Upwork (UPWK) Debt Ratio (2017 - 2026)
Upwork's Debt Ratio was 0.28 in Q2 2026, down 0.5% from 0.28 a year earlier and down 2.4% from the prior quarter.
Powered by 
Analysis
Upwork (UPWK) Debt Ratio (2017 - 2026) Analysis & Trends
From Q4 2017 onward, Upwork has reported Debt Ratio for 33 quarters.
- Debt Ratio has now declined for three consecutive years.
- In earlier years, Debt Ratio was 0.30 in FY2024 (-13.9%), 0.34 in FY2023 (-34.3%), 0.52 in FY2022 (+0.6%) and 0.52 in FY2021.
- Quarterly Debt Ratio has moved between 0.27 (Q3 2025) and 0.52 (Q4 2022) over five years.
- Compared with a year earlier, Debt Ratio was higher in 1 of the last eight quarters, with an average decline of 10.8%.
- The best year-over-year quarter for Debt Ratio over five years was Q3 2022 (growth of 1.9%); the worst was Q4 2023 (a decline of 34.3%).
- Per Business Quant data, UPWK's Debt Ratio in the three quarters before Q2 2026 was 0.29 (Q1 2026), 0.28 (Q4 2025) and 0.27 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Debt Ratio (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,142.52 Bn | 3,900.05 Bn | 73.85 Bn | 0.11 |
| 2 | Meta Platforms | 1,882.44 Bn | 1,584.96 Bn | 49.47 Bn | 0.19 |
| 3 | Netflix | 292.72 Bn | 252.92 Bn | 6.52 Bn | 0.24 |
| 4 | Alibaba Group Holding | 250.25 Bn | 68.12 Bn | 15.11 Bn | 0.09 |
| 5 | Shopify | 192.03 Bn | 169.21 Bn | 1.71 Bn | - |
| 6 | Uber Technologies | 141.56 Bn | 113.53 Bn | 6.38 Bn | 0.19 |
| 7 | Booking Holdings | 121.98 Bn | 55.03 Bn | - | 0.68 |
| 8 | PDD Holdings | 110.31 Bn | -141.62 Bn | 9.45 Bn | - |
| 9 | AppLovin | 102.49 Bn | 92.52 Bn | 1.70 Bn | 0.43 |
| 10 | Upwork | 1.01 Bn | -1.50 Bn | 146.37 Mn | 0.28 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 0.28 |
| Mar 31, 2026 | 0.29 |
| Dec 31, 2025 | 0.28 |
| Sep 30, 2025 | 0.27 |
| Jun 30, 2025 | 0.28 |
| Mar 31, 2025 | 0.29 |
| Dec 31, 2024 | 0.30 |
| Sep 30, 2024 | 0.34 |
| Jun 30, 2024 | 0.35 |
| Mar 31, 2024 | 0.36 |
| Dec 31, 2023 | 0.34 |
| Sep 30, 2023 | 0.37 |
| Jun 30, 2023 | 0.38 |
| Mar 31, 2023 | 0.39 |
| Dec 31, 2022 | 0.52 |
| Sep 30, 2022 | 0.52 |
| Jun 30, 2022 | 0.51 |
| Mar 31, 2022 | 0.51 |
| Dec 31, 2021 | 0.52 |
| Sep 30, 2021 | 0.51 |
API Access
Upwork Debt Ratio API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=debt-ratio&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "debt-ratio", "ticker": "UPWK", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=debt-ratio&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();