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 was $118.1 million for Q1 2026 at Upwork, down from $126.4 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $145.5 million in Q1 2023 to a low of $112.2 million in Q1 2025.
• Historically, Operating Expenses has averaged $130.1 million across 5 years, with a median of $129.6 million in 2023.
• The sharpest annual moves came in 2022 and 2025: Operating Expenses surged 41.46% in 2022, then slipped 16.07% in 2025.
• A 5-year view of Operating Expenses shows it stood at $140.8 million in 2022, then declined by 7.9% to $129.6 million in 2023, then grew by 4.34% to $135.3 million in 2024, then dropped by 6.52% to $126.4 million in 2025, then fell by 6.58% to $118.1 million in 2026.
• The last three Operating Expenses figures came in at $118.1 million (Q1 2026), $126.4 million (Q4 2025), and $126.1 million (Q3 2025), per Business Quant data.