Upwork (UPWK) Free Cash Flow (2017 - 2026)
Upwork's Free Cash Flow came in at $61.8 million for Q3 2026, down 17.2% from $74.6 million a year earlier but up 36.5% from the prior quarter.
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Analysis
Upwork (UPWK) Free Cash Flow (2017 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Upwork reported Free Cash Flow of $191.59 million, down 11.4% year-over-year; for FY2025, it was $242.47 million, up 61.6% from FY2024.
- Free Cash Flow has increased in each of the last four years, with a five-year compound annual growth rate of 72.1% (FY2020 to FY2025).
- Going back by year, Free Cash Flow was $150.04 million in FY2024 (+188.4%), $52.02 million in FY2023 (+407.5%), $10.25 million in FY2022 (+4.5%) and $9.81 million in FY2021 (-38.9%).
- The five-year range for quarterly Free Cash Flow is -$12.91 million (Q4 2021) to $74.6 million (Q3 2025).
- Year-over-year, Free Cash Flow has declined for three consecutive quarters, with growth averaging 38.4% over the last eight quarters.
- The fastest year-over-year change in Free Cash Flow over five years came in Q2 2024 (growth of 791.2%), and the weakest in Q3 2022 (a decline of 52.8%).
- Business Quant data shows UPWK's Free Cash Flow at $45.26 million (Q2 2026), $21.3 million (Q1 2026) and $63.25 million (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | -9.07 Bn |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | -1.16 Bn |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 2.88 Bn |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | 13.35 Bn |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 816.00 Mn |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 2.54 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 | 858.22 Mn |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | 1.07 Bn |
| 10 | Upwork | 1.22 Bn | -951.96 Mn | 141.30 Mn | 61.80 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 61.80 Mn |
| Jun 30, 2026 | 45.26 Mn |
| Mar 31, 2026 | 21.30 Mn |
| Dec 31, 2025 | 63.25 Mn |
| Sep 30, 2025 | 74.60 Mn |
| Jun 30, 2025 | 70.13 Mn |
| Mar 31, 2025 | 34.49 Mn |
| Dec 31, 2024 | 37.03 Mn |
| Sep 30, 2024 | 59.76 Mn |
| Jun 30, 2024 | 38.61 Mn |
| Mar 31, 2024 | 14.64 Mn |
| Dec 31, 2023 | 20.01 Mn |
| Sep 30, 2023 | 36.53 Mn |
| Jun 30, 2023 | 4.33 Mn |
| Mar 31, 2023 | -8.86 Mn |
| Dec 31, 2022 | 13.04 Mn |
| Sep 30, 2022 | 9.74 Mn |
| Jun 30, 2022 | -855,000.00 |
| Mar 31, 2022 | -11.67 Mn |
| Dec 31, 2021 | -12.91 Mn |
API Access
Upwork Free Cash Flow 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=free-cash-flow&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "free-cash-flow", "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=free-cash-flow&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();