Upwork (UPWK) Net Margin (2017 - 2026)
Upwork (UPWK) posted quarterly Net Margin of 16.09% for Q1 2026, down 349.0% year-over-year from 6.46% in Q1 2025, and up 104.68% quarter-over-quarter from 7.86% in Q4 2025.
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Upwork (UPWK) Net Margin (2017 - 2026) Analysis & Trends
Upwork's Net Margin history runs 10 years deep, the most recent figure standing at 16.09% for Q1 2026.
- In Q1 2026, Net Margin fell 349.0% year-over-year to 16.09%; the TTM figure through Mar 2026 stood at 13.81% (down 1665.0% YoY), while the FY2025 annual figure was 14.65%, down 1337.0% from the prior year.
- Net Margin for Q1 2026 stood at 16.09%, up from 7.86% in the prior quarter.
- The five-year high for Net Margin was 76.86% in Q4 2024, with the low at 17.5% in Q1 2022.
- The 5-year median for Net Margin is 9.67% (2024), against an average of 9.16%.
- The sharpest annual moves came in 2024 and 2025: Net Margin soared 6741 bps in 2024, then slumped 6899 bps in 2025.
- Upwork's Net Margin stood at 10.22% in 2022, then soared by 192 bps to 9.45% in 2023, then jumped by 714 bps to 76.86% in 2024, then slumped by 90 bps to 7.86% in 2025, then jumped by 105 bps to 16.09% in 2026.
- Business Quant data shows UPWK's Net Margin at 16.09% in Q1 2026, 7.86% in Q4 2025, and 14.56% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 93.58% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 26.07% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 11.41% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | -2.47% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 31.41% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 4.33% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | -3.96% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 19.99% |
| 10 | Upwork | 1.12 Bn | 501.02 Mn | 146.37 Mn | 13.25% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 13.25% |
| Mar 31, 2026 | 16.09% |
| Dec 31, 2025 | 7.88% |
| Sep 30, 2025 | 14.54% |
| Jun 30, 2025 | 16.79% |
| Mar 31, 2025 | 19.57% |
| Dec 31, 2024 | 76.86% |
| Sep 30, 2024 | 14.32% |
| Jun 30, 2024 | 11.50% |
| Mar 31, 2024 | 9.66% |
| 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% |