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Upwork (UPWK) Operating Expenses (2017 - 2026)

Upwork has reported Operating Expenses over the past 9 years, most recently at $126.4 million for 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 for Q4 2025 was $126.4 million at Upwork, roughly flat from $126.1 million in the prior quarter.
  • Over five years, Operating Expenses peaked at $145.5 million in Q1 2023 and troughed at $90.9 million in Q1 2021.
  • A 5-year average of $125.8 million and a median of $128.3 million in 2022 define the central range for Operating Expenses.
  • Biggest five-year swings in Operating Expenses: skyrocketed 58.52% in 2021 and later fell 16.07% in 2025.
  • Year by year, Operating Expenses stood at $121.6 million in 2021, then increased by 15.75% to $140.8 million in 2022, then dropped by 7.9% to $129.6 million in 2023, then rose by 4.34% to $135.3 million in 2024, then fell by 6.52% to $126.4 million in 2025.
  • Business Quant data shows Operating Expenses for UPWK at $126.4 million in Q4 2025, $126.1 million in Q3 2025, and $118.9 million in Q2 2025.