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 | -4.59% | -14.42% | -15.31% | -13.40% | -14.79% | -11.42% | -14.31% | -2.53% | 7.53% | 6.65% | 8.48% | 11.09% | 12.62% | 9.38% | 22.60% | 19.72% | 18.69% | 17.80% | 21.39% | 19.26% | ||||||||||||||||
| 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% | 11.51% | 14.32% | 76.86% | 19.58% | 16.79% | 14.54% | 7.88% | 16.09% | 13.25% | ||||||||||||||||
| FCF Margin | 16.10% | -9.43% | -8.26% | -0.54% | 6.14% | 8.08% | -5.51% | 2.57% | 20.79% | 10.88% | 7.67% | 19.99% | 30.84% | 19.34% | 17.90% | 35.98% | 36.98% | 31.88% | 10.89% | 23.61% | ||||||||||||||||
| 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 | ||||||||||||||||
| Equity AverageEquity Avg. | 286.68M | 262.18M | 254.43M | 247.83M | 244.45M | 245.73M | 268.92M | 297.94M | 324.93M | 362.01M | 364.98M | 354.99M | 386.13M | 493.27M | 584.86M | 601.50M | 618.39M | 629.22M | 599.97M | 590.45M | ||||||||||||||||
| Invested CapitalInvested Cap. | 825.39M | 820.82M | 811.39M | 809.10M | 806.10M | 813.14M | 643.66M | 662.09M | 698.57M | 737.16M | 705.42M | 718.10M | 768.64M | 933.30M | 952.73M | 967.50M | 987.44M | 990.09M | 929.86M | 971.96M | ||||||||||||||||
| 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 | 0.27 | 0.28 | 0.29 | 0.28 | ||||||||||||||||
| Times Interest Earned | -11.15 | -19.38 | -21.02 | -20.58 | -22.78 | -18.27 | -22.74 | -8.58 | 16.13 | |||||||||||||||||||||||||||
| Valuation | ||||||||||||||||||||||||||||||||||||
| Price to EarningsP/E | 118.82 | 43.54 | 33.89 | 19.08 | 16.26 | 10.26 | 7.45 | 7.26 | 9.88 | 22.42 | 12.41 | 10.25 | ||||||||||||||||||||||||
| Price to SalesP/S | 12.23 | 8.77 | 5.68 | 4.79 | 3.01 | 2.23 | 2.37 | 1.94 | 2.32 | 2.96 | 2.27 | 1.91 | 1.83 | 2.88 | 2.27 | 2.30 | 3.12 | 3.28 | 1.71 | 1.33 | ||||||||||||||||
| Price to BookP/B | 21.80 | 17.00 | 12.08 | 10.96 | 7.37 | 5.55 | 5.23 | 4.10 | 4.51 | 5.36 | 4.68 | 3.93 | 3.39 | 3.85 | 2.94 | 2.93 | 3.88 | 4.10 | 2.38 | 1.71 | ||||||||||||||||
| Enterprise Value | 4,900.98M | 3,726.33M | 2,139.72M | 1,839.02M | 938.82M | 695.31M | 816.54M | 561.10M | 808.60M | 1,491.15M | 914.10M | 698.28M | 575.46M | 1,391.01M | 907.53M | 930.47M | 1,796.89M | 1,914.63M | 774.65M | 429.06M | ||||||||||||||||
| EV to EBIT | 34.07 | 13.77 | 9.58 | 21.33 | 9.99 | 8.81 | 15.68 | 14.81 | 6.28 | 3.61 | ||||||||||||||||||||||||||
| EV to EBITDA | 24.44 | 11.07 | 7.74 | 17.38 | 8.45 | 7.48 | 13.05 | 12.35 | 5.05 | 2.83 | ||||||||||||||||||||||||||
| Market Capitalization | 5,774.36M | 4,411.10M | 3,013.09M | 2,699.38M | 1,788.88M | 1,381.92M | 1,510.82M | 1,259.81M | 1,546.20M | 2,041.25M | 1,632.03M | 1,419.07M | 1,395.05M | 2,212.95M | 1,749.34M | 1,780.88M | 2,439.99M | 2,587.41M | 1,354.38M | 1,043.31M | ||||||||||||||||
| Price to FCFP/FCF | 182.95 | 449.70 | 134.84 | 115.69 | 69.05 | 34.33 | 39.24 | 21.61 | 12.93 | 10.49 | 14.75 | 10.30 | 8.84 | 11.28 | 10.67 | 5.91 | 5.10 | |||||||||||||||||||
| EV to FCF | 155.28 | 379.89 | 67.84 | 62.53 | 30.75 | 17.95 | 28.67 | 12.11 | 6.36 | 4.33 | 9.27 | 5.34 | 4.62 | 8.31 | 7.90 | 3.38 | 2.10 | |||||||||||||||||||
| EV to CFO | 152.03 | 343.88 | 60.48 | 57.21 | 29.49 | 17.60 | 28.29 | 11.99 | 6.28 | 4.26 | 9.06 | 5.16 | 4.45 | 8.05 | 7.71 | 3.31 | 2.06 | |||||||||||||||||||
| Return Ratios | ||||||||||||||||||||||||||||||||||||
| Return on Sales [ROS]ROS | -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% | ||||||||||||||||
| Return on Capital Employed [ROCE]ROCE | -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 Capital [ROIC]ROIC | -5.57% | -6.59% | -8.60% | -9.48% | -11.63% | -11.44% | -12.91% | -11.81% | -4.52% | -1.50% | 3.53% | 6.95% | 7.89% | 7.66% | 9.63% | 11.00% | 11.72% | 9.85% | 9.61% | 9.13% | ||||||||||||||||
| Return on Assets [ROA]ROA | -3.94% | -5.17% | -6.71% | -7.33% | -8.83% | -8.32% | -4.80% | -3.05% | 1.38% | 4.69% | 4.73% | 7.40% | 8.28% | 18.96% | 19.16% | 19.61% | 19.19% | 8.84% | 8.59% | 8.09% | ||||||||||||||||
| Return on Equity [ROE]ROE | -11.43% | -21.45% | -28.75% | -32.45% | -39.25% | -36.58% | -17.84% | -9.45% | 4.00% | 12.95% | 13.20% | 20.95% | 22.21% | 43.70% | 40.15% | 40.79% | 39.93% | 18.34% | 18.19% | 17.25% |
Pull Upwork's standardized financial statements into your own models, spreadsheets and apps with the Business Quant Financial Statements API. The request below follows the statement, frequency and period selected above. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/statements?ticker=UPWK&statement=Ratios&frequency=Quarter&period=all&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/statements"
params = {"ticker": "UPWK", "statement": "Ratios", "frequency": "Quarter", "period": "all", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/statements?ticker=UPWK&statement=Ratios&frequency=Quarter&period=all&api_key=YOUR_API_KEY");
const data = await res.json();