Upwork (UPWK) EBT Margin (2017 - 2026)
Upwork (UPWK) recorded quarterly EBT Margin of 19.29% in Q1 2026, up 12.4% quarter-over-quarter from 17.16% in Q4 2025, and down 406.0% on a YoY basis from 6.3% in Q1 2025.
Upwork (UPWK) EBT Margin (2017 - 2026) Analysis & Trends
Upwork's EBT Margin history runs 10 years deep, the most recent figure standing at 19.29% for Q1 2026.
- In Q1 2026, EBT Margin fell 406.0% year-over-year to 19.29%; the TTM figure through Mar 2026 stood at 18.45% (up 345.0% YoY), while the FY2025 annual figure was 19.44%, up 769.0% from the prior year.
- EBT Margin was 19.29% for Q1 2026 at Upwork, up from 17.16% in the prior quarter.
- In the past five years, EBT Margin ranged from a high of 23.36% in Q1 2025 to a low of 17.48% in Q1 2022.
- Historically, EBT Margin has averaged 6.72% across 5 years, with a median of 10.35% in 2024.
- The sharpest annual moves came in 2022 and 2023: EBT Margin sank 1060 bps in 2022, then jumped 2865 bps in 2023.
- A 5-year view of EBT Margin shows it stood at 9.95% in 2022, then jumped by 186 bps to 8.6% in 2023, then advanced by 12 bps to 9.59% in 2024, then soared by 79 bps to 17.16% in 2025, then increased by 12 bps to 19.29% in 2026.
- The last three EBT Margin figures came in at 19.29% (Q1 2026), 17.16% (Q4 2025), and 17.68% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 2,430,078.11 Bn | 2,430,078.11 Bn | 295.20 Mn | 154.24% |
| 2 | Alphabet | 4,448.32 Bn | 4,232.70 Bn | 102.29 Bn | 70.44% |
| 3 | Meta Platforms | 1,465.06 Bn | 1,383.88 Bn | 46.09 Bn | 38.63% |
| 4 | Spotify Technology | 113.19 Bn | 102.95 Bn | 1.75 Bn | 20.67% |
| 5 | 33.56 Bn | 30.79 Bn | 511.94 Mn | 31.01% | |
| 6 | 12.93 Bn | 11.63 Bn | 768.96 Mn | -6.30% | |
| 7 | Kanzhun | 12.77 Bn | 10.67 Bn | 255.62 Bn | 68.87% |
| 8 | Match | 8.28 Bn | 7.26 Bn | 653.28 Mn | 23.21% |
| 9 | Snap | 7.91 Bn | 5.08 Bn | 1.29 Bn | -5.61% |
| 10 | Upwork | 1.03 Bn | 452.88 Mn | 150.84 Mn | 19.29% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 19.29% |
| Dec 31, 2025 | 17.16% |
| Sep 30, 2025 | 17.68% |
| Jun 30, 2025 | 19.72% |
| Mar 31, 2025 | 23.36% |
| Dec 31, 2024 | 9.59% |
| Sep 30, 2024 | 14.91% |
| Jun 30, 2024 | 12.12% |
| Mar 31, 2024 | 10.35% |
| Dec 31, 2023 | 8.60% |
| Sep 30, 2023 | 9.81% |
| Jun 30, 2023 | -1.27% |
| Mar 31, 2023 | 11.17% |
| Dec 31, 2022 | -9.95% |
| Sep 30, 2022 | -15.62% |
| Jun 30, 2022 | -15.16% |
| Mar 31, 2022 | -17.48% |
| Dec 31, 2021 | -16.44% |
| Sep 30, 2021 | -7.25% |
| Jun 30, 2021 | -13.30% |