Upwork (UPWK) Equity Ratio (2017 - 2026)

Upwork's Equity Ratio history runs 10 years deep, the most recent figure standing at 0.46 for Q1 2026.

• In Q1 2026, Equity Ratio fell 4.3% year-over-year to 0.46; the TTM figure through Mar 2026 stood at 0.46 (down 4.3% YoY), while the FY2025 annual figure was 0.49, up 2.13% from the prior year.
• Equity Ratio was 0.46 for Q1 2026 at Upwork, down from 0.49 in the prior quarter.
• In the past five years, Equity Ratio ranged from a high of 0.49 in Q4 2025 to a low of 0.22 in Q3 2022.
• Historically, Equity Ratio has averaged 0.37 across 5 years, with a median of 0.36 in 2024.
• The sharpest annual moves came in 2022 and 2023: Equity Ratio slumped 58.46% in 2022, then soared 59.42% in 2023.
• A 5-year view of Equity Ratio shows it stood at 0.23 in 2022, then soared by 59.42% to 0.37 in 2023, then advanced by 29.3% to 0.47 in 2024, then grew by 2.13% to 0.49 in 2025, then dropped by 5.43% to 0.46 in 2026.
• The last three Equity Ratio figures came in at 0.46 (Q1 2026), 0.49 (Q4 2025), and 0.48 (Q3 2025), per Business Quant data.