Upwork annual operating expenses
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Upwork Operating Expenses Growth & History (UPWK)
Upwork's operating expenses was $483.7M for fiscal 2025.
View full Upwork company overviewUpwork annual operating expenses history
| Fiscal year | Period ended | Operating expenses | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $483.7M | −$46.3M | −8.74% |
| 2024 | 2024-12-31 | $530.0M | $79,000 | +0.01% |
| 2023 | 2023-12-31 | $529.9M | −$20.6M | −3.74% |
| 2022 | 2022-12-31 | $550.5M | $129.0M | +30.61% |
| 2021 | 2021-12-31 | $421.5M | $129.7M | +44.47% |
| 2020 | 2020-12-31 | $291.8M | $60.6M | +26.22% |
| 2019 | 2019-12-31 | $231.2M | $47.5M | +25.89% |
| 2018 | 2018-12-31 | $183.6M | $43.4M | +30.93% |
| 2017 | 2017-12-31 | $140.2M | $23.9M | +20.54% |
| 2016 | 2016-12-31 | $116.3M | — | — |
Upwork quarterly operating expenses
Q3.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating expenses | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $118.2M | −$707,000 | −0.59% |
| Q1 2026 | 2026-03-31 | $118.1M | $5.9M | +5.27% |
| Q4 2025 | 2025-12-31 | $126.4M | −$8.8M | −6.52% |
| Q3 2025 | 2025-09-30 | $126.1M | −$3.4M | −2.66% |
| Q2 2025 | 2025-06-30 | $118.9M | −$12.6M | −9.55% |
| Q1 2025 | 2025-03-31 | $112.2M | −$21.5M | −16.07% |
| Q4 2024 | 2024-12-31 | $135.3M | $5.6M | +4.34% |
| Q3 2024 | 2024-09-30 | $129.6M | $8.6M | +7.09% |
| Q2 2024 | 2024-06-30 | $131.5M | −$2.3M | −1.76% |
| Q1 2024 | 2024-03-31 | $133.7M | −$11.8M | −8.09% |
| Q4 2023 | 2023-12-31 | $129.6M | −$11.1M | −7.90% |
| Q3 2023 | 2023-09-30 | $121.0M | −$22.6M | −15.75% |
| Q2 2023 | 2023-06-30 | $133.8M | −$5.2M | −3.77% |
| Q1 2023 | 2023-03-31 | $145.5M | $18.4M | +14.48% |
| Q4 2022 | 2022-12-31 | $140.8M | $19.2M | +15.75% |
| Q3 2022 | 2022-09-30 | $143.6M | $42.1M | +41.46% |
| Q2 2022 | 2022-06-30 | $139.1M | $31.6M | +29.39% |
| Q1 2022 | 2022-03-31 | $127.1M | $36.2M | +39.83% |
| Q4 2021 | 2021-12-31 | $121.6M | $44.9M | +58.52% |
| Q3 2021 | 2021-09-30 | $101.5M | $28.3M | +38.73% |
| Q2 2021 | 2021-06-30 | $107.5M | $34.4M | +47.04% |
| Q1 2021 | 2021-03-31 | $90.9M | $22.1M | +32.16% |
| Q4 2020 | 2020-12-31 | $76.7M | $12.5M | +19.45% |
| Q3 2020 | 2020-09-30 | $73.2M | $14.0M | +23.59% |
| Q2 2020 | 2020-06-30 | $73.1M | $18.0M | +32.70% |
| Q1 2020 | 2020-03-31 | $68.8M | $16.1M | +30.69% |
| Q4 2019 | 2019-12-31 | $64.2M | $15.1M | +30.65% |
| Q3 2019 | 2019-09-30 | $59.2M | $12.3M | +26.14% |
| Q2 2019 | 2019-06-30 | $55.1M | $13.2M | +31.50% |
| Q1 2019 | 2019-03-31 | $52.6M | $7.0M | +15.36% |
| Q4 2018 | 2018-12-31 | $49.2M | — | — |
| Q3 2018 | 2018-09-30 | $46.9M | $11.8M | +33.49% |
| Q2 2018 | 2018-06-30 | $41.9M | — | — |
| Q1 2018 | 2018-03-31 | $45.6M | — | — |
| Q3 2017 | 2017-09-30 | $35.2M | — | — |
Upwork operating expenses trends
Over the last five fiscal years, Upwork's operating expenses increased from $291.8M to $483.7M, a change of $192.0M. The latest reported quarter, Q2 2026, shows $118.2M.
About the metric
What operating expenses mean
Operating expenses are the recurring costs of running a company’s business beyond the direct costs used to calculate gross profit. They commonly include selling, general and administrative expenses, research and development, and other operating costs.
Calculation and source
SEC-reported and calculated operating expenses
TickerStat uses operating expenses reported in company SEC filings when available. When a separate total is unavailable, it calculates operating expenses as aligned gross profit minus operating income for the same fiscal period. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Upwork source filings ↗