Upwork (UPWK) Operating Margin (2017 - 2026)
Upwork (UPWK) posted quarterly Operating Margin of 16.74% for Q1 2026, down 334.0% year-over-year from 7.15% in Q1 2025, and up 17.37% quarter-over-quarter from 14.26% in Q4 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 for Q1 2026 stood at 16.74%, up from 14.26% in the prior quarter.
- The five-year high for Operating Margin was 20.08% in Q1 2025, with the low at 16.73% in Q1 2022.
- The 5-year median for Operating Margin is 6.83% (2024), against an average of 2.83%.
- The sharpest annual moves came in 2022 and 2023: Operating Margin slumped 996 bps in 2022, then surged 2256 bps in 2023.
- Upwork's Operating Margin stood at 12.69% in 2022, then jumped by 136 bps to 4.58% in 2023, then jumped by 55 bps to 7.09% in 2024, then surged by 101 bps to 14.26% in 2025, then grew by 17 bps to 16.74% in 2026.
- Business Quant data shows UPWK's Operating Margin at 16.74% in Q1 2026, 14.26% in Q4 2025, and 14.75% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,165.61 Bn | 3,736.57 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,523.46 Bn | 1,433.20 Bn | 49.47 Bn | 30.88% |
| 3 | Taboola.com | 1,141.85 Bn | 1,141.71 Bn | 139.48 Mn | 1.52% |
| 4 | Baidu | 288.34 Bn | 283.85 Bn | 1.88 Mn | 10.65% |
| 5 | Spotify Technology | 103.44 Bn | 93.20 Bn | 1.75 Bn | 23.32% |
| 6 | Joyy | 77.39 Bn | 76.50 Bn | 205.64 Mn | 3.14% |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | 18.99% |
| 8 | Nebius | 50.20 Bn | 40.57 Bn | 295.20 Mn | -32.08% |
| 9 | 30.00 Bn | 27.22 Bn | 734.60 Mn | 28.79% | |
| 10 | Upwork | 1.07 Bn | 490.68 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% |