Upwork (UPWK) Cost of Revenue (2017 - 2026)
Upwork (UPWK) posted quarterly Cost of Revenue of $44.6 million for Q1 2026, up 6.78% year-over-year from $41.8 million in Q1 2025, and up 2.22% quarter-over-quarter from $43.7 million in Q4 2025.
Upwork (UPWK) Cost of Revenue (2017 - 2026) Analysis & Trends
Upwork's Cost of Revenue history runs 10 years deep, the most recent figure standing at $44.6 million for Q1 2026.
- In Q1 2026, Cost of Revenue rose 6.78% year-over-year to $44.6 million; the TTM figure through Mar 2026 stood at $177.6 million (up 3.42% YoY), while the FY2025 annual figure was $174.8 million, changed 0.38% from the prior year.
- Cost of Revenue for Q1 2026 stood at $44.6 million, up from $43.7 million in the prior quarter.
- The five-year high for Cost of Revenue was $45.9 million in Q4 2023, with the low at $37.9 million in Q1 2022.
- The 5-year median for Cost of Revenue is $43.3 million (2023), against an average of $42.6 million.
- The sharpest annual moves came in 2022 and 2024: Cost of Revenue rose 24.56% in 2022, then decreased 7.04% in 2024.
- Upwork's Cost of Revenue stood at $41.2 million in 2022, then advanced by 11.44% to $45.9 million in 2023, then fell by 7.04% to $42.6 million in 2024, then gained by 2.42% to $43.7 million in 2025, then increased by 2.22% to $44.6 million in 2026.
- Business Quant data shows UPWK's Cost of Revenue at $44.6 million in Q1 2026, $43.7 million in Q4 2025, and $45.8 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,200.11 Bn | 3,771.08 Bn | 73.85 Bn | 45.94 Bn |
| 2 | Meta Platforms | 1,536.10 Bn | 1,445.84 Bn | 49.47 Bn | 11.33 Bn |
| 3 | Taboola.com | 1,136.28 Bn | 1,136.15 Bn | 139.48 Mn | 337.35 Mn |
| 4 | Baidu | 289.30 Bn | 284.80 Bn | 1.88 Mn | 2.84 Bn |
| 5 | Spotify Technology | 103.03 Bn | 92.79 Bn | 1.75 Bn | 3.56 Bn |
| 6 | Joyy | 77.53 Bn | 76.64 Bn | 205.64 Mn | 376.28 Mn |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | 131,586.00 |
| 8 | Nebius | 49.42 Bn | 39.80 Bn | 295.20 Mn | 103.80 Mn |
| 9 | 30.43 Bn | 27.64 Bn | 734.60 Mn | 70.31 Mn | |
| 10 | Upwork | 1.09 Bn | 509.89 Mn | 150.84 Mn | 44.64 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 44.64 Mn |
| Mar 31, 2026 | 44.64 Mn |
| Dec 31, 2025 | 43.67 Mn |
| Dec 31, 2025 | 43.67 Mn |
| Sep 30, 2025 | 45.84 Mn |
| Sep 30, 2025 | 45.84 Mn |
| Jun 30, 2025 | 43.43 Mn |
| Jun 30, 2025 | 43.43 Mn |
| Mar 31, 2025 | 41.81 Mn |
| Mar 31, 2025 | 41.81 Mn |
| Dec 31, 2024 | 42.64 Mn |
| Dec 31, 2024 | 42.64 Mn |
| Sep 30, 2024 | 43.41 Mn |
| Sep 30, 2024 | 43.41 Mn |
| Jun 30, 2024 | 43.85 Mn |
| Jun 30, 2024 | 43.85 Mn |
| Mar 31, 2024 | 44.19 Mn |
| Mar 31, 2024 | 44.19 Mn |
| Dec 31, 2023 | 45.87 Mn |
| Dec 31, 2023 | 45.87 Mn |