Want to see UPWK full AI Analyst Report?
Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently Upwork operates and where it’s prioritizing investment.Upwork shifted spending away from broad sales and marketing toward sustained R&D and higher G&A late‑2025: S&M was materially curtailed to drive immediate margin improvement, while R&D stayed elevated to fund AI, product, and Business Plus momentum; G&A jumped with Lyfted integration and acquisition costs (explaining temporary margin dilution noted on the call). Provision for transaction losses remains subdued. That mix underpins record adjusted EBITDA and the company’s profitability target, but backloaded growth and integration execution remain the key risks.
Date | Sales and Marketing | Research and Development | General and Administrative | Provision for Transaction Losses |
|---|---|---|---|---|
Jun 30, 2026 | $34.91M | $43.89M | $36.88M | $2.55M |
Mar 31, 2026 | $37.44M | $43.31M | $35.16M | $2.22M |
Dec 31, 2025 | $36.01M | $47.05M | $41.66M | $1.72M |
Sep 30, 2025 | $34.98M | $47.49M | $41.26M | $2.39M |
Jun 30, 2025 | $36.67M | $44.84M | $35.66M | $1.77M |
Mar 31, 2025 | $35.75M | $46.15M | $28.05M | $2.26M |
Dec 31, 2024 | $43.93M | $53.49M | $35.60M | $2.23M |
Sep 30, 2024 | $46.09M | $50.41M | $31.28M | $1.79M |
Jun 30, 2024 | $47.33M | $52.47M | $29.92M | $1.77M |
Mar 31, 2024 | $47.85M | $52.92M | $32.00M | $927.00K |