Upwork (UPWK) EBITDA Margin (2017 - 2026)
Upwork (UPWK) recorded quarterly EBITDA Margin of 15.78% in Q1 2026, up 101.71% quarter-over-quarter from 7.82% in Q4 2025, and down 395.0% on a YoY basis from 5.35% in Q1 2025.
Upwork (UPWK) EBITDA Margin (2017 - 2026) Analysis & Trends
Upwork's EBITDA Margin history runs 10 years deep, the most recent figure standing at 15.78% for Q1 2026.
- In Q1 2026, EBITDA Margin fell 395.0% year-over-year to 15.78%; the TTM figure through Mar 2026 stood at 13.76% (down 1683.0% YoY), while the FY2025 annual figure was 14.71%, down 1332.0% from the prior year.
- EBITDA Margin was 15.78% for Q1 2026 at Upwork, up from 7.82% in the prior quarter.
- In the past five years, EBITDA Margin ranged from a high of 76.36% in Q4 2024 to a low of 19.52% in Q1 2022.
- Historically, EBITDA Margin has averaged 9.16% across 5 years, with a median of 9.77% in 2023.
- The sharpest annual moves came in 2024 and 2025: EBITDA Margin surged 6658 bps in 2024, then tumbled 6853 bps in 2025.
- A 5-year view of EBITDA Margin shows it stood at 9.27% in 2022, then soared by 205 bps to 9.77% in 2023, then soared by 681 bps to 76.36% in 2024, then plunged by 90 bps to 7.82% in 2025, then surged by 102 bps to 15.78% in 2026.
- The last three EBITDA Margin figures came in at 15.78% (Q1 2026), 7.82% (Q4 2025), and 14.61% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | -32.08% |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 36.12% |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 40.62% |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 15.77% |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 27.57% | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | -7.97% | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | 30.02% |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | -4.87% |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 5.08% |
| 10 | Upwork | 1.12 Bn | 542.56 Mn | 150.84 Mn | 15.78% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 15.78% |
| Dec 31, 2025 | 7.82% |
| Sep 30, 2025 | 14.61% |
| Jun 30, 2025 | 16.88% |
| Mar 31, 2025 | 19.73% |
| Dec 31, 2024 | 76.36% |
| Sep 30, 2024 | 15.23% |
| Jun 30, 2024 | 11.43% |
| Mar 31, 2024 | 9.35% |
| Dec 31, 2023 | 9.77% |
| Sep 30, 2023 | 9.57% |
| Jun 30, 2023 | -2.19% |
| Mar 31, 2023 | 11.87% |
| Dec 31, 2022 | -9.27% |
| Sep 30, 2022 | -15.55% |
| Jun 30, 2022 | -16.08% |
| Mar 31, 2022 | -19.52% |
| Dec 31, 2021 | -16.86% |
| Sep 30, 2021 | -7.27% |
| Jun 30, 2021 | -13.32% |