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

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM 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%—	16.4%—	14.7%—	——	——
Net margin	13.8%-16.7pp	14.7%-13.4pp	31.6%+20.4pp	31.7%+21.7pp	30.5%+23.8pp
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 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×
Leverage
Debt-to-equity	1.3×+0.7×	0.6×-0.1×	0.6×-0.3×	0.6×-0.4×	0.6×-0.4×
Net debt / EBITDA	1.3×+2.8×	-0.7×+1.0×	-0.8×+1.0×	-1.1×—	-1.4×—
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%
Price / earnings	9.3×+1.9×	22.4×+12.3×	10×-6.0×	7.1×-12.6×	7.5×—
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×—	15×—

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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.