Upwork (UPWK) Operating Margin (2017 - 2026)
Upwork (UPWK) posted Operating Margin of 14.68% for Q2 2026, down 2.02 percentage points from 16.71% a year earlier and down 2.06 percentage points from the prior quarter.
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Analysis
Upwork (UPWK) Operating Margin (2017 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Margin at Upwork was 15.10%, up 1.44 percentage points year-over-year; for FY2025, it was 16.41%, up 7.94 percentage points from FY2024.
- Annual Operating Margin has increased for three consecutive years, with a five-year change of +22.41 percentage points (FY2020 to FY2025).
- In prior years, Upwork's Operating Margin was 8.48% in FY2024 (+10.11 pp), -1.63% in FY2023 (+13.35 pp), -14.98% in FY2022 (-4.20 pp) and -10.78% in FY2021 (-4.79 pp).
- Quarterly Operating Margin has run from a low of -16.73% in Q1 2022 to a high of 20.08% in Q1 2025 over five years.
- On a year-over-year basis, Operating Margin increased in six of the last eight quarters, with an average year-over-year change of +4.16 percentage points.
- The strongest year-over-year quarter for Operating Margin in the past five years was Q3 2023, with a gain of 22.56 percentage points; the weakest was Q4 2021, with a drop of 16.55 percentage points.
- According to Business Quant data, Operating Margin for the three prior quarters was 16.74% (Q1 2026), 14.26% (Q4 2025) and 14.75% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,046.03 Bn | 3,803.55 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,804.26 Bn | 1,506.78 Bn | 49.47 Bn | 30.88% |
| 3 | Netflix | 273.54 Bn | 233.74 Bn | 6.52 Bn | 33.38% |
| 4 | Alibaba Group Holding | 242.07 Bn | 55.84 Bn | 15.11 Bn | 5.64% |
| 5 | Shopify | 229.68 Bn | 206.86 Bn | 1.71 Bn | 13.62% |
| 6 | Uber Technologies | 138.55 Bn | 110.35 Bn | 6.38 Bn | 13.32% |
| 7 | Booking Holdings | 121.45 Bn | 54.50 Bn | - | 34.00% |
| 8 | PDD Holdings | 109.73 Bn | -134.05 Bn | 9.45 Bn | 24.71% |
| 9 | Spotify Technology | 107.94 Bn | 65.44 Bn | 1.86 Bn | 13.71% |
| 10 | Upwork | 1.09 Bn | -1.42 Bn | 146.37 Mn | 14.68% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 14.68% |
| 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% |
API Access
Upwork Operating Margin 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-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();