Upwork (UPWK) Net Margin (2017 - 2026)
Upwork (UPWK) posted Net Margin of 17.14% for Q3 2026, up 2.60 percentage points from 14.54% a year earlier and up 3.88 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 Sep 30, 2026, Net Margin at Upwork was 13.53%, down 18.10 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).
- The Q3 2026 figure stands as the highest quarterly Net Margin since Q1 2025.
- On a year-over-year basis, Net Margin increased in five of the last eight quarters, with an average year-over-year change of +1.18 percentage points.
- 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 13.25% (Q2 2026), 16.09% (Q1 2026) and 7.88% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | 20.51% |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | 15.26% |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 28.46% |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | 3.92% |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 12.35% |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 3.47% |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 65.86% |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 10.42% |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | 30.55% |
| 10 | Upwork | 1.22 Bn | -951.96 Mn | 141.30 Mn | 17.14% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 17.14% |
| 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% |
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();