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Upwork (UPWK) Operating Expenses (2017 - 2025)

Upwork has reported Operating Expenses over the past 9 years, most recently at $126.4 million for Q4 2025.

  • Quarterly results put Operating Expenses at $126.4 million for Q4 2025, down 6.52% from a year ago — trailing twelve months through Dec 2025 was $483.7 million (down 8.74% YoY), and the annual figure for FY2025 was $483.7 million, down 8.74%.
  • Operating Expenses for Q4 2025 was $126.4 million at Upwork, roughly flat from $126.1 million in the prior quarter.
  • Over the last five years, Operating Expenses for UPWK hit a ceiling of $145.5 million in Q1 2023 and a floor of $90.9 million in Q1 2021.
  • Median Operating Expenses over the past 5 years was $128.3 million (2022), compared with a mean of $125.8 million.
  • Biggest five-year swings in Operating Expenses: soared 58.52% in 2021 and later decreased 16.07% in 2025.
  • Upwork's Operating Expenses stood at $121.6 million in 2021, then grew by 15.75% to $140.8 million in 2022, then fell by 7.9% to $129.6 million in 2023, then increased by 4.34% to $135.3 million in 2024, then decreased by 6.52% to $126.4 million in 2025.
  • The last three reported values for Operating Expenses were $126.4 million (Q4 2025), $126.1 million (Q3 2025), and $118.9 million (Q2 2025) per Business Quant data.