Upwork (UPWK) Gross Margin (2017 - 2026)

Upwork's Gross Margin history runs 10 years deep, the most recent figure standing at 77.16% for Q1 2026.

• In Q1 2026, Gross Margin fell 114.0% year-over-year to 77.16%; the TTM figure through Mar 2026 stood at 77.54% (down 20.0% YoY), while the FY2025 annual figure was 77.82%, up 45.0% from the prior year.
• Gross Margin was 77.16% for Q1 2026 at Upwork, down from 77.99% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 78.31% in Q1 2025 to a low of 73.17% in Q1 2022.
• Historically, Gross Margin has averaged 76.18% across 5 years, with a median of 76.85% in 2024.
• The sharpest annual moves came in 2024 and 2026: Gross Margin surged 267 bps in 2024, then sank 114 bps in 2026.
• A 5-year view of Gross Margin shows it stood at 74.51% in 2022, then climbed by 1 bps to 75.06% in 2023, then climbed by 4 bps to 77.73% in 2024, then gained by 0 bps to 77.99% in 2025, then decreased by 1 bps to 77.16% in 2026.
• The last three Gross Margin figures came in at 77.16% (Q1 2026), 77.99% (Q4 2025), and 77.28% (Q3 2025), per Business Quant data.