Upwork (UPWK) Operating Expenses (2017 - 2026)
Upwork's Operating Expenses came in at $118.24 million for Q2 2026, down 0.6% from $118.94 million a year earlier but up 0.1% from the prior quarter.
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Analysis
Upwork (UPWK) Operating Expenses (2017 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Upwork reported Operating Expenses of $488.93 million, down 1.4% year-over-year; for FY2025, it was $483.73 million, down 8.7% from FY2024.
- Operating Expenses carries a five-year compound annual growth rate of 10.6% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $530.03 million in FY2024 (unchanged), $529.95 million in FY2023 (-3.7%), $550.54 million in FY2022 (+30.6%) and $421.51 million in FY2021 (+44.5%).
- The five-year range for quarterly Operating Expenses is $101.53 million (Q3 2021) to $145.47 million (Q1 2023).
- Year-over-year, Operating Expenses increased in three of the last eight quarters, with an average decline of 2.3%.
- The fastest year-over-year change in Operating Expenses over five years came in Q4 2021 (growth of 58.5%), and the weakest in Q1 2025 (a decline of 16.1%).
- Business Quant data shows UPWK's Operating Expenses at $118.12 million (Q1 2026), $126.44 million (Q4 2025) and $126.13 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,126.42 Bn | 3,883.94 Bn | 73.85 Bn | 79.03 Bn |
| 2 | Meta Platforms | 1,763.57 Bn | 1,466.09 Bn | 49.47 Bn | 42.03 Bn |
| 3 | Netflix | 287.17 Bn | 247.37 Bn | 6.52 Bn | 1.51 Bn |
| 4 | Alibaba Group Holding | 252.08 Bn | 65.86 Bn | 15.11 Bn | -5.17 Bn |
| 5 | Shopify | 224.54 Bn | 201.72 Bn | 1.71 Bn | 1.22 Bn |
| 6 | Uber Technologies | 140.28 Bn | 112.08 Bn | 6.38 Bn | 12.30 Bn |
| 7 | Booking Holdings | 125.81 Bn | 58.86 Bn | - | 4.85 Bn |
| 8 | PDD Holdings | 114.10 Bn | -129.68 Bn | 9.45 Bn | -5.39 Bn |
| 9 | Spotify Technology | 108.24 Bn | 65.74 Bn | 1.86 Bn | 640.46 Mn |
| 10 | Upwork | 1.08 Bn | -1.43 Bn | 146.37 Mn | 118.24 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 118.24 Mn |
| 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 |
API Access
Upwork Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "UPWK", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();