Filing Flows › Upwork (UPWK) › Operating margin
Upwork (UPWK) operating margin by quarter
Upwork's operating margin was 18.6% in Q3 2026 (third quarter 2026), +4.0 pts from Q2 2026. Over the last 7 quarters it ranged from 14.3% (Q4 2025) to 20.1% (Q1 2025).
| Quarter | Operating margin | Q/Q | Y/Y |
|---|---|---|---|
| Q3 2026 | 18.6% | +4.0 pts | +3.9 pts |
| Q2 2026 | 14.7% | -2.1 pts | -2.0 pts |
| Q1 2026 | 16.7% | +2.5 pts | -3.3 pts |
| Q4 2025 | 14.3% | -0.5 pts | — |
| Q3 2025 | 14.8% | -2.0 pts | — |
| Q2 2025 | 16.7% | -3.4 pts | — |
| Q1 2025 | 20.1% | — | — |
Q3 2026 at a glance
Upwork, Q3 2026: revenue $186M (-8% year over year), operating margin 18.6%, net earnings $31.8M, operating cash flow $65.9M. The chart follows the revenue to costs, profit and cash.
Questions
What is Upwork's operating margin?
Upwork's operating margin was 18.6% in Q3 2026 (third quarter 2026), +4.0 pts from Q2 2026.
How has Upwork's operating margin changed?
Over the last 7 quarters it ranged from 14.3% (Q4 2025) to 20.1% (Q1 2025).