Upwork Inc. (UPWK)

Nasdaq: UPWK · Services-Computer Processing & Data Preparation · Palo Alto, CA · filing with the SEC since 2018

Grade6.1

◀ Past 6.6● Present 6.1▶ Future 5.5

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Income statement, as filed

In thousands of US dollars (USD), as filed; per-share figures in US dollars; share counts. The fiscal year ends in December.

Income statement, by fiscal year, newest first
Fiscal year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Report filed	Feb 13, 2026	Feb 13, 2025	Feb 15, 2024	Feb 16, 2023	Feb 15, 2022	Feb 24, 2021	Mar 2, 2020	Mar 7, 2019	·	·
Revenue	787,784	769,325	689,136	618,318	502,797	373,628	300,562	253,354	202,552	164,445
For lenders
Net interest income	·	·	24,400	7,900	300	·	·	·	·	·
Provision for credit losses	6,706	5,505	8,673	23,306	5,178	·	·	·	·	·
Cost of revenue	174,752	174,094	170,450	160,402	135,508	104,267	88,144	81,458	65,443	62,578
Gross profit	613,032	595,231	518,686	457,916	367,289	269,361	212,418	171,896	137,109	101,867
Research and development	185,544	209,283	177,363	154,553	119,083	83,471	64,027	55,488	45,604	37,902
Sales and marketing	143,412	185,211	220,681	246,882	183,294	133,225	95,891	72,963	53,044	37,437
General and administrative	146,629	128,803	118,925	123,952	113,081	71,518	67,327	49,336	37,334	35,446
Total operating expenses	483,725	530,025	529,946	550,540	421,506	291,769	231,150	183,608	140,232	116,335
Operating income	129,307	65,206	-11,260	-92,624	-54,217	-22,408	-18,732	-11,712	-3,123	-14,468
Interest expense	·	·	·	4,483	2,180	778	1,306	2,038	960	858
Interest and investment income	27,400	28,000	24,400	7,900	·	·	·	·	·	·
Other income (expense), net	23,869	25,221	60,137	3,275^r	-1,901^r	469	3,407	-6,142	-62	-908
Income before income taxes	153,176	90,427	48,877	-89,349	-56,118	-22,717	-16,631	-19,892	-4,145	-16,234
Income tax expense	37,751	-125,159	1,990	536	122	150	28	15	-22	-1
Net income including non-controlling interests	115,425	215,586	46,887	-89,885	-56,240	-22,867	-16,659	-19,907	-4,123	-16,233
Net income	115,425	215,586	46,887	-89,885	-56,240	-22,867	-16,659	-19,907	-4,123	-16,233
Net income to common shareholders	115,425	215,586	46,887	-89,885	-56,240	·	-16,659	-19,907	-10,629	-16,233
Earnings per share, basic	0.87	1.61	0.35	-0.69	-0.44	-0.19	-0.15	·	·	·
Earnings per share, diluted	0.84	1.52	0.06	-0.69	-0.44	-0.19	-0.15	·	·	·
Earnings per share, basic and diluted	·	·	·	·	·	-0.19	-0.15	-0.38	-0.32	-0.51
Weighted average shares, basic	132,485,498	133,620,612	134,774,189	130,517,920	127,163,591	118,698,567	109,814,604	·	·	·
Weighted average shares, diluted	140,659,603	143,152,029	137,263,230	130,517,920	127,163,591	118,698,567	109,814,604	·	·	·
Weighted average shares, basic and diluted	·	·	·	·	·	118,698,567	109,814,604	52,327,518	32,944,714	32,071,604

As filed with the SEC, each figure from the newest report that carries it, and linked to it. Nothing here is computed.A dot is a line not tagged for that period. ^r restated by the company in a later report; ^b a share figure put on the newest basis or filed in the wrong unit. Hover a figure for its filing and note.

What each line is, and the XBRL concept behind it

Revenue what customers paid for what it soldus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax

Net interest income interest earned less interest paidus-gaap:InterestIncomeExpenseNet

Provision for credit losses set aside for loans that may not be repaidus-gaap:ProvisionForLoanLeaseAndOtherLosses

Cost of revenue what it cost to make or buy what it soldus-gaap:CostOfGoodsAndServicesSold

Gross profit revenue less the cost of what it soldus-gaap:GrossProfit

Research and development spent on inventing what it sells nextus-gaap:ResearchAndDevelopmentExpense

Sales and marketing the cost of finding and serving customersus-gaap:SellingAndMarketingExpense

General and administrative the cost of running the company itselfus-gaap:GeneralAndAdministrativeExpense

Total operating expenses the running costs togetherus-gaap:OperatingExpenses

Operating income profit from running the business, before interest and taxus-gaap:OperatingIncomeLoss

Interest expense what its borrowing costus-gaap:InterestExpense

Interest and investment income what its cash and investments earnedus-gaap:InvestmentIncomeInterest

Other income (expense), net gains and costs outside the businessus-gaap:OtherNonoperatingIncomeExpense

Income before income taxes profit before taxus-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

Income tax expense tax charged on the period's profitus-gaap:IncomeTaxExpenseBenefit

Net income including non-controlling interests the whole group's profit, minority holders' share includedus-gaap:ProfitLoss

Net income the profit or loss that belongs to the company's shareholdersus-gaap:NetIncomeLoss

Net income to common shareholders what is left for common shareholdersus-gaap:NetIncomeLossAvailableToCommonStockholdersBasic

Earnings per share, basic net income per share outstandingus-gaap:EarningsPerShareBasic

Earnings per share, diluted net income per share, counting every share that could be issuedus-gaap:EarningsPerShareDiluted

Earnings per share, basic and diluted net income per share, where both counts are the sameus-gaap:EarningsPerShareBasicAndDiluted

Weighted average shares, basic the average count of shares outstandingus-gaap:WeightedAverageNumberOfSharesOutstandingBasic

Weighted average shares, diluted the average count with every share that could be issuedus-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Weighted average shares, basic and diluted the average count, where both counts are the sameus-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted

SI Assistanton UPWK · research, not advice