Upwork, Inc (UPWK) Operating Margin (2017 - 2026)

Upwork (UPWK) has reported Operating Margin for 10 consecutive years, with 16.74% the latest figure, recorded in 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 came in at 16.74% for Q1 2026 at Upwork, 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.
• Average Operating Margin over 5 years is 2.83%, with a median of 6.83% recorded in 2024.
• Across the five-year window, Operating Margin plunged 996 bps in 2022 and soared 2256 bps in 2023, its largest moves.
• Year by year, Operating Margin 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 advanced by 17 bps to 16.74% in 2026.
• According to Business Quant data, Operating Margin over the past three periods registered 16.74%, 14.26%, and 14.75% for Q1 2026, Q4 2025, and Q3 2025 respectively.