Upwork (UPWK) Net Margin (2017 - 2026)
Upwork (UPWK) posted Net Margin of 13.25% for Q2 2026, down 3.53 percentage points from 16.79% a year earlier and down 2.84 percentage points from the prior quarter.
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Analysis
Upwork (UPWK) Net Margin (2017 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Net Margin at Upwork was 12.93%, down 18.81 percentage points year-over-year; for FY2025, it came in at 14.65%, down 13.37 percentage points from FY2024.
- Annual Net Margin shows a five-year change of +20.77 percentage points (FY2020 to FY2025).
- In prior years, Upwork's Net Margin was 28.02% in FY2024 (+21.22 pp), 6.80% in FY2023 (+21.34 pp), -14.54% in FY2022 (-3.35 pp) and -11.19% in FY2021 (-5.07 pp).
- Quarterly Net Margin has run from a low of -17.50% in Q1 2022 to a high of 76.86% in Q4 2024 over five years.
- On a year-over-year basis, Net Margin has declined in each of the last three quarters, with an average year-over-year change of +1.48 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Net Margin in the past five years was Q4 2024, with a gain of 67.41 percentage points; the weakest was Q4 2025, with a drop of 68.98 percentage points.
- According to Business Quant data, Net Margin for the three prior quarters was 16.09% (Q1 2026), 7.88% (Q4 2025) and 14.54% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 93.58% |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 26.07% |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 27.08% |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | 3.92% |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 41.92% |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 16.87% |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | 26.52% |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | 24.19% |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 65.84% |
| 10 | Upwork | 1.01 Bn | -1.50 Bn | 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 | 19.58% |
| Dec 31, 2024 | 76.86% |
| Sep 30, 2024 | 14.32% |
| Jun 30, 2024 | 11.51% |
| 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% |
API Access
Upwork Net 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=net-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();