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Upwork (UPWK) Cost of Revenue (2017 - 2025)

Upwork (UPWK) has 9 years of Cost of Revenue data on record, last reported at $43.7 million in Q4 2025.

  • For Q4 2025, Cost of Revenue rose 33.07% year-over-year to $43.7 million; the TTM value through Dec 2025 reached $174.8 million, up 2.43%, while the annual FY2025 figure was $174.8 million, 0.38% changed from the prior year.
  • Cost of Revenue reached $43.7 million in Q4 2025 per UPWK's latest filing, down from $51.9 million in the prior quarter.
  • Across five years, Cost of Revenue topped out at $105.3 million in Q3 2022 and bottomed at -$23.7 million in Q4 2022.
  • Average Cost of Revenue over 5 years is $41.6 million, with a median of $43.6 million recorded in 2025.
  • Peak YoY movement for Cost of Revenue: plummeted 197.44% in 2022, then surged 3640.13% in 2024.
  • A 5-year view of Cost of Revenue shows it stood at $24.3 million in 2021, then crashed by 197.44% to -$23.7 million in 2022, then soared by 96.09% to -$927000.0 in 2023, then soared by 3640.13% to $32.8 million in 2024, then soared by 33.07% to $43.7 million in 2025.
  • Per Business Quant database, its latest 3 readings for Cost of Revenue were $43.7 million in Q4 2025, $51.9 million in Q3 2025, and $43.4 million in Q2 2025.