Upwork (UPWK) EBITDA (2017 - 2026)
Upwork (UPWK) reported EBITDA of $46.36 million for Q3 2026, up 21.5% from $38.16 million a year earlier and up 24.0% from the prior quarter.
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Analysis
Upwork (UPWK) EBITDA (2017 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Upwork's EBITDA came in at $161.79 million, up 16.0% year-over-year; for FY2025, it came in at $156.86 million, up 91.6% from FY2024.
- By year, EBITDA came in at $81.86 million in FY2024, $287,000 in FY2023, -$81.61 million in FY2022 and -$42.77 million in FY2021.
- The Q3 2026 figure ranks as the highest quarterly EBITDA in data going back to Q3 2017.
- Year over year, EBITDA gained in six of the last eight quarters, with growth averaging 56.0%.
- The high point for year-over-year EBITDA in five years was Q1 2025 (growth of 164.3%); the low point was Q1 2026 (a decline of 3.9%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $37.38 million (Q2 2026), $42.28 million (Q1 2026) and $35.78 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | 48.95 Bn |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | 20.14 Bn |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 8.80 Bn |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | - |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 575.00 Mn |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 1.67 Bn |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 1.74 Bn |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 844.41 Mn |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | 3.60 Bn |
| 10 | Upwork | 1.22 Bn | -951.96 Mn | 141.30 Mn | 46.36 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 46.36 Mn |
| Jun 30, 2026 | 37.38 Mn |
| Mar 31, 2026 | 42.28 Mn |
| Dec 31, 2025 | 35.78 Mn |
| Sep 30, 2025 | 38.16 Mn |
| Jun 30, 2025 | 38.91 Mn |
| Mar 31, 2025 | 44.01 Mn |
| Dec 31, 2024 | 18.41 Mn |
| Sep 30, 2024 | 24.92 Mn |
| Jun 30, 2024 | 21.87 Mn |
| Mar 31, 2024 | 16.66 Mn |
| Dec 31, 2023 | 12.70 Mn |
| Sep 30, 2023 | 13.69 Mn |
| Jun 30, 2023 | -3.80 Mn |
| Mar 31, 2023 | -22.30 Mn |
| Dec 31, 2022 | -17.69 Mn |
| Sep 30, 2022 | -22.76 Mn |
| Jun 30, 2022 | -20.33 Mn |
| Mar 31, 2022 | -20.90 Mn |
| Dec 31, 2021 | -18.99 Mn |
API Access
Upwork EBITDA 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=ebitda&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda", "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=ebitda&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();