Upwork (UPWK) Operating Expenses (2017 - 2026)
Upwork (UPWK) posted quarterly Operating Expenses of $118.1 million for Q1 2026, up 5.27% year-over-year from $112.2 million in Q1 2025, and down 6.58% quarter-over-quarter from $126.4 million in Q4 2025.
Upwork (UPWK) Operating Expenses (2017 - 2026) Analysis & Trends
Upwork's Operating Expenses history runs 10 years deep, the most recent figure standing at $118.1 million for Q1 2026.
- In Q1 2026, Operating Expenses rose 5.27% year-over-year to $118.1 million; the TTM figure through Mar 2026 stood at $489.6 million (down 3.72% YoY), while the FY2025 annual figure was $483.7 million, down 8.74% from the prior year.
- Operating Expenses for Q1 2026 stood at $118.1 million, down from $126.4 million in the prior quarter.
- The five-year high for Operating Expenses was $145.5 million in Q1 2023, with the low at $112.2 million in Q1 2025.
- The 5-year median for Operating Expenses is $129.6 million (2023), against an average of $130.1 million.
- The sharpest annual moves came in 2022 and 2025: Operating Expenses jumped 41.46% in 2022, then decreased 16.07% in 2025.
- Upwork's Operating Expenses stood at $140.8 million in 2022, then dropped by 7.9% to $129.6 million in 2023, then climbed by 4.34% to $135.3 million in 2024, then slipped by 6.52% to $126.4 million in 2025, then declined by 6.58% to $118.1 million in 2026.
- Business Quant data shows UPWK's Operating Expenses at $118.1 million in Q1 2026, $126.4 million in Q4 2025, and $126.1 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,179.34 Bn | 3,750.30 Bn | 73.85 Bn | 79.03 Bn |
| 2 | Meta Platforms | 1,534.00 Bn | 1,443.74 Bn | 49.47 Bn | 42.03 Bn |
| 3 | Taboola.com | 1,136.26 Bn | 1,136.12 Bn | 139.48 Mn | 132.22 Mn |
| 4 | Baidu | 288.64 Bn | 284.15 Bn | 1.88 Mn | 4.19 Bn |
| 5 | Spotify Technology | 103.10 Bn | 92.86 Bn | 1.75 Bn | 512.79 Mn |
| 6 | Joyy | 77.39 Bn | 76.50 Bn | 205.64 Mn | -187.82 Mn |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | 303,858.00 |
| 8 | Nebius | 49.24 Bn | 39.61 Bn | 295.20 Mn | 527.00 Mn |
| 9 | 30.20 Bn | 27.41 Bn | 734.60 Mn | 573.19 Mn | |
| 10 | Upwork | 1.08 Bn | 496.44 Mn | 150.84 Mn | 118.12 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 118.12 Mn |
| Dec 31, 2025 | 126.44 Mn |
| Sep 30, 2025 | 126.13 Mn |
| Jun 30, 2025 | 118.94 Mn |
| Mar 31, 2025 | 112.21 Mn |
| Dec 31, 2024 | 135.26 Mn |
| Sep 30, 2024 | 129.58 Mn |
| Jun 30, 2024 | 131.50 Mn |
| Mar 31, 2024 | 133.70 Mn |
| Dec 31, 2023 | 129.64 Mn |
| Sep 30, 2023 | 120.99 Mn |
| Jun 30, 2023 | 133.85 Mn |
| Mar 31, 2023 | 145.47 Mn |
| Dec 31, 2022 | 140.77 Mn |
| Sep 30, 2022 | 143.61 Mn |
| Jun 30, 2022 | 139.09 Mn |
| Mar 31, 2022 | 127.07 Mn |
| Dec 31, 2021 | 121.61 Mn |
| Sep 30, 2021 | 101.53 Mn |
| Jun 30, 2021 | 107.49 Mn |