Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $164M | $203M | $253M | $301M | $374M | $503M | $618M | $689M | $769M | $788M |
| Revenue growth | — | 23.2% | 25.1% | 18.6% | 24.3% | 34.6% | 23.0% | 11.5% | 11.6% | 2.4% |
| Gross profit | $102M | $137M | $172M | $212M | $269M | $367M | $458M | $519M | $595M | $613M |
| Gross margin | 61.9% | 67.7% | 67.8% | 70.7% | 72.1% | 73.0% | 74.1% | 75.3% | 77.4% | 77.8% |
| Operating income | -$14.5M | -$3.12M | -$11.7M | -$18.7M | -$22.4M | -$54.2M | -$92.6M | -$11.3M | $65.2M | $129M |
| Operating margin | -8.8% | -1.5% | -4.6% | -6.2% | -6.0% | -10.8% | -15.0% | -1.6% | 8.5% | 16.4% |
| Net income | -$16.2M | -$4.12M | -$19.9M | -$16.7M | -$22.9M | -$56.2M | -$89.9M | $46.9M | $216M | $115M |
| Net margin | -9.9% | -2.0% | -7.9% | -5.5% | -6.1% | -11.2% | -14.5% | 6.8% | 28.0% | 14.7% |
| EPS (diluted) | -$0.51 | -$0.32 | -$0.38 | -$0.15 | -$0.19 | -$0.44 | -$0.69 | $0.06 | $1.52 | $0.84 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.15M | -$4.00M | $13.7M | $1.06M | $22.4M | $10.8M | $11.5M | $52.7M | $154M | $248M |
| Capital expenditures | $846K | $1.83M | $3.00M | $10.8M | $6.32M | $1.03M | $1.25M | $692K | $3.53M | $5.79M |
| Free cash flow | $2.30M | -$5.83M | $10.7M | -$9.69M | $16.0M | $9.81M | $10.2M | $52.0M | $150M | $242M |
| Share buybacks | — | — | — | — | — | — | $0.00 | $0.00 | $100M | $136M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $89.7M | $21.6M | $129M | $48.4M | $94.1M | $187M | $129M | $79.6M | $306M | $294M |
| Total assets | — | $275M | $392M | $446M | $529M | $1.08B | $1.08B | $1.04B | $1.21B | $1.30B |
| Total liabilities | — | $140M | $148M | $187M | $230M | $822M | $831M | $656M | $636M | $669M |
| Long-term debt | — | $23.5M | $18.2M | $10.7M | $3.14M | $561M | $564M | $356M | $358M | $0.00 |
| Shareholders' equity | -$30.1M | -$31.4M | $244M | $259M | $299M | $260M | $249M | $381M | $575M | $630M |
| Retained earnings | — | -$124M | -$143M | -$172M | -$195M | -$251M | -$341M | -$294M | -$78.5M | $36.9M |
| Shares (wtd avg diluted) | — | 33.7M | 106M | 110M | 119M | 127M | 131M | 137M | 143M | 141M |
Every figure is extracted from UPWORK, INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.