Upwork (UPWK) Return on Capital Employed [ROCE] (2018 - 2026)
Upwork (UPWK) reported Return on Capital Employed [ROCE] of 19.18% for Q2 2026, up 8.31 percentage points from 10.88% a year earlier but down 0.60 percentage points from the prior quarter.
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Analysis
Upwork (UPWK) Return on Capital Employed [ROCE] (2018 - 2026) Analysis & Trends
For FY2025, Upwork posted Return on Capital Employed [ROCE] of 21.36%, up 13.74 percentage points from FY2024.
- Return on Capital Employed [ROCE] has increased for three consecutive years, with a five-year change of +29.11 percentage points (FY2020 to FY2025).
- By year, Return on Capital Employed [ROCE] came in at 7.62% in FY2024 (+9.09 pp), -1.47% in FY2023 (+9.65 pp), -11.12% in FY2022 (-1.63 pp) and -9.49% in FY2021 (-1.73 pp).
- Five-year quarterly Return on Capital Employed [ROCE] spans a low of -12.66% in Q1 2023 and a high of 19.78% in Q1 2026.
- Year over year, Return on Capital Employed [ROCE] has now increased in each of the last 12 quarters, with an average year-over-year change of +9.21 percentage points over the last eight quarters.
- The high point for year-over-year Return on Capital Employed [ROCE] in five years was Q2 2024 (a gain of 18.56 percentage points); the low point was Q3 2022 (a drop of 5.88 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 19.78% (Q1 2026), 19.73% (Q4 2025) and 18.31% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,173.87 Bn | 3,931.39 Bn | 73.85 Bn | 21.49% |
| 2 | Meta Platforms | 1,849.67 Bn | 1,552.19 Bn | 49.47 Bn | 23.74% |
| 3 | Netflix | 279.23 Bn | 239.43 Bn | 6.52 Bn | 30.16% |
| 4 | Alibaba Group Holding | 245.86 Bn | 63.73 Bn | 15.11 Bn | 2.77% |
| 5 | Shopify | 196.08 Bn | 173.27 Bn | 1.71 Bn | 14.37% |
| 6 | Uber Technologies | 138.90 Bn | 110.88 Bn | 6.38 Bn | 13.97% |
| 7 | Booking Holdings | 119.48 Bn | 52.53 Bn | - | 121.68% |
| 8 | PDD Holdings | 107.30 Bn | -144.64 Bn | 9.45 Bn | 22.53% |
| 9 | Spotify Technology | 97.33 Bn | 54.56 Bn | 1.86 Bn | 19.81% |
| 10 | Upwork | 1.00 Bn | -1.51 Bn | 146.37 Mn | 19.18% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 19.18% |
| Mar 31, 2026 | 19.78% |
| Dec 31, 2025 | 19.73% |
| Sep 30, 2025 | 18.31% |
| Jun 30, 2025 | 10.88% |
| Mar 31, 2025 | 9.55% |
| Dec 31, 2024 | 7.51% |
| Sep 30, 2024 | 7.99% |
| Jun 30, 2024 | 7.05% |
| Mar 31, 2024 | 3.68% |
| Dec 31, 2023 | -1.59% |
| Sep 30, 2023 | -5.80% |
| Jun 30, 2023 | -11.51% |
| Mar 31, 2023 | -12.66% |
| Dec 31, 2022 | -11.13% |
| Sep 30, 2022 | -11.26% |
| Jun 30, 2022 | -9.21% |
| Mar 31, 2022 | -8.48% |
| Dec 31, 2021 | -6.35% |
| Sep 30, 2021 | -5.38% |
API Access
Upwork Return on Capital Employed [ROCE] 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=return-on-capital-employed-%5Broce%5D&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "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=return-on-capital-employed-%5Broce%5D&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();