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Upwork, Inc cash flow statement

In fiscal 2025, Upwork, Inc's operations generated $248m of cash; it spent $5.8m on capital projects, leaving free cash flow of $242m. It returned $136m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations3−414122111153154248200
Depreciation and amortisation22234489152618
Stock-based pay77101926547674686559
Capital spending123116111468
Free cash flow2−611−1016101052150242192
Free cash flow after stock pay−5−130−28−9−44−65−2282177132
Share buybacks——————00100136144

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Upwork, Inc's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Upwork, Inc.