Upwork (UPWK) EBITDA Margin (2017 - 2026)
Upwork (UPWK) posted EBITDA Margin of 24.98% for Q3 2026, up 6.06 percentage points from 18.92% a year earlier and up 5.47 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 Sep 30, 2026, EBITDA Margin at Upwork was 20.98%, up 3.12 percentage points year-over-year; for FY2025, it came in at 19.91%, up 9.27 percentage points from FY2024.
- Annual EBITDA Margin has increased for three consecutive years, with a five-year change of +23.17 percentage points (FY2020 to FY2025).
- In prior years, Upwork's EBITDA Margin was 10.64% in FY2024 (+10.60 pp), 0.04% in FY2023 (+13.24 pp), -13.20% in FY2022 (-4.69 pp) and -8.51% in FY2021 (-5.25 pp).
- The Q3 2026 figure stands as the highest quarterly EBITDA Margin in data going back to Q3 2017.
- On a year-over-year basis, EBITDA Margin increased in six of the last eight quarters, with an average year-over-year change of +5.54 percentage points.
- The strongest year-over-year quarter for EBITDA Margin in the past five years was Q1 2024, with a gain of 22.58 percentage points; the weakest was Q4 2021, with a drop of 17.08 percentage points.
- According to Business Quant data, EBITDA Margin for the three prior quarters was 19.50% (Q2 2026), 21.63% (Q1 2026) and 18.03% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | 38.37% |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | 31.18% |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 68.36% |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | - |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 15.37% |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 11.28% |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 79.79% |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 14.77% |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | 40.49% |
| 10 | Upwork | 1.22 Bn | -951.96 Mn | 141.30 Mn | 24.98% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 24.98% |
| 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% |
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();