Upwork (UPWK) Cost of Revenue (2017 - 2026)

Upwork's Cost of Revenue history runs 10 years deep, the most recent figure standing at $37.4 million for Q1 2026.

• In Q1 2026, Cost of Revenue rose 4.72% year-over-year to $37.4 million; the TTM figure through Mar 2026 stood at $121.4 million (down 26.7% YoY), while the FY2025 annual figure was $143.4 million, down 17.62% from the prior year.
• Cost of Revenue was $37.4 million for Q1 2026 at Upwork, up from $12.3 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $127.6 million in Q4 2022 to a low of $12.3 million in Q4 2025.
• Historically, Cost of Revenue has averaged $48.3 million across 5 years, with a median of $43.3 million in 2023.
• The sharpest annual moves came in 2022 and 2025: Cost of Revenue jumped 133.42% in 2022, then sank 71.08% in 2025.
• A 5-year view of Cost of Revenue shows it stood at $127.6 million in 2022, then plunged by 61.37% to $49.3 million in 2023, then declined by 13.51% to $42.6 million in 2024, then tumbled by 71.08% to $12.3 million in 2025, then jumped by 203.6% to $37.4 million in 2026.
• The last three Cost of Revenue figures came in at $37.4 million (Q1 2026), $12.3 million (Q4 2025), and $35.0 million (Q3 2025), per Business Quant data.