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Upwork Inc. UPWK Operating margin

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0.2%-2.8pp
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46.8%+1.2pp
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-10.1%-15.7pp
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-4.8%-1.6pp
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-2.3%-3.1pp

Other financials

Income statement

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Revenue$191.7M-1.7%
Gross profit$146.4M-3.4%
Operating income$28.1M-13.6%
Net income$25.4M-22.4%
EPS (diluted)$0.20-16.7%

Balance sheet

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Cash & equivalents$673.1M+32.8%
Total debt$740.1M+99.6%
Total equity$611.3M+0.4%
Total assets$1.3B+1.0%

Cash flow

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Operating cash flow$46.9M-35.4%
CapEx$1.6M-32.0%
Free cash flow$45.3M-35.5%

Valuation

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Market cap$1.16B-26.0%
Enterprise value$1.23B-14.3%
P/E11.4×+5.0×
P/S1.5×-0.6×

Profitability

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Gross margin77.2%-0.6pp
Net margin12.9%-18.8pp
FCF margin26%-0.1pp

Returns & leverage

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Return on equity16.7%-33.9pp
Debt / equity1.2×+0.6×
Current ratio1.4×-1.9×

Where this comes from

Calculated from Upwork Inc.’s reported figures.

Based on trailing twelve months.

The source filing: Upwork Inc.’s 10-Q, filed August 10, 2026. Open the filing →

Filed
Aug 10, 2026, 4:50 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001627475-26-000047

FAQ

What is Upwork Inc.'s operating margin?
Upwork Inc. (UPWK) reported operating margin of 15.1% in Q2 2026.
How has Upwork Inc.'s operating margin changed year-over-year?
Upwork Inc.'s operating margin increased by 10.5% year-over-year, from 13.7% to 15.1%.
What is the long-term trend for Upwork Inc.'s operating margin?
Over 4 years (2020 to 2025), Upwork Inc.'s operating margin has grown at a 27.7% compound annual growth rate (CAGR), from -6.2% to 16.4%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

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