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

Upwork (UPWK) has reported Cost of Revenue for 10 consecutive years, with $37.4 million the latest figure, recorded in 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 came in at $37.4 million for Q1 2026 at Upwork, up from $12.3 million in the prior quarter.
• The five-year high for Cost of Revenue was $127.6 million in Q4 2022, with the low at $12.3 million in Q4 2025.
• Average Cost of Revenue over 5 years is $48.3 million, with a median of $43.3 million recorded in 2023.
• Across the five-year window, Cost of Revenue jumped 133.42% in 2022 and slumped 71.08% in 2025, its largest moves.
• Year by year, Cost of Revenue stood at $127.6 million in 2022, then sank by 61.37% to $49.3 million in 2023, then decreased by 13.51% to $42.6 million in 2024, then plunged by 71.08% to $12.3 million in 2025, then jumped by 203.6% to $37.4 million in 2026.
• According to Business Quant data, Cost of Revenue over the past three periods registered $37.4 million, $12.3 million, and $35.0 million for Q1 2026, Q4 2025, and Q3 2025 respectively.