Upwork (UPWK) Operating Margin (2017 - 2026)
Upwork (UPWK) recorded quarterly Operating Margin of 16.74% in Q1 2026, up 17.37% quarter-over-quarter from 14.26% in Q4 2025, and down 334.0% on a YoY basis from 7.15% in Q1 2025.
Upwork (UPWK) Operating Margin (2017 - 2026) Analysis & Trends
Upwork's Operating Margin history runs 10 years deep, the most recent figure standing at 16.74% for Q1 2026.
- In Q1 2026, Operating Margin fell 334.0% year-over-year to 16.74%; the TTM figure through Mar 2026 stood at 15.6% (up 382.0% YoY), while the FY2025 annual figure was 16.41%, up 794.0% from the prior year.
- Operating Margin was 16.74% for Q1 2026 at Upwork, up from 14.26% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 20.08% in Q1 2025 to a low of 16.73% in Q1 2022.
- Historically, Operating Margin has averaged 2.83% across 5 years, with a median of 6.83% in 2024.
- The sharpest annual moves came in 2022 and 2023: Operating Margin tumbled 996 bps in 2022, then soared 2256 bps in 2023.
- A 5-year view of Operating Margin shows it stood at 12.69% in 2022, then surged by 136 bps to 4.58% in 2023, then surged by 55 bps to 7.09% in 2024, then soared by 101 bps to 14.26% in 2025, then increased by 17 bps to 16.74% in 2026.
- The last three Operating Margin figures came in at 16.74% (Q1 2026), 14.26% (Q4 2025), and 14.75% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | -32.08% |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 36.12% |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 40.62% |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 15.77% |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 27.57% | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | -7.97% | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | 30.14% |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | -4.87% |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 5.08% |
| 10 | Upwork | 1.12 Bn | 542.56 Mn | 150.84 Mn | 16.74% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 16.74% |
| Dec 31, 2025 | 14.26% |
| Sep 30, 2025 | 14.75% |
| Jun 30, 2025 | 16.71% |
| Mar 31, 2025 | 20.08% |
| Dec 31, 2024 | 7.09% |
| Sep 30, 2024 | 10.73% |
| Jun 30, 2024 | 9.21% |
| Mar 31, 2024 | 6.83% |
| Dec 31, 2023 | 4.58% |
| Sep 30, 2023 | 6.52% |
| Jun 30, 2023 | -3.63% |
| Mar 31, 2023 | -15.57% |
| Dec 31, 2022 | -12.69% |
| Sep 30, 2022 | -16.04% |
| Jun 30, 2022 | -14.69% |
| Mar 31, 2022 | -16.73% |
| Dec 31, 2021 | -15.93% |
| Sep 30, 2021 | -6.49% |
| Jun 30, 2021 | -13.20% |