What are Upwork Inc.'s profit margins?

Upwork Inc. (UPWK) runs a 77.5% gross margin and a 15.6% operating margin, with a 13.8% net margin.

Where do Upwork Inc.'s ratios come from?

Every ratio is computed from Upwork Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Upwork Inc. UPWK Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	77.5%-0.3pp	77.8%+0.1pp	77.8%-0.1pp	77.8%+0.1pp	77.7%+0.4pp
Operating margin	15.6%-0.8pp	16.4%+1.7pp	14.7%+1.0pp	13.7%+1.9pp	11.8%+3.3pp
Net margin	13.8%-0.8pp	14.7%-17.0pp	31.6%-0.1pp	31.7%+1.3pp	30.5%+2.4pp
EBITDA margin	19.4%-0.3pp	19.7%+2.0pp	17.6%+1.5pp	16.1%+2.2pp	13.9%+3.5pp
Free cash flow margin	29%-1.8pp	30.8%+3.1pp	27.7%+1.6pp	26.1%+4.0pp	22%+2.5pp
Returns
Return on equity	18.8%-0.4pp	19.1%-28.4pp	47.5%-3.1pp	50.6%+0.8pp	49.8%+4.7pp
Return on assets	8.8%-0.4pp	9.2%-11.6pp	20.8%-0.8pp	21.6%+0.7pp	21%+1.8pp
Return on invested capital	15.2%-5.1pp	20.3%-8.5pp	28.8%+2.1pp	26.6%+6.6pp	20%+5.4pp
Efficiency
Asset turnover	0.6×0.0×	0.6×0.0×	0.7×0.0×	0.7×0.0×	0.7×0.0×
Liquidity
Current ratio	1.4×-0.1×	1.5×0.0×	1.4×-1.9×	3.4×-0.1×	3.4×0.0×
Quick ratio	1.4×-0.1×	1.5×0.0×	1.4×-1.9×	3.4×-0.1×	3.4×0.0×
Cash ratio	0.8×+0.1×	0.7×0.0×	0.7×-1.1×	1.8×-0.1×	1.9×0.0×
Leverage
Debt-to-equity	1.3×+0.7×	0.6×0.0×	0.6×0.0×	0.6×0.0×	0.6×0.0×
Debt-to-assets	0.6×+0.3×	0.3×0.0×	0.3×0.0×	0.3×0.0×	0.3×0.0×
Net debt / EBITDA	1.3×+2.0×	-0.7×+0.1×	-0.8×+0.3×	-1.1×+0.3×	-1.4×+0.3×
Per Share
Book value per share	$4.20-6.3%	$4.48-0.4%	$4.50+3.6%	$4.34+4.3%	$4.16+3.6%
Valuation
Market capitalization	$970.85M-43.9%	$2.59B+5.2%	$2.46B+40.4%	$1.75B-0.8%	$1.77B-19.1%
Enterprise value	$1.17B-25.4%	$2.48B+5.3%	$2.36B+45.7%	$1.62B+0.3%	$1.61B-21.2%
Price / earnings	8.9×+1.5×	22.4×+12.5×	10×+2.8×	7.1×-0.4×	7.5×-2.6×
Price / sales	1.2×-1.0×	3.3×+0.1×	3.2×+0.9×	2.3×0.0×	2.3×-0.5×
Price / book	1.7×-1.2×	4.1×+0.2×	3.9×+1.0×	2.9×-0.1×	3×-0.8×
EV / EBITDA	7.7×-7.0×	16×-1.1×	17.1×+4.1×	13×-2.0×	15×-10.6×
EV / sales	1.5×-0.6×	3.2×+0.1×	3×+0.9×	2.1×0.0×	2.1×-0.6×
Free cash flow yield	23.6%+13.8pp	9.4%+0.6pp	8.8%-2.7pp	11.5%+1.9pp	9.6%+2.7pp
Earnings yield	11.2%-2.3pp	4.5%-5.6pp	10%-4.0pp	14%+0.7pp	13.3%+3.4pp

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Questions, answered.

What are Upwork Inc.'s profit margins?: Upwork Inc. (UPWK) runs a 77.5% gross margin and a 15.6% operating margin, with a 13.8% net margin.
Where do Upwork Inc.'s ratios come from?: Every ratio is computed from Upwork Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.