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Upwork Inc. UPWK Operating Income

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Other financials

Income statement

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Revenue$191.7M-1.7%
Gross profit$146.4M-3.4%
Net income$25.4M-22.4%
EPS (diluted)$0.20-16.7%

Balance sheet

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Cash & equivalents$673.1M+32.8%
Total debt$740.1M+99.6%
Total equity$611.3M+0.4%
Total assets$1.3B+1.0%

Cash flow

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Operating cash flow$46.9M-35.4%
CapEx$1.6M-32.0%
Free cash flow$45.3M-35.5%

Valuation

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Market cap$1.16B-26.0%
Enterprise value$1.23B-14.3%
P/E11.4×+5.0×
P/S1.5×-0.6×

Profitability

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Gross margin77.2%-0.6pp
Operating margin15.1%+1.4pp
Net margin12.9%-18.8pp
FCF margin26%-0.1pp

Returns & leverage

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Return on equity16.7%-33.9pp
Debt / equity1.2×+0.6×
Current ratio1.4×-1.9×

Where this comes from

Reported directly by Upwork Inc. in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: Upwork Inc.’s 10-Q, filed August 10, 2026.

Filed
Aug 10, 2026, 4:50 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001627475-26-000047
(In thousands, except per share data)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
General and administrative36,87835,65972,03663,707
Provision for transaction losses2,5491,7694,7714,028
Total operating expenses118,235118,942236,359231,152
Income from operations28,13732,56560,85571,255
Other income, net3,9665,8788,95812,195
Income before income taxes32,10338,44369,81383,450
Income tax provision(6,699)(5,717)(12,948)(12,994)
Net income$25,404$32,726$56,865$70,456

Item 1. Financial Statements.

FAQ

What is Upwork Inc.'s operating income?
Upwork Inc. (UPWK) reported operating income of $28.14M in Q2 2026.
How has Upwork Inc.'s operating income changed year-over-year?
Upwork Inc.'s operating income decreased by 13.6% year-over-year, from $32.57M to $28.14M.
What is the long-term trend for Upwork Inc.'s operating income?
Over 3 years (2021 to 2025), Upwork Inc.'s operating income has grown at a 33.6% compound annual growth rate (CAGR), from -$54.22M to $129.31M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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