What is Upwork Inc.'s net debt?

Upwork Inc. (UPWK) reported net debt of $203.82M in Q1 2026.

How has Upwork Inc.'s net debt changed year-over-year?

Upwork Inc.'s net debt increased by 232.5% year-over-year, from -$153.78M to $203.82M.

What is the long-term trend for Upwork Inc.'s net debt?

Over 5 years (2020 to 2025), Upwork Inc.'s net debt has grown at a 12.8% compound annual growth rate (CAGR), from -$59.13M to -$107.76M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Upwork Inc. UPWK Net debt

Discontinued — last reported Q1 '26

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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

FCF margin29%+7.0pp

Returns & leverage

See full

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.

$739.7Mtotal debt−$535.9Mcash and equivalents=$203.82M

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 net debt?: Upwork Inc. (UPWK) reported net debt of $203.82M in Q1 2026.
How has Upwork Inc.'s net debt changed year-over-year?: Upwork Inc.'s net debt increased by 232.5% year-over-year, from -$153.78M to $203.82M.
What is the long-term trend for Upwork Inc.'s net debt?: Over 5 years (2020 to 2025), Upwork Inc.'s net debt has grown at a 12.8% compound annual growth rate (CAGR), from -$59.13M to -$107.76M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.