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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 |
| Operating 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 |
| Research And Development | - | 154.55 | 177.36 | 209.28 | 185.54 |
| Selling General And Administration | - | 370.83 | 339.61 | 314.01 | 290.04 |
| Total Expenses | - | 710.94 | 700.40 | 704.12 | 658.48 |
| Operating Income | - | -92.62 | -11.26 | 65.21 | 129.31 |
| Total Operating Income As Reported | - | -92.62 | -11.26 | 65.21 | 129.31 |
| EBITDA | - | -81.49 | 1.46 | 82.86 | 155.76 |
| Normalized EBITDA | - | -81.49 | 1.46 | 82.86 | 155.76 |
| EBIT | - | -92.62 | -11.26 | 65.21 | 129.31 |
| Interest Expense | 2.18 | 4.48 | - | - | - |
| Net Interest Income | -2.18 | -4.48 | - | - | - |
| Other Non Operating Income Expenses | - | 3.28 | 60.14 | 25.22 | 23.87 |
| Other Income Expense | - | 3.28 | 60.14 | 25.22 | 23.87 |
| Interest Expense Non Operating | 2.18 | 4.48 | - | - | - |
| Net Non Operating Interest Income Expense | -2.18 | -4.48 | - | - | - |
| Pretax Income | - | -89.35 | 48.88 | 90.43 | 153.18 |
| Tax Provision | - | 0.54 | 1.99 | -125.16 | 37.75 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Net Income From Continuing And Discontinued Operation | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Net Income From Continuing Operation Net Minority Interest | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Net Income | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Net Income Common Stockholders | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Net Income Including Noncontrolling Interests | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Normalized Income | - | -89.88 | 46.89 | 215.59 | 115.42 |
| Diluted NI Availto Com Stockholders | - | -89.88 | 8.75 | 217.82 | 117.49 |
| Basic Average Shares | - | 130.52 | 134.77 | 133.62 | 132.49 |
| Diluted Average Shares | - | 130.52 | 137.26 | 143.15 | 140.66 |
| Reconciled Depreciation | - | 11.14 | 12.72 | 17.65 | 26.45 |
| Reconciled Cost Of Revenue | - | 160.40 | 170.45 | 174.09 | 174.75 |
| General And Administrative Expense | - | 123.95 | 118.92 | 128.80 | 146.63 |
| Other Gand A | - | 123.95 | 118.92 | 128.80 | 146.63 |
| Provision For Doubtful Accounts | - | 25.15 | 12.98 | 6.73 | 8.14 |
| Selling And Marketing Expense | - | 246.88 | 220.68 | 185.21 | 143.41 |
| Average Dilution Earnings | - | 0 | -38.14 | 2.24 | 2.07 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Upwork Inc.this co. | UPWK | $1.1B | 9.35 | 1.71 | 18.3% | 7.42 |
| Anterix Inc. | ATEX | $1.3B | -111.93 | 8.13 | -7.3% | -25.39 |
| NMAX | NMAX | $1.2B | -12.42 | 11.66 | -93.8% | -13.15 |
| USA TODAY Co., Inc. | TDAY | $1.2B | 687.17 | 7.75 | 1.1% | 8.58 |
| Playtika Holding Corp. | PLTK | $1.2B | -5.81 | -2.91 |
| - |
| - |
| - |
| - |
| 50.2% |
| 14.84 |
| Sinclair, Inc. | SBGI | $1.0B | -8.94 | 2.26 | -25.3% | 9.48 |
| Emerald Holding, Inc. | EEX | $988M | -32.17 | 2.91 | -9.1% | 23.98 |
| Shenandoah Telecommunications Company | SHEN | $880M | -26.72 | 1.00 | -3.7% | 12.98 |
| Cogent Communications Holdings, Inc. | CCOI | $866M | -4.75 | -13.56 | 285.3% | 18.11 |
| Peer Median | - | -10.68 | 2.59 | -5.5% | 11.23 | |