Upwork (UPWK) FCF Margin (2017 - 2026)
Upwork (UPWK) recorded FCF Margin of 33.29% in Q3 2026, down 3.68 percentage points from 36.98% a year earlier but up 9.68 percentage points from the prior quarter.
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Analysis
Upwork (UPWK) FCF Margin (2017 - 2026) Analysis & Trends
On a TTM basis, Upwork's FCF Margin came in at 24.85% as of Sep 30, 2026, down 2.85 percentage points year-over-year; for FY2025, it came in at 30.78%, up 11.28 percentage points from FY2024.
- Annual FCF Margin has increased for three straight years, with a five-year change of +26.48 percentage points (FY2020 to FY2025).
- Across earlier years, FCF Margin came in at 19.50% in FY2024 (+11.95 pp), 7.55% in FY2023 (+5.89 pp), 1.66% in FY2022 (-0.29 pp) and 1.95% in FY2021 (-2.34 pp).
- Quarterly FCF Margin has ranged from -9.43% in Q4 2021 to 36.98% in Q3 2025 over the past five years.
- On a year-over-year basis, FCF Margin has declined for three consecutive quarters, with an average year-over-year change of +3.79 percentage points over the last eight quarters.
- Peak year-over-year performance for FCF Margin in the last five years was a gain of 17.51 percentage points in Q4 2022, against a drop of 17.76 percentage points in Q4 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at 23.61% (Q2 2026), 10.89% (Q1 2026) and 31.88% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | -7.11% |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | -1.79% |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 22.40% |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | 33.69% |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 21.81% |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 17.17% |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 65.40% |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 15.01% |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | 12.02% |
| 10 | Upwork | 1.22 Bn | -951.96 Mn | 141.30 Mn | 33.29% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 33.29% |
| Jun 30, 2026 | 23.61% |
| Mar 31, 2026 | 10.89% |
| Dec 31, 2025 | 31.88% |
| Sep 30, 2025 | 36.98% |
| Jun 30, 2025 | 35.98% |
| Mar 31, 2025 | 17.90% |
| Dec 31, 2024 | 19.34% |
| Sep 30, 2024 | 30.84% |
| Jun 30, 2024 | 19.99% |
| Mar 31, 2024 | 7.67% |
| Dec 31, 2023 | 10.88% |
| Sep 30, 2023 | 20.79% |
| Jun 30, 2023 | 2.57% |
| Mar 31, 2023 | -5.51% |
| Dec 31, 2022 | 8.08% |
| Sep 30, 2022 | 6.14% |
| Jun 30, 2022 | -0.54% |
| Mar 31, 2022 | -8.26% |
| Dec 31, 2021 | -9.43% |
API Access
Upwork FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "UPWK", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();