Upwork Inc.

Upwork Inc. (UPWK) delivered strong financial performance in FY 2025, achieving revenue of $787.8M and record net income of $115.4M. Gross profit reached $613.0M, reflecting a robust gross margin driven by efficient cost of revenue management at $174.8M. Operating income improved to $129.3M, supported by total operating expenses of $483.7M, including R&D at $185.5M, sales and marketing at $143.4M, G&A at $146.6M, and provision for transaction losses at $8.1M. Other income of $23.9M and a $37.8M income tax benefit contributed to income before taxes of $153.2M. Balance sheet strengthened with $1.30B total assets, $950.8M current assets including $294.4M cash and $378.4M marketable securities, and $630.3M stockholders' equity. Total liabilities stood at $669.3M, with $650.2M current including $359.8M current debt. Operating cash flow was robust at $248.3M, though investing activities used $136.9M including a $58.4M acquisition, and financing used $138.0M primarily for $136.0M stock repurchases. Net change in cash was -$26.7M, ending at $295.2M. This profitability milestone and capital return signal financial maturity for future growth.

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