Upwork (UPWK) Operating Expenses (2017 - 2026)

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.