Udemy, Inc.UDMYEarnings & Financial Report
Udemy is a US-based education technology company. Founded as a massive open online course (MOOC) provider in 2010 by Eren Bali, Gagan Biyani, and Oktay Caglar; the company is based in San Francisco, California, with offices in the United States, Australia, India, Ireland, Mexico and Turkey. Its education platform allows both the creation and sharing of online courses. By early 2025, Udemy claimed to have millions of individual users. Courses are typically video-based and on-demand.
Revenue
$196.8M
Gross Profit
$120.6M
Operating Profit
$-22.7M
Net Profit
$-18.3M
Gross Margin
61.2%
Operating Margin
-11.5%
Net Margin
-9.3%
YoY Growth
11.6%
EPS
$-0.12
Udemy, Inc. Q1 FY2024 Financial Summary
Udemy, Inc. reported revenue of $196.8M (up 11.6% YoY) for Q1 FY2024, with a net profit of $-18.3M (up 58.8% YoY) (-9.3% margin). Cost of goods sold was $76.3M, operating expenses totaled $143.3M.
Key Financial Metrics
| Total Revenue | $196.8M |
|---|---|
| Net Profit | $-18.3M |
| Gross Margin | 61.2% |
| Operating Margin | -11.5% |
| Report Period | Q1 FY2024 |
Revenue Breakdown
Udemy, Inc. Q1 FY2024 revenue of $196.8M breaks down across 2 segments, led by Enterprise Segment at $117.6M (59.8% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Enterprise Segment | $117.6M | 59.8% |
| Consumer Segment | $79.2M | 40.2% |
Udemy, Inc. Annual Revenue by Year
Udemy, Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $789.8M).
| Year | Annual Revenue |
|---|---|
| 2025 | $789.8M |
| 2024 | $786.6M |
| 2023 | $728.9M |
| 2022 | $629.1M |
Udemy, Inc. Quarterly Revenue & Net Profit History
Udemy, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $194.0M | -3.0% | $-2.3M | -1.2% |
| Q3 FY2025 | $195.7M | +0.1% | $1.6M | 0.8% |
| Q2 FY2025 | $199.9M | +2.8% | $6.3M | 3.1% |
| Q1 FY2025 | $200.3M | +1.8% | $-1.8M | -0.9% |
| Q4 FY2024 | $199.9M | +5.5% | $-9.9M | -4.9% |
| Q3 FY2024 | $195.4M | +5.8% | $-25.3M | -12.9% |
| Q2 FY2024 | $194.4M | +9.0% | $-31.8M | -16.4% |
| Q1 FY2024 | $196.8M | +11.6% | $-18.3M | -9.3% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $196.8M | $194.4M | $195.4M | $199.9M | $200.3M | $199.9M | $195.7M | $194.0M |
| YoY Growth | 11.6% | 9.0% | 5.8% | 5.5% | 1.8% | 2.8% | 0.1% | -3.0% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $708.5M | $671.9M | $608.9M | $605.6M | $639.0M | $644.0M | $618.9M | $617.7M |
| Liabilities | $412.0M | $419.7M | $412.6M | $408.2M | $429.6M | $410.6M | $397.1M | $407.2M |
| Equity | $296.5M | $252.3M | $196.3M | $197.4M | $209.4M | $233.4M | $221.8M | $210.5M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $21.0M | $28.6M | $-6.1M | $9.6M | $12.2M | $44.2M | $15.7M | $15.5M |