Upwork (UPWK) FCF Margin (2017 - 2026)
Upwork (UPWK) recorded quarterly FCF Margin of 7.48% in Q1 2026, down 66.57% quarter-over-quarter from 22.38% in Q4 2025, and down 1125.0% on a YoY basis from 0.73% in Q1 2025.
Upwork (UPWK) FCF Margin (2017 - 2026) Analysis & Trends
Upwork's FCF Margin history runs 10 years deep, the most recent figure standing at 7.48% for Q1 2026.
- In Q1 2026, FCF Margin fell 1125.0% year-over-year to 7.48%; the TTM figure through Mar 2026 stood at 26.24% (up 400.0% YoY), while the FY2025 annual figure was 29.06%, up 956.0% from the prior year.
- FCF Margin was 7.48% for Q1 2026 at Upwork, down from 22.38% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 37.62% in Q2 2025 to a low of 8.33% in Q1 2022.
- Historically, FCF Margin has averaged 13.61% across 5 years, with a median of 10.58% in 2023.
- The sharpest annual moves came in 2024 and 2026: FCF Margin soared 2099 bps in 2024, then sank 1125 bps in 2026.
- A 5-year view of FCF Margin shows it stood at 6.86% in 2022, then soared by 54 bps to 10.58% in 2023, then surged by 75 bps to 18.47% in 2024, then climbed by 21 bps to 22.38% in 2025, then plunged by 67 bps to 7.48% in 2026.
- The last three FCF Margin figures came in at 7.48% (Q1 2026), 22.38% (Q4 2025), and 37.22% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 2,430,078.11 Bn | 2,430,078.11 Bn | 295.20 Mn | 1,185.69% |
| 2 | Alphabet | 4,448.32 Bn | 4,232.70 Bn | 102.29 Bn | 9.21% |
| 3 | Meta Platforms | 1,465.06 Bn | 1,383.88 Bn | 46.09 Bn | 28.74% |
| 4 | Spotify Technology | 113.19 Bn | 102.95 Bn | 1.75 Bn | 18.55% |
| 5 | 33.56 Bn | 30.79 Bn | 511.94 Mn | 46.90% | |
| 6 | 12.93 Bn | 11.63 Bn | 768.96 Mn | 30.94% | |
| 7 | Kanzhun | 12.77 Bn | 10.67 Bn | 255.62 Bn | 0.06% |
| 8 | Match | 8.28 Bn | 7.26 Bn | 653.28 Mn | 20.14% |
| 9 | Snap | 7.91 Bn | 5.08 Bn | 1.29 Bn | 18.71% |
| 10 | Upwork | 1.03 Bn | 452.88 Mn | 150.84 Mn | 7.48% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 7.48% |
| Dec 31, 2025 | 22.38% |
| Sep 30, 2025 | 37.22% |
| Jun 30, 2025 | 37.62% |
| Mar 31, 2025 | 18.73% |
| Dec 31, 2024 | 18.47% |
| Sep 30, 2024 | 31.70% |
| Jun 30, 2024 | 19.99% |
| Mar 31, 2024 | 7.67% |
| Dec 31, 2023 | 10.58% |
| Sep 30, 2023 | 24.48% |
| Jun 30, 2023 | -1.00% |
| Mar 31, 2023 | -5.46% |
| Dec 31, 2022 | 6.86% |
| Sep 30, 2022 | 4.85% |
| Jun 30, 2022 | -1.89% |
| Mar 31, 2022 | -8.33% |
| Dec 31, 2021 | -6.76% |
| Sep 30, 2021 | 15.78% |
| Jun 30, 2021 | -2.39% |