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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on Sales

Upwork (UPWK) Operating Margin (2017 - 2025)

Upwork has reported Operating Margin over the past 9 years, most recently at 14.26% for Q4 2025.

  • Quarterly results put Operating Margin at 14.26% for Q4 2025, up 717.0% from a year ago — trailing twelve months through Dec 2025 was 16.41% (up 794.0% YoY), and the annual figure for FY2025 was 16.41%, up 794.0%.
  • Operating Margin for Q4 2025 was 14.26% at Upwork, down from 14.75% in the prior quarter.
  • Over the last five years, Operating Margin for UPWK hit a ceiling of 20.08% in Q1 2025 and a floor of 16.73% in Q1 2022.
  • Median Operating Margin over the past 5 years was 0.48% (2023), compared with a mean of 0.55%.
  • Biggest five-year swings in Operating Margin: tumbled -1655bps in 2021 and later surged 2256bps in 2023.
  • Upwork's Operating Margin stood at 15.93% in 2021, then rose by 20bps to 12.69% in 2022, then soared by 136bps to 4.58% in 2023, then soared by 55bps to 7.09% in 2024, then skyrocketed by 101bps to 14.26% in 2025.
  • The last three reported values for Operating Margin were 14.26% (Q4 2025), 14.75% (Q3 2025), and 16.71% (Q2 2025) per Business Quant data.