Upwork (UPWK) FCF Margin (2017 - 2026)
Upwork (UPWK) posted quarterly FCF Margin of 10.89% for Q1 2026, down 637.0% year-over-year from 2.03% in Q1 2025, and down 66.1% quarter-over-quarter from 32.13% in Q4 2025.
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Upwork (UPWK) FCF Margin (2017 - 2026) Analysis & Trends
Upwork's FCF Margin history runs 10 years deep, the most recent figure standing at 10.89% for Q1 2026.
- In Q1 2026, FCF Margin fell 637.0% year-over-year to 10.89%; the TTM figure through Mar 2026 stood at 29.89% (up 802.0% YoY), while the FY2025 annual figure was 31.51%, up 1201.0% from the prior year.
- FCF Margin for Q1 2026 stood at 10.89%, down from 32.13% in the prior quarter.
- The five-year high for FCF Margin was 39.6% in Q3 2025, with the low at 8.33% in Q1 2022.
- The 5-year median for FCF Margin is 11.49% (2022), against an average of 14.65%.
- The sharpest annual moves came in 2022 and 2024: FCF Margin sank 1519 bps in 2022, then jumped 2128 bps in 2024.
- Upwork's FCF Margin stood at 11.49% in 2022, then slipped by 5 bps to 10.88% in 2023, then soared by 110 bps to 22.8% in 2024, then jumped by 41 bps to 32.13% in 2025, then sank by 66 bps to 10.89% in 2026.
- Business Quant data shows UPWK's FCF Margin at 10.89% in Q1 2026, 32.13% in Q4 2025, and 39.6% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | -4.89% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 2.87% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 17.50% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | 1,357.29% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 32.39% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | - |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | 22.88% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 41.32% |
| 10 | Upwork | 1.12 Bn | 501.02 Mn | 146.37 Mn | 19.60% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 19.60% |
| Mar 31, 2026 | 7.48% |
| Dec 31, 2025 | 29.10% |
| Sep 30, 2025 | 34.66% |
| Jun 30, 2025 | 34.89% |
| Mar 31, 2025 | 17.26% |
| Dec 31, 2024 | 18.94% |
| Sep 30, 2024 | 29.93% |
| Jun 30, 2024 | 18.67% |
| Mar 31, 2024 | 6.46% |
| Dec 31, 2023 | 9.06% |
| Sep 30, 2023 | 19.26% |
| Jun 30, 2023 | 0.56% |
| Mar 31, 2023 | -7.09% |
| Dec 31, 2022 | 6.86% |
| Sep 30, 2022 | 4.85% |
| Jun 30, 2022 | -1.30% |
| Mar 31, 2022 | -8.99% |
| Dec 31, 2021 | -9.75% |
| Sep 30, 2021 | 15.78% |