Upwork (UPWK) Research & Development (2017 - 2026)
Upwork's Research & Development was $43.89 million in Q2 2026, down 2.1% from $44.84 million a year earlier but up 1.4% from the prior quarter.
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Analysis
Upwork (UPWK) Research & Development (2017 - 2026) Analysis & Trends
On a trailing twelve-month basis, Upwork's Research & Development was $181.75 million through Jun 30, 2026, down 6.7% year-over-year; for FY2025, it came in at $185.54 million, down 11.3% from FY2024.
- Research & Development shows a five-year compound annual growth rate of 17.3% (FY2020 to FY2025).
- In earlier years, Research & Development was $209.28 million in FY2024 (+18.0%), $177.36 million in FY2023 (+14.8%), $154.55 million in FY2022 (+29.8%) and $119.08 million in FY2021 (+42.7%).
- Quarterly Research & Development has moved between $30.87 million (Q3 2021) and $53.49 million (Q4 2024) over five years.
- Compared with a year earlier, Research & Development has declined for six straight quarters, with an average decline of 2.7% over the last eight quarters.
- The best year-over-year quarter for Research & Development over five years was Q3 2021 (growth of 48.2%); the worst was Q2 2025 (a decline of 14.5%).
- Per Business Quant data, UPWK's Research & Development in the three quarters before Q2 2026 was $43.31 million (Q1 2026), $47.06 million (Q4 2025) and $47.49 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 18.22 Bn |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 21.66 Bn |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 1.01 Bn |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | -3.32 Bn |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 445.00 Mn |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 1.04 Bn |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | - |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | -673.00 Mn |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 99.90 Mn |
| 10 | Upwork | 1.01 Bn | -1.50 Bn | 146.37 Mn | 43.89 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 43.89 Mn |
| Mar 31, 2026 | 43.31 Mn |
| Dec 31, 2025 | 47.06 Mn |
| Sep 30, 2025 | 47.49 Mn |
| Jun 30, 2025 | 44.84 Mn |
| Mar 31, 2025 | 46.15 Mn |
| Dec 31, 2024 | 53.49 Mn |
| Sep 30, 2024 | 50.41 Mn |
| Jun 30, 2024 | 52.47 Mn |
| Mar 31, 2024 | 52.92 Mn |
| Dec 31, 2023 | 46.22 Mn |
| Sep 30, 2023 | 43.42 Mn |
| Jun 30, 2023 | 43.25 Mn |
| Mar 31, 2023 | 44.48 Mn |
| Dec 31, 2022 | 41.66 Mn |
| Sep 30, 2022 | 38.90 Mn |
| Jun 30, 2022 | 35.83 Mn |
| Mar 31, 2022 | 38.16 Mn |
| Dec 31, 2021 | 33.47 Mn |
| Sep 30, 2021 | 30.87 Mn |
API Access
Upwork Research & Development 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=research-and-development&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();