Upwork (UPWK) Research & Development (2017 - 2026)
Upwork (UPWK) posted quarterly Research & Development of $43.3 million for Q1 2026, down 6.16% year-over-year from $46.2 million in Q1 2025, and down 7.97% quarter-over-quarter from $47.1 million in Q4 2025.
Upwork (UPWK) Research & Development (2017 - 2026) Analysis & Trends
Upwork's Research & Development history runs 10 years deep, the most recent figure standing at $43.3 million for Q1 2026.
- In Q1 2026, Research & Development fell 6.16% year-over-year to $43.3 million; the TTM figure through Mar 2026 stood at $170.2 million (down 11.85% YoY), while the FY2025 annual figure was $185.5 million, down 11.34% from the prior year.
- Research & Development for Q1 2026 stood at $43.3 million, down from $47.1 million in the prior quarter.
- The five-year high for Research & Development was $134.0 million in Q4 2022, with the low at $6.0 million in Q4 2023.
- The 5-year median for Research & Development is $46.2 million (2025), against an average of $49.7 million.
- The sharpest annual moves came in 2023 and 2024: Research & Development sank 95.53% in 2023, then soared 793.6% in 2024.
- Upwork's Research & Development stood at $134.0 million in 2022, then tumbled by 95.53% to $6.0 million in 2023, then jumped by 793.6% to $53.5 million in 2024, then declined by 12.03% to $47.1 million in 2025, then fell by 7.97% to $43.3 million in 2026.
- Business Quant data shows UPWK's Research & Development at $43.3 million in Q1 2026, $47.1 million in Q4 2025, and $35.0 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,209.11 Bn | 3,780.07 Bn | 73.85 Bn | 18.22 Bn |
| 2 | Meta Platforms | 1,537.88 Bn | 1,447.62 Bn | 49.47 Bn | 21.66 Bn |
| 3 | Taboola.com | 1,134.89 Bn | 1,134.76 Bn | 139.48 Mn | 67.16 Mn |
| 4 | Baidu | 289.34 Bn | 284.85 Bn | 1.88 Mn | 635.00 Mn |
| 5 | Spotify Technology | 102.76 Bn | 92.52 Bn | 1.75 Bn | 387.52 Mn |
| 6 | Joyy | 77.62 Bn | 76.74 Bn | 205.64 Mn | -61.54 Mn |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | - |
| 8 | Nebius | 49.31 Bn | 39.68 Bn | 295.20 Mn | 67.40 Mn |
| 9 | 30.43 Bn | 27.64 Bn | 734.60 Mn | 231.28 Mn | |
| 10 | Upwork | 1.09 Bn | 512.46 Mn | 150.84 Mn | 43.31 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 43.31 Mn |
| Dec 31, 2025 | 47.06 Mn |
| Sep 30, 2025 | 34.99 Mn |
| Jun 30, 2025 | 44.84 Mn |
| Mar 31, 2025 | 46.15 Mn |
| Dec 31, 2024 | 53.49 Mn |
| Sep 30, 2024 | 46.09 Mn |
| Jun 30, 2024 | 47.33 Mn |
| Mar 31, 2024 | 52.92 Mn |
| Dec 31, 2023 | 5.99 Mn |
| Sep 30, 2023 | 47.31 Mn |
| Jun 30, 2023 | 43.25 Mn |
| Mar 31, 2023 | 65.00 Mn |
| Dec 31, 2022 | 133.99 Mn |
| Sep 30, 2022 | 38.90 Mn |
| Jun 30, 2022 | 35.83 Mn |
| Mar 31, 2022 | 57.64 Mn |
| Dec 31, 2021 | 33.47 Mn |
| Sep 30, 2021 | 43.19 Mn |
| Jun 30, 2021 | 28.12 Mn |