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Upwork cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$61.8M in Q3 2026 · $192M over twelve months

Operating cash flow$65.9M
Capital spending−$4.2M
Free cash flow+$61.8M
Cash / net income2.1×
Cash conversion cycle22 days

Analysis

In Q3 2026, Upwork generated $65.9M of operating cash flow and spent $4.2M on capital projects, leaving free cash flow of $61.8M. That is $12.8M less than in Q3 2025 ($74.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $200M; the largest uses were other financing ($411M), buybacks ($144M), capital spending ($7.9M); besides operations, cash came from other investing ($278M), shares issued ($3.4M); the cash balance fell by $79.6M.

Operating cash flow was $65.9M against net income of $31.8M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$11.4M, stock-based pay +$9.2M, prepaid and other assets +$5.8M.

Its cash conversion cycle was 22 days (receivables 39 + inventory 0 − payables 17).

Free cash flow

Upwork: free cash flow by quarterUpwork: free cash flow by quarter$37.0MQ4 2024$34.5MQ1 2025$70.1MQ2 2025$74.6MQ3 2025$63.2MQ4 2025$21.3MQ1 2026$45.3MQ2 2026$61.8MQ3 2026
Operating cash flow less capital spending.
Upwork: operating cash flow against capital spendingUpwork: operating cash flow against capital spendingOperating cash flowCapital spending$38.6M$1.5MQ4 2024$37.0M$2.5MQ1 2025$72.5M$2.4MQ2 2025$75.1M$482KQ3 2025$63.7M$455KQ4 2025$23.0M$1.7MQ1 2026$46.9M$1.6MQ2 2026$65.9M$4.2MQ3 2026
Latest (Q3 2026): Operating cash flow $65.9M, Capital spending $4.2M.

Capital allocation, year by year

Upwork: where the cash came from (up) and went (down), by fiscal yearUpwork: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $10.8MFY2021: Net borrowing −$10.8MFY2021: Shares issued $4.8MFY2021: Capital spending −$1.0M$15.6MFY2021FY2022: Operating cash flow $11.5MFY2022: Shares issued $3.8MFY2022: Capital spending −$1.2M$15.3MFY2022FY2023: Operating cash flow $52.7MFY2023: Shares issued $4.1MFY2023: Capital spending −$692K$56.8MFY2023FY2024: Operating cash flow $154MFY2024: Shares issued $4.8MFY2024: Capital spending −$3.5MFY2024: Acquisitions −$14.3MFY2024: Buybacks −$100M$158MFY2024FY2025: Operating cash flow $248MFY2025: Shares issued $3.9MFY2025: Capital spending −$5.8MFY2025: Acquisitions −$58.4MFY2025: Buybacks −$136M$252MFY2025
Over these 5 years operating cash flow totalled $477M; the largest uses were buybacks ($236M) and acquisitions ($72.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$304M
Debtnone
Net cash$304M

Upwork funds itself: free cash flow was $192M over the last twelve months, with $304M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Upwork: sources (+) and uses (−) of cash, Q3 2026Upwork: sources (+) and uses (−) of cash, Q3 2026Other financing−$392MCash drawn (+) / kept (−)$277MOperating cash flow$65.9MOther investing$53.7MCapital spending−$4.2M
Upwork: sources (+) and uses (−) of cash, TTM to Q3 2026Upwork: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$411MOther investing$278MOperating cash flow$200MBuybacks−$144MCash drawn (+) / kept (−)$79.6MCapital spending−$7.9MShares issued$3.4MAcquisitions$1.4M

From profit to cash

Upwork: net income to operating cash flow, Q3 2026Upwork: net income to operating cash flow, Q3 2026Net income$31.8MDepreciation & amortization$11.4MStock-based pay$9.2MDeferred taxes$1.6MReceivables−$1.4MPayables$2.3MAccrued liabilities$4.2MDeferred revenue$44KPrepaid and other assets$5.8MOperating cash flow$65.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202639—1722
Q2 202636—1818
Q1 202635—1916
Q4 202535—1718
Q3 202534—1024
Q2 202535—529
Q1 202536—1125
Q4 202435—1322

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$65.9M−$4.2M———$277M$61.8M
Q2 2026$46.9M−$1.6M—−$1.8M—−$137M$45.3M
Q1 2026$23.0M−$1.7M—−$108M—−$57.0M$21.3M
Q4 2025$63.7M−$455K$1.4M−$34.0M$1.7M−$2.9M$63.2M
Q3 2025$75.1M−$482K−$39.4M−$31.0M—$30.9M$74.6M
Q2 2025$72.5M−$2.4M—−$37.9M—$17.3M$70.1M
Q1 2025$37.0M−$2.5M—−$33.1M—−$18.6M$34.5M
Q4 2024$38.6M−$1.5M−$14.3M—$1.9M$1.3M$37.0M

Upwork: income statement and cash flow

Upwork, Q3 2026: revenue $186M (-8% year over year), operating margin 18.6%. The chart follows the revenue to costs, profit and cash.

Upwork: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.