Upwork (UPWK) Net Margin (2017 - 2026)
Upwork (UPWK) recorded quarterly Net Margin of 16.12% in Q1 2026, up 104.55% quarter-over-quarter from 7.88% in Q4 2025, and down 346.0% on a YoY basis from 6.55% in Q1 2025.
Upwork (UPWK) Net Margin (2017 - 2026) Analysis & Trends
Upwork's Net Margin history runs 10 years deep, the most recent figure standing at 16.12% for Q1 2026.
- In Q1 2026, Net Margin fell 346.0% year-over-year to 16.12%; the TTM figure through Mar 2026 stood at 13.82% (down 1663.0% YoY), while the FY2025 annual figure was 14.65%, down 1337.0% from the prior year.
- Net Margin was 16.12% for Q1 2026 at Upwork, up from 7.88% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 76.84% in Q4 2024 to a low of 17.5% in Q1 2022.
- Historically, Net Margin has averaged 9.16% across 5 years, with a median of 9.67% in 2024.
- The sharpest annual moves came in 2024 and 2025: Net Margin jumped 6739 bps in 2024, then tumbled 6896 bps in 2025.
- A 5-year view of Net Margin shows it stood at 10.22% in 2022, then jumped by 192 bps to 9.45% in 2023, then soared by 713 bps to 76.84% in 2024, then sank by 90 bps to 7.88% in 2025, then soared by 105 bps to 16.12% in 2026.
- The last three Net Margin figures came in at 16.12% (Q1 2026), 7.88% (Q4 2025), and 14.56% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | 155.44% |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 56.94% |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 47.54% |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 15.91% |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 30.75% | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | -7.30% | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | 55.91% |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | -5.82% |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 6.50% |
| 10 | Upwork | 1.12 Bn | 542.56 Mn | 150.84 Mn | 16.12% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 16.12% |
| Dec 31, 2025 | 7.88% |
| Sep 30, 2025 | 14.56% |
| Jun 30, 2025 | 16.79% |
| Mar 31, 2025 | 19.58% |
| Dec 31, 2024 | 76.84% |
| Sep 30, 2024 | 14.32% |
| Jun 30, 2024 | 11.50% |
| Mar 31, 2024 | 9.67% |
| Dec 31, 2023 | 9.45% |
| Sep 30, 2023 | 9.30% |
| Jun 30, 2023 | -2.37% |
| Mar 31, 2023 | 10.67% |
| Dec 31, 2022 | -10.22% |
| Sep 30, 2022 | -15.65% |
| Jun 30, 2022 | -15.18% |
| Mar 31, 2022 | -17.50% |
| Dec 31, 2021 | -16.48% |
| Sep 30, 2021 | -7.27% |
| Jun 30, 2021 | -13.32% |