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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 - 2026)

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

  • For Q4 2025, Operating Margin rose 717.0% year-over-year to 14.26%; the TTM value through Dec 2025 reached 16.41%, up 794.0%, while the annual FY2025 figure was 16.41%, 794.0% up from the prior year.
  • Operating Margin for Q4 2025 was 14.26% at Upwork, down from 14.75% in the prior quarter.
  • Over five years, Operating Margin peaked at 20.08% in Q1 2025 and troughed at 16.73% in Q1 2022.
  • A 5-year average of 0.55% and a median of 0.48% in 2023 define the central range for Operating Margin.
  • Biggest five-year swings in Operating Margin: crashed -1655bps in 2021 and later soared 2256bps in 2023.
  • Year by year, Operating Margin stood at 15.93% in 2021, then grew by 20bps to 12.69% in 2022, then skyrocketed by 136bps to 4.58% in 2023, then skyrocketed by 55bps to 7.09% in 2024, then surged by 101bps to 14.26% in 2025.
  • Business Quant data shows Operating Margin for UPWK at 14.26% in Q4 2025, 14.75% in Q3 2025, and 16.71% in Q2 2025.