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UDMY

Udemy, Inc.

UDMY

Udemy, Inc. • NASDAQ
$5.08 ▲ 2.21% (+0.11)
Market Cap $754.23 M
52w High $10.61
52w Low $4.86
Dividend Yield 0%
P/E -169.33
Volume 595.79K
Outstanding Shares 148.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $195.68M ▼ $129.03M ▲ $1.642M ▼ 0.839% ▼ $0.01 ▼ $9.238M ▼
Q2-2025 $199.879M ▼ $128.121M ▼ $6.265M ▲ 3.134% ▲ $0.042 ▲ $14.459M ▲
Q1-2025 $200.3M ▲ $133.935M ▼ $-1.771M ▲ -0.884% ▲ $-0.01 ▲ $5.386M ▲
Q4-2024 $199.942M ▲ $138.799M ▼ $-9.864M ▲ -4.933% ▲ $-0.067 ▲ $-278K ▲
Q3-2024 $195.417M $152.514M $-25.271M -12.932% $-0.17 $-11.844M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $371.221M ▼ $618.904M ▼ $397.091M ▼ $221.813M ▼
Q2-2025 $391.976M ▲ $643.956M ▲ $410.598M ▼ $233.358M ▲
Q1-2025 $357.015M ▲ $638.993M ▲ $429.634M ▲ $209.359M ▲
Q4-2024 $354.436M ▼ $605.628M ▼ $408.234M ▼ $197.394M ▲
Q3-2024 $357.109M $608.905M $412.648M $196.257M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.642M ▼ $15.731M ▼ $23.407M ▲ $-33.464M ▼ $5.671M ▼ $12.086M ▼
Q2-2025 $6.265M ▲ $44.203M ▲ $-203K ▲ $-3.495M ▲ $40.641M ▲ $39.011M ▲
Q1-2025 $-1.771M ▲ $12.21M ▲ $-7.414M ▲ $-5.907M ▲ $-1.075M ▲ $7.09M ▲
Q4-2024 $-9.864M ▲ $9.582M ▲ $-13.127M ▼ $-10.249M ▲ $-13.971M ▲ $6.17M ▲
Q3-2024 $-25.271M $-6.1M $-5.703M $-56.08M $-67.801M $-10.198M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Consumer Revenue
Consumer Revenue
 $0 ▲$0 ▲$0 ▲$60.00M ▲
Breakage
Breakage
 $0 ▲$0 ▲$0 ▲$0 ▲
Consumer Segment
Consumer Segment
 $70.00M ▲$70.00M ▲$0 ▼$0 ▲
Enterprise Segment
Enterprise Segment
 $130.00M ▲$130.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Udemy’s revenue has been climbing steadily each year, and its core teaching business is clearly gaining scale. The company is still losing money, but those losses have been shrinking over time. Gross profit has grown faster than sales, suggesting better efficiency and a healthier mix of higher‑margin business. Operating and net losses remain meaningful, though, so Udemy is still in the “build and invest” phase rather than the “mature profit” phase. The overall trend is encouraging, but profitability is not yet achieved and remains a key uncertainty.

Balance Sheet

Balance Sheet The balance sheet shows a company with a solid asset base, very little debt, and a reasonable equity cushion. Cash levels are still comfortable, but they have come down from earlier peaks, so the cash buffer is not as generous as it once was. The near absence of debt gives Udemy flexibility and reduces financial risk, but the gradual reduction in equity and cash highlights the importance of moving closer to sustained profitability. Overall, the balance sheet looks sound but not excess‑cash rich.

Cash Flow

Cash Flow Udemy appears to be at an important turning point in cash generation. After several years of weak or negative operating cash flow, the business has recently started to generate cash from its operations, and free cash flow has swung into positive territory. Capital spending needs are modest, which helps. This suggests the core model is becoming more self‑funding and less reliant on external financing. However, the cash flow margin is still thin, so setbacks in growth or higher costs could quickly pressure this improvement.

Competitive Edge

Competitive Edge Udemy has built a strong position in online learning through its massive course library, global reach, and two‑sided marketplace of instructors and learners. Network effects are important: more instructors bring more learners, and vice versa, making the platform harder to replicate. Its focus on practical, job‑ready skills and the growth of its enterprise offering (Udemy Business) give it a clear niche. At the same time, it operates in a very crowded space with powerful competitors like LinkedIn Learning, Coursera, and other training platforms, so pricing pressure and customer churn are ongoing risks. Maintaining content quality and differentiating the enterprise product will be crucial to defending its edge.

Innovation and R&D

Innovation and R&D Innovation is a central part of Udemy’s strategy. The company is leaning heavily into artificial intelligence to personalize learning, recommend content, map skills, and support learners with an AI assistant. Its Innovation Studio and the shift toward more interactive, hands‑on formats signal a push beyond simple video courses. The focus on AI‑driven tools for corporate clients, combined with selective acquisitions, aims to strengthen its moat and deepen relationships with large organizations. The main risk is execution: heavy investment in AI and new experiences must translate into better learner outcomes, stronger customer loyalty, and higher monetization, rather than just higher costs.

Summary

Udemy is a growing online learning platform that has been steadily increasing sales and improving its margins, but it is still not consistently profitable. The balance sheet is relatively conservative, with low debt and adequate cash, and cash flow has recently turned a corner into positive territory, which is an encouraging sign of business maturity. Its competitive strengths lie in its vast marketplace, global brand, and growing enterprise segment, but it faces intense competition and must continually prove the value of its offerings. Heavy investment in AI‑driven personalization and enterprise tools could deepen its advantage if executed well. Overall, Udemy looks like a company transitioning from rapid build‑out toward a more disciplined, cash‑generating model, with future performance hinging on profitable growth in its enterprise and AI‑enhanced learning solutions.

NEWS

November 20, 2025 · 9:25 AM UTC

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November 13, 2025 · 8:00 AM UTC

Inside the AI Blind Spot: New Udemy Research Warns That Awareness Is Rising But Readiness Is Not

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November 12, 2025 · 9:00 AM UTC

Udemy and HSM Partner to Empower Brazil's Workforce with AI-Powered Learning

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October 29, 2025 · 4:05 PM UTC

Udemy Reports Third Quarter 2025 Results

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October 9, 2025 · 4:05 PM UTC

Udemy to Announce Third Quarter 2025 Results on October 29

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