Company profile · Internet & IT Services
Upwork (UPWK)
Nasdaq: UPWK · Palo Alto, CA · Data from SEC filings, updated Oct 6, 2026
Overview
Upwork trades on Nasdaq under the ticker UPWK and is classified by RoxMag in the Internet & IT Services segment (SEC industry code 7374, Services-Computer Processing & Data Preparation). Its principal executive offices are in Palo Alto, CA. The company was founded in 2015. In its annual report for the fiscal year ended December 31, 2025, it reported revenue of $787.8 million and net income of $115.4 million. By public float it ranks #50 of the 126 internet & it services companies profiled on RoxMag.
Upwork Inc. is an American freelancing platform headquartered in Palo Alto and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015. Upwork went public in 2018. Changes to its fees and account policies have repeatedly drawn protests from freelancers, and after a prolonged decline in its share price the company became the target of an activist investor campaign in 2024 and carried out large workforce reductions in 2024 and 2026.
Financial history
Annual figures as reported in Upwork's 10-K filings (US dollars).
- Revenue growth
- 2.4%
- vs prior year, FY2025
- Net margin
- 14.7%
- net income ÷ revenue, FY2025
- Operating margin
- 16.4%
- operating income ÷ revenue, FY2025
- R&D share of revenue
- 23.6%
- R&D ÷ revenue, FY2025
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $787.8M | $769.3M | $689.1M | $618.3M | $502.8M |
| Gross profit | $613.0M | $595.2M | $518.7M | $457.9M | $367.3M |
| Operating income | $129.3M | $65.2M | -$11.3M | -$92.6M | -$54.2M |
| Net income | $115.4M | $215.6M | $46.9M | -$89.9M | -$56.2M |
| Research & development | $185.5M | $209.3M | $177.4M | $154.6M | $119.1M |
| Total assets | $1.3B | $1.2B | $1.0B | $1.1B | $1.1B |
| Stockholders' equity | $630.3M | $575.4M | $381.1M | $248.9M | $259.5M |
| Cash & equivalents | $294.4M | $305.8M | $79.6M | $129.4M | $187.2M |
Fiscal-year labels follow the calendar year in which each fiscal year ends. Margins and growth are calculated by RoxMag from the reported figures.
Recent SEC filings
Sources & method
Company identity, address, filings, financial figures, share counts and public float come from the company's own filings with the U.S. Securities and Exchange Commission (EDGAR). Website, founding year, chief executive and employee count come from Wikidata where available; the overview excerpt is from Wikipedia. Fields without a public source are left blank. RoxMag does not estimate figures. This page is general information, not investment advice — see our disclaimer and editorial policy.