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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% | -104.5% |
| 2024 | $787M | $-47M | $-85M | $38M | -43.2% | 7.9% | -20.5% |
| 2023 | $729M | $-79M | $-107M | $-15M | -30.1% | 15.9% | -30.3% |
| 2022 | $629M | $-129M | $-154M | $-77M | -45.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 629.10 | 728.94 | 786.56 | 789.84 |
| Operating Revenue | - | 629.10 | 728.94 | 786.56 | 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 |
| Research And Development | - | 104.56 | 120.34 | 125.44 | 101.51 |
| Selling General And Administration | - | 400.41 | 410.64 | 439.14 | 419.47 |
| Total Expenses | - | 780.29 | 840.57 | 859.21 | 792.42 |
| Operating Income | - | -151.19 | -111.63 | -72.64 | -2.58 |
| Total Operating Income As Reported | - | -151.19 | -121.90 | -89.33 | -4.16 |
| EBITDA | - | -129.12 | -78.54 | -47.22 | 34.43 |
| Normalized EBITDA | - | -129.12 | -68.27 | -30.54 | 36.01 |
| EBIT | - | -150.34 | -103.12 | -72.64 | 9.07 |
| Interest Income | - | 5.55 | 20.67 | 20.05 | 14.21 |
| Interest Expense | 0.22 | 1.25 | 0.52 | - | 0.73 |
| Net Interest Income | - | 4.30 | 20.15 | 20.05 | 13.47 |
| Other Non Operating Income Expenses | - | -4.70 | -1.90 | -11.66 | -0.98 |
| Other Income Expense | - | -4.70 | -12.16 | -28.34 | -2.56 |
| Interest Income Non Operating | - | 5.55 | 20.67 | 20.05 | 14.21 |
| Interest Expense Non Operating | 0.22 | 1.25 | 0.52 | - | 0.73 |
| Net Non Operating Interest Income Expense | - | 4.30 | 20.15 | 20.05 | 13.47 |
| Pretax Income | - | -151.59 | -103.64 | -80.94 | 8.34 |
| Tax Provision | - | 2.29 | 3.65 | 4.35 | 4.53 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -2.16 | -3.50 | -0.33 |
| Net Income Continuous Operations | - | -153.88 | -107.29 | -85.29 | 3.81 |
| Net Income From Continuing And Discontinued Operation | - | -153.88 | -107.29 | -85.29 | 3.81 |
| Net Income From Continuing Operation Net Minority Interest | - | -153.88 | -107.29 | -85.29 | 3.81 |
| Net Income | - | -153.88 | -107.29 | -85.29 | 3.81 |
| Net Income Common Stockholders | - | -153.88 | -107.29 | -85.29 | 3.81 |
| Net Income Including Noncontrolling Interests | - | -153.88 | -107.29 | -85.29 | 3.81 |
| Normalized Income | - | -153.88 | -99.19 | -72.11 | 5.05 |
| Diluted NI Availto Com Stockholders | - | -153.88 | -107.29 | -85.29 | 3.81 |
| Basic Average Shares | - | 140.87 | 150.10 | 151.32 | 148.21 |
| Diluted Average Shares | - | 140.87 | 150.10 | 151.32 | 150.01 |
| Reconciled Depreciation | - | 21.22 | 24.59 | 25.42 | 25.36 |
| Reconciled Cost Of Revenue | - | 275.32 | 309.60 | 294.62 | 271.44 |
| Total Unusual Items | - | 0 | -10.26 | -16.68 | -1.58 |
| Total Unusual Items Excluding Goodwill | - | 0 | -10.26 | -16.68 | -1.58 |
| Special Income Charges | - | 0 | -10.26 | -16.68 | -1.58 |
| Restructuring And Mergern Acquisition | - | 0 | 10.26 | 16.68 | 1.58 |
| General And Administrative Expense | - | 99.06 | 93.90 | 96.20 | 93.02 |
| Other Gand A | - | 99.06 | 93.90 | 96.20 | 93.02 |
| Total Other Finance Cost | 0.02 | -4.30 | - | - | - |
| Selling And Marketing Expense | - | 301.35 | 316.74 | 342.95 | 326.45 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Udemy, Inc.this co. | UDMY | $677M | 177.90↑ premium | 3.22 | 1.8% | 13.24 |
| SunOpta Inc. | STKL | $771M | 48.89 | 4.51 | 9.2% | 14.45 |
| Westrock Coffee Company | WEST | $733M | -8.10 | -392.22 | 4841.8% | 87.41 |
| Natural Grocers by Vitamin Cottage, Inc. | NGVC | $670M | 14.44 | 3.16 | 21.9% | 10.50 |
| Mama's Creations, Inc. | MAMA | $622M |
| - |
| - |
| - |
| - |
| 117.59 |
| 11.81 |
| 10.0% |
| 50.45 |
| Utz Brands, Inc. | UTZ | $602M | 752.57 | 0.84 | 0.1% | 12.22 |
| Helen of Troy Limited | HELE | $582M | - | 0.73 | -112.6% | - |
| Village Super Market, Inc. | VLGEA | $573M | 11.36 | 1.28 | 11.3% | 7.37 |
| Krispy Kreme, Inc. | DNUT | $564M | - | 0.87 | -80.0% | - |
| Peer Median | - | 31.67 | 1.07 | 9.6% | 13.34 | |