Flagship explainer

How UPWORK INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$788M · 100%Cost of revenue$175M · 22%Gross profit$613M · 78%Operating income$129M · 16%Income before tax$153M · 19%Income tax$37.8M · 5%Net income$115M · 15%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$788M100%
Cost of revenue$175M22%
$613M78%
$129M16%
Income before tax$153M19%
Income tax$37.8M5%
$115M15%
Source: · event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set
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