UPWK - NASDAQ
Upwork Inc.
$8.98
-4.7%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.
At a Glance
Live SnapshotUpwork Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.
CapEx Intensity
Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.
FCF Growth Trend
Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.
Working Capital Impact
Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.
Cash Flow Quality Insight
Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.
Upwork Inc. Cash Flow Statement
UPWK • NASDAQ
| Upwork Inc. Cash Flow Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||||||
115.4M | 215.6M | 46.9M | -89.9M | -56.2M | -22.9M | -16.7M | -19.9M | -4.1M | -16.2M | |
26.5M | 17.7M | 12.7M | 11.1M | 13.8M | 14M | 10.6M | 4.9M | 4.2M | 8.5M | |
18.5M | -129.3M | 0.0 | 0.0 | 0.0 | 0.0 | 2.7M | 11.5M | 4.4M | 0.0 | |
65.4M | 68.4M | 74.2M | 75.5M | 53.6M | 25.5M | 18.8M | 10.4M | 6.8M | 7.3M | |
1.1M | -3.8M | -41.9M | 25.5M | 16.1M | 3.5M | 52K | 77K | 49K | 5.7M | |
(0.0) | (4.6M) | (2M) | (0.0) | (0.0) | (0.0) | (42K) | (13K) | (55K) | (0.0) | |
21.4M | -15M | -39.2M | -10.8M | -16.5M | 2.2M | -14.4M | 6.8M | -15.4M | -2M | |
248.3M | 153.6M | 52.7M | 11.5M | 10.8M | 22.4M | 1.1M | 13.7M | -4M | 3.1M | |
INVESTING ACTIVITIES | ||||||||||
-5.8M | -3.5M | -692K | -1.2M | -1M | -6.3M | -16.6M | -6.8M | -2.3M | -846K | |
-58.4M | -14.3M | (0.0) | (0.0) | (0.0) | (0.0) | (5.9M) | (0.0) | (0.0) | (0.0) | |
-493.4M | -362.3M | -709.2M | -581.9M | -525.3M | -107.3M | -168.8M | (0.0) | (0.0) | (0.0) | |
431.8M | 528.7M | 813.8M | 521.2M | 102.5M | 117.5M | 84.5M | 0.0 | 208K | 371K | |
-11.2M | -10.9M | -15.7M | -7.5M | -5.1M | -8M | -5.9M | -444K | 208K | 371K | |
-136.9M | (137.6M) | (88.3M) | -69.5M | -429M | -4.1M | -100.9M | -7.3M | -2.1M | -475K | |
FINANCING ACTIVITIES | ||||||||||
-131.3M | -100M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 109.4M | 2.8M | 0.0 | |
0.0 | 0.0 | -171.3M | 0.0 | 564.3M | -7.6M | -5.7M | -10M | 16.8M | 5M | |
-136M | -100M | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | -19.2M | (0.0) | |
-6.7M | 18M | 31.5M | 1.1M | -26.5M | 62.3M | 35.1M | 10.7M | 0.0 | 232K | |
-138M | -82M | -139.8M | 1.1M | 537.7M | 54.6M | 29.4M | 101.1M | 381K | 5.2M | |
CASH FLOW SUMMARY | ||||||||||
-26.7M | 209.2M | 1.2M | -56.8M | 119.6M | 72.9M | -70.5M | 107.5M | -5.7M | 7.9M | |
505.6M | 296.4M | 295.2M | 352.1M | 232.5M | 159.6M | 230.1M | 21.6M | 27.3M | 19.4M | |
478.9M | 505.6M | 296.4M | 295.2M | 352.1M | 232.5M | 159.6M | 129.1M | 21.6M | 27.3M | |
242.5M | 139.1M | 36.4M | 2.8M | 4.7M | 8M | -15.6M | 6.9M | -6.3M | 2.3M |
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 | |
8-K 8-K 2026 N/A | May 07, 2026 | May 07, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | April 23, 2026 | June 04, 2026 | 2026 | |
8-K 8-K 2026 N/A | March 18, 2026 | March 12, 2026 | 2026 | |
8-K 8-K 2026 N/A | February 18, 2026 | February 18, 2026 | 2026 | |
10-K 10-K 2025 FY FY | February 13, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | February 09, 2026 | February 03, 2026 | 2026 | |
8-K 8-K 2025 N/A | December 11, 2025 | December 08, 2025 | 2025 | |
10-Q 10-Q 2025 Q3 Q3 | November 04, 2025 | September 30, 2025 | 2025 | |
8-K 8-K 2025 N/A | November 03, 2025 | November 03, 2025 | 2025 |
Related Guides
Continue your UPWK research with focused valuation guides.
Research Paths
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.