Upwork (UPWK) EBITDA Margin (2017 - 2026)
Upwork (UPWK) posted EBITDA Margin of 19.26% for Q2 2026, down 0.46 percentage points from 19.72% a year earlier and down 2.13 percentage points from the prior quarter.
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Analysis
Upwork (UPWK) EBITDA Margin (2017 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, EBITDA Margin at Upwork was 19.28%, up 3.18 percentage points year-over-year; for FY2025, it came in at 19.68%, up 9.28 percentage points from FY2024.
- Annual EBITDA Margin has increased for three consecutive years, with a five-year change of +22.95 percentage points (FY2020 to FY2025).
- In prior years, Upwork's EBITDA Margin was 10.40% in FY2024 (+10.66 pp), -0.26% in FY2023 (+13.41 pp), -13.68% in FY2022 (-4.93 pp) and -8.74% in FY2021 (-5.47 pp).
- Quarterly EBITDA Margin has run from a low of -15.31% in Q1 2022 to a high of 22.60% in Q1 2025 over five years.
- On a year-over-year basis, EBITDA Margin increased in six of the last eight quarters, with an average year-over-year change of +5.42 percentage points.
- The strongest year-over-year quarter for EBITDA Margin in the past five years was Q1 2024, with a gain of 22.79 percentage points; the weakest was Q4 2021, with a drop of 17.61 percentage points.
- According to Business Quant data, EBITDA Margin for the three prior quarters was 21.39% (Q1 2026), 17.80% (Q4 2025) and 18.69% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,126.42 Bn | 3,883.94 Bn | 73.85 Bn | 39.96% |
| 2 | Meta Platforms | 1,763.57 Bn | 1,466.09 Bn | 49.47 Bn | 41.33% |
| 3 | Netflix | 287.17 Bn | 247.37 Bn | 6.52 Bn | 68.51% |
| 4 | Alibaba Group Holding | 252.08 Bn | 65.86 Bn | 15.11 Bn | - |
| 5 | Shopify | 224.54 Bn | 201.72 Bn | 1.71 Bn | 13.82% |
| 6 | Uber Technologies | 140.28 Bn | 112.08 Bn | 6.38 Bn | 14.69% |
| 7 | Booking Holdings | 125.81 Bn | 58.86 Bn | - | 35.76% |
| 8 | PDD Holdings | 114.10 Bn | -129.68 Bn | 9.45 Bn | - |
| 9 | Spotify Technology | 108.24 Bn | 65.74 Bn | 1.86 Bn | 14.32% |
| 10 | Upwork | 1.08 Bn | -1.43 Bn | 146.37 Mn | 19.50% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 19.50% |
| Mar 31, 2026 | 21.63% |
| Dec 31, 2025 | 18.03% |
| Sep 30, 2025 | 18.92% |
| Jun 30, 2025 | 19.96% |
| Mar 31, 2025 | 22.84% |
| Dec 31, 2024 | 9.62% |
| Sep 30, 2024 | 12.86% |
| Jun 30, 2024 | 11.32% |
| Mar 31, 2024 | 8.72% |
| Dec 31, 2023 | 6.90% |
| Sep 30, 2023 | 7.79% |
| Jun 30, 2023 | -2.25% |
| Mar 31, 2023 | -13.86% |
| Dec 31, 2022 | -10.96% |
| Sep 30, 2022 | -14.35% |
| Jun 30, 2022 | -12.96% |
| Mar 31, 2022 | -14.79% |
| Dec 31, 2021 | -13.88% |
| Sep 30, 2021 | -4.27% |
API Access
Upwork EBITDA Margin 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-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "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-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();