TTM
28.3%
YoY change
+12.70pp
Trough year (2019)
-5.2%
Peak year (2025)
30.8%
Latest annual
30.8%
FCF Margin history chart for Upwork (UPWK) from 2016 to 2025
Latest: 30.8%
FCF Margin change chart for Upwork (UPWK) from 2016 to 2025
Latest: +12.70pp
FCF Margin history table for Upwork (UPWK) from 2016 to 2025
| 2025 | 30.8% | +12.70pp | ||
| 2024 | 18.1% | +12.81pp | ||
| 2023 | 5.3% | +4.83pp | ||
| 2022 | 0.4% | -0.49pp | ||
| 2021 | 0.9% | -1.21pp | ||
| 2020 | 2.1% | +7.32pp | ||
| 2019 | -5.2% | -7.91pp | ||
| 2018 | 2.7% | +5.84pp | ||
| 2017 | -3.1% | -4.52pp | ||
| 2016 | 1.4% | — |
- 202530.8%+12.70pp
- 202418.1%+12.81pp
- 20235.3%+4.83pp
- 20220.4%-0.49pp
- 20210.9%-1.21pp
- 20202.1%+7.32pp
- 2019-5.2%-7.91pp
- 20182.7%+5.84pp
- 2017-3.1%-4.52pp
- 20161.4%—
FCF Margin values are taken from Upwork's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About FCF Margin at Upwork (UPWK)
According to Upwork's latest reported financial statements, the company's latest reported free cash flow margin is 28.3%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
As of the 2025 fiscal year, Upwork (UPWK) reported free cash flow margin of 30.78% – expanded 12.7 percentage points year-over-year.
2025 marks the peak free cash flow margin at 30.78%, with the historical low of -5.18% recorded in 2019.
Upwork FCF Margin by Year
Upwork FCF Margin 2025: 30.8%
2025's free cash flow margin for Upwork came in at 30.78%, expanded 12.7 percentage points from 2024. This figure represents the highest annual value in the available history.
Upwork FCF Margin 2024: 18.1%
Upwork posted free cash flow margin of 18.08% in 2024, expanded 12.8 percentage points from 2023.
Upwork FCF Margin 2023: 5.3%
In 2023, Upwork reported free cash flow margin of 5.28%, expanded 4.8 percentage points from 2022.
Upwork FCF Margin 2022: 0.4%
Upwork free cash flow margin in 2022 was 0.45%, contracted 0.5 percentage points from 2021.
Upwork FCF Margin 2021: 0.9%
Upwork free cash flow margin in 2021 was 0.93%.
See more financial history for Upwork (UPWK).
Sector peers by FCF Margin
Industrials peers of Upwork (UPWK), ranked by their latest free cash flow margin
| 23.1% | |
| 16.5% | |
| 16.2% | |
| 15.4% | |
| 9.2% | |
| 0.8% | |
| -1.1% |
- 23.1%
- 16.2%
- 15.4%
- 9.2%
- -1.1%
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