# Upwork share price today (Upwork Inc., UPWK)

> Upwork Inc. is reporting record margins. UPWK · Communication Services · Internet Content & Information · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/upwk

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## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: $9.93 (−37.7% in a year)
- P/E: 12.4× (higher than 70% of the last 1 year)
- Revenue (Jun 2026): $192 M (−1.7% on a year ago)
- Profit (Jun 2026): $25.4 M (−22.4% on a year ago)
- Operating margin: 21.8% (+3.8 points on a year ago)
- ROE: 18%, FY25
- ROIC: 25.6%, against a 9.8% cost of capital: +15.8 points

Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. ## What is the Upwork share price today? Upwork Inc.'s share price was $9.93 at the close on 3 November 2026. That is 5.5% below its average price over the last 200 trading days. In the last 52 weeks it traded between $8 and $22, and at that close it sat 13% of the way up from that low. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 1 week in a row. Over the last 1 year the share price moved −23% while the S&P 500 moved +21%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Upwork pay? Upwork Inc. pays no dividend. In the last 12 reported quarters it declared no dividend per share, so there is no payout history to chart and no yield to show. Companies like this usually keep their earnings in the business, so the cash-flow sections show where that cash goes. ## Which stock lists is Upwork on? Upwork is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Upwork profitable? Upwork Inc. earned $25.4 M of net profit in the Jun 2026 quarter, −22.4% on the same quarter a year earlier. Full-year FY25 profit was $115 M. That is 13.3% of the quarter's revenue. The same quarter a year earlier earned $32.7 M. For the full year, FY25 profit was $115 M (−46.5% on the year before). Why profit moved: revenue changed −1.7% on a year earlier and the margin moved +3.8 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed −30.7% and revenue +1.8%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Upwork make, and is it growing? Upwork Inc. reported $192 M of revenue in the Jun 2026 quarter, −1.7% on the same quarter a year earlier. Over 4 years it has grown 11.9% a year on average. The last full year, FY25, came in at $788 M. The last four reported quarters add to $787 M. FY25 revenue was $788 M, +2.4% on the year before. Recent pace: the last four quarters grew +1.8% on average, against 11.9% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +1.9%, against +2.9% a year over the last 8 quarters (stabilising); profit over the last 12 months grew −58.5%, against +17.0% a year (rolling over). ## How much of every $100 of sales does Upwork keep? Upwork Inc.'s operating margin was 21.8% in the Jun 2026 quarter, 3.8 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 5 years it has been between −15.0% and 17.0%. The latest quarter is above every full year in that period. Across 5 years it has been between −15.0% and 17.0%, and FY25's 17.0% is the highest of them. Why the margin moved: operating margin changed +3.8 percentage points on the year while gross margin changed −1.2 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is Upwork's profit turning into cash? Over the last 3 years, 120% of Upwork Inc.'s reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $248 M of operating cash against $115 M of profit. After $5.8 M of spending on assets, $242 M was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Upwork's cash go? Upwork Inc. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $10.0 M on assets over the last 3 years. Averaged over those years that is 0.4% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $10.0 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Upwork's P/E ratio, and how does it compare with its own history? Upwork Inc.'s P/E is 12.4×, near the high end of its own history: higher than 70% of past readings. Its usual P/E (the middle reading) is 11.3×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved −45.1% while the price moved −37.7%. The price did better than earnings, which pushed the multiple up within its own range. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Upwork business getting better or worse? Upwork Inc.'s business is giving mixed signals. There is no clear direction across the growth lines, with ROCE rising at 16.6%; each line tells part of the story. This is based on 12 quarters of 3 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## How much does Upwork earn on its capital? Upwork Inc. earned a ROE of 18% in FY25. That is up from a low of −36% in FY22. Its return on capital used (ROIC) is 15.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 14.7% net margin and 0.61× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 14.7% net margin × 0.61× asset turnover × 2.06× leverage (assets divided by equity) ≈ 18.5% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 25.6% − 9.8% = +15.8 percentage points. The 9.8% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. A gap this wide means each dollar put back into the business creates more than a dollar of value. The 25.6% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at 30.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Upwork have too much debt? Upwork Inc. has total debt of $379 M against shareholder equity of $611 M as of Jun 2026, so its debt is 0.62× its equity. Year by year, that ratio went from 2.25 in FY21 to 0.59 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the Upwork shareholding pattern? 17.1% of Upwork Inc.'s tradable shares are in short positions, which are bets that the price will fall, so a large group of traders is betting against it. At normal trading volumes, closing those positions would take about 7.8 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Upwork from balance-sheet trouble? For Upwork Inc., the Z-score is 5.54. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is well clear of danger. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 5.54 is well clear of the danger zone, so the balance sheet is not the risk here. ## How does Upwork rank in its industry? 53.9 out of 100, rank 10 of 25 in Internet Content & Information, with 71% of the evidence available. Upwork Inc. scores 53.9 out of 100 against the 25 companies it is compared with in Internet Content & Information, ranking 10. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 18 + 17.1 + 10.4 + 8.4 = 53.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Upwork compared with? Upwork ranks 10 of 25 Internet Content & Information companies on the 4-Factor Sector Score, with 53.9 out of 100. 1. [EverQuote, Inc.](https://www.sectoralpha.in/us/stocks/ever) EVER · turning · Most evidence points up · 71% evidence 70.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/35 · Revenue 22.6% · Profit 100% · Operating margin change 2.7 points · 83% evidence Capital efficiency 17.5/25 · ROCE 32.2% · Operating margin 12% · 76% evidence Valuation 10.5/20 · P/E 7.4× · PEG n/a · 15% evidence Relative strength 18.9/20 · Lead over its industry 37% · Lead over S&P 500 28.4% · 1 year 14.5% · 100% evidence · 6 of 12 weeks ahead Exact sum: 23.4 + 17.5 + 10.5 + 18.9 = 70.3 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Spotify Technology S.A.](https://www.sectoralpha.in/us/stocks/spot) SPOT · breaking out · Most evidence points up · 75% evidence 68.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.0/35 · Revenue 11.3% · Profit 100% · Operating margin change -0.1 points · 95% evidence Capital efficiency 17.8/25 · ROCE 29.8% · Operating margin 13.5% · 76% evidence Valuation 9.0/20 · P/E 29.8× · PEG n/a · 15% evidence Relative strength 18.3/20 · Lead over its industry 17.3% · Lead over S&P 500 10.6% · 1 year -2.7% · 100% evidence · 9 of 12 weeks ahead Exact sum: 23 + 17.8 + 9 + 18.3 = 68.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Match Group, Inc.](https://www.sectoralpha.in/us/stocks/mtch) MTCH · leader · Most evidence points up · 81% evidence 68.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 1.7% · Profit 32% · Operating margin change 6.3 points · 83% evidence Capital efficiency 20.4/25 · ROCE 30.5% · Operating margin 28.8% · 76% evidence Valuation 14.2/20 · P/E 12.5× · PEG 0.3 · 65% evidence Relative strength 14.7/20 · Lead over its industry 8.1% · Lead over S&P 500 2.7% · 1 year 17.1% · 100% evidence · 8 of 12 weeks ahead Exact sum: 18.7 + 20.4 + 14.2 + 14.7 = 68 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Bumble Inc.](https://www.sectoralpha.in/us/stocks/bmbl) BMBL · turning · Evidence leans up · 64% evidence 63.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.1/35 · Revenue -13.4% · Profit n/a · Operating margin change -4.7 points · 62% evidence Capital efficiency 17.6/25 · ROCE 23.6% · Operating margin 28.1% · 76% evidence Valuation 11.0/20 · P/E -0.7× · PEG n/a · 15% evidence Relative strength 20.0/20 · Lead over its industry 75.6% · Lead over S&P 500 65.9% · 1 year 40.1% · 100% evidence · 5 of 12 weeks ahead Exact sum: 15.1 + 17.6 + 11 + 20 = 63.7 · What this means: Relative strength against the index is 65.9%, and revenue and profit growth are weak. 5. [MediaAlpha, Inc.](https://www.sectoralpha.in/us/stocks/max) MAX · turning · Evidence leans up · 74% evidence 62.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.6/35 · Revenue 13.8% · Profit n/a · Operating margin change 0.4 points · 62% evidence Capital efficiency 16.7/25 · ROCE 37.4% · Operating margin 6.4% · 76% evidence Valuation 12.8/20 · P/E 7× · PEG 0.51 · 65% evidence Relative strength 19.1/20 · Lead over its industry 38.9% · Lead over S&P 500 30.8% · 1 year 18.7% · 100% evidence · 6 of 12 weeks ahead Exact sum: 13.6 + 16.7 + 12.8 + 19.1 = 62.2 · What this means: Relative strength against the index is 30.8%, and revenue and profit growth are weak. 6. [Meta Platforms, Inc.](https://www.sectoralpha.in/us/stocks/meta) META · breaking out · Evidence leans up · 85% evidence 59.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.8/35 · Revenue 27.5% · Profit 28.6% · Operating margin change -4.7 points · 95% evidence Capital efficiency 20.1/25 · ROCE 22% · Operating margin 35.4% · 76% evidence Valuation 10.5/20 · P/E 24.6× · PEG 0.83 · 65% evidence Relative strength 12.2/20 · Lead over its industry -0.8% · Lead over S&P 500 -6.2% · 1 year -0.1% · 100% evidence · 8 of 12 weeks ahead Exact sum: 16.8 + 20.1 + 10.5 + 12.2 = 59.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Opera Limited](https://www.sectoralpha.in/us/stocks/opra) OPRA · quiet · Evidence leans up · 81% evidence 57.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.6/35 · Revenue 23.2% · Profit 59.3% · Operating margin change 3.3 points · 83% evidence Capital efficiency 14.0/25 · ROCE 10.8% · Operating margin 16.4% · 76% evidence Valuation 14.6/20 · P/E 13.9× · PEG 0.24 · 65% evidence Relative strength 4.6/20 · Lead over its industry -5.1% · Lead over S&P 500 -9.7% · 1 year 11.2% · 100% evidence · 1 of 12 weeks ahead Exact sum: 24.6 + 14 + 14.6 + 4.6 = 57.8 · What this means: Earnings are strong; relative strength in its sector is -5.1% and the one-year return is 11.2%. 8. [Reddit, Inc.](https://www.sectoralpha.in/us/stocks/rddt) RDDT · quiet · Evidence leans up · 71% evidence 56.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 66.6% · Profit 100% · Operating margin change 15.2 points · 83% evidence Capital efficiency 18.1/25 · ROCE 23.8% · Operating margin 28.8% · 76% evidence Valuation 8.8/20 · P/E 38.4× · PEG n/a · 15% evidence Relative strength 0.2/20 · Lead over its industry -41.8% · Lead over S&P 500 -45.7% · 1 year -50.6% · 100% evidence · 1 of 12 weeks ahead Exact sum: 28.9 + 18.1 + 8.8 + 0.2 = 56 · What this means: Earnings are strong; relative strength in its sector is -41.8% and the one-year return is -50.6%. 9. [Alphabet Inc.](https://www.sectoralpha.in/us/stocks/googl) GOOGL · quiet · Evidence leans up · 85% evidence 54.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.6/35 · Revenue 22.2% · Profit 89.7% · Operating margin change 1.3 points · 95% evidence Capital efficiency 17.9/25 · ROCE 18.1% · Operating margin 31.8% · 76% evidence Valuation 12.0/20 · P/E 17.8× · PEG 0.47 · 65% evidence Relative strength 3.9/20 · Lead over its industry -15.3% · Lead over S&P 500 -19.7% · 1 year 0.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20.6 + 17.9 + 12 + 3.9 = 54.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. Upwork Inc. this page UPWK · turning · Evidence leans up · 71% evidence 53.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.0/35 · Revenue 1.8% · Profit -58.9% · Operating margin change 3.8 points · 83% evidence Capital efficiency 17.1/25 · ROCE 21.1% · Operating margin 21.8% · 76% evidence Valuation 10.4/20 · P/E 10.1× · PEG n/a · 15% evidence Relative strength 8.4/20 · Lead over its industry -17.2% · Lead over S&P 500 -23.9% · 1 year -43.1% · 100% evidence · 1 of 12 weeks ahead Exact sum: 18 + 17.1 + 10.4 + 8.4 = 53.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Genius Sports Limited](https://www.sectoralpha.in/us/stocks/geni) GENI · quiet · Evidence leans up · 64% evidence 52.0 out of 100 Growth Capital Valuation Relative
12. [JOYY Inc.](https://www.sectoralpha.in/us/stocks/joyy) JOYY · leader · Evidence leans up · 81% evidence 51.0 out of 100 Growth Capital Valuation Relative
13. [Snap Inc.](https://www.sectoralpha.in/us/stocks/snap) SNAP · breaking out · Evidence leans up · 64% evidence 50.8 out of 100 Growth Capital Valuation Relative
14. [Nextdoor Holdings, Inc.](https://www.sectoralpha.in/us/stocks/nxdr) NXDR · quiet · Evidence leans down · 61% evidence 48.9 out of 100 Growth Capital Valuation Relative
15. [Zillow Group, Inc.](https://www.sectoralpha.in/us/stocks/zg) ZG · basing · Evidence leans down · 64% evidence 44.8 out of 100 Growth Capital Valuation Relative
16. [Nebius Group N.V.](https://www.sectoralpha.in/us/stocks/nbis) NBIS · quiet · Evidence leans down · 71% evidence 43.1 out of 100 Growth Capital Valuation Relative
17. [Taboola.com Ltd.](https://www.sectoralpha.in/us/stocks/tbla) TBLA · basing · Evidence leans down · 64% evidence 40.8 out of 100 Growth Capital Valuation Relative
18. [Weibo Corporation](https://www.sectoralpha.in/us/stocks/wb) WB · basing · Evidence leans down · 81% evidence 40.0 out of 100 Growth Capital Valuation Relative
19. [Yelp Inc.](https://www.sectoralpha.in/us/stocks/yelp) YELP · basing · Evidence leans down · 81% evidence 39.7 out of 100 Growth Capital Valuation Relative
20. [RUM Group Inc.](https://www.sectoralpha.in/us/stocks/rum) RUM · quiet · Evidence leans down · 61% evidence 39.7 out of 100 Growth Capital Valuation Relative
21. [Pinterest, Inc.](https://www.sectoralpha.in/us/stocks/pins) PINS · quiet · Evidence leans down · 71% evidence 39.0 out of 100 Growth Capital Valuation Relative
22. [People Incorporated](https://www.sectoralpha.in/us/stocks/ppli) PPLI · quiet · Evidence leans down · 64% evidence 36.0 out of 100 Growth Capital Valuation Relative
23. [WEBTOON Entertainment Inc.](https://www.sectoralpha.in/us/stocks/wbtn) WBTN · turning · Most evidence points down · 64% evidence 33.7 out of 100 Growth Capital Valuation Relative
24. [StubHub Holdings, Inc.](https://www.sectoralpha.in/us/stocks/stub) STUB · basing · Too little evidence to rank firmly · 58% evidence 30.3 out of 100 Growth Capital Valuation Relative
25. [Trump Media & Technology Group Corp.](https://www.sectoralpha.in/us/stocks/djt) DJT · quiet · Too little evidence to rank firmly · 60% evidence 28.6 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Internet Content & Information](https://www.sectoralpha.in/us/sectors/internet-content-information), all 25 compared on one page. ## Which companies are close to Upwork in size? Upwork is the 23rd largest of 40 Internet Content & Information companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Trump Media & Technology Group Corp., Weibo Corporation and Opera. Just below it: WEBTOON Entertainment Inc., Yelp Inc. and EverQuote, Inc. ### Internet Content & Information companies close in size

1. [Trump Media & Technology Group Corp.](https://www.sectoralpha.in/us/stocks/djt) $1.7 billion
2. [Weibo Corporation](https://www.sectoralpha.in/us/stocks/wb) $1.5 billion
3. [Opera Limited](https://www.sectoralpha.in/us/stocks/opra) $1.3 billion
4. Upwork Inc. $1.2 billion
5. [WEBTOON Entertainment Inc.](https://www.sectoralpha.in/us/stocks/wbtn) $1.2 billion
6. [Yelp Inc.](https://www.sectoralpha.in/us/stocks/yelp) $1.1 billion
7. [EverQuote, Inc.](https://www.sectoralpha.in/us/stocks/ever) $1 billion

[All 40 Internet Content & Information companies, largest first](https://www.sectoralpha.in/us/sectors/internet-content-information#all-companies)

### Companies close in size in other industries

1. [Bristow Group Inc.](https://www.sectoralpha.in/us/stocks/vtol) $1.2 billion · Oil & Gas Equipment & Services
2. [InnovAge Holding Corp.](https://www.sectoralpha.in/us/stocks/innv) $1.2 billion · Medical Care Facilities
3. Upwork Inc. $1.2 billion
4. [GoodRx Holdings, Inc.](https://www.sectoralpha.in/us/stocks/gdrx) $1.2 billion · Health Information Services
5. [Piedmont Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/pdm) $1.2 billion · REIT - Office

## What else do people ask about Upwork? ### What were Upwork's latest quarterly results? Upwork Inc. reported revenue of $192 M and net profit of $25.4 M for the Jun 2026 quarter. Revenue fell 1.7% and profit fell 22.4% compared with a year earlier. Earnings per share were $0.20. The operating margin was 21.8%, 3.8 percentage points higher than a year earlier (as of 3 November 2026). ### What is Upwork's market cap? Upwork Inc.'s market capitalisation is $1.2 B at a stock price of $9.93. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Upwork performing? Upwork Inc.'s latest readings are below. In its latest quarter, revenue fell 1.7% and profit fell 22.4% compared with a year earlier. Over the past 13 weeks it has done better than the S&P 500, for 1 week running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Upwork's stock price go up? This page does not forecast Upwork Inc.'s stock price. What it shows instead: the stock price is $9.93. Its P/E of 12.4× is higher than 70% of its own last 1 years. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Does Upwork have too much debt? No, Upwork Inc. has little debt: its debt is 0.02× its equity. A year-by-year history of its borrowings is not in our data, so this uses the latest reading. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Upwork in its business cycle? Upwork Inc.'s FY25 operating margin was 17.0%, against a 5-year range of −15.0% to 17.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 21.8%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Upwork story? Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Upwork a stock worth studying right now? What the numbers show: Upwork Inc. is reporting record margins. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.