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

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.