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.
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Analysis
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 Set
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
Download Data
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 |
API Access
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_KEYimport 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();