UDMY

MKT CAP:$618M

Udemy, Inc.

Market Cap

$618M

Consumer Defensive·Education & Training Services·🇺🇸 United States·NASDAQ

Consumer Def.·Education·🇺🇸·NASDAQ

Stock Price

$4.73-$0.84 (-15.08%)

Apr 23, 2026

Company Details

Udemy, 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...

CEO

Hugo Sarrazin

IPO Date

Oct 29, 2021

Website

www.udemy.com

Key Metrics TTM

Revenue

$790M

+0.4% YoY

Net Income

$4M

EPS (Diluted)

$0.03

Free Cash Flow

$73M

Revenue / Share

$5.42

Gross Margin

65.6%

Operating Margin

-0.5%

Net Margin

0.5%

FCF Margin

9.3%

P/S

0.8x

P/E

162.3x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 19, 2026

$790M+0.4%EPS $0.03

Q4 2025

Feb 19, 2026

$194M-3.0%EPS -$0.02

Q3 2025

Oct 29, 2025

$196M+0.1%EPS $0.01

Q2 2025

Jul 30, 2025

$200M+2.8%EPS $0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$152M	$86M	-$25M
Q2 22	$153M	$87M	-$29M
Q3 22	$158M	$89M	-$43M
Q4 22	$165M	$91M	-$54M
Q1 23	$176M	$100M	-$47M
Q2 23	$178M	$102M	-$27M
Q3 23	$185M	$107M	-$21M
Q4 23	$190M	$110M	-$26M
Q1 24	$197M	$120M	-$23M
Q2 24	$194M	$121M	-$26M
Q3 24	$195M	$123M	-$29M
Q4 24	$200M	$127M	-$12M
Q1 25	$200M	$129M	-$4M
Q2 25	$200M	$132M	$4M
Q3 25	$196M	$129M	-$162.0K
Q4 25	$194M	$128M	-$3M

Valuation

Quarter	P/S	P/E
Q1 22	3.3x	—
Q2 22	2.8x	—
Q3 22	3.0x	—
Q4 22	2.6x	—
Q1 23	2.0x	—
Q2 23	2.4x	—
Q3 23	2.1x	—
Q4 23	2.8x	—
Q1 24	2.3x	—
Q2 24	1.7x	—
Q3 24	1.5x	—
Q4 24	1.5x	—
Q1 25	1.4x	—
Q2 25	1.3x	—
Q3 25	1.3x	—
Q4 25	1.1x	230.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$14M	-$17M
Q2 22	-$2M	-$7M
Q3 22	-$14M	-$19M
Q4 22	-$31M	-$34M
Q1 23	-$20M	-$23M
Q2 23	$13M	$10M
Q3 23	$12M	$9M
Q4 23	-$7M	-$11M
Q1 24	$21M	$18M
Q2 24	$29M	$25M
Q3 24	-$6M	-$10M
Q4 24	$10M	$6M
Q1 25	$12M	$7M
Q2 25	$44M	$39M
Q3 25	$16M	$12M
Q4 25	$16M	$15M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$4M
Q3 22	$5M
Q4 22	$4M
Q1 23	$3M
Q2 23	$3M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$4M
Q3 24	$4M
Q4 24	$3M
Q1 25	$5M
Q2 25	$5M
Q3 25	$4M
Q4 25	$522.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+22.2%	+25.9%
Q2 22	+21.4%	+32.5%
Q3 22	+22.3%	+45.0%
Q4 22	+22.1%	+24.4%
Q1 23	+15.9%	+26.0%
Q2 23	+16.4%	+13.2%
Q3 23	+16.6%	+2.2%
Q4 23	+14.6%	-1.9%
Q1 24	+11.6%	-1.8%
Q2 24	+9.0%	+6.9%
Q3 24	+5.8%	+9.0%
Q4 24	+5.5%	-1.7%
Q1 25	+1.8%	-6.7%
Q2 25	+2.8%	-10.9%
Q3 25	+0.1%	-12.9%
Q4 25	-3.0%	-6.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$13M	8.8%
Q2 22	$15M	9.6%
Q3 22	$25M	15.8%
Q4 22	$28M	17.1%
Q1 23	$26M	14.9%
Q2 23	$23M	13.0%
Q3 23	$23M	12.7%
Q4 23	$23M	12.2%
Q1 24	$23M	11.5%
Q2 24	$24M	12.5%
Q3 24	$23M	11.9%
Q4 24	$20M	9.9%
Q1 25	$18M	9.0%
Q2 25	$17M	8.7%
Q3 25	$18M	9.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$23M	$22M	$67M
Q2 22	$24M	$23M	$68M
Q3 22	$28M	$27M	$77M
Q4 22	$30M	$27M	$89M
Q1 23	$31M	$26M	$80M
Q2 23	$30M	$23M	$77M
Q3 23	$30M	$30M	$69M
Q4 23	$30M	$23M	$83M
Q1 24	$31M	$25M	$87M
Q2 24	$32M	$27M	$87M
Q3 24	$33M	$22M	$86M
Q4 24	$29M	$22M	$83M
Q1 25	$25M	$25M	$83M
Q2 25	$26M	$22M	$80M
Q3 25	$26M	$22M	$82M
Q4 25	$25M	$24M	$83M

Revenue Segments

Quarter	Consumer Segment	Enterprise Segment
Q1 22	$87M	$65M
Q2 22	$78M	$75M
Q3 22	$75M	$84M
Q4 22	$75M	$91M
Q1 23	$81M	$95M
Q2 23	$77M	$102M
Q3 23	$76M	$109M
Q4 23	$75M	$115M
Q1 24	$79M	$118M
Q2 24	$74M	$121M
Q3 24	$69M	$126M
Q4 24	$70M	$130M
Q1 25	$73M	$128M

Revenue by Geography

Quarter	Asia Pacific	Emea	Latin America	North America
Q1 22	$33M	$48M	$11M	$61M
Q2 22	$33M	$46M	$11M	$63M
Q3 22	$35M	$46M	$12M	$66M
Q4 22	$37M	$50M	$11M	$67M
Q1 23	$38M	$55M	$12M	$72M
Q2 23	$39M	$55M	$13M	$72M
Q3 23	$43M	$55M	$13M	$74M
Q4 23	$44M	$58M	$14M	$74M
Q1 24	$45M	$61M	$13M	$77M
Q2 24	$44M	$59M	$14M	$77M
Q3 24	$46M	$58M	$14M	$78M
Q4 24	$48M	$60M	$14M	$79M
Q1 25	$48M	$60M	$14M	$78M
Q2 25	$48M	$59M	$14M	$79M
Q3 25	$49M	$57M	$13M	$76M
Q4 25	$49M	$57M	$13M	$75M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$511M	$340.0K	$511M
Q2 22	$512M	$447.0K	$513M
Q3 22	$428M	$66M	$494M
Q4 22	$314M	$152M	$465M
Q1 23	$276M	$170M	$445M
Q2 23	$323M	$142M	$466M
Q3 23	$328M	$151M	$479M
Q4 23	$306M	$171M	$477M
Q1 24	$257M	$174M	$431M
Q2 24	$272M	$149M	$421M
Q3 24	$205M	$153M	$357M
Q4 24	$191M	$164M	$354M
Q1 25	$190M	$167M	$357M
Q2 25	$230M	$162M	$392M
Q3 25	$236M	$135M	$371M
Q4 25	$231M	$127M	$359M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	139M	+28.9%	+14.1%
Q2 22	140M	+0.5%	+14.7%
Q3 22	141M	+0.7%	+2.6%
Q4 22	143M	+1.5%	+32.3%
Q1 23	146M	+1.8%	+4.5%
Q2 23	148M	+1.6%	+5.7%
Q3 23	151M	+2.2%	+7.3%
Q4 23	155M	+2.5%	+8.4%
Q1 24	157M	+0.9%	+7.4%
Q2 24	153M	-2.3%	+3.3%
Q3 24	149M	-2.5%	-1.4%
Q4 24	147M	-1.7%	-5.4%
Q1 25	148M	+0.9%	-5.5%
Q2 25	150M	+1.7%	-1.6%
Q3 25	152M	+1.0%	+1.9%
Q4 25	146M	-4.1%	-0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$123.0K	1K
Q2 22	$123.7K	1K
Q3 22	$128.0K	1K
Q4 22	$98.5K	2K
Q1 23	$105.1K	2K
Q2 23	$106.2K	2K
Q3 23	$110.1K	2K
Q4 23	$131.4K	1K
Q1 24	$136.4K	1K
Q2 24	$134.7K	1K
Q3 24	$135.4K	1K
Q4 24	$160.5K	1K
Q1 25	$160.8K	1K
Q2 25	$160.4K	1K
Q3 25	$157.0K	1K
Q4 25	$140.6K	1K

Revenue / Employee