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Upwork (UPWK) Operating Expenses (2017 - 2025)

Upwork (UPWK) has 9 years of Operating Expenses data on record, last reported at $126.4 million in Q4 2025.

  • For Q4 2025, Operating Expenses fell 6.52% year-over-year to $126.4 million; the TTM value through Dec 2025 reached $483.7 million, down 8.74%, while the annual FY2025 figure was $483.7 million, 8.74% down from the prior year.
  • Operating Expenses reached $126.4 million in Q4 2025 per UPWK's latest filing, roughly flat from $126.1 million in the prior quarter.
  • Across five years, Operating Expenses topped out at $145.5 million in Q1 2023 and bottomed at $90.9 million in Q1 2021.
  • Average Operating Expenses over 5 years is $125.8 million, with a median of $128.3 million recorded in 2022.
  • Peak YoY movement for Operating Expenses: skyrocketed 58.52% in 2021, then fell 16.07% in 2025.
  • A 5-year view of Operating Expenses shows it stood at $121.6 million in 2021, then rose by 15.75% to $140.8 million in 2022, then decreased by 7.9% to $129.6 million in 2023, then grew by 4.34% to $135.3 million in 2024, then dropped by 6.52% to $126.4 million in 2025.
  • Per Business Quant database, its latest 3 readings for Operating Expenses were $126.4 million in Q4 2025, $126.1 million in Q3 2025, and $118.9 million in Q2 2025.