Upwork, Inc (UPWK) Operating Expenses (2017 - 2026)

Upwork (UPWK) has reported Operating Expenses for 10 consecutive years, with $118.1 million the latest figure, recorded in 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 came in at $118.1 million for Q1 2026 at Upwork, 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.
• Average Operating Expenses over 5 years is $130.1 million, with a median of $129.6 million recorded in 2023.
• Across the five-year window, Operating Expenses surged 41.46% in 2022 and fell 16.07% in 2025, its largest moves.
• Year by year, Operating Expenses stood at $140.8 million in 2022, then decreased by 7.9% to $129.6 million in 2023, then gained by 4.34% to $135.3 million in 2024, then retreated by 6.52% to $126.4 million in 2025, then slipped by 6.58% to $118.1 million in 2026.
• According to Business Quant data, Operating Expenses over the past three periods registered $118.1 million, $126.4 million, and $126.1 million for Q1 2026, Q4 2025, and Q3 2025 respectively.