What is Upwork Inc.'s net margin?

Upwork Inc. (UPWK) reported net margin of 13.8% in Q1 2026.

How has Upwork Inc.'s net margin changed year-over-year?

Upwork Inc.'s net margin decreased by 54.7% year-over-year, from 30.5% to 13.8%.

What is the long-term trend for Upwork Inc.'s net margin?

Over 5 years (2020 to 2025), Upwork Inc.'s net margin has grown at a 18.1% compound annual growth rate (CAGR), from -6.4% to 14.7%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

Upwork Inc. UPWK Net margin

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Other financials

Income statement

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Revenue$195.5M+1.4%

Gross profit$150.8M0.0%

Operating income$32.7M-15.4%

Net income$31.5M-16.6%

EPS (diluted)$0.24-11.1%

Balance sheet

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Cash & equivalents$535.9M+2.2%

Total debt$739.7M+99.7%

Total equity$569.6M-4.2%

Total assets$1.2B+0.2%

Cash flow

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Operating cash flow$23.0M-37.7%

CapEx$1.7M-30.3%

Free cash flow$21.3M-38.3%

Valuation

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Market cap$1.02B-41.3%

Enterprise value$1.22B-22.6%

P/E9.3×+1.9×

P/S1.3×-1.0×

Profitability

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Gross margin77.5%-0.2pp

Operating margin15.6%+3.8pp

FCF margin29%+7.0pp

Returns & leverage

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Return on equity18.8%-31.0pp

Debt / equity1.3×+0.7×

Current ratio1.4×-2.0×

Where this comes from

Calculated from Upwork Inc.’s reported figures.

net income/total revenue=13.8%

Based on trailing twelve months.

The official record: Upwork Inc.’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Upwork Inc.'s net margin?: Upwork Inc. (UPWK) reported net margin of 13.8% in Q1 2026.
How has Upwork Inc.'s net margin changed year-over-year?: Upwork Inc.'s net margin decreased by 54.7% year-over-year, from 30.5% to 13.8%.
What is the long-term trend for Upwork Inc.'s net margin?: Over 5 years (2020 to 2025), Upwork Inc.'s net margin has grown at a 18.1% compound annual growth rate (CAGR), from -6.4% to 14.7%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.