Upwork (UPWK) Research & Development (2017 - 2026)
Upwork's Research & Development was $34.89 million in Q3 2026, down 26.5% from $47.49 million a year earlier and down 20.5% 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 $169.15 million through Sep 30, 2026, down 11.9% 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%).
- The Q3 2026 figure marks the lowest quarterly Research & Development since Q4 2021.
- Compared with a year earlier, Research & Development has declined for seven straight quarters, with an average decline of 8.0% over the last eight quarters.
- The best year-over-year quarter for Research & Development over five years was Q4 2021 (growth of 47.2%); the worst was Q3 2026 (a decline of 26.5%).
- Per Business Quant data, UPWK's Research & Development in the three quarters before Q3 2026 was $43.89 million (Q2 2026), $43.31 million (Q1 2026) and $47.06 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | 20.64 Bn |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | 20.05 Bn |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 1.03 Bn |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | 3.32 Bn |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 497.00 Mn |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 1.27 Bn |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 101.82 Mn |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 479.73 Mn |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | - |
| 10 | Upwork | 1.22 Bn | -951.96 Mn | 141.30 Mn | 34.89 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 34.89 Mn |
| 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 |
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();