Stem (STEM) Cost of Revenue (2020 - 2026)
Stem (STEM) reported Cost of Revenue of $19.77 million for Q2 2026, down 22.7% from $25.57 million a year earlier but up 9.0% from the prior quarter.
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Analysis
Stem (STEM) Cost of Revenue (2020 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Stem's Cost of Revenue came in at $86.67 million, down 32.8% year-over-year; for FY2025, it came in at $96.31 million, down 38.1% from FY2024.
- Cost of Revenue has a five-year compound annual growth rate of 19.1% (FY2020 to FY2025).
- By year, Cost of Revenue came in at $155.64 million in FY2024 (-66.0%), $457.85 million in FY2023 (+38.8%), $329.89 million in FY2022 (+161.6%) and $126.12 million in FY2021 (+213.6%).
- Five-year quarterly Cost of Revenue spans a low of $18.14 million in Q1 2026 and a high of $156.33 million in Q4 2023.
- Year over year, Cost of Revenue has now declined in each of the last three quarters, with an average decline of 36.5% over the last eight quarters.
- The high point for year-over-year Cost of Revenue in five years was Q3 2021 (growth of 236.6%); the low point was Q3 2024 (a decline of 85.0%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $18.14 million (Q1 2026), $24.11 million (Q4 2025) and $24.66 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 328.64 Bn | 313.71 Bn | 2.30 Bn | 1.11 Bn |
| 2 | CrowdStrike Holdings | 276.50 Bn | 256.94 Bn | 1.10 Bn | 374.00 Mn |
| 3 | Fortinet | 132.74 Bn | 118.67 Bn | 1.64 Bn | 404.70 Mn |
| 4 | Snowflake | 120.19 Bn | 107.50 Bn | 1.04 Bn | 510.08 Mn |
| 5 | Datadog | 99.51 Bn | 81.15 Bn | 881.34 Mn | 240.11 Mn |
| 6 | Okta | 35.35 Bn | 25.44 Bn | 641.00 Mn | 164.00 Mn |
| 7 | Axon Enterprise | 33.58 Bn | 28.10 Bn | 546.45 Mn | 357.94 Mn |
| 8 | Zscaler | 32.06 Bn | 18.18 Bn | - | - |
| 9 | MongoDB | 28.84 Bn | 19.30 Bn | 569.77 Mn | 202.01 Mn |
| 10 | Stem | 40.93 Mn | -126.55 Mn | 13.89 Mn | 19.77 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 19.77 Mn |
| Mar 31, 2026 | 18.14 Mn |
| Dec 31, 2025 | 24.11 Mn |
| Sep 30, 2025 | 24.66 Mn |
| Jun 30, 2025 | 25.57 Mn |
| Mar 31, 2025 | 21.97 Mn |
| Dec 31, 2024 | 58.26 Mn |
| Sep 30, 2024 | 23.10 Mn |
| Jun 30, 2024 | 24.62 Mn |
| Mar 31, 2024 | 49.66 Mn |
| Dec 31, 2023 | 156.33 Mn |
| Sep 30, 2023 | 154.03 Mn |
| Jun 30, 2023 | 81.08 Mn |
| Mar 31, 2023 | 66.41 Mn |
| Dec 31, 2022 | 142.91 Mn |
| Sep 30, 2022 | 90.37 Mn |
| Jun 30, 2022 | 59.16 Mn |
| Mar 31, 2022 | 37.44 Mn |
| Dec 31, 2021 | 54.43 Mn |
| Sep 30, 2021 | 36.70 Mn |
API Access
Stem Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=STEM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "STEM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=STEM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();