Upwork reported cash from operations of $46.87M and free cash flow of $37.56M for the quarter ended Jun 2026, down 35.4% year over year. This cash flow statement covers 36 quarters of results from Sep 2017 through Jun 2026, standardized by Business Quant from the company’s SEC filings.
| Cash Flow Statement | Sep2017 | Dec2017 | Mar2018 | Jun2018 | Sep2018 | Dec2018 | Mar2019 | Jun2019 | Sep2019 | Dec2019 | Mar2020 | Jun2020 | Sep2020 | Dec2020 | Mar2021 | Jun2021 | Sep2021 | Dec2021 | Mar2022 | Jun2022 | Sep2022 | Dec2022 | Mar2023 | Jun2023 | Sep2023 | Dec2023 | Mar2024 | Jun2024 | Sep2024 | Dec2024 | Mar2025 | Jun2025 | Sep2025 | Dec2025 | Mar2026 | Jun2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||||||||||||||||||||||
| Net Income | -9.31M | -22.56M | -24.74M | -23.82M | -24.83M | -16.50M | 17.17M | -3.99M | 16.34M | 17.37M | 18.44M | 22.20M | 27.76M | 147.17M | 37.71M | 32.73M | 29.34M | 15.63M | 31.46M | 25.40M | ||||||||||||||||
| Share-based CompensationStock Comp. | 3.00M | 14.93M | 16.73M | 18.98M | 20.40M | 19.38M | 19.90M | 18.44M | 17.81M | 18.05M | 16.94M | 19.24M | 18.58M | 13.63M | 12.27M | 15.98M | 19.79M | 17.35M | 15.42M | 14.12M | ||||||||||||||||
| Deferred Taxes | -129.26M | 2.06M | -2.46M | 18.89M | 0.09M | 1.54M | ||||||||||||||||||||||||||||||
| Gains from Investment SecuritiesGains Investment | ||||||||||||||||||||||||||||||||||||
| Asset Writedowns and ImpairmentWritedown | 1.35M | 1.92M | 6.39M | -8.31M | ||||||||||||||||||||||||||||||||
| Cash from OperationsCash from Ops. | 20.86M | -12.45M | -11.48M | -0.45M | 10.03M | 13.39M | -8.70M | 4.31M | 36.95M | 20.15M | 14.81M | 39.20M | 60.96M | 38.58M | 36.97M | 72.51M | 75.08M | 63.70M | 23.02M | 46.87M | ||||||||||||||||
| Depreciation, Depletion & Amortization | ||||||||||||||||||||||||||||||||||||
| Amortizatization of IntangiblesAmort. of Intangibles | 0.94M | 0.83M | 0.75M | 0.77M | 0.78M | 0.78M | 3.49M | 2.67M | 3.68M | 4.60M | 4.88M | 3.28M | 2.27M | 1.48M | 1.94M | 1.56M | 2.19M | 2.50M | 1.85M | 0.93M | ||||||||||||||||
| Amortization of Deferred ChargesAmort. Deferred Charges | 0.40M | 0.74M | 0.74M | 0.70M | 0.70M | 0.74M | 0.72M | 0.50M | 0.50M | 0.46M | 0.46M | 0.50M | 0.50M | 0.46M | 0.46M | 0.50M | 0.50M | 0.46M | 0.46M | 0.50M | ||||||||||||||||
| Depreciation & Amortization (CF)Dep. & Amort. | 2.44M | 2.07M | 2.01M | 2.02M | 1.98M | 2.05M | 2.02M | 1.85M | 1.76M | 3.81M | 3.15M | 3.63M | 3.67M | 4.37M | 4.86M | 5.88M | 7.95M | 7.02M | 9.10M | 8.78M | ||||||||||||||||
| Change in Working Capital | ||||||||||||||||||||||||||||||||||||
| Change in ReceivablesChange Receivables | -2.87M | 10.64M | -2.99M | 13.85M | 6.90M | -2.47M | -1.99M | 8.95M | -4.32M | 19.54M | 3.23M | 1.86M | -4.85M | 4.57M | 3.54M | -3.90M | 2.01M | 1.63M | 0.78M | 0.60M | ||||||||||||||||
| Change in Account PayablesChange Payables | -5.36M | 1.74M | 1.15M | -0.87M | -0.00M | 2.30M | -3.38M | 0.01M | -2.43M | 3.29M | 0.78M | -0.08M | -0.16M | 0.43M | -1.99M | -3.09M | 4.57M | -0.66M | 3.12M | -3.97M | ||||||||||||||||
| Change in Accured ExpensesChange Accured Exp. | 10.26M | 0.27M | -12.73M | 9.27M | 5.67M | 1.49M | -6.86M | 1.71M | 4.06M | 6.82M | -10.90M | 4.05M | 6.48M | 5.10M | -11.11M | 14.02M | 13.87M | 10.96M | -33.47M | 1.40M | ||||||||||||||||
| Investing Activities | ||||||||||||||||||||||||||||||||||||
| Capital ExpendituresCapex | 0.64M | 0.89M | 1.23M | 1.59M | 2.34M | 2.33M | 2.70M | 3.37M | 3.11M | 3.48M | 2.49M | 3.15M | 2.96M | 2.32M | 3.70M | 4.51M | 5.17M | 5.97M | 8.39M | 9.32M | ||||||||||||||||
| Acquisitions | 14.33M | 39.44M | -1.44M | |||||||||||||||||||||||||||||||||
| Change in Acquisitions & DivestmentsChange Acquisitions | 23.00M | 15.00M | 106.63M | 84.97M | 180.27M | 149.27M | 167.42M | 169.21M | 143.64M | 197.75M | 131.77M | 190.07M | 43.42M | 121.62M | 51.38M | 181.03M | 70.31M | 117.71M | 128.33M | 111.89M | ||||||||||||||||
| Cash from Investing ActivitiesCash from Investing | -56.73M | -402.87M | -55.04M | 11.87M | 10.74M | -37.03M | 152.14M | 44.81M | -45.24M | -63.44M | 6.14M | 150.39M | 2.08M | -21.04M | -5.22M | -51.45M | -81.50M | 1.23M | 118.21M | 102.94M | ||||||||||||||||
| Financing Activities | ||||||||||||||||||||||||||||||||||||
| Other financing activitiesOther financing | 7.61M | -11.88M | 35.57M | -7.93M | -18.48M | -13.45M | 17.96M | -1.77M | 0.32M | 8.93M | 1.39M | -6.19M | 36.81M | -22.05M | 19.26M | -2.68M | 6.45M | -29.76M | 23.55M | -11.87M | ||||||||||||||||
| Cash from Financing ActivitiesCash from Financing | 512.31M | -9.24M | 36.05M | -4.92M | -18.19M | -11.81M | -152.03M | 0.40M | 1.32M | 10.52M | -65.38M | -35.74M | 37.98M | -18.82M | -13.14M | -38.35M | -24.47M | -62.03M | -84.25M | -12.60M | ||||||||||||||||
| Additional items | ||||||||||||||||||||||||||||||||||||
| Change in Cash | 476.44M | -424.55M | -30.46M | 6.51M | 2.57M | -35.45M | -8.60M | 49.52M | -6.96M | -32.77M | -44.42M | 153.85M | 101.02M | -1.27M | 18.60M | -17.29M | -30.89M | 2.90M | 56.98M | 137.22M | ||||||||||||||||
| Free Cash FlowFCF | 20.22M | -13.34M | -12.71M | -2.04M | 7.69M | 11.07M | -11.40M | 0.94M | 33.84M | 16.67M | 12.33M | 36.05M | 58.00M | 36.27M | 33.26M | 68.01M | 69.91M | 57.73M | 14.63M | 37.56M | ||||||||||||||||
| Net Cash FlowNCF | 476.44M | -424.55M | -30.46M | 6.51M | 2.57M | -35.45M | -8.60M | 49.52M | -6.96M | -32.77M | -44.42M | 153.85M | 101.02M | -1.27M | 18.60M | -17.29M | -30.89M | 2.90M | 56.98M | 137.22M |