Upwork (UPWK) Cost of Revenue (2017 - 2026)
Upwork (UPWK) recorded Cost of Revenue of $44.3 million in Q3 2026, down 3.4% from $45.84 million a year earlier and down 2.2% from the prior quarter.
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Analysis
Upwork (UPWK) Cost of Revenue (2017 - 2026) Analysis & Trends
On a TTM basis, Upwork's Cost of Revenue came in at $177.9 million as of Sep 30, 2026, up 2.4% year-over-year; for FY2025, it came in at $174.75 million, up 0.4% from FY2024.
- Annual Cost of Revenue has increased for nine straight years, with a five-year compound annual growth rate of 10.9% (FY2020 to FY2025).
- Across earlier years, Cost of Revenue came in at $174.09 million in FY2024 (+2.1%), $170.45 million in FY2023 (+6.3%), $160.4 million in FY2022 (+18.4%) and $135.51 million in FY2021 (+30.0%).
- Quarterly Cost of Revenue has ranged from $37.05 million in Q4 2021 to $45.87 million in Q4 2023 over the past five years.
- On a year-over-year basis, Cost of Revenue rose in four of the last eight quarters, with growth averaging 0.3%.
- Peak year-over-year performance for Cost of Revenue in the last five years was growth of 28.7% in Q4 2021, against a decline of 7.0% in Q4 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at $45.29 million (Q2 2026), $44.64 million (Q1 2026) and $43.67 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | 51.42 Bn |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | 13.37 Bn |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 6.08 Bn |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | 24.48 Bn |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 1.96 Bn |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 8.35 Bn |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 240.77 Mn |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 3.83 Bn |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | - |
| 10 | Upwork | 1.22 Bn | -951.96 Mn | 141.30 Mn | 44.30 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 44.30 Mn |
| Jun 30, 2026 | 45.29 Mn |
| Mar 31, 2026 | 44.64 Mn |
| Dec 31, 2025 | 43.67 Mn |
| Sep 30, 2025 | 45.84 Mn |
| Jun 30, 2025 | 43.43 Mn |
| Mar 31, 2025 | 41.81 Mn |
| Dec 31, 2024 | 42.64 Mn |
| Sep 30, 2024 | 43.41 Mn |
| Jun 30, 2024 | 43.85 Mn |
| Mar 31, 2024 | 44.19 Mn |
| Dec 31, 2023 | 45.87 Mn |
| Sep 30, 2023 | 43.27 Mn |
| Jun 30, 2023 | 40.88 Mn |
| Mar 31, 2023 | 40.43 Mn |
| Dec 31, 2022 | 41.16 Mn |
| Sep 30, 2022 | 40.47 Mn |
| Jun 30, 2022 | 40.86 Mn |
| Mar 31, 2022 | 37.92 Mn |
| Dec 31, 2021 | 37.05 Mn |
API Access
Upwork 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=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "UPWK", "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=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();