UPWK - NASDAQ

Upwork Inc.

UPWK·NASDAQ

$8.98

-4.7%

IndustrialsStaffing & Employment Services

Upwork Inc., together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development. Its work marketplace also enables clients to streamline workflows, such as talent sourcing, outreach, and contracting. The company's work marketplace offers access to various functionalities for remote engagements with talent, including communication and collaboration, ability to receive talent invoices through their work marketplace, and payment protection. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Enterprise, and Upwork Payroll, as well as managed and internet escrow agency services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was incorporated in 2013 and is headquartered in San Francisco, California.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$1.11B

EPS0.8700

P/E Ratio22.43

Earnings Date08/05/2026

1.30B

Assets

3Y+20.0%

5Y+146.0%

10Y+421.0%

669.26M

Total Liabilities

3Y-19.0%

5Y+191.0%

10Y+139.0%

630.32M

Total Equity

10%

3Y+153.0%

5Y+111.0%

10Y-2192.0%

Upwork Inc. Funding & Solvency Profile

UPWK · NASDAQ

Current Assets

Cash & Cash Equivalents297.96M

Net Receivables76.24M

Inventory0.00

Other Current Assets201.82M

Total Current Assets951 M

Non-Current Assets

Property, Plant & Equipment49.43M

Goodwill & Intangible Assets186.35M

Long-Term Investments0.00

Other Non-Current Assets1.47M

Total Non-Current Assets51 M

Total Assets

1.30B

Financial Health Analysis

Current Ratio

1.46x

Acceptable liquidity, but monitor closely. Current assets just barely cover current liabilities.

Debt-to-Equity Ratio

1.06x

Elevated leverage. Debt exceeds equity, which amplifies both gains and risks. Monitor debt servicing ability.

Working Capital

301 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

73% Current

Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.

Upwork Inc. Balance Sheet

UPWK • NASDAQ

Upwork Inc. Balance Sheet	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	298M	305.8M	79.6M	129.4M	187.2M	94.1M	48.4M	129.1M	21.6M	27.3M
Short-Term Investments	378.4M	316.3M	470.5M	557.2M	497.6M	75.6M	85.5M	0.0	0.0	0.0
Cash & Short-Term Investments	676.4M	622.1M	550.1M	686.6M	684.8M	169.7M	133.9M	129.1M	21.6M	27.3M
Net Receivables	76.2M	75.5M	103.1M	64.9M	66.8M	47M	30.2M	22.3M	30.8M	25.3M
Accounts Receivables	76.2M	75.5M	103.1M	64.9M	66.8M	47M	30.2M	22.3M	30.8M	25.3M
Prepaids	0.0	0.0	0.0	17.9M	17.2M	9.1M	7.9M	6.3M	2.8M	2.4M
Other Current Assets	201.8M	213.5M	230.2M	161.5M	160.8M	135M	108.7M	98.2M	89M	61.5M
Total Current Assets	950.8M	911.1M	883.4M	930.9M	929.7M	360.8M	280.6M	255.9M	144.1M	116.6M
NON-CURRENT ASSETS
Property, Plant, and Equipment (Net)	49.4M	35.8M	31.5M	29.7M	32M	47.9M	43.4M	10.8M	3.5M	2.6M
Goodwill	149.2M	121.1M	118.2M	118.2M	118.2M	118.2M	118.2M	118.2M	118.2M	118.2M
Intangible Assets	37.2M	13M	3M	0.0	0.0	667K	3.3M	6M	8.7M	11.4M
Goodwill & Intangible Assets	186.4M	134.1M	121.3M	118.2M	118.2M	118.9M	121.6M	124.2M	126.9M	129.6M
Long-Term Investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	500K	0.0	0.0
Tax Assets	111.5M	128.8M	0.0	0.0	0.0	0.0	0.0	-500K	0.0	0.0
Other Non-Current Assets	1.5M	1.9M	1.4M	1.5M	1.2M	1.7M	829K	653K	658K	759K
Total Non-Current Assets	348.7M	300.6M	154.2M	149.3M	151.4M	168.4M	165.7M	135.7M	131.1M	133M
Total Assets	1.3B	1.2B	1B	1.1B	1.1B	529.2M	446.4M	391.6M	275.2M	249.6M
LIABILITIES
CURRENT LIABILITIES
Total Payables	188.6M	213.3M	230.6M	183.1M	169.9M	145.3M	111.8M	3.7M	462K	370K
Accounts Payable	188.6M	6.1M	5.1M	7.5M	5M	6.5M	652K	2.1M	462K	370K
Other Payables	0.0	207.1M	225.6M	175.6M	165M	138.9M	111.1M	1.6M	0.0	0.0
Accrued Expenses	0.0	14.8M	12.3M	13.6M	11.2M	11.1M	6.9M	9.3M	8.4M	3.6M
Short Term Debt	359.8M	0.0	0.0	0.0	0.0	7.6M	7.6M	5.7M	10.3M	3M
Capital Lease Obligations (Current)	0.0	1.6M	5.7M	6.5M	6.3M	3.7M	3.2M	0.0	0.0	0.0
Tax Payables	0.0	11.4M	13.2M	14.1M	4.1M	3.8M	2.4M	1.6M	1.9M	1.8M
Deferred Revenue	7.8M	7.3M	17.4M	25.1M	22.1M	16.8M	13.8M	722K	614K	594K
Other Current Liabilities	94M	31.5M	27M	19.4M	24.1M	14.2M	5.8M	108.2M	94.8M	77.8M
Total Current Liabilities	650.2M	268.4M	293M	247.7M	233.6M	198.7M	149.1M	127.6M	114.6M	85.4M
NON-CURRENT LIABILITIES
Long Term Debt	9.7M	357.9M	356.1M	564.3M	561.3M	3.1M	10.7M	18.2M	23.5M	14M
Other Non-Current Liabilities	-317K	308K	1.3M	8.2M	9.9M	7.5M	6M	2M	168.4M	180.3M
Total Non-Current Liabilities	19.1M	367.8M	363.5M	583.7M	587.9M	31.2M	37.9M	20.2M	191.9M	194.3M
Capital Lease Obligations	9.7M	11.2M	11.8M	17.7M	23.1M	24.2M	24.4M	0.0	0.0	0.0
Total Liabilities	669.3M	636.2M	656.5M	831.4M	821.5M	229.9M	187M	147.8M	306.6M	279.7M
SHAREHOLDERS' EQUITY
Preferred Stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	391.6M	166.5M	178.8M
Common Stock	13K	14K	14K	13K	13K	12K	11K	11K	3K	3K
Additional Paid-In Capital	592.6M	653.6M	674.9M	592.9M	511.1M	494.1M	431.4M	387.2M	92.2M	89.3M
Retained Earnings	36.9M	-78.5M	-294.1M	-340.9M	-251.1M	-194.8M	-172M	-143.5M	-123.6M	-119.5M
Accumulated Other Comprehensive Income/Loss	754K	264K	205K	-3.1M	-528K	0.0	-172M	-143.5M	-123.6M	-119.5M
Other Total Stockholders' Equity	0.0	0.0	0.0	0.0	0.0	0.0	172M	0.0	-42.9M	-59.3M
Total Stockholders' Equity	630.3M	575.4M	381.1M	248.9M	259.5M	299.3M	259.4M	243.7M	-31.4M	-30.1M
Total Equity	630.3M	575.4M	381.1M	248.9M	259.5M	299.3M	259.4M	243.7M	-31.4M	-30.1M
SUMMARY
Total Liabilities & Equity	1.3B	1.2B	1B	1.1B	1.1B	529.2M	446.4M	391.6M	275.2M	249.6M
Total Investments	378.4M	316.3M	470.5M	557.2M	497.6M	75.6M	85.5M	500K	0.0	0.0
Total Debt	380.9M	369.1M	367.9M	581.9M	584.4M	35M	42.7M	23.9M	33.8M	17M
Net Debt	82.9M	63.4M	288.2M	452.6M	397.2M	-59.1M	-5.7M	-105.2M	12.2M	-10.4M
Shares Outstanding	130,657,664	130,657,664	130,657,664	130,657,664	130,657,664	130,657,664	130,657,664	130,657,664	130,657,664	130,657,664

SEC Filings

UPWK - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
10-Q 10-Q 2026 Q1 Q1	May 07, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 07, 2026	May 07, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 23, 2026	June 04, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 18, 2026	March 12, 2026	2026	View Filing
8-K 8-K 2026 N/A	February 18, 2026	February 18, 2026	2026	View Filing
10-K 10-K 2025 FY FY	February 13, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	February 09, 2026	February 03, 2026	2026	View Filing
8-K 8-K 2025 N/A	December 11, 2025	December 08, 2025	2025	View Filing
10-Q 10-Q 2025 Q3 Q3	November 04, 2025	September 30, 2025	2025	View Filing
8-K 8-K 2025 N/A	November 03, 2025	November 03, 2025	2025	View Filing

Showing 1 to 10 of 107 filings

Related Guides

Blog Categories

Continue your UPWK research with focused valuation guides.

Fundamentals

Decode statement quality and operating durability.

Accounting

Interpret line items with cleaner analytical framing.

Forecasting

Translate historical performance into forward scenarios.

Reference

Use practical frameworks for statement-led valuation.

Research Paths

Pick your next lens

Snapshot

Start with context, operating signals, and key market metrics.

Value Model

Stress test fair value across bear, base, and bull assumptions.

Statements

Validate revenue quality, margins, and balance sheet durability.

Earnings Call

Read management commentary and compare it with reported outcomes.

Dividends

Check payout sustainability and long-term distribution behavior.

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.