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%-0.2pp	77.8%+0.4pp	77.8%+1.0pp	77.8%+1.7pp	77.7%+2.0pp
Operating margin	15.6%+3.8pp	16.4%+7.9pp	14.7%—	13.7%—	11.8%—
Net margin	13.8%-16.7pp	14.7%-13.4pp	31.6%+20.4pp	31.7%+21.7pp	30.5%+23.8pp
EBITDA margin	19.4%+5.5pp	19.7%+9.3pp	17.6%+7.1pp	16.1%+6.7pp	13.9%+7.7pp
Free cash flow margin	29%+7.0pp	30.8%+11.3pp	27.7%+10.2pp	26.1%+11.3pp	22%+11.5pp
Returns
Return on equity	18.8%-31.0pp	19.1%-25.9pp	47.5%+24.8pp	50.6%+28.3pp	49.8%+34.7pp
Return on assets	8.8%-12.2pp	9.2%-10.0pp	20.8%+12.3pp	21.6%+13.9pp	21%+15.9pp
Return on invested capital	15.2%-4.8pp	20.3%+5.6pp	28.8%+8.3pp	26.6%+9.2pp	20%+11.9pp
Efficiency
Asset turnover	0.6×-0.1×	0.6×-0.1×	0.7×-0.1×	0.7×-0.1×	0.7×-0.1×
Liquidity
Current ratio	1.4×-2.0×	1.5×-1.9×	1.4×-1.7×	3.4×+0.4×	3.4×+0.5×
Quick ratio	1.4×-2.0×	1.5×-1.9×	1.4×-1.7×	3.4×+0.4×	3.4×+0.5×
Cash ratio	0.8×-1.1×	0.7×-1.1×	0.7×-1.1×	1.8×+0.4×	1.9×+1.0×
Leverage
Debt-to-equity	1.3×+0.7×	0.6×-0.1×	0.6×-0.3×	0.6×-0.4×	0.6×-0.4×
Debt-to-assets	0.6×+0.3×	0.3×0.0×	0.3×-0.1×	0.3×-0.1×	0.3×-0.1×
Net debt / EBITDA	1.3×+2.8×	-0.7×+1.0×	-0.8×+1.0×	-1.1×-0.5×	-1.4×-4.1×
Per Share
Book value per share	$4.20+0.9%	$4.48+11.5%	$4.50+52.4%	$4.34+66.2%	$4.16+71.4%
Valuation
Market capitalization	$1.02B-41.3%	$2.59B+18.5%	$2.46B+79.3%	$1.75B+19.7%	$1.77B+5.7%
Enterprise value	$1.22B-22.6%	$2.48B+21.1%	$2.36B+90.7%	$1.62B+13.5%	$1.61B-9.9%
Price / earnings	9.3×+1.9×	22.4×+12.3×	10×-6.0×	7.1×-12.6×	7.5×-27.2×
Price / sales	1.3×-1.0×	3.3×+0.4×	3.2×+1.4×	2.3×+0.3×	2.3×0.0×
Price / book	1.8×-1.1×	4.1×+0.3×	3.9×+0.6×	2.9×-1.2×	3×-1.8×
EV / EBITDA	8×-6.7×	16×-9.6×	17.1×+1.7×	13×-7.5×	15×-25.3×
EV / sales	1.5×-0.5×	3.2×+0.5×	3×+1.4×	2.1×+0.2×	2.1×-0.4×
Free cash flow yield	22.6%+12.8pp	9.4%+2.5pp	8.8%-0.9pp	11.5%+4.0pp	9.6%+5.1pp
Earnings yield	10.8%-2.8pp	4.5%-5.4pp	10%+3.8pp	14%+8.9pp	13.3%+10.4pp

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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.