Upwork reported a gross margin of 76.37% and a net margin of 13.25% for the quarter ended Jun 2026. These financial ratios cover 36 quarters of results from Sep 2017 through Jun 2026, standardized by Business Quant from the company’s SEC filings.
| Ratios | Sep2017 | Dec2017 | Mar2018 | Jun2018 | Sep2018 | Dec2018 | Mar2019 | Jun2019 | Sep2019 | Dec2019 | Mar2020 | Jun2020 | Sep2020 | Dec2020 | Mar2021 | Jun2021 | Sep2021 | Dec2021 | Mar2022 | Jun2022 | Sep2022 | Dec2022 | Mar2023 | Jun2023 | Sep2023 | Dec2023 | Mar2024 | Jun2024 | Sep2024 | Dec2024 | Mar2025 | Jun2025 | Sep2025 | Dec2025 | Mar2026 | Jun2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||||||||||||||||||||||||||||
| Gross Margin | 72.74% | 72.93% | 73.17% | 73.96% | 74.49% | 74.51% | 74.87% | 75.75% | 75.38% | 75.06% | 76.85% | 77.29% | 77.60% | 77.73% | 78.31% | 77.72% | 77.28% | 77.99% | 77.16% | 76.37% | ||||||||||||||||
| EBT Margin | -7.25% | -16.44% | -17.48% | -15.16% | -15.62% | -9.95% | 11.17% | -1.27% | 9.81% | 8.60% | 10.35% | 12.12% | 14.91% | 9.59% | 23.36% | 19.72% | 17.68% | 17.16% | 19.29% | 16.75% | ||||||||||||||||
| EBIT Margin | -6.49% | -15.93% | -16.73% | -14.69% | -16.04% | -12.69% | -15.57% | -3.63% | 6.52% | 4.58% | 6.83% | 9.21% | 10.73% | 7.09% | 20.08% | 16.71% | 14.75% | 14.26% | 16.74% | 14.68% | ||||||||||||||||
| EBITDA Margin | -6.49% | -15.93% | -16.73% | -14.69% | -16.04% | -12.69% | -15.57% | -3.63% | 6.52% | 4.58% | 6.83% | 9.21% | 10.73% | 7.09% | 20.08% | 16.71% | 14.75% | 14.26% | 16.74% | 14.68% | ||||||||||||||||
| Operating Margin | -6.49% | -15.93% | -16.73% | -14.69% | -16.04% | -12.69% | -15.57% | -3.63% | 6.52% | 4.58% | 6.83% | 9.21% | 10.73% | 7.09% | 20.08% | 16.71% | 14.75% | 14.26% | 16.74% | 14.68% | ||||||||||||||||
| Net Margin | -7.27% | -16.48% | -17.50% | -15.18% | -15.65% | -10.22% | 10.67% | -2.37% | 9.30% | 9.45% | 9.66% | 11.50% | 14.32% | 76.86% | 19.57% | 16.79% | 14.54% | 7.88% | 16.09% | 13.25% | ||||||||||||||||
| FCF Margin | 15.78% | -9.75% | -8.99% | -1.30% | 4.85% | 6.86% | -7.09% | 0.56% | 19.26% | 9.06% | 6.46% | 18.67% | 29.93% | 18.94% | 17.26% | 34.89% | 34.66% | 29.10% | 7.48% | 19.60% | ||||||||||||||||
| Efficiency | ||||||||||||||||||||||||||||||||||||
| Assets AverageAssets Avg. | 831.87M | 1,087.77M | 1,090.67M | 1,097.14M | 1,086.62M | 1,079.74M | 999.16M | 924.32M | 946.00M | 999.49M | 1,019.18M | 1,004.69M | 1,035.61M | 1,137.14M | 1,225.84M | 1,250.89M | 1,286.46M | 1,305.39M | 1,270.77M | 1,258.18M | ||||||||||||||||
| Invested CapitalInvested Cap. | 359.31M | 359.77M | 360.23M | 360.69M | ||||||||||||||||||||||||||||||||
| Asset Utilization RatioAsset Util. | 0.57 | 0.46 | 0.49 | 0.51 | 0.55 | 0.57 | 0.64 | 0.70 | 0.70 | 0.69 | 0.71 | 0.74 | 0.74 | 0.68 | 0.63 | 0.62 | 0.61 | 0.60 | 0.62 | 0.63 | ||||||||||||||||
| Leverage & Solvency | ||||||||||||||||||||||||||||||||||||
| Interest Coverage RatioInterest Cover | -11.15 | -19.38 | -21.02 | -20.58 | -22.78 | -18.27 | -22.74 | -8.58 | 16.13 | |||||||||||||||||||||||||||
| Debt Ratio | 0.51 | 0.52 | 0.51 | 0.51 | 0.52 | 0.52 | 0.39 | 0.38 | 0.37 | 0.34 | 0.36 | 0.35 | 0.34 | 0.30 | 0.29 | 0.28 | 0.55 | 0.55 | 0.58 | 0.57 | ||||||||||||||||
| Times Interest Earned | -11.15 | -19.38 | -21.02 | -20.58 | -22.78 | -18.27 | -22.74 | -8.58 | 16.13 | |||||||||||||||||||||||||||
| Valuation | ||||||||||||||||||||||||||||||||||||
| Enterprise Value | -873.37M | -684.77M | -873.37M | -860.36M | -850.06M | -686.61M | -694.28M | -698.71M | -737.60M | -550.10M | -717.93M | -720.79M | -819.59M | -821.94M | -841.81M | -850.41M | -643.10M | -672.78M | -579.73M | -614.24M | ||||||||||||||||
| Return Ratios | ||||||||||||||||||||||||||||||||||||
| Return on SalesROS | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||||||||
| Return on Capital EmployedROCE | -5.38% | -6.35% | -8.48% | -9.21% | -11.26% | -11.13% | -12.66% | -11.51% | -5.80% | -1.59% | 3.68% | 7.05% | 7.99% | 7.51% | 9.55% | 10.88% | 18.31% | 19.73% | 19.78% | 19.18% | ||||||||||||||||
| Return on Invested CapitalROIC | -0.01% | -0.03% | -0.07% | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||||||||||||
| Return on AssetsROA | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |