TTM
15.6%
YoY change
+7.94pp
Trough year (2022)
-15.0%
Peak year (2025)
16.4%
Latest annual
16.4%
Operating Margin history chart for Upwork (UPWK) from 2016 to 2025
Latest: 16.4%
Operating Margin change chart for Upwork (UPWK) from 2016 to 2025
Latest: +7.94pp
Operating Margin history table for Upwork (UPWK) from 2016 to 2025
| 2025 | 16.4% | +7.94pp | ||
| 2024 | 8.5% | +10.11pp | ||
| 2023 | -1.6% | +13.35pp | ||
| 2022 | -15.0% | -4.20pp | ||
| 2021 | -10.8% | -4.79pp | ||
| 2020 | -6.0% | +0.23pp | ||
| 2019 | -6.2% | -1.61pp | ||
| 2018 | -4.6% | -3.08pp | ||
| 2017 | -1.5% | +7.26pp | ||
| 2016 | -8.8% | — |
- 202516.4%+7.94pp
- 20248.5%+10.11pp
- 2023-1.6%+13.35pp
- 2022-15.0%-4.20pp
- 2021-10.8%-4.79pp
- 2020-6.0%+0.23pp
- 2019-6.2%-1.61pp
- 2018-4.6%-3.08pp
- 2017-1.5%+7.26pp
- 2016-8.8%—
Operating Margin values are taken from Upwork's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Upwork (UPWK)
According to Upwork's latest reported financial statements, the company's latest reported operating margin is 15.6%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
As of the 2025 fiscal year, Upwork (UPWK) reported operating margin of 16.41% – expanded 7.9 percentage points year-over-year.
2025 marks the peak operating margin at 16.41%, with the historical low of -14.98% recorded in 2022.
Upwork Operating Margin by Year
Upwork Operating Margin 2025: 16.4%
2025's operating margin for Upwork came in at 16.41%, expanded 7.9 percentage points from 2024. This figure represents the highest annual value in the available history.
Upwork Operating Margin 2024: 8.5%
Upwork posted operating margin of 8.48% in 2024, expanded 10.1 percentage points from 2023.
Upwork Operating Margin 2023: -1.6%
In 2023, Upwork reported operating margin of -1.63%, expanded 13.3 percentage points from 2022.
Upwork Operating Margin 2022: -15.0%
Upwork operating margin in 2022 was -14.98%, contracted 4.2 percentage points from 2021. This figure represents the lowest annual value in the available history.
Upwork Operating Margin 2021: -10.8%
Upwork operating margin in 2021 was -10.78%.
See more financial history for Upwork (UPWK).
Sector peers by Operating Margin
Industrials peers of Upwork (UPWK), ranked by their latest operating margin
| 40.1% | |
| 18.5% | |
| 18.1% | |
| 17.9% | |
| 16.6% | |
| 10.9% | |
| -5.9% |
- 40.1%
- 18.5%
- 17.9%
- 16.6%
- 10.9%
- -5.9%
Frequently asked questions
Upwork (UPWK) Key Financials
Charts, filings, and peer comparison for every metric
Explore more
Deep-dives across the income statement, cash flow, capital return, and valuation