Udemy, Inc.

Listed Company

UDMYCIK 0001607939NasdaqLarge AcceleratedServices-Educational ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$3.81M

Total Assets

—

Equity

—

Shares Out

146.28M

Op. Cash Flow

$87.66M

Business

Udemy, Inc. is a global learning company that operates an online platform connecting instructors, individual learners and enterprise customers for professional skill acquisition and development. It offers a marketplace of free and paid on-demand courses, subscription plans, professional services, cohort-based leadership programs and enterprise SaaS features such as AI-powered learning tools, skills mapping and analytics. The business reports two operating segments: Udemy Business (enterprise seat-based subscriptions and services) and Consumer (direct-to-consumer marketplace and personal subscriptions). Udemy distributes content globally through its web and mobile platforms, localized language collections, direct sales, partner resellers and integrations with third-party LMS/LXP systems.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	790	787	729	629	516
Cost of revenue	271	295	310	275	236
Gross profit	518	492	419	354	280
Sales and marketing	326	343	317	301	227
Research and development	102	125	120	105	66
General and administrative	93	96	94	99	64
Restructuring charges	2	17	10	0	0
Total operating expenses	523	581	541	505	358
Loss from operations	−4	−89	−122	−151	−78
Interest income	14	20	21	6	204,000
Interest expense	−734,000	379,000	−518,000	−1	—
Other expense, net	−981,000	−12	−2	−5	−920,000
Total other income, net	12	8	18	−399,000	−936,000
Net income (loss) before taxes	8	−81	−104	−152	−79
Income tax provision	5	4	4	−2	−1
Net income (loss)	4	−85	−107	−154	−80
Basic (in dollars per share)	0.03	−0.56	−0.71	−1.09	−1.46
Diluted (in dollars per share)	0.03	−0.56	−0.71	−1.09	−1.46
Basic (in shares)	148	151	150	141	55
Diluted (in shares)	150	151	150	141	55

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	231	191	306	314	534
Restricted cash, current	201,000	100,000	3	0	0
Marketable securities	127	164	171	152	0
Accounts receivable, net	96	88	93	105	73
Prepaid expenses and other current assets	25	23	21	15	16
Deferred contract costs, current	44	41	39	30	19
Total current assets	524	506	632	615	642
Property and equipment, net	7	5	4	7	10
Capitalized software, net	29	32	31	27	20
Operating lease right-of-use assets	9	11	6	11	0
Restricted cash, non-current	183,000	1	659,000	4	3
Deferred contract costs, non-current	28	32	36	35	26
Intangible assets, net	2	2	5	9	14
Goodwill	13	13	13	13	13
Other assets	6	4	3	4	3
Total assets	618	606	741	738	740
Accounts payable	8	6	3	15	35
Accrued expenses and other current liabilities	32	31	28	31	40
Content costs payable	33	38	40	37	36
Accrued compensation and benefits	28	29	24	23	22
Operating lease liabilities, current	5	3	6	7	0
Deferred revenue, current	294	291	279	274	208
Total current liabilities	400	397	380	387	341
Operating lease liabilities, non-current	6	8	1	7	0
Deferred revenue, non-current	1	2	3	4	2
Other liabilities, non-current	234,000	6,000	48,000	464,000	7
Total liabilities	407	408	384	398	350
Note 8 Commitments and contingencies	—	—	—	—	—
Common stock, $0.00001 par value - 950,000,000 shares authorized; 145,050,642 and 147,484,280 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively.	1,000	1,000	2,000	1,000	1,000
Additional paid-in capital	1,011	1,002	1,077	952	848
Accumulated other comprehensive income (loss)	162,000	−11,000	80,000	−233,000	−1,000
Accumulated deficit	−801	−805	−720	−612	−459
Total stockholders equity	210	197	357	339	390
Total liabilities and stockholders' equity	618	606	741	738	740

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	25	25	25	21	15
Amortization of deferred contract costs	66	60	48	32	18
Stock-based compensation	69	90	96	81	35
Allowance for credit losses	3	2	2	960,000	326,000
Net (accretion) amortization of marketable securities	−3	−8	−7	−896,000	0
Non-cash operating lease expense	4	5	6	6	0
Unrealized loss on strategic investments	0	10	2	3	0
Other	2	3	1	690,000	0
Accounts receivable	−11	3	10	−32	−27
Prepaid expenses and other assets	−4	−5	−6	−4,000	−10
Deferred contract costs	−64	−58	−57	−53	−37
Accounts payable, accrued expenses and other liabilities	3	10	−14	−29	7
Content costs payable	−4	−3	3	1	4
Operating lease liabilities	−2	−6	−7	−6	0
Deferred revenue	2	11	4	68	67
Net cash provided by (used in) operating activities	88	53	−2	−61	−7
Purchases of marketable securities	−183	−337	−308	−159	0
Proceeds from maturities and sales of marketable securities	222	353	296	8	0
Purchases of property and equipment	−6	−2	−632,000	−2	−5
Capitalized software costs	−12	−12	−12	−14	−13
Payments related to asset acquisitions	−2	0	0	−2	−24
Net cash provided by (used in) investing activities	21	1	−25	−173	−53
Net proceeds from exercise of stock options	70,000	2	18	7	11
Proceeds from share purchases under employee stock purchase plan	4	7	8	9	0
Taxes paid related to net share settlement of equity awards	−20	−31	−7	0	0
Repurchases of common stock and excise taxes paid	−51	−150	0	0	—
Payments of debt issuance costs	−1	0	0	—	—
Net cash provided by (used in) financing activities	−68	−172	19	15	419
Effect of foreign exchange rates on cash flows	238,000	−116,000	20,000	−25,000	0
Net increase (decrease) in cash, cash equivalents and restricted cash	40	−118	−8	−219	359
Interest paid	299,000	0	3	23,000	90,000
Income taxes paid	5	1	1	678,000	385,000
Stock-based compensation in capitalized costs	7	9	9	6	3
Net change in unrealized gain (loss) on marketable securities	40,000	21,000	289,000	−213,000	0
Increase (decrease) in purchases of property and equipment included in liabilities	−500,000	630,000	−56,000	22,000	—
Operating lease right-of-use assets exchanged for operating lease liabilities	2	10	0	0	—
Accrued excise tax on share repurchases	117,000	876,000	0	0	—

Filings

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