Upwork (UPWK) Operating Leases (2019 - 2026)
Upwork's Operating Leases was $14.37 million in Q2 2026, up 38.8% from $10.35 million a year earlier but down 5.5% from the prior quarter.
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Analysis
Upwork (UPWK) Operating Leases (2019 - 2026) Analysis & Trends
At the end of FY2025, Operating Leases at Upwork came in at $9.71 million, up 1.5% from FY2024.
- Operating Leases shows a five-year compound annual growth rate of -13.9% (FY2020 to FY2025).
- In earlier years, Operating Leases was $9.57 million in FY2024 (+57.1%), $6.09 million in FY2023 (-45.5%), $11.18 million in FY2022 (-33.3%) and $16.75 million in FY2021 (-18.3%).
- Quarterly Operating Leases has moved between $4.84 million (Q2 2024) and $18.08 million (Q3 2021) over five years.
- Compared with a year earlier, Operating Leases has increased for eight straight quarters, with growth averaging 49.5% over the last eight quarters.
- The best year-over-year quarter for Operating Leases over five years was Q2 2025 (growth of 114.1%); the worst was Q4 2023 (a decline of 45.5%).
- Per Business Quant data, UPWK's Operating Leases in the three quarters before Q2 2026 was $15.2 million (Q1 2026), $9.71 million (Q4 2025) and $10.13 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn |
| 10 | Upwork | 1.01 Bn | -1.50 Bn | 146.37 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 14.37 Mn |
| Mar 31, 2026 | 15.20 Mn |
| Dec 31, 2025 | 9.71 Mn |
| Sep 30, 2025 | 10.13 Mn |
| Jun 30, 2025 | 10.35 Mn |
| Mar 31, 2025 | 10.39 Mn |
| Dec 31, 2024 | 9.57 Mn |
| Sep 30, 2024 | 9.22 Mn |
| Jun 30, 2024 | 4.84 Mn |
| Mar 31, 2024 | 5.31 Mn |
| Dec 31, 2023 | 6.09 Mn |
| Sep 30, 2023 | 6.93 Mn |
| Jun 30, 2023 | 8.22 Mn |
| Mar 31, 2023 | 9.71 Mn |
| Dec 31, 2022 | 11.18 Mn |
| Sep 30, 2022 | 12.62 Mn |
| Jun 30, 2022 | 14.04 Mn |
| Mar 31, 2022 | 15.41 Mn |
| Dec 31, 2021 | 16.75 Mn |
| Sep 30, 2021 | 18.08 Mn |
API Access
Upwork Operating Leases 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-leases&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();