Upwork reported revenue of $191.66M and net income of $25.40M for the quarter ended Jun 2026, down 1.7% year over year. This income statement covers 36 quarters of results from Sep 2017 through Jun 2026, standardized by Business Quant from the company’s SEC filings.
| Income 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue & cost | ||||||||||||||||||||||||||||||||||||
| Revenue | 128.14M | 136.86M | 141.34M | 156.90M | 158.64M | 161.44M | 160.86M | 168.61M | 175.73M | 183.93M | 190.94M | 193.13M | 193.78M | 191.48M | 192.71M | 194.94M | 201.73M | 198.41M | 195.48M | 191.66M | ||||||||||||||||
| Cost of RevenueCost of Rev | 34.93M | 37.05M | 37.92M | 40.86M | 40.47M | 41.16M | 40.43M | 40.88M | 43.27M | 45.87M | 44.19M | 43.85M | 43.41M | 42.64M | 41.81M | 43.43M | 45.84M | 43.67M | 44.64M | 45.29M | ||||||||||||||||
| Gross Profit | 93.21M | 99.81M | 103.42M | 116.04M | 118.17M | 120.28M | 120.43M | 127.73M | 132.46M | 138.07M | 146.74M | 149.28M | 150.37M | 148.84M | 150.90M | 151.51M | 155.89M | 154.74M | 150.84M | 146.37M | ||||||||||||||||
| Operating items | ||||||||||||||||||||||||||||||||||||
| Research & DevelopmentR&D | 43.19M | 54.68M | 57.64M | 63.28M | 63.17M | 62.79M | 65.00M | 59.07M | 47.31M | 49.30M | 52.92M | 52.47M | 50.41M | 53.49M | 46.15M | 44.84M | 47.49M | 47.05M | 43.31M | 43.89M | ||||||||||||||||
| Selling, General & AdministrativeSG&A | 26.08M | 31.11M | 29.14M | 33.32M | 31.41M | 30.08M | 29.29M | 28.98M | 28.65M | 32.00M | 32.00M | 29.92M | 31.28M | 35.60M | 28.05M | 35.66M | 41.26M | 41.66M | 35.16M | 36.88M | ||||||||||||||||
| Other Operating ExpensesOther Opex | 32.25M | 35.82M | 40.29M | 42.48M | 49.03M | 47.90M | 51.18M | 45.79M | 45.03M | 48.33M | 48.78M | 49.11M | 47.89M | 46.17M | 38.01M | 38.44M | 37.38M | 37.72M | 39.66M | 37.46M | ||||||||||||||||
| Operating ExpensesOpex | 101.53M | 121.61M | 127.07M | 139.09M | 143.61M | 140.76M | 145.47M | 133.84M | 120.99M | 129.64M | 133.69M | 131.50M | 129.57M | 135.26M | 112.21M | 118.94M | 126.13M | 126.44M | 118.12M | 118.23M | ||||||||||||||||
| Operating IncomeOp. Inc | -8.32M | -21.81M | -23.65M | -23.05M | -25.44M | -20.48M | -25.04M | -6.12M | 11.47M | 8.43M | 13.05M | 17.78M | 20.79M | 13.58M | 38.69M | 32.56M | 29.76M | 28.29M | 32.72M | 28.14M | ||||||||||||||||
| EBIT | -8.32M | -21.81M | -23.65M | -23.05M | -25.44M | -20.48M | -25.04M | -6.12M | 11.47M | 8.43M | 13.05M | 17.78M | 20.79M | 13.58M | 38.69M | 32.56M | 29.76M | 28.29M | 32.72M | 28.14M | ||||||||||||||||
| Non-operating items | ||||||||||||||||||||||||||||||||||||
| Non Operating Interest Expenses | 0.75M | 1.12M | 1.12M | 1.12M | 1.12M | 1.12M | 1.10M | 0.71M | 0.71M | |||||||||||||||||||||||||||
| Other Non Operating IncomeOther Non Op Inc. | -0.22M | -1.74M | 0.07M | 0.38M | 1.77M | 1.06M | 43.00M | 3.98M | 5.77M | 7.39M | 6.72M | 5.62M | 8.09M | 4.79M | 6.32M | 5.88M | 5.92M | 5.76M | 4.99M | 3.97M | ||||||||||||||||
| Net income details | ||||||||||||||||||||||||||||||||||||
| EBT | -9.29M | -22.49M | -24.71M | -23.79M | -24.79M | -16.06M | 17.96M | -2.13M | 17.23M | 15.82M | 19.77M | 23.40M | 28.88M | 18.37M | 45.01M | 38.44M | 35.67M | 34.05M | 37.71M | 32.10M | ||||||||||||||||
| Tax ProvisionsTaxes | 0.03M | 0.06M | 0.03M | 0.03M | 0.04M | 0.44M | 0.80M | 1.86M | 0.90M | -1.56M | 1.33M | 1.20M | 1.13M | -128.80M | 7.30M | 5.72M | 6.34M | 18.42M | 6.25M | 6.70M | ||||||||||||||||
| Profit After TaxPAT | -9.32M | -23.07M | -27.59M | -25.23M | -24.83M | -14.97M | 19.09M | -3.99M | 16.81M | 17.97M | 18.44M | 22.22M | 29.51M | 146.21M | 38.01M | 32.90M | 29.48M | 15.52M | 31.46M | 25.40M | ||||||||||||||||
| Income from Continuing OperationsIncome (Continuing) | -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 | ||||||||||||||||
| Consolidated Net IncomeConsol Net Inc. | -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 | ||||||||||||||||
| Income towards Parent CompanyParent Net Inc | -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 | ||||||||||||||||
| Preferred Dividend PaymentsPref Dividends | ||||||||||||||||||||||||||||||||||||
| Net Income towards Common StockholdersNet 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 | ||||||||||||||||
| Additional items | ||||||||||||||||||||||||||||||||||||
| EPS (Basic) | -0.07 | -0.18 | -0.19 | -0.18 | -0.19 | -0.13 | 0.13 | -0.03 | 0.12 | 0.13 | 0.14 | 0.17 | 0.21 | 1.10 | 0.28 | 0.25 | 0.22 | 0.12 | 0.25 | 0.20 | ||||||||||||||||
| EPS (Diluted) | -0.07 | -0.18 | -0.19 | -0.18 | -0.19 | -0.13 | 0.13 | -0.03 | 0.12 | 0.13 | 0.13 | 0.16 | 0.20 | 1.03 | 0.26 | 0.23 | 0.21 | 0.11 | 0.23 | 0.20 | ||||||||||||||||
| Shares Outstanding | 127.92M | 127.16M | 129.36M | 130.06M | 130.83M | 130.52M | 132.84M | 134.14M | 135.45M | 134.77M | 136.36M | 131.44M | 132.60M | 133.62M | 135.21M | 132.18M | 131.99M | 132.49M | 128.12M | 123.92M | ||||||||||||||||
| Shares Outstanding (Diluted)Shares Outstanding (Dil.) | 127.92M | 127.16M | 129.36M | 130.06M | 130.83M | 130.52M | 135.97M | 134.14M | 137.29M | 137.26M | 143.66M | 138.27M | 139.29M | 143.15M | 142.78M | 140.20M | 139.67M | 140.66M | 135.66M | 129.96M | ||||||||||||||||
| Shares Outstanding (Entity)Shares Outstanding (Entity.) | 128.23M | 129.13M | 129.65M | 130.53M | 131.34M | 132.37M | 133.46M | 134.88M | 136.11M | 137.27M | 133.12M | 132.01M | 133.50M | 135.35M | 134.05M | 132.51M | 131.39M | 130.55M | 123.57M | 124.80M | ||||||||||||||||
| EBITDA | -8.32M | -21.81M | -23.65M | -23.05M | -25.44M | -20.48M | -25.04M | -6.12M | 11.47M | 8.43M | 13.05M | 17.78M | 20.79M | 13.58M | 38.69M | 32.56M | 29.76M | 28.29M | 32.72M | 28.14M | ||||||||||||||||
| Interest ExpensesInt Expense | 0.75M | 1.12M | 1.12M | 1.12M | 1.12M | 1.12M | 1.10M | 0.71M | 0.71M | |||||||||||||||||||||||||||
| Tax Rate | -0.28% | -0.28% | -0.12% | -0.11% | -0.16% | -2.74% | 4.43% | -87.02% | 5.19% | -9.84% | 6.72% | 5.13% | 3.90% | -701.08% | 16.22% | 14.87% | 17.77% | 54.09% | 16.57% | 20.87% |