Upwork (UPWK) Cash from Operations (2017 - 2026)
Upwork (UPWK) reported Cash from Operations of $65.95 million for Q3 2026, down 12.2% from $75.08 million a year earlier but up 40.7% from the prior quarter.
Upwork (UPWK) Cash from Operations (2017 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Upwork's Cash from Operations came in at $199.54 million, down 10.6% year-over-year; for FY2025, it was $248.26 million, up 61.7% from FY2024.
- Cash from Operations has increased for four consecutive years, with a five-year compound annual growth rate of 61.8% (FY2020 to FY2025).
- By year, Cash from Operations came in at $153.56 million in FY2024 (+191.3%), $52.71 million in FY2023 (+358.5%), $11.5 million in FY2022 (+6.1%) and $10.84 million in FY2021 (-51.5%).
- Five-year quarterly Cash from Operations spans a low of -$12.45 million in Q4 2021 and a high of $75.08 million in Q3 2025.
- Year over year, Cash from Operations has now declined in each of the last three quarters, with growth averaging 41.1% over the last eight quarters.
- The high point for year-over-year Cash from Operations in five years was Q2 2024 (growth of 809.8%); the low point was Q3 2022 (a decline of 51.9%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $46.87 million (Q2 2026), $23.02 million (Q1 2026) and $63.7 million (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cash from Ops. (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | 42.29 Bn |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | 32.79 Bn |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 3.16 Bn |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | 3.38 Bn |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 818.00 Mn |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 2.64 Bn |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 1.43 Bn |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 851.32 Mn |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | 1.14 Bn |
| 10 | Upwork | 1.22 Bn | -951.96 Mn | 141.30 Mn | 65.95 Mn |
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 65.95 Mn |
| Jun 30, 2026 | 46.87 Mn |
| Mar 31, 2026 | 23.02 Mn |
| Dec 31, 2025 | 63.70 Mn |
| Sep 30, 2025 | 75.08 Mn |
| Jun 30, 2025 | 72.51 Mn |
| Mar 31, 2025 | 36.97 Mn |
| Dec 31, 2024 | 38.58 Mn |
| Sep 30, 2024 | 60.96 Mn |
| Jun 30, 2024 | 39.20 Mn |
| Mar 31, 2024 | 14.81 Mn |
| Dec 31, 2023 | 20.15 Mn |
| Sep 30, 2023 | 36.95 Mn |
| Jun 30, 2023 | 4.31 Mn |
| Mar 31, 2023 | -8.70 Mn |
| Dec 31, 2022 | 13.39 Mn |
| Sep 30, 2022 | 10.03 Mn |
| Jun 30, 2022 | -446,000.00 |
| Mar 31, 2022 | -11.48 Mn |
| Dec 31, 2021 | -12.45 Mn |
Upwork Cash from Operations API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cash-from-operations&ticker=UPWK&period=max&api_key=YOUR_API_KEY
import requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cash-from-operations", "ticker": "UPWK", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()
const res = await fetch("https://data.businessquant.com/historic?slug=cash-from-operations&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();