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Upwork Inc. UPWK Business Segments — R&D

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Other financials

Income statement

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Revenue$191.7M-1.7%
Gross profit$146.4M-3.4%
Operating income$28.1M-13.6%
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-32.8%
Enterprise value$1.23B-23.2%
P/E11.4×+4.4×
P/S1.5×-0.8×

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:ResearchAndDevelopmentExpense.

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
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Revenue$191,660$194,939$387,143$387,645
Cost of revenue (1)39,94840,47079,07579,672
Research and development (1)31,13736,52966,26375,073
Sales and marketing (1)30,45634,66466,47368,414
General and administrative (1)(2)(3)23,51724,44649,08247,386
Provision for transaction losses2,5491,7694,7714,028
Stock-based compensation expense (4)14,12315,97729,54428,249
Depreciation and amortization8,7805,87917,87910,740

Item 1. Financial Statements.

FAQ

What is Upwork Inc.'s business segments — R&D?
Upwork Inc. (UPWK) reported business segments — R&D of $31.14M in Q2 2026.
How has Upwork Inc.'s business segments — R&D changed year-over-year?
Upwork Inc.'s business segments — R&D decreased by 14.8% year-over-year, from $36.53M to $31.14M.
What is the long-term trend for Upwork Inc.'s business segments — R&D?
Over 3 years (2022 to 2025), Upwork Inc.'s business segments — R&D has grown at a 7.5% compound annual growth rate (CAGR), from $121.81M to $151.41M.
What does business segments — R&D mean?
Captures expenditures related to the design, development, and enhancement of the company's software platform and technological infrastructure. This investment is critical for maintaining competitive advantage and improving user experience for both talent and clients.

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