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Upwork Inc. UPWK Non-Cash Lease Expense

Non-Cash Lease Expense at other companies

Xometry, Inc.XMTR

$552K-49.8%

ThredUp Inc.TDUP

$1.14M+5.9%

Freshworks, Inc.FRSH

$2.93M+27.0%

Other financials

Income statement

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

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

Operating cash flow$23.0M-37.7%

CapEx$1.7M-30.3%

Free cash flow$21.3M-38.3%

Valuation

Market cap$970.85M-43.9%

Enterprise value$1.17B-25.4%

P/E8.9×+1.5×

P/S1.2×-1.0×

Profitability

Gross margin77.5%-0.2pp

Operating margin15.6%+3.8pp

Net margin13.8%-16.7pp

FCF margin29%+7.0pp

Returns & leverage

Return on equity18.8%-31.0pp

Debt / equity1.3×+0.7×

Current ratio1.4×-2.0×

Where this comes from

Reported directly by Upwork Inc. in its filing.

Tagged under the XBRL concept us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense.

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 non-cash lease expense?: Upwork Inc. (UPWK) reported non-cash lease expense of $397K in Q1 2026.
How has Upwork Inc.'s non-cash lease expense changed year-over-year?: Upwork Inc.'s non-cash lease expense increased by 96.5% year-over-year, from $202K to $397K.
What is the long-term trend for Upwork Inc.'s non-cash lease expense?: Over 4 years (2021 to 2025), Upwork Inc.'s non-cash lease expense has grown at a -32.4% compound annual growth rate (CAGR), from $3.55M to $741K.
What does non-cash lease expense mean?: Non-cash portion of operating lease cost — the difference between straight-line lease expense and actual cash rent payments.