← UPWORK, INC
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $129.1m | $48.4m | $94.1m | $187.2m | $129.4m | $79.6m | $305.8m | $294.4m | |
| Trade and client receivables – net of allowance of $5,919 and $4,646 as of December 31, 2025 and 2024, respectively | $22.3m | $30.2m | $47.0m | $66.8m | $64.9m | $103.1m | $75.5m | $76.2m | |
| Prepaid expenses and other current assets | $6.3m | $7.9m | $9.1m | $17.2m | $17.9m | $17.8m | $17.7m | $21.1m | |
| Total current assets | $255.9m | $280.6m | $360.8m | $929.7m | $930.9m | $883.4m | $911.1m | $950.8m | |
| Property and equipment, net | $10.8m | $21.5m | $28.1m | $21.3m | $22.1m | $27.1m | $30.1m | $44.4m | |
| Goodwill | $118.2m | $118.2m | $118.2m | $118.2m | $118.2m | $118.2m | $121.1m | $149.2m | |
| Intangible assets, net | $6.0m | $3.3m | $667k | $0 | $0 | $3.0m | $13.0m | $37.2m | |
| Other assets, noncurrent | $653k | $829k | $1.7m | $1.2m | $1.5m | $1.4m | $1.9m | $1.5m | |
| Marketable securities | $0 | $85.5m | $75.6m | $497.6m | $557.2m | $470.5m | $316.3m | $378.4m | |
| Funds held in escrow, including funds in transit | $98.2m | $108.7m | $135.0m | $160.8m | $161.5m | $212.4m | $195.7m | $180.8m | |
| Operating lease asset | — | $21.9m | $19.7m | $10.7m | $7.6m | $4.3m | $5.8m | $5.0m | |
| Deferred tax asset | — | — | — | — | — | $0 | $128.8m | $111.5m | |
| Escrow funds payable | $98.2m | $108.7m | $135.0m | $160.8m | $161.5m | $212.4m | $195.7m | $180.8m | |
| Debt, current | $5.7m | $7.6m | $7.6m | $0 | — | — | $0 | $359.8m | |
| Accrued expenses and other current liabilities | $20.9m | $18.3m | $32.9m | $45.7m | $53.6m | $58.2m | $59.3m | $94.0m | |
| Debt, noncurrent | $18.2m | $10.7m | $3.1m | $561.3m | $564.3m | $356.1m | $357.9m | $0 | |
| Total stockholders’ equity | $243.7m | $259.4m | $299.3m | $259.5m | $248.9m | $381.1m | $575.4m | $630.3m | |
| Total assets | $391.6m | $446.4m | $529.2m | $1.1b | $1.1b | $1.0b | $1.2b | $1.3b | |
| Total liabilities and stockholders’ equity | $391.6m | $446.4m | $529.2m | $1.1b | $1.1b | $1.0b | $1.2b | $1.3b | |
| Accounts payable | $2.1m | $652k | $6.5m | $5.0m | $7.5m | $5.1m | $6.1m | $7.9m | |
| Deferred revenue, current | $722k | $13.8m | $16.8m | $22.1m | $25.1m | $17.4m | $7.3m | $7.8m | |
| Operating lease liability, noncurrent | — | $21.2m | $20.5m | $16.8m | $11.2m | $6.1m | $9.6m | $9.7m | |
| Total current liabilities | $127.6m | $149.1m | $198.7m | $233.6m | $247.7m | $293.0m | $268.4m | $650.2m | |
| Other liabilities, noncurrent | $2.0m | $6.0m | $7.5m | $9.9m | $8.2m | $1.3m | $308k | $9.4m | |
| Total liabilities | $147.8m | $187.0m | $229.9m | $821.5m | $831.4m | $656.5m | $636.2m | $669.3m | |
| Common stock, $0.0001 par value; 490,000,000 shares authorized as of December 31, 2025 and 2024; 130,545,236 and 135,348,453 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 11k | 11k | 12k | 13k | 13k | 14k | 14k | 13k | |
| Additional paid-in capital | $387.2m | $431.4m | $494.1m | $510.6m | $592.9m | $674.9m | $653.6m | $592.6m | |
| Accumulated and other comprehensive income | — | — | — | ($528k) | ($3.1m) | $205k | $264k | $754k | |
| Retained earnings (accumulated deficit) | ($143.5m) | ($172.0m) | ($194.8m) | ($251.1m) | ($340.9m) | ($294.1m) | ($78.5m) | $36.9m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.