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Upwork Inc. UPWK Free cash flow margin

Free cash flow margin at other companies

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22.9%-2.8pp
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-3.5%—
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18.6%+4.1pp
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31.2%+4.1pp

Other financials

Income statement

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Revenue$195.5M+1.4%
Gross profit$150.8M0.0%
Operating income$32.7M-15.4%
Net income$31.5M-16.6%
EPS (diluted)$0.24-11.1%

Balance sheet

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Cash & equivalents$535.9M+2.2%
Total debt$739.7M+99.7%
Total equity$569.6M-4.2%
Total assets$1.2B+0.2%

Cash flow

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Operating cash flow$23.0M-37.7%
CapEx$1.7M-30.3%
Free cash flow$21.3M-38.3%

Valuation

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Market cap$1.02B-41.3%
Enterprise value$1.22B-22.6%
P/E9.3×+1.9×
P/S1.3×-1.0×

Profitability

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Gross margin77.5%-0.2pp
Operating margin15.6%+3.8pp
Net margin13.8%-16.7pp

Returns & leverage

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Return on equity18.8%-31.0pp
Debt / equity1.3×+0.7×
Current ratio1.4×-2.0×

Where this comes from

Calculated from Upwork Inc.’s reported figures.

free cash flow/total revenue=29%

Based on trailing twelve months.

The official record: Upwork Inc.’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Upwork Inc.'s free cash flow margin?
Upwork Inc. (UPWK) reported free cash flow margin of 29% in Q1 2026.
How has Upwork Inc.'s free cash flow margin changed year-over-year?
Upwork Inc.'s free cash flow margin increased by 31.6% year-over-year, from 22% to 29%.
What is the long-term trend for Upwork Inc.'s free cash flow margin?
Over 4 years (2020 to 2025), Upwork Inc.'s free cash flow margin has grown at a 63.6% compound annual growth rate (CAGR), from 4.3% to 30.8%.
What does free cash flow margin mean?
Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.