Upwork (UPWK) Gross Margin (2017 - 2026)
Upwork (UPWK) reported Gross Margin of 76.13% for Q3 2026, down 1.15 percentage points from 77.28% a year earlier and down 0.24 percentage points from the prior quarter.
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Analysis
Upwork (UPWK) Gross Margin (2017 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Upwork's Gross Margin came in at 76.93%, down 0.82 percentage points year-over-year; for FY2025, it came in at 77.82%, up 0.45 percentage points from FY2024.
- Gross Margin has increased for nine consecutive years, with a five-year change of +5.72 percentage points (FY2020 to FY2025).
- By year, Gross Margin came in at 77.37% in FY2024 (+2.10 pp), 75.27% in FY2023 (+1.21 pp), 74.06% in FY2022 (+1.01 pp) and 73.05% in FY2021 (+0.96 pp).
- The Q3 2026 figure ranks as the lowest quarterly Gross Margin since Q4 2023.
- Year over year, Gross Margin has now declined in each of the last three quarters, with an average year-over-year change of +0.11 percentage points over the last eight quarters.
- The high point for year-over-year Gross Margin in five years was Q4 2024 (a gain of 2.67 percentage points); the low point was Q2 2026 (a drop of 1.35 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 76.37% (Q2 2026), 77.16% (Q1 2026) and 77.99% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | 59.70% |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | 79.31% |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 52.78% |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | 38.24% |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 47.59% |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 43.46% |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 88.98% |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 32.98% |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | - |
| 10 | Upwork | 1.22 Bn | -951.96 Mn | 141.30 Mn | 76.13% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 76.13% |
| 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% |
API Access
Upwork Gross 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=gross-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-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=gross-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();