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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on Sales

Upwork (UPWK) Gross Margin (2017 - 2026)

Upwork has reported Gross Margin over the past 9 years, most recently at 77.99% for Q4 2025.

  • For Q4 2025, Gross Margin rose 26.0% year-over-year to 77.99%; the TTM value through Dec 2025 reached 77.82%, up 45.0%, while the annual FY2025 figure was 77.82%, 45.0% up from the prior year.
  • Gross Margin for Q4 2025 was 77.99% at Upwork, up from 77.28% in the prior quarter.
  • Over five years, Gross Margin peaked at 78.31% in Q1 2025 and troughed at 72.74% in Q3 2021.
  • A 5-year average of 75.51% and a median of 75.22% in 2023 define the central range for Gross Margin.
  • Biggest five-year swings in Gross Margin: surged 267bps in 2024 and later tumbled -32bps in 2025.
  • Year by year, Gross Margin stood at 72.93% in 2021, then grew by 2bps to 74.51% in 2022, then increased by 1bps to 75.06% in 2023, then increased by 4bps to 77.73% in 2024, then rose by 0bps to 77.99% in 2025.
  • Business Quant data shows Gross Margin for UPWK at 77.99% in Q4 2025, 77.28% in Q3 2025, and 77.72% in Q2 2025.