UPWORK INC.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $787.8M | $769.3M | $689.1M | $618.3M | $502.8M | $373.6M | $300.6M | $253.4M |
| Marketplace Revenue | — | — | $623.5M | $562.2M | $461.5M | $338.2M | $268.3M | $223.8M |
| Managed Services Revenue | — | — | $65.6M | $56.1M | $41.3M | $35.4M | $32.3M | $29.5M |
| Cost of Revenue | $174.8M | $174.1M | $170.5M | $160.4M | $135.5M | $2.9M | $900.0K | $81.5M |
| Gross Profit | $613.0M | $595.2M | $518.7M | $457.9M | $367.3M | $269.4M | $212.4M | $171.9M |
| Gross Margin | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | 72.1% | 70.7% | 67.8% |
| Operating Expenses | ||||||||
| Research & Development | $185.5M | $209.3M | $177.4M | $154.6M | $119.1M | $83.5M | $64.0M | $55.5M |
| SG&A Expense | $146.6M | $128.8M | $118.9M | $124.0M | $113.1M | $71.5M | $67.3M | $49.3M |
| Operating Income | $129.3M | $65.2M | $-11.3M | $-92.6M | $-54.2M | $-22.4M | $-18.7M | $-11.7M |
| Operating Margin | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% | -6.0% | -6.2% | -4.6% |
| Interest Expense | — | — | — | $4.5M | $2.2M | $778.0K | $1.3M | $2.0M |
| Pretax Income | $153.2M | $90.4M | $48.9M | $-89.3M | $-56.1M | $-22.7M | $-16.6M | $-19.9M |
| Income Tax Expense | $37.8M | $-125.2M | $2.0M | $536.0K | $122.0K | $150.0K | $28.0K | $15.0K |
| Net Income | $115.4M | $215.6M | $46.9M | $-89.9M | $-56.2M | $-22.9M | $-16.7M | $-19.9M |
| Net Margin | 14.7% | 28.0% | 6.8% | -14.5% | -11.2% | -6.1% | -5.5% | -7.9% |
| EPS (Basic) | $0.87 | $1.61 | $0.35 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | $-0.38 |
| EPS (Diluted) | $0.84 | $1.52 | $0.06 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | $-0.38 |
| Shares Outstanding (Basic) | 132.5M | 133.6M | 134.8M | 130.5M | 127.2M | 118.7M | 109.8M | 106.5M |
| Shares Outstanding (Diluted) | 140.7M | 143.2M | 137.3M | 130.5M | 127.2M | 118.7M | 109.8M | 106.5M |
| Dividends Per Share | — | — | — | — | — | — | — | — |