Detailed financial statements for None (UPLD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Upland Software, Inc. delivers cloud-hosted enterprise work management solutions to a global clientele, with significant operations across the United States, the United Kingdom, and Canada. The company's portfolio features a family of Upland-branded software applications tailored for diverse organizational functions, including marketing, sales, contact centers, project administration, information technology, general business operations, human resources, and legal departments....
Analysis Summary
None reported revenue of $216.9M in the most recent fiscal year, growing at a 5-year CAGR of -5.8%.
Balance sheet quality for UPLD: current ratio of 0.8, net debt of $205.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $74.8M | $98.0M | $149.9M | $222.6M | $291.8M | $302.0M | $317.3M | $297.9M | $274.8M | $216.9M |
| Cost of Revenue | $27.6M | $33.6M | $48.6M | $69.1M | $98.4M | $99.5M | $103.7M | $96.4M | $81.1M | $81.6M |
| Gross Profit | $47.2M | $64.3M | $101.3M | $153.5M | $193.3M | $202.6M | $213.6M | $201.5M | $193.7M | $135.3M |
| Research & Development | $14.9M | $15.8M | $21.3M | $29.0M | $39.0M | $42.7M | $46.2M | $49.4M | $47.4M | $36.5M |
| Selling, General & Admin | $30.4M | $38.6M | $53.0M | $83.2M | $114.1M | $132.0M | $129.9M | $125.6M | $115.8M | $82.1M |
| Operating Expenses | $50.1M | $60.3M | $88.2M | $177.8M | $217.1M | $237.2M | $253.8M | $365.4M | $296.0M | $118.6M |
| Operating Income | -$8.5M | -$11.1M | -$4.7M | -$24.3M | -$23.8M | -$34.7M | -$40.2M | -$163.9M | -$102.3M | $16.6M |
| EBITDA | -$21000 | $525000 | $13.6M | $4.8M | $23.2M | $18.0M | $15.1M | -$91.7M | -$46.2M | $9.2M |
| Interest Expense | $2.8M | $6.6M | $13.3M | $22.3M | $31.5M | $31.6M | $29.1M | $18.7M | $8.9M | $15.8M |
| Pre-tax Income | -$12.0M | -$17.4M | -$19.8M | -$52.2M | -$55.5M | -$66.6M | -$70.2M | -$182.4M | -$110.1M | -$38.7M |
| Income Tax | $1.5M | $1.3M | -$9.8M | -$6.8M | -$4.2M | -$8.3M | -$1.7M | -$2.5M | $2.6M | $232000 |
| Net Income | -$13.5M | -$18.7M | -$9.9M | -$45.4M | -$51.2M | -$58.2M | -$68.4M | -$179.9M | -$112.7M | -$38.9M |
| EPS | $-8.20 | $-10.20 | $-5.00 | $-19.60 | $-19.20 | $-19.20 | $-22.30 | $-57.70 | $-42.60 | $-15.60 |
| EPS (Diluted) | $-8.20 | $-10.20 | $-5.00 | $-19.60 | $-19.20 | $-19.20 | $-22.30 | $-57.70 | $-42.60 | $-15.60 |
| Shares Outstanding (Diluted) | $1.6M | $1.8M | $2.0M | $2.3M | $2.7M | $3.0M | $3.2M | $3.2M | $2.8M | $2.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $50.5M | $49.3M | $48.7M | $49.1M |
| Gross Profit | $38.8M | $37.7M | $36.8M | $37.5M |
| Operating Income | $5.3M | $7.2M | $5.0M | -$29.7M |
| EBITDA | $9.2M | $10.8M | $10.6M | -$30.0M |
| Net Income | -$1.1M | $1.1M | -$1.2M | -$35.3M |
| EPS | $-0.90 | $-0.13 | $-0.90 | $-12.53 |
| EPS (Diluted) | $-0.90 | $-0.13 | $-0.90 | $-12.53 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $28.8M | $22.3M | $16.7M | $175.0M | $250.0M | $189.2M | $248.7M | $236.6M | $56.4M | $29.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $15.3M | $26.5M | $44.5M | $56.0M | $49.0M | $55.3M | $52.9M | $45.2M | $42.9M | $31.4M |
| Inventory | 0 | 0 | $2.6M | 0 | $5.8M | 0 | $11.0M | 0 | 0 | 0 |
| Total Current Assets | $47.3M | $51.7M | $66.1M | $238.9M | $317.5M | $263.0M | $321.3M | $300.2M | $118.4M | $75.3M |
| Property, Plant & Equipment | $4.4M | $2.9M | $2.8M | $12.0M | $12.9M | $9.1M | $7.5M | $4.9M | $2.9M | $3.5M |
| Goodwill | $69.1M | $154.6M | $226.2M | $346.1M | $383.6M | $457.5M | $477.0M | $353.8M | $261.0M | $259.6M |
| Intangible Assets | $28.5M | $70.0M | $179.6M | $282.7M | $280.0M | $279.9M | $248.9M | $182.3M | $123.9M | $62.3M |
| Total Assets | $150.6M | $281.3M | $484.1M | $896.8M | $1.01B | $1.03B | $1.11B | $870.0M | $529.5M | $413.2M |
| Accounts Payable | $1.3M | $3.9M | $3.5M | $5.9M | $5.4M | $20.4M | $14.9M | $8.1M | $9.4M | $2.1M |
| Short-term Debt | $2.2M | $2.3M | $6.0M | $3.2M | $3.2M | $3.2M | $3.1M | $3.2M | $3.2M | $7.7M |
| Total Current Liabilities | $39.7M | $75.1M | $107.7M | $129.4M | $121.4M | $156.4M | $151.2M | $130.6M | $120.4M | $93.8M |
| Long-term Debt | $45.7M | $108.8M | $273.7M | $521.9M | $518.4M | $515.2M | $511.8M | $473.5M | $287.0M | $224.7M |
| Total Liabilities | $91.6M | $189.8M | $395.9M | $684.0M | $704.6M | $712.7M | $692.3M | $626.1M | $424.6M | $332.5M |
| Retained Earnings | -$62.4M | -$81.1M | -$84.8M | -$131.0M | -$182.4M | -$240.6M | -$309.0M | -$488.9M | -$601.6M | -$640.5M |
| Total Equity | $59.0M | $91.4M | $88.2M | $212.9M | $306.6M | $316.3M | $421.2M | $243.9M | $104.9M | $80.7M |
| Total Debt | $47.9M | $111.1M | $279.7M | $533.5M | $533.3M | $528.6M | $523.1M | $480.6M | $292.0M | $235.2M |
| Net Debt | $19.2M | $88.8M | $263.0M | $358.4M | $283.3M | $339.5M | $274.5M | $244.1M | $235.5M | $205.8M |
| Working Capital | $7.6M | -$23.5M | -$41.6M | $109.5M | $196.1M | $106.5M | $170.1M | $169.6M | -$2.0M | -$18.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $23.4M | $29.4M | $29.8M | $31.0M |
| Total Assets | $409.1M | $413.2M | $402.7M | $356.6M |
| Total Liabilities | $456.4M | $332.5M | $324.5M | $446.3M |
| Total Equity | -$47.2M | $80.7M | $78.2M | -$89.8M |
| Total Debt | $364.4M | $235.2M | $230.3M | $226.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$13.5M | -$18.7M | -$9.9M | -$45.4M | -$51.2M | -$58.2M | -$68.4M | -$179.9M | -$112.7M | -$38.9M |
| Depreciation & Amortization | $9.8M | $11.9M | $21.3M | $34.6M | $47.2M | $52.9M | $56.1M | $72.0M | $55.0M | $32.1M |
| Stock-based Compensation | $4.3M | $10.0M | $14.1M | $25.8M | $41.7M | $53.9M | $41.6M | $22.9M | $15.3M | $9.1M |
| Change in Working Capital | $1.4M | $4.6M | -$22.0M | -$2.7M | -$2.3M | -$2.4M | -$19.2M | $709000 | -$16.0M | -$4.8M |
| Operating Cash Flow | $3.9M | $7.7M | $7.3M | $12.1M | $35.6M | $41.7M | $30.0M | $49.9M | $24.2M | $25.8M |
| Capital Expenditure | -$1.1M | -$451000 | -$935000 | -$1.7M | -$1.3M | -$1.1M | -$866000 | -$1.2M | -$882000 | -$1.4M |
| Acquisitions | -$12.2M | -$110.3M | -$160.8M | -$216.0M | -$67.7M | -$92.4M | -$62.4M | 0 | 0 | 0 |
| Stock Repurchased | -$515000 | 0 | 0 | 0 | 0 | 0 | 0 | -$14.1M | -$11.0M | -$137000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $2.8M | $7.3M | $6.4M | $10.3M | $34.3M | $40.6M | $29.1M | $48.7M | $23.4M | $24.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $6.9M | $7.3M | $5.6M | $5.4M |
| Capital Expenditure | -$207000 | -$87000 | -$81000 | -$87000 |
| Free Cash Flow | $6.7M | $7.2M | $5.5M | $5.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.3M | $1.0M | $961000 | $830000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +31.0% | +53.0% | +48.5% | +31.1% | +3.5% | +5.1% | -6.1% | -7.7% | -21.1% |
| Net Income Growth (YoY) | | -38.6% | +46.9% | -356.0% | -12.9% | -13.7% | -17.5% | -162.9% | +37.3% | +65.5% |
| EPS Growth (YoY) | | -24.4% | +51.0% | -292.0% | +2.0% | +0.0% | -16.1% | -158.7% | +26.2% | +63.4% |
| Shares Change (YoY) | | +11.8% | +8.6% | +15.6% | +15.3% | +13.8% | +4.1% | +1.7% | -13.4% | +3.0% |
| FCF Growth (YoY) | | +159.7% | -11.7% | +61.3% | +231.8% | +18.4% | -28.3% | +67.4% | -52.1% | +4.7% |
| Gross Margin | 63.1% | 65.6% | 67.6% | 69.0% | 66.3% | 67.1% | 67.3% | 67.6% | 70.5% | 62.4% |
| Operating Margin | -11.4% | -11.4% | -3.1% | -10.9% | -8.2% | -11.5% | -12.7% | -55.0% | -37.2% | 7.7% |
| EBITDA Margin | -0.0% | 0.5% | 9.1% | 2.1% | 8.0% | 6.0% | 4.8% | -30.8% | -16.8% | 4.3% |
| Net Margin | -18.1% | -19.1% | -6.6% | -20.4% | -17.6% | -19.3% | -21.6% | -60.4% | -41.0% | -17.9% |
| FCF Margin | 3.7% | 7.4% | 4.3% | 4.6% | 11.8% | 13.5% | 9.2% | 16.4% | 8.5% | 11.3% |
| Effective Tax Rate | -12.8% | -7.4% | 49.6% | 13.0% | 7.6% | 12.5% | 2.5% | 1.4% | -2.4% | -0.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.70 | $3.95 | $3.21 | $4.48 | $12.88 | $13.41 | $9.23 | $15.19 | $8.41 | $8.54 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.6M | $1.8M | $2.0M | $2.3M | $2.7M | $3.0M | $3.2M | $3.2M | $2.8M | $2.9M |
Financial Health
| Piotroski F-Score | 3 |
| Altman Z-Score | -1.49 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -10.91 | -21.24 | -54.36 | -18.22 | -23.90 | -9.34 | -3.20 | -0.73 | -1.02 | -0.92 |
| P/B | 2.50 | 4.36 | 6.16 | 3.88 | 3.99 | 1.72 | 0.53 | 0.56 | 1.15 | 0.51 |
| P/S | 1.97 | 4.07 | 3.62 | 3.71 | 4.19 | 1.80 | 0.71 | 0.46 | 0.44 | 0.19 |
| Gross Margin | 63.1% | 65.6% | 67.6% | 69.0% | 66.3% | 67.1% | 67.3% | 67.6% | 70.5% | 62.4% |
| Operating Margin | -11.4% | -11.4% | -3.1% | -10.9% | -8.2% | -11.5% | -12.7% | -55.0% | -37.2% | 7.7% |
| Net Margin | -18.1% | -19.1% | -6.6% | -20.4% | -17.6% | -19.3% | -21.6% | -60.4% | -41.0% | -17.9% |