Upwork (UPWK) EBT Margin (2017 - 2026)
Upwork (UPWK) posted quarterly EBT Margin of 19.29% for Q1 2026, down 406.0% year-over-year from 6.3% in Q1 2025, and up 12.4% quarter-over-quarter from 17.16% in Q4 2025.
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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 for Q1 2026 stood at 19.29%, up from 17.16% in the prior quarter.
- The five-year high for EBT Margin was 23.36% in Q1 2025, with the low at 17.48% in Q1 2022.
- The 5-year median for EBT Margin is 10.35% (2024), against an average of 6.72%.
- The sharpest annual moves came in 2022 and 2023: EBT Margin plunged 1060 bps in 2022, then soared 2865 bps in 2023.
- Upwork's EBT Margin stood at 9.95% in 2022, then soared by 186 bps to 8.6% in 2023, then gained by 12 bps to 9.59% in 2024, then surged by 79 bps to 17.16% in 2025, then grew by 12 bps to 19.29% in 2026.
- Business Quant data shows UPWK's EBT Margin at 19.29% in Q1 2026, 17.16% in Q4 2025, and 17.68% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 115.82% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 30.85% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 15.07% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | -0.12% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 31.91% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 4.68% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | -4.17% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 25.16% |
| 10 | Upwork | 1.12 Bn | 501.02 Mn | 146.37 Mn | 16.75% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 16.75% |
| 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% |