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UDMY logoUdemy, Inc.(UDMY)Earnings, Financials & Key Ratios

UDMY•NASDAQ
$4.80
$700M mkt cap·186.8× P/E·Price updated May 6, 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%
  • ROIC-56.68%+67.9%
  • Debt/Equity0.05-11.3%
Technical→

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.

UDMY Price & Volume

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

Loading chart...

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%
TTM0.42%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM104.46%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM104.65%

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 11/12 qtrs (92%)●Beat Revenue 12/12 qtrs (100%)
Q1 2026Latest
Feb 5, 2026
EPS
$0.12
Est $0.09
+33.3%
Revenue
$194M
Est $193M
+0.3%
Q4 2025
Oct 29, 2025
EPS
$0.13
Est $0.10
+30.0%
Revenue
$196M
Est $193M
+1.2%
Q3 2025
Jul 30, 2025
EPS
$0.16
Est $0.12
+33.3%
Revenue
$200M
Est $193M
+3.8%
Q2 2025
Apr 30, 2025
EPS
$0.12
Est $0.10
+20.0%
Revenue
$200M
Est $197M
+1.8%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 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%
Q2 2025Apr 30, 2025
$0.12vs $0.10+20.0%
$200Mvs $197M+1.8%
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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
COUR logoCOURCoursera, Inc.Direct Competitor1.02B6.03-19.459.04%-8.23%-10.06%0.01
STRA logoSTRAStrategic Education, Inc.Direct Competitor1.79B78.5814.503.96%10.21%7.85%0.07
PRDO logoPRDOPerdoceo Education CorporationDirect Competitor2.14B34.1114.1024.2%18.9%16.3%0.11
LOPE logoLOPEGrand Canyon Education, Inc.Direct Competitor4.47B164.5121.347.07%26.92%29.53%0.27
SKIL logoSKILSkillsoft Corp.Product Competitor71.42M8.16-0.55-4.02%-26.02%-33.66%6.28
LAUR logoLAURLaureate Education, Inc.Product Competitor4.64B32.5217.218.64%16.08%25.36%0.71
LRN logoLRNStride, Inc.Product Competitor3.96B93.0015.6317.9%12.15%19.89%0.37
APEI logoAPEIAmerican Public Education, Inc.Product Competitor1.01B55.9141.113.89%2.15%10.92%0.23

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
Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue276.33M429.9M515.66M629.1M728.94M786.57M789.84M
Revenue Growth %-55.58%19.95%22%15.87%7.91%0.42%
Cost of Goods Sold143.51M209.25M236.02M275.32M309.6M294.63M271.44M
COGS % of Revenue51.93%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 Expenses200.85M294.03M357.54M504.97M541.23M581.27M520.98M
OpEx % of Revenue72.68%68.39%69.34%80.27%74.25%73.9%65.96%
Selling, General & Admin166.47M243.38M291.43M400.41M410.64M439.14M419.47M
SG&A % of Revenue60.24%56.61%56.52%63.65%56.33%55.83%53.11%
Research & Development34.38M50.64M66.11M104.56M120.33M125.44M101.51M
R&D % of Revenue12.44%11.78%12.82%16.62%16.51%15.95%12.85%
Other Operating Expenses-384K55K0010.26M16.68M0
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-89.4M22.78M
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)8.74M11.05M15.3M21.22M24.59M-69K25.36M
EBIT-68.03M-73.38M-78.62M-150.34M-103.12M-89.26M8.34M
Net Interest Income87K-1.15M-16K4.3M20.15M19.29M14.21M
Interest Income87K016K5.55M20.67M19.67M14.21M
Interest Expense01.15M32K1.25M518K379K0
Other Income/Expense-297K-1.09M-936K-399K18.25M8.39M10.91M
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 Tax1.38M3.15M1.18M2.29M3.65M4.35M4.53M
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-85.29M3.81M
Discontinued Operations0000000
Minority Interest0000000
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)-2.17-0.56-0.56-1.09-0.71-0.560.03
Diluted Shares Outstanding32.1M139.6M139.16M140.87M150.1M151.32M150.01M
Basic Shares Outstanding32.1M139.6M139.16M140.87M150.1M151.32M148.21M
Dividend Payout Ratio-------

UDMY Balance Sheet

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

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets79.68M227.32M641.87M615.01M632.33M506.33M524.21M
Cash & Short-Term Investments49.25M175.03M534.61M465.37M476.94M354.44M358.74M
Cash Only49.25M175.03M533.87M313.69M305.56M190.59M231.49M
Short-Term Investments00745K151.69M171.37M163.84M127.26M
Accounts Receivable26.81M46.26M73.18M104.53M92.56M88.22M95.89M
Days Sales Outstanding35.4139.2751.860.6546.3440.9444.31
Inventory0000000
Days Inventory Outstanding-------
Other Current Assets1.01M1.13M21.61M30.23M62.84M63.68M44.11M
Total Non-Current Assets37.62M54.77M97.98M122.55M108.87M99.3M93.48M
Property, Plant & Equipment7.96M9.11M9.89M18.39M10.13M15.48M15.73M
Fixed Asset Turnover34.73x47.21x52.16x34.21x71.96x50.80x50.20x
Goodwill0012.65M12.65M12.65M12.65M12.65M
Intangible Assets10.8M14.01M33.65M36.74M36.61M2.43M2.45M
Long-Term Investments2.5M2.9M10M12.1M10.31M1.11M183K
Other Non-Current Assets16.36M28.75M31.79M42.67M39.17M67.63M62.47M
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 Turnover2.36x1.52x0.70x0.85x0.98x1.30x1.28x
Asset Growth %-140.49%162.27%-0.31%0.49%-18.29%1.99%
Total Current Liabilities183.9M263.81M341.34M386.91M380.13M397.48M400.07M
Accounts Payable16.32M23.71M34.63M14.53M2.51M6.31M8.2M
Days Payables Outstanding41.5241.3653.5519.262.957.8211.02
Short-Term Debt0000004.54M
Deferred Revenue (Current)87M141.44M208.27M273.94M279.41M291.11M0
Other Current Liabilities66.8M66.9M44.37M59.42M29.58M97.56M327.25M
Current Ratio0.43x0.86x1.88x1.59x1.66x1.27x1.31x
Quick Ratio0.43x0.86x1.88x1.59x1.66x1.27x1.31x
Cash Conversion Cycle-------
Total Non-Current Liabilities3.35M4.86M8.81M11.35M4.17M10.76M7.17M
Long-Term Debt0000000
Capital Lease Obligations0006.54M1.12M8.31M5.69M
Deferred Tax Liabilities0000000
Other Non-Current Liabilities2.64M3.93M6.53M464K48K6K234K
Total Liabilities187.25M268.68M350.15M398.26M384.3M408.23M407.24M
Total Debt00013.55M6.95M10.82M10.23M
Net Debt-49.25M-175.03M-533.87M-300.14M-298.62M-179.78M-221.26M
Debt / Equity---0.04x0.02x0.05x0.05x
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-2.180.102.802.412.381.301.40
Total Shareholders' Equity-69.94M13.42M389.7M339.31M356.89M197.39M210.46M
Common Stock001K1K2K1K1K
Retained Earnings-300.88M-378.5M-458.53M-612.4M-719.7M-804.99M-801.18M
Treasury Stock0000000
Accumulated OCI00-1K-233K80K-11K162K
Minority Interest0000000

UDMY Cash Flow Statement

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

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-16.45M9.62M-7.1M-60.96M-2M53.04M86.22M
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-85.29M3.81M
Depreciation & Amortization8.74M11.05M15.3M21.22M24.59M25.42M25.36M
Stock-Based Compensation8.96M31.62M34.68M81.29M96.05M90.02M0
Deferred Taxes00326K0000
Other Non-Cash Items3.83M7.72M17.8M42.13M51.16M70.29M138.37M
Working Capital Changes31.71M36.85M2.32M-51.73M-66.5M-47.4M-81.31M
Change in Receivables-10.58M-19.63M-27M-32.31M10.31M2.79M-11.04M
Change in Inventory00-5.51M0000
Change in Payables26.28M17.49M4.77M-28.62M-14.43M10.05M3.3M
Cash from Investing14.61M-14.54M-52.69M-173.23M-24.97M1.08M20.63M
Capital Expenditures-3.33M-5.18M-18.2M-1.56M-632K-2.3M-5.8M
CapEx % of Revenue1.2%1.2%3.53%0.25%0.09%0.29%0.73%
Acquisitions00-24.49M-1.5M000
Investments-------
Other Investing-7.79M-9.36M-12.87M-14.16M-12.43M-12.47M-13.38M
Cash from Financing11.27M131.09M418.63M14.76M19.2M-171.75M-67.03M
Debt Issued (Net)0000000
Equity Issued (Net)0120.71M415.19M00-150.32M-46.72M
Dividends Paid0000000
Share Repurchases00000-150.32M-50.97M
Other Financing11.27M10.38M3.44M14.76M19.2M-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-0.86-0.04-0.18-0.54-0.100.250.54
FCF Conversion (FCF/Net Income)0.24x-0.12x0.09x0.40x0.02x-0.62x22.65x
Interest Paid5K48K90K23K3.19M00
Taxes Paid120K154K385K678K1.42M1.28M0

UDMY Key Ratios

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

Metric2019202020212022202320242025
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 Margin48.07%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---0.04x0.02x0.05x0.05x
Interest Coverage--64.03x-2456.97x-120.17x-199.08x-235.51x-
FCF Conversion0.24x-0.12x0.09x0.40x0.02x-0.62x22.65x
Revenue Growth-55.58%19.95%22%15.87%7.91%0.42%

UDMY SEC Filings & Documents

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

8-K Announcements

6
Material company update

Apr 9, 2026·SEC

Material company update

Mar 31, 2026·SEC

Material company update

Feb 10, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 19, 2025·SEC

10-Q Quarterly Reports

5
FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

May 1, 2025·SEC

UDMY Frequently Asked Questions

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

Growth & Financials

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).

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 $73.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More UDMY

Udemy, Inc. (UDMY) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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