8-K Announcements
6Apr 9, 2026·SEC
Mar 31, 2026·SEC
Feb 10, 2026·SEC
Udemy, Inc. (UDMY) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Udemy, Inc. (UDMY) stock price & volume — 10-year historical chart
Udemy, Inc. (UDMY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Udemy, Inc. (UDMY) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 5, 2026 | $0.12vs $0.09+33.3% | $194Mvs $193M+0.3% |
| Q4 2025 | Oct 29, 2025 | $0.13vs $0.10+30.0% | $196Mvs $193M+1.2% |
| Q3 2025 | Jul 30, 2025 | $0.16vs $0.12+33.3% | $200Mvs $193M+3.8% |
| Q2 2025 | Apr 30, 2025 | $0.12vs $0.10+20.0% | $200Mvs $197M+1.8% |
Udemy, Inc. (UDMY) competitors in Consumer Learning Platforms and Apps — business model, growth, and fundamentals comparison
Udemy, Inc. (UDMY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Udemy, Inc. (UDMY) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 276.33M | 429.9M | 515.66M | 629.1M | 728.94M | 786.57M | 789.84M |
| Revenue Growth % | - | 55.58% | 19.95% | 22% | 15.87% | 7.91% | 0.42% |
| Cost of Goods Sold | 143.51M | 209.25M | 236.02M | 275.32M | 309.6M | 294.63M | 271.44M |
| 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% |
| Gross Margin % | 48.07% | 51.33% | 54.23% | 56.24% | 57.53% | 62.54% | 65.63% |
| Gross Profit Growth % | - | 66.13% | 26.73% | 26.51% | 18.53% | 17.31% | 5.38% |
| Operating Expenses | 200.85M | 294.03M | 357.54M | 504.97M | 541.23M | 581.27M | 520.98M |
| OpEx % of Revenue | 72.68% | 68.39% | 69.34% | 80.27% | 74.25% | 73.9% | 65.96% |
| Selling, General & Admin | 166.47M | 243.38M | 291.43M | 400.41M | 410.64M | 439.14M | 419.47M |
| SG&A % of Revenue | 60.24% | 56.61% | 56.52% | 63.65% | 56.33% | 55.83% | 53.11% |
| Research & Development | 34.38M | 50.64M | 66.11M | 104.56M | 120.33M | 125.44M | 101.51M |
| R&D % of Revenue | 12.44% | 11.78% | 12.82% | 16.62% | 16.51% | 15.95% | 12.85% |
| Other Operating Expenses | -384K | 55K | 0 | 0 | 10.26M | 16.68M | 0 |
| 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% |
| Operating Margin % | -24.62% | -17.07% | -15.11% | -24.03% | -16.72% | -11.36% | -0.33% |
| 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 | -89.4M | 22.78M |
| EBITDA Margin % | -21.46% | -14.5% | -12.14% | -20.66% | -13.35% | -11.37% | 2.88% |
| EBITDA Growth % | - | -5.12% | -0.46% | -107.59% | 25.13% | 8.13% | 125.48% |
| D&A (Non-Cash Add-back) | 8.74M | 11.05M | 15.3M | 21.22M | 24.59M | -69K | 25.36M |
| EBIT | -68.03M | -73.38M | -78.62M | -150.34M | -103.12M | -89.26M | 8.34M |
| Net Interest Income | 87K | -1.15M | -16K | 4.3M | 20.15M | 19.29M | 14.21M |
| Interest Income | 87K | 0 | 16K | 5.55M | 20.67M | 19.67M | 14.21M |
| Interest Expense | 0 | 1.15M | 32K | 1.25M | 518K | 379K | 0 |
| Other Income/Expense | -297K | -1.09M | -936K | -399K | 18.25M | 8.39M | 10.91M |
| 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% |
| Pretax Margin % | -24.73% | -17.32% | -15.29% | -24.1% | -14.22% | -10.29% | 1.06% |
| Income Tax | 1.38M | 3.15M | 1.18M | 2.29M | 3.65M | 4.35M | 4.53M |
| Effective Tax Rate % | -2.01% | -4.23% | -1.5% | -1.51% | -3.52% | -5.37% | 54.34% |
| 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% |
| Net Margin % | -25.22% | -18.06% | -15.52% | -24.46% | -14.72% | -10.84% | 0.48% |
| Net Income Growth % | - | -11.36% | -3.1% | -92.28% | 30.27% | 20.51% | 104.46% |
| Net Income (Continuing) | -69.7M | -77.62M | -80.03M | -153.88M | -107.29M | -85.29M | 3.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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% |
| EPS Growth % | - | 74.19% | 0% | -94.64% | 34.86% | 21.13% | 104.59% |
| EPS (Basic) | -2.17 | -0.56 | -0.56 | -1.09 | -0.71 | -0.56 | 0.03 |
| Diluted Shares Outstanding | 32.1M | 139.6M | 139.16M | 140.87M | 150.1M | 151.32M | 150.01M |
| Basic Shares Outstanding | 32.1M | 139.6M | 139.16M | 140.87M | 150.1M | 151.32M | 148.21M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Udemy, Inc. (UDMY) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 79.68M | 227.32M | 641.87M | 615.01M | 632.33M | 506.33M | 524.21M |
| Cash & Short-Term Investments | 49.25M | 175.03M | 534.61M | 465.37M | 476.94M | 354.44M | 358.74M |
| Cash Only | 49.25M | 175.03M | 533.87M | 313.69M | 305.56M | 190.59M | 231.49M |
| Short-Term Investments | 0 | 0 | 745K | 151.69M | 171.37M | 163.84M | 127.26M |
| Accounts Receivable | 26.81M | 46.26M | 73.18M | 104.53M | 92.56M | 88.22M | 95.89M |
| Days Sales Outstanding | 35.41 | 39.27 | 51.8 | 60.65 | 46.34 | 40.94 | 44.31 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 1.01M | 1.13M | 21.61M | 30.23M | 62.84M | 63.68M | 44.11M |
| Total Non-Current Assets | 37.62M | 54.77M | 97.98M | 122.55M | 108.87M | 99.3M | 93.48M |
| Property, Plant & Equipment | 7.96M | 9.11M | 9.89M | 18.39M | 10.13M | 15.48M | 15.73M |
| Fixed Asset Turnover | 34.73x | 47.21x | 52.16x | 34.21x | 71.96x | 50.80x | 50.20x |
| Goodwill | 0 | 0 | 12.65M | 12.65M | 12.65M | 12.65M | 12.65M |
| Intangible Assets | 10.8M | 14.01M | 33.65M | 36.74M | 36.61M | 2.43M | 2.45M |
| Long-Term Investments | 2.5M | 2.9M | 10M | 12.1M | 10.31M | 1.11M | 183K |
| Other Non-Current Assets | 16.36M | 28.75M | 31.79M | 42.67M | 39.17M | 67.63M | 62.47M |
| 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% |
| Asset Turnover | 2.36x | 1.52x | 0.70x | 0.85x | 0.98x | 1.30x | 1.28x |
| Asset Growth % | - | 140.49% | 162.27% | -0.31% | 0.49% | -18.29% | 1.99% |
| Total Current Liabilities | 183.9M | 263.81M | 341.34M | 386.91M | 380.13M | 397.48M | 400.07M |
| Accounts Payable | 16.32M | 23.71M | 34.63M | 14.53M | 2.51M | 6.31M | 8.2M |
| Days Payables Outstanding | 41.52 | 41.36 | 53.55 | 19.26 | 2.95 | 7.82 | 11.02 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 4.54M |
| Deferred Revenue (Current) | 87M | 141.44M | 208.27M | 273.94M | 279.41M | 291.11M | 0 |
| Other Current Liabilities | 66.8M | 66.9M | 44.37M | 59.42M | 29.58M | 97.56M | 327.25M |
| Current Ratio | 0.43x | 0.86x | 1.88x | 1.59x | 1.66x | 1.27x | 1.31x |
| Quick Ratio | 0.43x | 0.86x | 1.88x | 1.59x | 1.66x | 1.27x | 1.31x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.35M | 4.86M | 8.81M | 11.35M | 4.17M | 10.76M | 7.17M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 6.54M | 1.12M | 8.31M | 5.69M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.64M | 3.93M | 6.53M | 464K | 48K | 6K | 234K |
| Total Liabilities | 187.25M | 268.68M | 350.15M | 398.26M | 384.3M | 408.23M | 407.24M |
| Total Debt | 0 | 0 | 0 | 13.55M | 6.95M | 10.82M | 10.23M |
| Net Debt | -49.25M | -175.03M | -533.87M | -300.14M | -298.62M | -179.78M | -221.26M |
| Debt / Equity | - | - | - | 0.04x | 0.02x | 0.05x | 0.05x |
| Debt / EBITDA | - | - | - | - | - | - | 0.45x |
| Net Debt / EBITDA | - | - | - | - | - | - | -9.71x |
| Interest Coverage | - | -64.03x | -2456.97x | -120.17x | -199.08x | -235.51x | - |
| 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% |
| Equity Growth % | - | 119.19% | 2804.09% | -12.93% | 5.18% | -44.69% | 6.62% |
| Book Value per Share | -2.18 | 0.10 | 2.80 | 2.41 | 2.38 | 1.30 | 1.40 |
| Total Shareholders' Equity | -69.94M | 13.42M | 389.7M | 339.31M | 356.89M | 197.39M | 210.46M |
| Common Stock | 0 | 0 | 1K | 1K | 2K | 1K | 1K |
| Retained Earnings | -300.88M | -378.5M | -458.53M | -612.4M | -719.7M | -804.99M | -801.18M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -1K | -233K | 80K | -11K | 162K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Udemy, Inc. (UDMY) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -16.45M | 9.62M | -7.1M | -60.96M | -2M | 53.04M | 86.22M |
| 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% |
| Net Income | -69.7M | -77.62M | -77.53M | -153.88M | -107.29M | -85.29M | 3.81M |
| Depreciation & Amortization | 8.74M | 11.05M | 15.3M | 21.22M | 24.59M | 25.42M | 25.36M |
| Stock-Based Compensation | 8.96M | 31.62M | 34.68M | 81.29M | 96.05M | 90.02M | 0 |
| Deferred Taxes | 0 | 0 | 326K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.83M | 7.72M | 17.8M | 42.13M | 51.16M | 70.29M | 138.37M |
| Working Capital Changes | 31.71M | 36.85M | 2.32M | -51.73M | -66.5M | -47.4M | -81.31M |
| Change in Receivables | -10.58M | -19.63M | -27M | -32.31M | 10.31M | 2.79M | -11.04M |
| Change in Inventory | 0 | 0 | -5.51M | 0 | 0 | 0 | 0 |
| Change in Payables | 26.28M | 17.49M | 4.77M | -28.62M | -14.43M | 10.05M | 3.3M |
| Cash from Investing | 14.61M | -14.54M | -52.69M | -173.23M | -24.97M | 1.08M | 20.63M |
| Capital Expenditures | -3.33M | -5.18M | -18.2M | -1.56M | -632K | -2.3M | -5.8M |
| CapEx % of Revenue | 1.2% | 1.2% | 3.53% | 0.25% | 0.09% | 0.29% | 0.73% |
| Acquisitions | 0 | 0 | -24.49M | -1.5M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -7.79M | -9.36M | -12.87M | -14.16M | -12.43M | -12.47M | -13.38M |
| Cash from Financing | 11.27M | 131.09M | 418.63M | 14.76M | 19.2M | -171.75M | -67.03M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 120.71M | 415.19M | 0 | 0 | -150.32M | -46.72M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -150.32M | -50.97M |
| Other Financing | 11.27M | 10.38M | 3.44M | 14.76M | 19.2M | -21.43M | -20.31M |
| 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% |
| 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% |
| FCF Margin % | -9.98% | -1.14% | -4.91% | -12.19% | -2.07% | 4.87% | 10.18% |
| FCF Growth % | - | 82.18% | -415.1% | -203% | 80.35% | 353.92% | 110.14% |
| FCF per Share | -0.86 | -0.04 | -0.18 | -0.54 | -0.10 | 0.25 | 0.54 |
| FCF Conversion (FCF/Net Income) | 0.24x | -0.12x | 0.09x | 0.40x | 0.02x | -0.62x | 22.65x |
| Interest Paid | 5K | 48K | 90K | 23K | 3.19M | 0 | 0 |
| Taxes Paid | 120K | 154K | 385K | 678K | 1.42M | 1.28M | 0 |
Udemy, Inc. (UDMY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | -578.43% | -39.7% | -42.21% | -30.82% | -30.77% | 1.87% |
| Return on Invested Capital (ROIC) | - | - | - | -289.47% | -187.63% | -176.55% | -56.68% |
| Gross Margin | 48.07% | 51.33% | 54.23% | 56.24% | 57.53% | 62.54% | 65.63% |
| Net Margin | -25.22% | -18.06% | -15.52% | -24.46% | -14.72% | -10.84% | 0.48% |
| Debt / Equity | - | - | - | 0.04x | 0.02x | 0.05x | 0.05x |
| Interest Coverage | - | -64.03x | -2456.97x | -120.17x | -199.08x | -235.51x | - |
| FCF Conversion | 0.24x | -0.12x | 0.09x | 0.40x | 0.02x | -0.62x | 22.65x |
| Revenue Growth | - | 55.58% | 19.95% | 22% | 15.87% | 7.91% | 0.42% |
Udemy, Inc. (UDMY) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 9, 2026·SEC
Mar 31, 2026·SEC
Feb 10, 2026·SEC
Udemy, Inc. (UDMY) stock FAQ — growth, dividends, profitability & financials explained
Udemy, Inc. (UDMY) reported $789.8M in revenue for fiscal year 2025. This represents a 186% increase from $276.3M in 2019.
Udemy, Inc. (UDMY) grew revenue by 0.4% over the past year. Growth has been modest.
Yes, Udemy, Inc. (UDMY) is profitable, generating $3.8M in net income for fiscal year 2025 (0.5% net margin).
Udemy, Inc. (UDMY) has a return on equity (ROE) of 1.9%. This is below average, suggesting room for improvement.
Udemy, Inc. (UDMY) generated $73.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Udemy, Inc. (UDMY) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates