $198.4M, roughly 1.0× UPWORK, INC). UPWORK, INC runs the higher net margin — 7.9% vs 3.6%, a 4.3% gap on every dollar of revenue. On growth, UPWORK, INC posted the faster year-over-year revenue change (3.6% vs -4.1%). Over the past eight quarters, UPWORK, INC's revenue compounded faster (1.9% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
UPWK vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $198.4M | $199.5M |
| Net Profit | $15.6M | $7.1M |
| Gross Margin | 78.0% | — |
| Operating Margin | 14.3% | 7.7% |
| Net Margin | 7.9% | 3.6% |
| Revenue YoY | 3.6% | -4.1% |
| Net Profit YoY | -89.4% | -78.1% |
| EPS (diluted) | $0.12 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $198.4M | $208.0M | ||
| Q3 25 | $201.7M | $216.4M | ||
| Q2 25 | $194.9M | $210.5M | ||
| Q1 25 | $192.7M | $217.9M | ||
| Q4 24 | $191.5M | $233.5M | ||
| Q3 24 | $193.8M | $227.0M | ||
| Q2 24 | $193.1M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $15.6M | $33.9M | ||
| Q3 25 | $29.3M | $31.3M | ||
| Q2 25 | $32.7M | $42.7M | ||
| Q1 25 | $37.7M | $28.1M | ||
| Q4 24 | $147.2M | $39.5M | ||
| Q3 24 | $27.8M | $49.1M | ||
| Q2 24 | $22.2M | $26.0M |
| 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 | — | 7.7% | ||
| Q4 25 | 14.3% | 19.1% | ||
| Q3 25 | 14.8% | 21.7% | ||
| Q2 25 | 16.7% | 21.5% | ||
| Q1 25 | 20.1% | 16.8% | ||
| Q4 24 | 7.1% | 21.7% | ||
| Q3 24 | 10.7% | 24.3% | ||
| Q2 24 | 9.2% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 7.9% | 16.3% | ||
| Q3 25 | 14.5% | 14.5% | ||
| Q2 25 | 16.8% | 20.3% | ||
| Q1 25 | 19.6% | 12.9% | ||
| Q4 24 | 76.9% | 16.9% | ||
| Q3 24 | 14.3% | 21.6% | ||
| Q2 24 | 11.5% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $0.12 | $5.15 | ||
| Q3 25 | $0.21 | $4.65 | ||
| Q2 25 | $0.24 | $6.12 | ||
| Q1 25 | $0.27 | $4.05 | ||
| Q4 24 | $1.02 | $4.65 | ||
| Q3 24 | $0.20 | $5.71 | ||
| Q2 24 | $0.17 | $2.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $672.8M | $136.6M |
| Total DebtLower is stronger | $359.8M | — |
| Stockholders' EquityBook value | $630.3M | $93.6B |
| Total Assets | $1.3B | — |
| Debt / EquityLower = less leverage | 0.57× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $672.8M | — | ||
| Q3 25 | $643.1M | — | ||
| Q2 25 | $634.6M | — | ||
| Q1 25 | $622.1M | — | ||
| Q4 24 | $622.1M | — | ||
| Q3 24 | $601.2M | — | ||
| Q2 24 | $497.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | $359.8M | $390.0M | ||
| Q3 25 | $359.3M | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | $357.9M | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $630.3M | $934.0M | ||
| Q3 25 | $628.1M | $918.7M | ||
| Q2 25 | $608.7M | $896.4M | ||
| Q1 25 | $594.3M | $893.7M | ||
| Q4 24 | $575.4M | $897.5M | ||
| Q3 24 | $411.2M | $889.0M | ||
| Q2 24 | $361.1M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $4.3B | ||
| Q3 25 | $1.3B | $3.9B | ||
| Q2 25 | $1.3B | $3.7B | ||
| Q1 25 | $1.2B | $3.7B | ||
| Q4 24 | $1.2B | $4.0B | ||
| Q3 24 | $1.1B | $3.6B | ||
| Q2 24 | $1.0B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.57× | 0.42× | ||
| Q3 25 | 0.57× | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 0.62× | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | $63.7M | $-67.2M | ||
| Q3 25 | $75.1M | $108.3M | ||
| Q2 25 | $72.5M | $75.8M | ||
| Q1 25 | $37.0M | $-3.8M | ||
| Q4 24 | $38.6M | $1.8M | ||
| Q3 24 | $61.0M | $69.1M | ||
| Q2 24 | $39.2M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $63.2M | $-74.1M | ||
| Q3 25 | $74.6M | $106.9M | ||
| Q2 25 | $70.1M | $74.2M | ||
| Q1 25 | $34.5M | $-6.8M | ||
| Q4 24 | $37.0M | $-3.8M | ||
| Q3 24 | $59.8M | $68.7M | ||
| Q2 24 | $38.6M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 31.9% | -35.6% | ||
| Q3 25 | 37.0% | 49.4% | ||
| Q2 25 | 36.0% | 35.2% | ||
| Q1 25 | 17.9% | -3.1% | ||
| Q4 24 | 19.3% | -1.6% | ||
| Q3 24 | 30.8% | 30.3% | ||
| Q2 24 | 20.0% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 3.3% | ||
| Q3 25 | 0.2% | 0.7% | ||
| Q2 25 | 1.2% | 0.7% | ||
| Q1 25 | 1.3% | 1.4% | ||
| Q4 24 | 0.8% | 2.4% | ||
| Q3 24 | 0.6% | 0.2% | ||
| Q2 24 | 0.3% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 4.07× | -1.99× | ||
| Q3 25 | 2.56× | 3.45× | ||
| Q2 25 | 2.22× | 1.77× | ||
| Q1 25 | 0.98× | -0.13× | ||
| Q4 24 | 0.26× | 0.04× | ||
| Q3 24 | 2.20× | 1.41× | ||
| Q2 24 | 1.76× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UPWK
Segment breakdown not available.
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
