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$4.63$677M
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UDMY logoUdemy, Inc.(UDMY)Earnings, Financials & Key Ratios

UDMY•NASDAQ
180.2× P/E·Price updated May 26, 2026
SectorConsumer DefensiveIndustryEducation & TrainingSub-IndustryConsumer Learning Platforms and Apps
AboutUdemy, Inc. operates a marketplace platform for teaching and learning skills in the United States and internationally. The company offers technical and business skills, and personal development courses for individual learners and enterprise customers. Its platform provides 49 million learners with access to approximately 180,000 courses through direct-to-consumer or Udemy Business offerings in approximately 75 languages. The company's courses offer learning objectives, such as reskilling or upskilling in technology and business, and soft skills, as well as learners receive access to interactive learning tools comprising quizzes, exercises, and instructor questions-and-answers. Udemy, Inc. was incorporated in 2010 and is headquartered in San Francisco, California.Show more
  • Revenue$790M+0.4%
  • EBITDA$23M+125.5%
  • Net Income$4M+104.5%
  • EPS (Diluted)0.03+104.6%
  • Gross Margin65.63%+4.9%
  • EBITDA Margin2.88%+125.4%
  • Operating Margin-0.33%+97.1%
  • Net Margin0.48%+104.4%
  • ROE1.87%+106.1%

UDMY Key Insights

Udemy, Inc. (UDMY) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong Piotroski F-Score: 8/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 12.9%
  • ✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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UDMY Price & Volume

Udemy, Inc. (UDMY) stock price & volume — 10-year historical chart

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UDMY Growth Metrics

Udemy, Inc. (UDMY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years12.94%
3 Years7.88%
TTM-1.15%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM89.76%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM88.28%

Return on Capital

10 Years-90.99%
5 Years-28.92%
3 Years-22.28%
Last Year-1.21%

UDMY Recent Earnings

Udemy, Inc. (UDMY) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
May 11, 2026
Metric
Actual
Est
EPS
$0.09-190.0%
$0.10
Rev
$191M-2.9%
$197M
Q1 2026
Feb 5, 2026
Metric
Actual
Est
EPS
$0.12+33.3%
$0.09
Rev
$194M+0.3%
$193M
Q4 2025
Oct 29, 2025
Metric
Actual
Est
EPS
$0.13+30.0%
$0.10
Rev
$196M+1.2%
$193M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$0.16+33.3%
$0.12
Rev
$200M+3.8%
$193M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 11, 2026
$0.09vs $0.10-190.0%
$191Mvs $197M-2.9%
Q1 2026Feb 5, 2026
$0.12vs $0.09+33.3%
$194Mvs $193M+0.3%
Q4 2025Oct 29, 2025
$0.13vs $0.10+30.0%
$196Mvs $193M+1.2%
Q3 2025Jul 30, 2025
$0.16vs $0.12+33.3%
$200Mvs $193M+3.8%
Based on last 12 quarters of dataView full earnings history →

UDMY Peer Comparison

Udemy, Inc. (UDMY) competitors in Consumer Learning Platforms and Apps — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
COUR logoCOURCoursera, Inc.Direct Competitor905.83M5.35-17.269.04%-8.23%-10.06%0.01
STRA logoSTRAStrategic Education, Inc.Direct Competitor1.71B75.3313.903.96%10.21%7.85%0.07
PRDO logoPRDOPerdoceo Education CorporationDirect Competitor2.01B32.0313.2424.2%19.91%17.21%0.11
LOPE logoLOPEGrand Canyon Education, Inc.Direct Competitor3.84B141.5918.367.07%26.92%29.53%0.27
SKIL logoSKILSkillsoft Corp.Product Competitor67.35M7.51-0.46-3.45%-30%-439.57%
LAUR logoLAURLaureate Education, Inc.Product Competitor5.2B36.4319.288.64%16.08%25.36%0.71
LRN logoLRNStride, Inc.Product Competitor3.53B82.8013.9217.9%12.15%19.89%0.37
APEI logoAPEIAmerican Public Education, Inc.Product Competitor967.07M52.7238.763.89%6.13%14.02%0.55

Compare UDMY vs Peers

Udemy, Inc. (UDMY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs COUR

Most directly comparable listed peer for UDMY.

Scale Benchmark

vs GOOG

Larger-name benchmark to compare UDMY against a more recognizable public peer.

Peer Set

Compare Top 5

vs COUR, STRA, PRDO, LOPE

UDMY Income Statement

Udemy, Inc. (UDMY) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
276.33M429.9M515.66M629.1M728.94M786.57M789.84M780.95M
Revenue Growth %
-55.58%19.95%22%15.87%7.91%0.42%-1.15%
Cost of Goods Sold
143.51M209.25M236.02M275.32M309.6M294.63M271.44M262.72M
COGS % of Revenue
51.93%48.67%45.77%43.76%42.47%37.46%34.37%-
Gross Profit
132.82M▲ 0%
220.65M▲ 66.1%
279.63M▲ 26.7%
353.78M▲ 26.5%
419.34M▲ 18.5%
491.94M▲ 17.3%
518.41M▲ 5.4%
518.23M▲ 0%
Gross Margin %
48.07%51.33%54.23%56.24%57.53%62.54%65.63%66.36%
Gross Profit Growth %
-66.13%26.73%26.51%18.53%17.31%5.38%-
Operating Expenses
200.85M294.03M357.54M504.97M541.23M581.27M520.98M530.42M
OpEx % of Revenue
72.68%68.39%69.34%80.27%74.25%73.9%65.96%-
Selling, General & Admin
166.47M243.38M291.43M400.41M410.64M439.14M419.47M426.96M
SG&A % of Revenue
60.24%56.61%56.52%63.65%56.33%55.83%53.11%-
Research & Development
34.38M50.64M66.11M104.56M120.33M125.44M101.51M103.35M
R&D % of Revenue
12.44%11.78%12.82%16.62%16.51%15.95%12.85%-
Other Operating Expenses
-384K55K0010.26M16.68M0109K
Operating Income
-68.03M▲ 0%
-73.38M▼ 7.9%
-77.91M▼ 6.2%
-151.19M▼ 94.1%
-121.89M▲ 19.4%
-89.33M▲ 26.7%
-2.58M▲ 97.1%
-12.19M▲ 0%
Operating Margin %
-24.62%-17.07%-15.11%-24.03%-16.72%-11.36%-0.33%-1.56%
Operating Income Growth %
--7.86%-6.17%-94.06%19.38%26.72%97.11%-
EBITDA
-59.29M-62.33M-62.61M-129.97M-97.31M-89.4M22.78M6.96M
EBITDA Margin %
-21.46%-14.5%-12.14%-20.66%-13.35%-11.37%2.88%0.89%
EBITDA Growth %
--5.12%-0.46%-107.59%25.13%8.13%125.48%115.16%
D&A (Non-Cash Add-back)
8.74M11.05M15.3M21.22M24.59M-69K25.36M19.15M
EBIT
-68.03M-73.38M-78.62M-150.34M-103.12M-89.26M8.34M-2.88M
Net Interest Income
87K-1.15M-16K4.3M20.15M19.29M14.21M12.99M
Interest Income
87K016K5.55M20.67M19.67M14.21M13.46M
Interest Expense
01.15M32K1.25M518K379K0470K
Other Income/Expense
-297K-1.09M-936K-399K18.25M8.39M10.91M10.8M
Pretax Income
-68.33M▲ 0%
-74.47M▼ 9.0%
-78.84M▼ 5.9%
-151.59M▼ 92.3%
-103.64M▲ 31.6%
-80.94M▲ 21.9%
8.34M▲ 110.3%
-1.39M▲ 0%
Pretax Margin %
-24.73%-17.32%-15.29%-24.1%-14.22%-10.29%1.06%-0.18%
Income Tax
1.38M3.15M1.18M2.29M3.65M4.35M4.53M5.65M
Effective Tax Rate %
-2.01%-4.23%-1.5%-1.51%-3.52%-5.37%54.34%-406.19%
Net Income
-69.7M▲ 0%
-77.62M▼ 11.4%
-80.03M▼ 3.1%
-153.88M▼ 92.3%
-107.29M▲ 30.3%
-85.29M▲ 20.5%
3.81M▲ 104.5%
-7.04M▲ 0%
Net Margin %
-25.22%-18.06%-15.52%-24.46%-14.72%-10.84%0.48%-0.9%
Net Income Growth %
--11.36%-3.1%-92.28%30.27%20.51%104.46%89.76%
Net Income (Continuing)
-69.7M-77.62M-80.03M-153.88M-107.29M-85.29M3.81M-7.04M
Discontinued Operations
00000000
Minority Interest
00000000
EPS (Diluted)
-2.17▲ 0%
-0.56▲ 74.2%
-0.56▲ 0.0%
-1.09▼ 94.6%
-0.71▲ 34.9%
-0.56▲ 21.1%
0.03▲ 104.6%
-0.05▲ 0%
EPS Growth %
-74.19%0%-94.64%34.86%21.13%104.59%88.28%
EPS (Basic)
-2.17-0.56-0.56-1.09-0.71-0.560.03-
Diluted Shares Outstanding
32.1M139.6M139.16M140.87M150.1M151.32M150.01M145.24M
Basic Shares Outstanding
32.1M139.6M139.16M140.87M150.1M151.32M148.21M145.24M
Dividend Payout Ratio
--------

UDMY Balance Sheet

Udemy, Inc. (UDMY) balance sheet — assets, liabilities & shareholders' equity

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
79.68M227.32M641.87M615.01M632.33M506.33M524.21M533.63M
Cash & Short-Term Investments
49.25M175.03M534.61M465.37M476.94M354.44M358.74M357.82M
Cash Only
49.25M175.03M533.87M313.69M305.56M190.59M231.49M252.56M
Short-Term Investments
00745K151.69M171.37M163.84M127.26M105.26M
Accounts Receivable
26.81M46.26M73.18M104.53M92.56M88.22M95.89M97.14M
Days Sales Outstanding
35.4139.2751.860.6546.3440.9444.3141.37
Inventory
00000000
Days Inventory Outstanding
--------
Other Current Assets
1.01M1.13M21.61M30.23M62.84M63.68M44.11M78.67M
Total Non-Current Assets
37.62M54.77M97.98M122.55M108.87M99.3M93.48M100.95M
Property, Plant & Equipment
7.96M9.11M9.89M18.39M10.13M15.48M15.73M15.09M
Fixed Asset Turnover
34.73x47.21x52.16x34.21x71.96x50.80x50.20x48.65x
Goodwill
0012.65M12.65M12.65M12.65M12.65M12.65M
Intangible Assets
10.8M14.01M33.65M36.74M36.61M2.43M2.45M2.03M
Long-Term Investments
2.5M2.9M10M12.1M10.31M1.11M183K8.5M
Other Non-Current Assets
16.36M28.75M31.79M42.67M39.17M67.63M62.47M62.69M
Total Assets
117.3M▲ 0%
282.1M▲ 140.5%
739.85M▲ 162.3%
737.57M▼ 0.3%
741.2M▲ 0.5%
605.63M▼ 18.3%
617.7M▲ 2.0%
634.59M▲ 0%
Asset Turnover
2.36x1.52x0.70x0.85x0.98x1.30x1.28x1.24x
Asset Growth %
-140.49%162.27%-0.31%0.49%-18.29%1.99%-1.22%
Total Current Liabilities
183.9M263.81M341.34M386.91M380.13M397.48M400.07M416.15M
Accounts Payable
16.32M23.71M34.63M14.53M2.51M6.31M8.2M12.89M
Days Payables Outstanding
41.5241.3653.5519.262.957.8211.0212.17
Short-Term Debt
0000004.54M4.87M
Deferred Revenue (Current)
87M141.44M208.27M273.94M279.41M291.11M01.2B
Other Current Liabilities
66.8M66.9M44.37M59.42M29.58M97.56M327.25M98.54M
Current Ratio
0.43x0.86x1.88x1.59x1.66x1.27x1.31x1.28x
Quick Ratio
0.43x0.86x1.88x1.59x1.66x1.27x1.31x1.28x
Cash Conversion Cycle
-------29.2
Total Non-Current Liabilities
3.35M4.86M8.81M11.35M4.17M10.76M7.17M6.25M
Long-Term Debt
00000004.85M
Capital Lease Obligations
0006.54M1.12M8.31M5.69M18.64M
Deferred Tax Liabilities
00000000
Other Non-Current Liabilities
2.64M3.93M6.53M464K48K6K234K1.4M
Total Liabilities
187.25M268.68M350.15M398.26M384.3M408.23M407.24M422.41M
Total Debt
00013.55M6.95M10.82M10.23M9.72M
Net Debt
-49.25M-175.03M-533.87M-300.14M-298.62M-179.78M-221.26M-242.84M
Debt / Equity
---0.04x0.02x0.05x0.05x0.05x
Debt / EBITDA
------0.45x1.40x
Net Debt / EBITDA
-------9.71x-34.87x
Interest Coverage
--64.03x-2456.97x-120.17x-199.08x-235.51x--6.14x
Total Equity
-69.94M▲ 0%
13.42M▲ 119.2%
389.7M▲ 2804.1%
339.31M▼ 12.9%
356.89M▲ 5.2%
197.39M▼ 44.7%
210.46M▲ 6.6%
212.18M▲ 0%
Equity Growth %
-119.19%2804.09%-12.93%5.18%-44.69%6.62%13.5%
Book Value per Share
-2.180.102.802.412.381.301.401.46
Total Shareholders' Equity
-69.94M13.42M389.7M339.31M356.89M197.39M210.46M212.18M
Common Stock
001K1K2K1K1K1K
Retained Earnings
-300.88M-378.5M-458.53M-612.4M-719.7M-804.99M-801.18M-813.79M
Treasury Stock
00000000
Accumulated OCI
00-1K-233K80K-11K162K27K
Minority Interest
00000000

UDMY Cash Flow Statement

Udemy, Inc. (UDMY) cash flow — operating, investing & free cash flow history

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-16.45M9.62M-7.1M-60.96M-2M53.04M86.22M90.89M
Operating CF Margin %
-5.95%2.24%-1.38%-9.69%-0.28%6.74%10.92%-
Operating CF Growth %
-158.49%-173.82%-758.07%96.71%2745.54%62.55%500.86%
Net Income
-69.7M-77.62M-77.53M-153.88M-107.29M-85.29M3.81M-7.04M
Depreciation & Amortization
8.74M11.05M15.3M21.22M24.59M25.42M25.36M25.52M
Stock-Based Compensation
8.96M31.62M34.68M81.29M96.05M90.02M052.08M
Deferred Taxes
00326K00000
Other Non-Cash Items
3.83M7.72M17.8M42.13M51.16M70.29M138.37M73.75M
Working Capital Changes
31.71M36.85M2.32M-51.73M-66.5M-47.4M-81.31M-53.42M
Change in Receivables
-10.58M-19.63M-27M-32.31M10.31M2.79M-11.04M12.31M
Change in Inventory
00-5.51M00000
Change in Payables
26.28M17.49M4.77M-28.62M-14.43M10.05M3.3M27.48M
Cash from Investing
14.61M-14.54M-52.69M-173.23M-24.97M1.08M20.63M37.12M
Capital Expenditures
-3.33M-5.18M-18.2M-1.56M-632K-2.3M-5.8M-3.97M
CapEx % of Revenue
1.2%1.2%3.53%0.25%0.09%0.29%0.73%0.51%
Acquisitions
00-24.49M-1.5M0000
Investments
--------
Other Investing
-7.79M-9.36M-12.87M-14.16M-12.43M-12.47M-13.38M-14.7M
Cash from Financing
11.27M131.09M418.63M14.76M19.2M-171.75M-67.03M-65.48M
Debt Issued (Net)
00000000
Equity Issued (Net)
0120.71M415.19M00-150.32M-46.72M-56.43M
Dividends Paid
00000000
Share Repurchases
00000-150.32M-50.97M-56.55M
Other Financing
11.27M10.38M3.44M14.76M19.2M-21.43M-20.31M-9.04M
Net Change in Cash
9.42M▲ 0%
126.18M▲ 1239.3%
358.84M▲ 184.4%
-219.45M▼ 161.2%
-7.76M▲ 96.5%
-117.75M▼ 1416.9%
40.06M▲ 134.0%
62.84M▲ 0%
Free Cash Flow
-27.58M▲ 0%
-4.91M▲ 82.2%
-25.31M▼ 415.1%
-76.68M▼ 203.0%
-15.07M▲ 80.3%
38.27M▲ 353.9%
80.42M▲ 110.1%
80.98M▲ 0%
FCF Margin %
-9.98%-1.14%-4.91%-12.19%-2.07%4.87%10.18%10.37%
FCF Growth %
-82.18%-415.1%-203%80.35%353.92%110.14%190.81%
FCF per Share
-0.86-0.04-0.18-0.54-0.100.250.540.56
FCF Conversion (FCF/Net Income)
0.24x-0.12x0.09x0.40x0.02x-0.62x22.65x-11.51x
Interest Paid
5K48K90K23K3.19M000
Taxes Paid
120K154K385K678K1.42M1.28M00

UDMY Key Ratios

Udemy, Inc. (UDMY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)
-578.43%-39.7%-42.21%-30.82%-30.77%1.87%-3.21%
Return on Invested Capital (ROIC)
---289.47%-187.63%-176.55%-56.68%116.87%
Gross Margin
51.33%54.23%56.24%57.53%62.54%65.63%66.36%
Net Margin
-18.06%-15.52%-24.46%-14.72%-10.84%0.48%-0.9%
Debt / Equity
--0.04x0.02x0.05x0.05x0.05x
Interest Coverage
-64.03x-2456.97x-120.17x-199.08x-235.51x--6.14x
FCF Conversion
-0.12x0.09x0.40x0.02x-0.62x22.65x-11.51x
Revenue Growth
55.58%19.95%22%15.87%7.91%0.42%-1.15%
Related:UDMY Dividend History·UDMY Revenue History·UDMY Price History·UDMY P/E History·UDMY Financial Ratios·UDMY Institutional Holders

UDMY SEC Filings & Documents

Udemy, Inc. (UDMY) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 11, 2026·SEC

Material company update

Apr 9, 2026·SEC

Material company update

Mar 31, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 19, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 11, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

UDMY Frequently Asked Questions

Udemy, Inc. (UDMY) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Udemy, Inc. (UDMY) reported $781.0M in revenue for fiscal year 2025. This represents a 183% increase from $276.3M in 2019.

Udemy, Inc. (UDMY) grew revenue by 0.4% over the past year. Growth has been modest.

Udemy, Inc. (UDMY) reported a net loss of $7.0M for fiscal year 2025.

Dividend & Returns

Udemy, Inc. (UDMY) has a return on equity (ROE) of 1.9%. This is below average, suggesting room for improvement.

Udemy, Inc. (UDMY) generated $81.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in UDMY back in 2019?

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