Upwork Inc. (UPWK) Revenue History
Annual and quarterly revenue from 2016 to 2025
Compound Annual Growth Rate (CAGR)
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UPWK Revenue Growth
Revenue Breakdown (FY 2025)
UPWK's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
UPWK Revenue Analysis (2016–2025)
As of May 6, 2026, Upwork Inc. (UPWK) generated trailing twelve-month (TTM) revenue of $787.8 million, reflecting modest growth of +3.6% year-over-year. The most recent quarter (Q4 2025) recorded $198.4 million in revenue, down 1.6% sequentially.
Looking at the longer-term picture, UPWK's 5-year compound annual growth rate (CAGR) stands at +16.1%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $787.8 million in 2025, representing a new all-time high.
Revenue diversification analysis shows UPWK's business is primarily driven by Enterprise (87%), and Marketplace (13%). With over half of revenue concentrated in Enterprise, the company maintains significant focus in this area while developing other growth vectors.
When compared to Industrials sector peers including FVRR (+5.9% YoY), TASK (-12.5% YoY), and FLNT (-18.0% YoY), UPWK has underperformed the peer group in terms of revenue growth. Compare UPWK vs FVRR →
UPWK Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| UPWKCurrent | $788M | +3.6% | +16.1% | 16.4% | |
 FVRR | $431M | +5.9% | +17.9% | -0.3% | |
 TASK | $-849,670,000 | -12.5% | - | -16.6% | |
 FLNT | $209M | -18.0% | -7.6% | -9.7% | |
 RELY | $1.6B | +31.3% | +44.8% | 4.7% | |
 HIMS | $2.3B | +59.0% | +73.6% | 5.2% |
UPWK Historical Revenue Data (2016–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $787.8M | +2.4% | $613.0M | 77.8% | $129.3M | 16.4% |
| 2024 | $769.3M | +11.6% | $595.2M | 77.4% | $65.2M | 8.5% |
| 2023 | $689.1M | +11.5% | $518.7M | 75.3% | $-11,260,000 | -1.6% |
| 2022 | $618.3M | +23.0% | $457.9M | 74.1% | $-92,624,000 | -15.0% |
| 2021 | $502.8M | +34.6% | $367.3M | 73.0% | $-54,217,000 | -10.8% |
| 2020 | $373.6M | +24.3% | $269.4M | 72.1% | $-22,408,000 | -6.0% |
| 2019 | $300.6M | +18.6% | $212.4M | 70.7% | $-18,732,000 | -6.2% |
| 2018 | $253.4M | +25.1% | $171.9M | 67.8% | $-11,712,000 | -4.6% |
| 2017 | $202.6M | +23.2% | $137.1M | 67.7% | $-3,123,000 | -1.5% |
| 2016 | $164.4M | - | $101.9M | 61.9% | $-14,468,000 | -8.8% |
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Start ComparisonUPWK — Frequently Asked Questions
Quick answers to the most common questions about buying UPWK stock.
Is UPWK's revenue growth accelerating or slowing?
UPWK revenue growth slowed to +3.6%, below the 5-year CAGR of +16.1%. TTM revenue is $788M. The deceleration marks a shift from historical growth rates.
What is UPWK's long-term revenue growth rate?
Upwork Inc.'s 5-year revenue CAGR of +16.1% reflects the variable expansion pattern. Current YoY growth of +3.6% is near this long-term average.
How is UPWK's revenue distributed by segment?
UPWK reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2016-2025 are available for download. Segment mix reveals concentration and diversification trends.