Upwork (UPWK) Gross Margin (2017 - 2026)
Upwork (UPWK) posted quarterly Gross Margin of 77.16% for Q1 2026, down 114.0% year-over-year from 551.17% in Q1 2025, and down 1.06% quarter-over-quarter from 77.99% in Q4 2025.
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Upwork (UPWK) Gross Margin (2017 - 2026) Analysis & Trends
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 for Q1 2026 stood at 77.16%, down from 77.99% in the prior quarter.
- The five-year high for Gross Margin was 78.31% in Q1 2025, with the low at 73.17% in Q1 2022.
- The 5-year median for Gross Margin is 76.85% (2024), against an average of 76.18%.
- The sharpest annual moves came in 2024 and 2026: Gross Margin jumped 267 bps in 2024, then plunged 114 bps in 2026.
- Upwork's Gross Margin stood at 74.51% in 2022, then advanced by 1 bps to 75.06% in 2023, then advanced by 4 bps to 77.73% in 2024, then rose by 0 bps to 77.99% in 2025, then retreated by 1 bps to 77.16% in 2026.
- Business Quant data shows UPWK's Gross Margin at 77.16% in Q1 2026, 77.99% in Q4 2025, and 77.28% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 61.65% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 81.37% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 33.41% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | 77.06% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 91.27% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 37.22% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | 78.18% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 76.06% |
| 10 | Upwork | 1.12 Bn | 501.02 Mn | 146.37 Mn | 76.37% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 76.37% |
| Mar 31, 2026 | 77.16% |
| Dec 31, 2025 | 77.99% |
| Sep 30, 2025 | 77.28% |
| Jun 30, 2025 | 77.72% |
| Mar 31, 2025 | 78.31% |
| Dec 31, 2024 | 77.73% |
| Sep 30, 2024 | 77.60% |
| Jun 30, 2024 | 77.29% |
| Mar 31, 2024 | 76.85% |
| Dec 31, 2023 | 75.06% |
| Sep 30, 2023 | 75.38% |
| Jun 30, 2023 | 75.75% |
| Mar 31, 2023 | 74.87% |
| Dec 31, 2022 | 74.51% |
| Sep 30, 2022 | 74.49% |
| Jun 30, 2022 | 73.96% |
| Mar 31, 2022 | 73.17% |
| Dec 31, 2021 | 72.93% |
| Sep 30, 2021 | 72.74% |