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Udemy, Inc., a learning company, that operates a marketplace platform for learning skills in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It operates through Enterprise and Consumer segments. The company offers courses related to technology, business and soft skills, and personal development topics through its platform. It also provides professional services; learning architecture development and skills mapping; AI transformation packages; and seat-based subscription plans, including team plan, enterprise plan, and leadership academy, as well as the Udemy Business Pro add-on service. The company's platform gives access to interactive learning tools comprising quizzes and exercises, as well as the ability to ask questions and engage with the instructor directly; and Udemy AI assistant, a natural-language chat interface to help learners discover and engage with the company's content. It serves organizations, including enterprise and government customers; and individuals. Udemy, Inc. was incorporated in 2010 and is headquartered in San Francisco, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $790M | $34M | $4M | $70M | 1.8% | 0.4% | - |
| 2024 | $787M | $-47M | $-85M | $38M | -43.2% | 7.9% | - |
| 2023 | $729M | $-79M | $-107M | $-15M | -30.1% | 15.9% | - |
| 2022 | $629M | $-129M | $-154M | $-77M | -45.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 629.10 | 728.94 | 786.57 | 789.84 |
| Cost Of Revenue | 275.32 | 309.60 | 294.62 | 271.44 |
| Gross Profit | 353.78 | 419.34 | 491.94 | 518.41 |
| Operating Expense | 504.97 | 530.97 | 564.58 | 520.98 |
| Operating Income | -151.19 | -111.63 | -72.64 | -2.58 |
| EBITDA | -129.12 | -78.53 | -47.22 | 34.43 |
| EBIT | -150.34 | -103.12 | -72.64 | 9.07 |
| Pretax Income | -151.59 | -103.64 | -80.94 | 8.34 |
| Tax Provision | 2.29 | 3.65 | 4.35 | 4.53 |
| Net Income | -153.88 | -107.29 | -85.29 | 3.81 |
| Net Income Common Stockholders | -153.88 | -107.29 | -85.29 | 3.81 |
| Total Expenses | 780.29 | 840.57 | 859.21 | 792.42 |
| Interest Expense | 1.25 | 0.52 | 0 | 0.73 |
| Interest Income | 5.55 | 20.67 | 20.05 | 14.21 |
| Research And Development | 104.56 | 120.33 | 125.44 | 101.51 |
| Selling General And Administration | 400.41 | 410.64 | 439.14 | 419.47 |
| Normalized EBITDA | -129.12 | -68.27 | -30.54 | 36.01 |
| Normalized Income | -153.88 | -99.19 | -72.11 | 5.05 |
| Basic EPS | -1.09 | -0.71 | -0.56 | 0.03 |
| Diluted EPS | -1.09 | -0.71 | -0.56 | 0.03 |
| Tax Effect Of Unusual Items | 0 | -2.16 | -3.50 | -0.33 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 0 | -10.26 | -16.68 | -1.58 |
| Total Unusual Items Excluding Goodwill | 0 | -10.26 | -16.68 | -1.58 |
| Net Income From Continuing Operation Net Minority Interest | -153.88 | -107.29 | -85.29 | 3.81 |
| Reconciled Depreciation | 21.22 | 24.59 | 25.42 | 25.36 |
| Reconciled Cost Of Revenue | 275.32 | 309.60 | 294.62 | 271.44 |
| Net Interest Income | 4.30 | 20.15 | 20.05 | 13.47 |
| Net Income From Continuing And Discontinued Operation | -153.88 | -107.29 | -85.29 | 3.81 |
| Total Operating Income As Reported | -151.19 | -121.89 | -89.33 | -4.16 |
| Diluted Average Shares | 140.87 | 150.10 | 151.32 | 150.01 |
| Basic Average Shares | 140.87 | 150.10 | 151.32 | 148.21 |
| Diluted NI Availto Com Stockholders | -153.88 | -107.29 | -85.29 | 3.81 |
| Net Income Including Noncontrolling Interests | -153.88 | -107.29 | -85.29 | 3.81 |
| Net Income Continuous Operations | -153.88 | -107.29 | -85.29 | 3.81 |
| Other Income Expense | -4.70 | -12.16 | -28.34 | -2.56 |
| Other Non Operating Income Expenses | -4.70 | -1.90 | -11.65 | -0.98 |
| Special Income Charges | 0 | -10.26 | -16.68 | -1.58 |
| Restructuring And Mergern Acquisition | 0 | 10.26 | 16.68 | 1.58 |
| Net Non Operating Interest Income Expense | 4.30 | 20.15 | 20.05 | 13.47 |
| Total Other Finance Cost | -4.30 | 0 | 0 | 0 |
| Interest Expense Non Operating | 1.25 | 0.52 | 0 | 0.73 |
| Interest Income Non Operating | 5.55 | 20.67 | 20.05 | 14.21 |
| Selling And Marketing Expense | 301.35 | 316.74 | 342.95 | 326.45 |
| General And Administrative Expense | 99.06 | 93.90 | 96.20 | 93.02 |
| Other Gand A | 99.06 | 93.90 | 96.20 | 93.02 |
| Operating Revenue | 629.10 | 728.94 | 786.57 | 789.84 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Udemy, Inc.this co. | UDMY | $709M | 162.00↑ premium | 3.41 | 1.8% | 62.74 |
| SunOpta Inc. | STKL | $769M | 49.85 | 4.49 | 9.2% | 13.09 |
| Utz Brands, Inc. | UTZ | $685M | 775.00 | 0.95 | 0.1% | 24.01 |
| Natural Grocers by Vitamin Cottage, Inc. | NGVC | $640M | 13.48 | 2.91 | 21.9% | 9.70 |
| Krispy Kreme, Inc. | DNUT | $629M | - |
| 0.96 |
| -79.0% |
| 26.58 |
| Village Super Market, Inc. | VLGEA | $625M | 11.08 | 1.21 | - | 7.17 |
| Helen of Troy Limited | HELE | $554M | - | 0.69 | -112.6% | 8.27 |
| Westrock Coffee Company | WEST | $553M | - | -298.42 | -33.3% | 68.91 |
| Calavo Growers, Inc. | CVGW | $502M | 31.19 | 2.44 | 9.5% | 18.10 |
| Peer Median | - | 31.19 | 1.09 | 0.1% | 15.60 | |