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Upwork Inc. UPWK Business Segments — Cost of revenue

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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

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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:CostOfGoodsAndServicesSold.

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 business segments — cost of revenue?
Upwork Inc. (UPWK) reported business segments — cost of revenue of $39.13M in Q1 2026.
How has Upwork Inc.'s business segments — cost of revenue changed year-over-year?
Upwork Inc.'s business segments — cost of revenue decreased by 0.2% year-over-year, from $39.2M to $39.13M.
What is the long-term trend for Upwork Inc.'s business segments — cost of revenue?
Over 3 years (2022 to 2025), Upwork Inc.'s business segments — cost of revenue has grown at a 1.1% compound annual growth rate (CAGR), from $156.24M to $161.61M.
What does business segments — cost of revenue mean?
Includes the direct costs associated with operating the marketplace platform, such as payment processing fees, hosting costs, and customer support expenses. Monitoring this helps evaluate the direct efficiency of delivering services to the user base.