← UPWORK, INC
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $202.6m |
$253.4m
+25.08%
|
$300.6m
+18.63%
|
$373.6m
+24.31%
|
$502.8m
+34.57%
|
$618.3m
+22.98%
|
$689.1m
+11.45%
|
$769.3m
+11.64%
|
$787.8m
+2.40%
|
$790.6m
+0.35%
|
|
| Cost of revenue | $65.4m |
$81.5m
+24.47%
|
$88.1m
+8.21%
|
$104.3m
+18.29%
|
$135.5m
+29.96%
|
$160.4m
+18.37%
|
$170.4m
+6.26%
|
$174.1m
+2.14%
|
$174.8m
+0.38%
|
$177.6m
+1.62%
|
|
| Gross profit | $137.1m |
$171.9m
+25.37%
|
$212.4m
+23.57%
|
$269.4m
+26.81%
|
$367.3m
+36.36%
|
$457.9m
+24.67%
|
$518.7m
+13.27%
|
$595.2m
+14.76%
|
$613.0m
+2.99%
|
$613.0m
-0.01%
|
|
| Research and development | $45.6m | $55.5m | $64.0m | $83.5m | $119.1m | $154.6m | $177.4m | $209.3m | $185.5m | $182.7m | |
| Sales and marketing | $53.0m | $73.0m | $95.9m | $133.2m | $183.3m | $246.9m | $220.7m | $185.2m | $143.4m | — | |
| General and administrative | $37.3m | $49.3m | $67.3m | $71.5m | $113.1m | $124.0m | $118.9m | $128.8m | $146.6m | $153.7m | |
| Total operating expenses | $140.2m | $183.6m | $231.2m | $291.8m | $421.5m | $550.5m | $529.9m | $530.0m | $483.7m | $489.6m | |
| Other income, net | $62k | $6.1m | ($3.4m) | ($469k) | ($279k) | ($7.8m) | $60.1m | $25.2m | $23.9m | $22.5m | |
| Income before income taxes | ($4.1m) | ($19.9m) | ($16.6m) | ($22.7m) | ($56.1m) | ($89.3m) | $48.9m | $90.4m | $153.2m | $145.9m | |
| Income tax (provision) benefit | $22k | ($15k) | ($28k) | ($150k) | ($122k) | ($536k) | ($2.0m) | $125.2m | ($37.8m) | — | |
| Net income | ($4.1m) |
($19.9m)
-382.83%
|
($16.7m)
+16.32%
|
($22.9m)
-37.27%
|
($56.2m)
-145.94%
|
($89.9m)
-59.82%
|
$46.9m
+152.16%
|
$215.6m
+359.80%
|
$115.4m
-46.46%
|
$109.2m
-5.43%
|
|
| Basic (in dollars per share) | — | — | ($0.15) | ($0.19) | ($0.44) | ($0.69) | $0.35 | $1.61 | $0.87 | — | |
| Diluted (in dollars per share) | — | — | ($0.15) | ($0.19) | ($0.44) | ($0.69) | $0.34 | $1.51 | $0.82 | — | |
| Provision for transaction losses | $4.2m | $5.8m | $3.9m | $3.6m | $6.0m | $25.2m | $13.0m | $6.7m | $8.1m | — | |
| Income (loss) from operations | ($3.1m) |
($11.7m)
-275.02%
|
($18.7m)
-59.94%
|
($22.4m)
-19.62%
|
($54.2m)
-141.95%
|
($92.6m)
-70.84%
|
($11.3m)
+87.84%
|
$65.2m
+679.09%
|
$129.3m
+98.31%
|
$123.3m
-4.62%
|
|
| Net unrealized holding gain on marketable securities, net | — | — | — | ($18k) | ($547k) | ($2.6m) | $3.3m | $59k | $490k | — | |
| Total comprehensive income | — | — | — | ($22.9m) | ($56.8m) | ($92.4m) | $50.2m | $215.6m | $115.9m | — |