Waterdrop (WDH) Cost of Revenue (2020 - 2025)

Waterdrop's Cost of Revenue history runs 6 years deep, the most recent figure standing at $72.5 million for Q4 2025.

• In Q4 2025, Cost of Revenue rose 190.59% year-over-year to $72.5 million; the TTM figure through Dec 2025 stood at $158.1 million (up 63.83% YoY), while the FY2025 annual figure was $160.3 million, up 68.4% from the prior year.
• Cost of Revenue was $72.5 million for Q4 2025 at Waterdrop, up from $34.1 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $192.8 million in Q2 2021 to a low of $19.4 million in Q3 2022.
• Historically, Cost of Revenue has averaged $46.6 million across 5 years, with a median of $25.5 million in 2023.
• The sharpest annual moves came in 2021 and 2022: Cost of Revenue jumped 306.39% in 2021, then sank 88.82% in 2022.
• A 5-year view of Cost of Revenue shows it stood at $37.8 million in 2021, then tumbled by 47.18% to $20.0 million in 2022, then grew by 23.25% to $24.6 million in 2023, then rose by 1.29% to $24.9 million in 2024, then soared by 190.59% to $72.5 million in 2025.
• The last three Cost of Revenue figures came in at $72.5 million (Q4 2025), $34.1 million (Q3 2025), and $27.7 million (Q2 2025), per Business Quant data.