Upwork (UPWK) Invested Capital (2017 - 2026)
Upwork (UPWK) posted Invested Capital of $971.96 million for Q2 2026, up 0.5% from $967.5 million a year earlier and up 4.5% from the prior quarter.
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Analysis
Upwork (UPWK) Invested Capital (2017 - 2026) Analysis & Trends
For FY2025, Upwork's Invested Capital came in at $990.09 million, up 6.1% from FY2024.
- Annual Invested Capital shows a five-year compound annual growth rate of 26.1% (FY2020 to FY2025).
- In prior years, Upwork's Invested Capital was $933.31 million in FY2024 (+26.6%), $737.16 million in FY2023 (-9.3%), $813.14 million in FY2022 (-0.9%) and $820.82 million in FY2021 (+164.8%).
- Quarterly Invested Capital has run from a low of $643.66 million in Q1 2023 to a high of $990.09 million in Q4 2025 over five years.
- On a year-over-year basis, Invested Capital increased in seven of the last eight quarters, with growth averaging 17.4%.
- The strongest year-over-year quarter for Invested Capital in the past five years was Q3 2021, with growth of 180.6%; the weakest was Q1 2023, with a decline of 20.7%.
- According to Business Quant data, Invested Capital for the three prior quarters was $929.86 million (Q1 2026), $990.09 million (Q4 2025) and $987.44 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,109.95 Bn | 3,867.48 Bn | 73.85 Bn | 738.65 Bn |
| 2 | Netflix | 282.52 Bn | 242.72 Bn | 6.52 Bn | 44.46 Bn |
| 3 | Alibaba Group Holding | 249.53 Bn | 67.40 Bn | 15.11 Bn | 187.69 Bn |
| 4 | Shopify | 193.10 Bn | 170.29 Bn | 1.71 Bn | - |
| 5 | Uber Technologies | 138.52 Bn | 110.49 Bn | 6.38 Bn | 40.94 Bn |
| 6 | Booking Holdings | 120.43 Bn | 53.48 Bn | - | 9.40 Bn |
| 7 | PDD Holdings | 108.89 Bn | -143.04 Bn | 9.45 Bn | - |
| 8 | Spotify Technology | 101.14 Bn | 58.37 Bn | 1.86 Bn | - |
| 9 | Airbnb | 94.68 Bn | 47.91 Bn | 2.98 Bn | 10.28 Bn |
| 10 | Upwork | 1.04 Bn | -1.47 Bn | 146.37 Mn | 971.96 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 971.96 Mn |
| Mar 31, 2026 | 929.86 Mn |
| Dec 31, 2025 | 990.09 Mn |
| Sep 30, 2025 | 987.44 Mn |
| Jun 30, 2025 | 967.50 Mn |
| Mar 31, 2025 | 952.73 Mn |
| Dec 31, 2024 | 933.31 Mn |
| Sep 30, 2024 | 768.64 Mn |
| Jun 30, 2024 | 718.10 Mn |
| Mar 31, 2024 | 705.42 Mn |
| Dec 31, 2023 | 737.16 Mn |
| Sep 30, 2023 | 698.57 Mn |
| Jun 30, 2023 | 662.09 Mn |
| Mar 31, 2023 | 643.66 Mn |
| Dec 31, 2022 | 813.14 Mn |
| Sep 30, 2022 | 806.10 Mn |
| Jun 30, 2022 | 809.10 Mn |
| Mar 31, 2022 | 811.39 Mn |
| Dec 31, 2021 | 820.82 Mn |
| Sep 30, 2021 | 825.39 Mn |
API Access
Upwork Invested Capital 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=invested-capital&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();