Upwork Inc., together with its subsidiaries, provides platforms and workforce solutions that connect businesses with freelance, agency, fractional, and payrolled talent in the United States, the Philippines, India, Pakistan, and internationally. The company offers Upwork Marketplace, a human and AI-powered work marketplace that connects businesses with on-demand access to independent talent across a range of categories, including AI-related projects, administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development. Its marketplace also streamlines workflows, such as talent sourcing, outreach, contracting, and engagement management, as well as provides infrastructure for remote collaboration, including communication and collaboration tools, consolidated invoicing, and payment protection; and Upwork Payroll services. It also offers enterprise solutions that provide access to platform capabilities that support contingent workforce solutions, including sourcing, onboarding, classification, compliance and contract management, payments, and reporting. In addition, the company offers managed services that provide a service-led program management and end-to-end project delivery solution that enables enterprise clients to outsource defined functions or projects; Uma, an AI assistant; and escrow services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was founded in 1998 and is headquartered in Palo Alto, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $788M | $156M | $115M | $223M | 18.3% | 2.4% | -46.5% |
| 2024 | $769M | $83M | $216M | $139M | 37.5% | 11.6% | 359.8% |
| 2023 | $689M | $1M | $47M | $36M | 12.3% | 11.5% | -152.2% |
| 2022 | $618M | $-81M | $-90M | $3M | -36.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 618.32 | 689.14 | 769.32 | 787.78 |
| Cost Of Revenue | - | 160.40 | 170.45 | 174.09 | 174.75 |
| Gross Profit | - | 457.92 | 518.69 | 595.23 | 613.03 |
| Operating Expense | - | 550.54 | 529.95 | 530.02 | 483.72 |
| Operating Income | - | -92.62 | -11.26 | 65.21 | 129.31 |
| EBITDA | - | -81.49 | 1.46 | 82.86 | 155.76 |
| EBIT | - | -92.62 | -11.26 | 65.21 | 129.31 |
| Pretax Income | - | -89.35 | 48.88 | 90.43 | 153.18 |
| Tax Provision | - | 0.54 | 1.99 | -125.16 | 37.75 |
| Net Income | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Net Income Common Stockholders | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Total Expenses | - | 710.94 | 700.40 | 704.12 | 658.48 |
| Interest Expense | 2.18 | 4.48 | - | - | - |
| Research And Development | - | 154.55 | 177.36 | 209.28 | 185.54 |
| Selling General And Administration | - | 370.83 | 339.61 | 314.01 | 290.04 |
| Normalized EBITDA | - | -81.49 | 1.46 | 82.86 | 155.76 |
| Normalized Income | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Market Cap | 1,311.92 | 1,311.92 | 1,311.92 | 1,311.92 | 1,311.92 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Upwork Inc.this co. | UPWK | $1.4B | 11.37β discount | 2.08 | 18.3% | 8.92 |
| Stagwell Inc. | STGW | $1.7B | 83.63 | 2.23 | 3.6% | 10.02 |
| WEBTOON Entertainment Inc. | WBTN | $1.7B | - | 1.37 | -28.2% | -37.50 |
| Liberty Latin America Ltd. | LILAK | $1.6B | - | 2.92 | -57.5% | 9.02 |
| Liberty Latin America Ltd. | LILA | $1.6B | - |
| - |
| - |
| - |
| - |
| 2.85 |
| -57.5% |
| 8.98 |
| Rumble Inc. | RUM | $1.4B | - | 8.22 | -29.8% | -20.63 |
| Playtika Holding Corp. | PLTK | $1.3B | - | -3.20 | 50.2% | 4.76 |
| IDT Corporation | IDT | $1.3B | 15.56 | 3.71 | 23.0% | 8.71 |
| Sinclair, Inc. | SBGI | $1.1B | - | 2.40 | -30.3% | 10.89 |
| Peer Median | - | 49.59 | 2.63 | -29.0% | 8.84 | |