Upwork (UPWK) Operating Margin (2017 - 2026)

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.