Innovate (VATE) Cost of Revenue (2010 - 2025)

Innovate's Cost of Revenue history runs 16 years deep, the most recent figure standing at $323.8 million for Q4 2025.

• In Q4 2025, Cost of Revenue rose 70.24% year-over-year to $323.8 million; the TTM figure through Dec 2025 stood at $1.0 billion (up 16.48% YoY), while the FY2025 annual figure was $1.0 billion, up 16.48% from the prior year.
• Cost of Revenue was $323.8 million for Q4 2025 at Innovate, up from $297.4 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $364.6 million in Q3 2022 to a low of $141.3 million in Q1 2021.
• Historically, Cost of Revenue has averaged $279.4 million across 5 years, with a median of $298.6 million in 2023.
• The sharpest annual moves came in 2022 and 2024: Cost of Revenue jumped 156.9% in 2022, then slumped 38.72% in 2024.
• A 5-year view of Cost of Revenue shows it stood at $333.1 million in 2021, then advanced by 3.99% to $346.4 million in 2022, then decreased by 13.42% to $299.9 million in 2023, then plunged by 36.58% to $190.2 million in 2024, then surged by 70.24% to $323.8 million in 2025.
• The last three Cost of Revenue figures came in at $323.8 million (Q4 2025), $297.4 million (Q3 2025), and $196.4 million (Q2 2025), per Business Quant data.