Upwork annual operating margin
2016
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2024
2025
Upwork Operating Margin Growth & History (UPWK)
Upwork's operating margin was 16.41% for fiscal 2025.
View full Upwork company overviewUpwork annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 16.41% | +7.94 pp |
| 2024 | 2024-12-31 | 8.48% | +10.11 pp |
| 2023 | 2023-12-31 | −1.63% | +13.35 pp |
| 2022 | 2022-12-31 | −14.98% | −4.20 pp |
| 2021 | 2021-12-31 | −10.78% | −4.79 pp |
| 2020 | 2020-12-31 | −6.00% | +0.23 pp |
| 2019 | 2019-12-31 | −6.23% | −1.61 pp |
| 2018 | 2018-12-31 | −4.62% | −3.08 pp |
| 2017 | 2017-12-31 | −1.54% | +7.26 pp |
| 2016 | 2016-12-31 | −8.80% | — |
Upwork quarterly operating margin
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Q1.25
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Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 14.68% | −2.02 pp |
| Q1 2026 | 2026-03-31 | 16.74% | −3.34 pp |
| Q4 2025 | 2025-12-31 | 14.26% | +7.17 pp |
| Q3 2025 | 2025-09-30 | 14.75% | +4.02 pp |
| Q2 2025 | 2025-06-30 | 16.71% | +7.50 pp |
| Q1 2025 | 2025-03-31 | 20.08% | +13.24 pp |
| Q4 2024 | 2024-12-31 | 7.09% | +2.51 pp |
| Q3 2024 | 2024-09-30 | 10.73% | +4.21 pp |
| Q2 2024 | 2024-06-30 | 9.21% | +12.83 pp |
| Q1 2024 | 2024-03-31 | 6.83% | +22.40 pp |
| Q4 2023 | 2023-12-31 | 4.58% | +17.27 pp |
| Q3 2023 | 2023-09-30 | 6.52% | +22.56 pp |
| Q2 2023 | 2023-06-30 | −3.63% | +11.06 pp |
| Q1 2023 | 2023-03-31 | −15.57% | +1.17 pp |
| Q4 2022 | 2022-12-31 | −12.69% | +3.25 pp |
| Q3 2022 | 2022-09-30 | −16.04% | −9.55 pp |
| Q2 2022 | 2022-06-30 | −14.69% | −1.49 pp |
| Q1 2022 | 2022-03-31 | −16.73% | −9.96 pp |
| Q4 2021 | 2021-12-31 | −15.93% | −16.55 pp |
| Q3 2021 | 2021-09-30 | −6.49% | −3.36 pp |
| Q2 2021 | 2021-06-30 | −13.20% | −0.65 pp |
| Q1 2021 | 2021-03-31 | −6.77% | +4.10 pp |
| Q4 2020 | 2020-12-31 | 0.62% | +9.18 pp |
| Q3 2020 | 2020-09-30 | −3.13% | +1.60 pp |
| Q2 2020 | 2020-06-30 | −12.55% | −8.62 pp |
| Q1 2020 | 2020-03-31 | −10.88% | −3.19 pp |
| Q4 2019 | 2019-12-31 | −8.56% | −4.56 pp |
| Q3 2019 | 2019-09-30 | −4.73% | +0.47 pp |
| Q2 2019 | 2019-06-30 | −3.93% | −4.45 pp |
| Q1 2019 | 2019-03-31 | −7.69% | +2.46 pp |
| Q4 2018 | 2018-12-31 | −4.01% | −4.39 pp |
| Q3 2018 | 2018-09-30 | −5.20% | — |
| Q2 2018 | 2018-06-30 | 0.52% | — |
| Q1 2018 | 2018-03-31 | −10.15% | — |
| Q3 2017 | 2017-09-30 | 0.39% | — |
Upwork operating margin trends
Over the last five reported fiscal years, Upwork's operating margin increased from −6.00% to 16.41%, a change of +22.41 percentage points. The latest reported quarter, Q2 2026, shows 14.68%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Upwork filings at SEC.gov ↗