Udemy (UDMY) Financials

$4.63 0.00 (0.00%)

As of 05/11/2026 03:30 PM Eastern

Annual Income Statements for Udemy

This table shows Udemy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-70	-78	-80	-154	-107	-85	3.81
Consolidated Net Income / (Loss)	-70	-78	-80	-154	-107	-85	3.81
Net Income / (Loss) Continuing Operations	-70	-78	-80	-154	-107	-85	3.81
Total Pre-Tax Income	-68	-74	-79	-152	-104	-81	8.34
Total Operating Income	-68	-73	-78	-151	-122	-89	-4.16
Total Gross Profit	133	221	280	354	419	492	518
Total Revenue	276	430	516	629	729	787	790
Operating Revenue	276	430	516	629	729	787	790
Total Cost of Revenue	144	209	236	275	310	295	271
Operating Cost of Revenue	144	209	236	275	310	295	271
Total Operating Expenses	201	294	358	505	541	581	523
Selling, General & Admin Expense	40	51	64	99	94	96	93
Marketing Expense	126	193	227	301	317	343	326
Research & Development Expense	34	51	66	105	120	125	102
Restructuring Charge	-	-	0.00	0.00	10	17	1.58
Total Other Income / (Expense), net	-0.30	-1.09	-0.94	-0.40	18	8.39	12
Interest Expense	-	-	0.22	1.25	0.52	-0.38	0.73
Interest & Investment Income	0.09	-1.15	0.20	5.55	21	20	14
Other Income / (Expense), net	-0.38	0.06	-0.92	-4.70	-1.90	-12	-0.98
Income Tax Expense	1.38	3.15	1.18	2.29	3.65	4.35	4.53
Basic Earnings per Share	($2.57)	($2.33)	($1.46)	($1.09)	($0.71)	($0.56)	$0.03
Weighted Average Basic Shares Outstanding	27.10M	33.38M	54.97M	140.87M	150.10M	151.32M	148.21M
Diluted Earnings per Share	($2.57)	($2.33)	($1.46)	($1.09)	($0.71)	($0.56)	$0.03
Weighted Average Diluted Shares Outstanding	27.10M	33.38M	54.97M	140.87M	150.10M	151.32M	150.01M
Weighted Average Basic & Diluted Shares Outstanding	-	-	139.53M	145.36M	158.09M	147.74M	145.42M

This table shows Udemy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-26	-17	-20	-18	-32	-25	-9.86	-1.77	6.27	1.64	-2.33
Consolidated Net Income / (Loss)	-26	-17	-20	-18	-32	-25	-9.86	-1.77	6.27	1.64	-2.33
Net Income / (Loss) Continuing Operations	-26	-17	-20	-18	-32	-25	-9.86	-1.77	6.27	1.64	-2.33
Total Pre-Tax Income	-25	-16	-20	-17	-31	-24	-8.21	-0.83	7.40	2.75	-0.98
Total Operating Income	-27	-21	-26	-23	-26	-29	-12	-4.49	3.93	-0.16	-3.43
Total Gross Profit	102	107	110	121	121	123	127	129	132	129	128
Total Revenue	178	185	190	197	194	195	200	200	200	196	194
Operating Revenue	178	185	190	197	194	195	200	200	200	196	194
Total Cost of Revenue	76	77	80	76	73	72	73	71	68	67	66
Operating Cost of Revenue	76	77	80	76	73	72	73	71	68	67	66
Total Operating Expenses	130	129	136	143	147	153	139	134	128	129	131
Selling, General & Admin Expense	23	22	23	25	27	22	22	25	22	22	24
Marketing Expense	77	76	83	87	87	86	83	83	80	82	83
Research & Development Expense	30	30	30	31	32	33	29	25	26	26	25
Total Other Income / (Expense), net	2.78	5.54	6.14	5.42	-5.47	5.05	3.39	3.66	3.47	2.91	2.45
Interest Expense	-0.05	0.12	0.05	0.00	0.08	-0.50	0.05	0.02	0.12	0.35	0.25
Interest & Investment Income	4.89	5.54	5.91	5.73	5.20	4.73	4.01	3.58	3.66	3.78	3.19
Other Income / (Expense), net	-2.16	0.12	0.28	-0.31	-11	-0.19	-0.58	0.10	-0.07	-0.52	-0.48
Income Tax Expense	1.06	0.81	0.73	1.03	0.80	0.86	1.66	0.94	1.13	1.11	1.35
Basic Earnings per Share	($0.17)	($0.11)	($0.12)	($0.12)	($0.21)	($0.17)	($0.06)	($0.01)	$0.04	$0.01	($0.01)
Weighted Average Basic Shares Outstanding	148.07M	151.31M	150.10M	156.57M	152.99M	149.18M	151.32M	148.03M	149.25M	149.92M	148.21M
Diluted Earnings per Share	($0.17)	($0.11)	($0.12)	($0.12)	($0.21)	($0.17)	($0.06)	($0.01)	$0.04	$0.01	($0.01)
Weighted Average Diluted Shares Outstanding	148.07M	151.31M	150.10M	156.57M	152.99M	149.18M	151.32M	148.03M	150.49M	152.00M	150.01M
Weighted Average Basic & Diluted Shares Outstanding	150.39M	153.33M	158.09M	153.10M	150.36M	145.90M	147.74M	148.73M	150.34M	146.38M	145.42M

This table details how cash moves in and out of Udemy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	9.42	126	359	-219	-7.76	-118	40
Net Cash From Operating Activities	-16	9.62	-7.10	-61	-2.01	53	88
Net Cash From Continuing Operating Activities	-16	9.62	-7.10	-61	-2.01	53	88
Net Income / (Loss) Continuing Operations	-70	-78	-80	-154	-107	-85	3.81
Consolidated Net Income / (Loss)	-70	-78	-80	-154	-107	-85	3.81
Depreciation Expense	8.74	11	15	21	25	25	25
Amortization Expense	3.04	7.49	18	31	47	56	62
Non-Cash Adjustments To Reconcile Net Income	13	38	39	94	97	96	73
Changes in Operating Assets and Liabilities, net	29	30	0.43	-53	-63	-39	-77
Net Cash From Investing Activities	15	-15	-53	-173	-25	1.08	21
Net Cash From Continuing Investing Activities	15	-15	-53	-173	-25	1.08	21
Purchase of Property, Plant & Equipment	-11	-15	-18	-16	-13	-15	-18
Acquisitions	0.00	0.00	-24	-1.50	0.00	0.00	-1.50
Purchase of Investments	-1.54	0.00	-10	-164	-308	-337	-183
Sale and/or Maturity of Investments	27	0.00	0.00	7.50	296	353	222
Net Cash From Financing Activities	11	131	419	15	19	-172	-68
Net Cash From Continuing Financing Activities	11	131	419	15	19	-172	-68
Repayment of Debt	-	-	0.00	0.00	-6.76	-31	-22
Repurchase of Common Equity	0.00	0.00	-2.25	0.00	0.00	-150	-51
Issuance of Common Equity	0.00	0.00	415	9.19	8.04	7.05	4.18
Other Financing Activities, net	11	10	5.70	5.56	18	2.35	0.07
Effect of Exchange Rate Changes	-	0.00	0.00	-0.03	0.02	-0.12	0.24
Cash Interest Paid	0.01	0.05	0.09	0.02	3.19	0.00	0.30
Cash Income Taxes Paid	0.12	0.15	0.39	0.68	1.42	1.28	5.05

This table details how cash moves in and out of Udemy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	47	4.75	-22	-49	13	-68	-14	-1.08	41	5.67	-5.18
Net Cash From Operating Activities	13	12	-7.27	21	29	-6.10	9.58	12	44	16	16
Net Cash From Continuing Operating Activities	14	12	-7.27	21	29	-6.19	9.56	12	44	16	15
Net Income / (Loss) Continuing Operations	-26	-17	-20	-18	-32	-25	-9.86	-1.77	6.27	1.64	-2.33
Consolidated Net Income / (Loss)	-26	-17	-20	-18	-32	-25	-9.86	-1.77	6.27	1.64	-2.33
Depreciation Expense	6.10	6.18	6.52	6.48	6.69	6.34	5.91	6.21	6.94	6.14	6.07
Amortization Expense	13	12	13	13	11	17	11	15	16	17	14
Non-Cash Adjustments To Reconcile Net Income	23	23	25	16	40	18	32	16	16	19	21
Changes in Operating Assets and Liabilities, net	-2.59	-13	-31	3.26	2.40	-22	-29	-24	-1.08	-28	-24
Net Cash From Investing Activities	26	-10	-21	-3.77	24	-5.70	-13	-7.41	-0.20	23	4.84
Net Cash From Continuing Investing Activities	26	-10	-21	-3.77	24	-5.70	-13	-7.41	-0.20	23	4.84
Purchase of Property, Plant & Equipment	-3.27	-3.13	-3.31	-3.46	-3.81	-4.10	-3.41	-5.12	-5.19	-3.65	-3.73
Purchase of Investments	-68	-100	-82	-89	-57	-93	-97	-79	-34	-25	-45
Sale and/or Maturity of Investments	97	92	65	89	84	92	87	76	40	52	53
Net Cash From Financing Activities	8.29	3.57	6.16	-66	-39	-56	-10	-5.91	-3.50	-33	-26
Net Cash From Continuing Financing Activities	8.29	3.57	6.16	-66	-39	-56	-10	-5.91	-3.50	-33	-26
Repayment of Debt	-	-	-6.76	-12	-8.18	-5.55	-5.46	-5.95	-5.19	-5.14	-5.47
Repurchase of Common Equity	-	-	-	-55	-35	-51	-8.73	0.00	-0.88	-28	-22
Issuance of Common Equity	-	-	3.29	-	4.22	-	2.52	-	-	-	1.62
Other Financing Activities, net	3.53	3.57	9.63	0.31	-	0.48	1.42	0.04	0.01	0.01	0.01
Effect of Exchange Rate Changes	-0.01	-0.09	0.14	-0.05	0.03	0.08	-0.18	0.04	0.14	-0.00	0.07
Cash Interest Paid	0.08	2.62	0.00	0.00	-	-	-	0.00	-	0.04	0.26
Cash Income Taxes Paid	0.95	0.35	0.08	0.07	0.53	0.56	0.12	0.81	0.30	0.39	3.55

This table presents Udemy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	282	740	738	741	606	618
Total Current Assets	237	642	615	632	506	524
Cash & Equivalents	175	534	314	306	191	231
Restricted Cash	-	-	0.00	3.33	0.10	0.20
Short-Term Investments	-	0.00	152	171	164	127
Accounts Receivable	46	73	105	93	88	96
Prepaid Expenses	6.04	16	15	21	23	25
Other Current Assets	9.64	19	30	39	41	44
Plant, Property, & Equipment, net	9.11	9.89	7.01	4.44	4.53	6.69
Total Noncurrent Assets	36	88	116	104	95	87
Goodwill	0.00	13	13	13	13	13
Intangible Assets	14	34	37	37	34	31
Other Noncurrent Operating Assets	22	32	54	45	48	43
Total Liabilities & Shareholders' Equity	282	740	738	741	606	618
Total Liabilities	269	350	398	384	408	407
Total Current Liabilities	264	341	387	380	397	400
Accounts Payable	24	35	15	2.51	6.31	8.20
Accrued Expenses	47	40	31	28	31	32
Current Deferred Revenue	141	208	274	279	291	294
Current Employee Benefit Liabilities	20	22	23	24	29	28
Other Current Liabilities	31	36	44	46	40	38
Total Noncurrent Liabilities	4.86	8.81	11	4.17	11	7.17
Noncurrent Deferred Revenue	0.94	2.28	4.34	3.00	2.44	1.25
Other Noncurrent Operating Liabilities	3.93	6.53	7.01	1.17	8.32	5.92
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-261	390	339	357	197	210
Total Preferred & Common Equity	-261	390	339	357	197	210
Total Common Equity	-261	390	339	357	197	210
Common Stock	118	848	952	1,077	1,002	1,011
Retained Earnings	-379	-459	-612	-720	-805	-801
Accumulated Other Comprehensive Income / (Loss)	-	-0.00	-0.23	0.08	-0.01	0.16

This table presents Udemy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	746	730	717	722	736	708	672	609	639	644	619
Total Current Assets	622	608	595	605	622	603	568	508	541	547	524
Cash & Equivalents	512	428	276	323	328	257	272	205	190	230	236
Restricted Cash	-	-	-	-	0.10	3.33	0.10	0.10	0.00	0.20	0.20
Short-Term Investments	-	66	170	142	151	174	149	153	167	162	135
Accounts Receivable	69	72	96	87	83	100	82	81	111	84	77
Prepaid Expenses	14	13	17	14	18	26	20	25	26	23	29
Other Current Assets	27	29	36	39	41	44	45	45	47	48	48
Plant, Property, & Equipment, net	8.29	7.82	6.21	5.49	4.98	4.07	3.84	3.32	6.77	7.19	6.98
Total Noncurrent Assets	115	114	116	111	110	101	100	98	91	89	88
Goodwill	13	13	13	13	13	13	13	13	13	13	13
Intangible Assets	35	36	37	38	37	36	36	36	33	33	32
Other Noncurrent Operating Assets	53	53	54	51	50	42	51	49	46	44	43
Total Liabilities & Shareholders' Equity	746	730	717	722	736	708	672	609	639	644	619
Total Liabilities	371	374	392	389	391	412	420	413	430	411	397
Total Current Liabilities	354	358	383	384	386	408	409	403	420	403	389
Accounts Payable	17	17	11	5.31	5.66	3.08	3.67	4.27	4.43	7.41	6.53
Accrued Expenses	34	37	26	27	31	31	35	25	30	28	26
Current Deferred Revenue	241	238	276	285	280	316	310	300	326	311	296
Current Employee Benefit Liabilities	22	25	27	22	25	20	20	32	22	20	23
Other Current Liabilities	40	41	42	44	45	39	40	41	37	36	38
Total Noncurrent Liabilities	17	16	9.29	5.49	4.20	3.68	11	9.79	9.32	7.93	7.92
Noncurrent Deferred Revenue	3.02	3.10	4.35	2.18	2.52	2.34	2.46	2.36	2.03	1.64	1.24
Other Noncurrent Operating Liabilities	14	13	4.94	3.31	1.68	1.34	8.39	7.43	7.29	6.29	6.68
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	375	357	325	333	346	296	252	196	209	233	222
Total Preferred & Common Equity	375	357	325	333	346	296	252	196	209	233	222
Total Common Equity	375	357	325	333	346	296	252	196	209	233	222
Common Stock	889	917	982	1,016	1,045	1,035	1,022	991	1,016	1,034	1,021
Retained Earnings	-514	-560	-657	-683	-699	-738	-770	-795	-807	-800	-799
Accumulated Other Comprehensive Income / (Loss)	-0.02	-0.27	-0.10	-0.05	-0.06	-0.07	-0.04	0.20	-0.02	0.05	0.14

This table displays calculated financial ratios and metrics derived from Udemy's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	55.58%	19.95%	22.00%	15.87%	7.91%	0.42%
EBITDA Growth	0.00%	3.27%	16.53%	-125.87%	49.00%	54.05%	519.48%
EBIT Growth	0.00%	-7.18%	-7.50%	-97.76%	20.59%	18.43%	94.91%
NOPAT Growth	0.00%	-7.86%	-6.17%	-94.06%	19.38%	26.72%	96.97%
Net Income Growth	0.00%	-11.36%	-3.10%	-92.28%	30.27%	20.51%	104.46%
EPS Growth	0.00%	9.34%	37.34%	25.34%	34.86%	21.13%	105.36%
Operating Cash Flow Growth	0.00%	158.49%	-173.82%	-758.07%	96.71%	2,745.54%	65.26%
Free Cash Flow Firm Growth	0.00%	0.00%	-156.22%	-96.58%	26.29%	56.49%	72.98%
Invested Capital Growth	0.00%	0.00%	4.61%	10.38%	3.24%	-17.55%	5.51%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.99%	3.44%	1.34%	-0.75%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-9.94%	39.11%	29.63%	11.06%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-9.25%	18.97%	11.56%	61.65%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-9.53%	18.92%	13.60%	-104.57%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-7.53%	22.92%	10.85%	202.12%
EPS Q/Q Growth	0.00%	0.00%	0.00%	2.68%	26.04%	9.68%	250.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-172.15%	-118.05%	92.11%	46.56%	7.26%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	18.93%	29.52%	-135.01%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	7.61%	7.17%	2.37%	0.75%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	48.07%	51.33%	54.23%	56.24%	57.53%	62.54%	65.63%
EBITDA Margin	-20.50%	-12.74%	-8.87%	-16.42%	-7.23%	-3.08%	10.45%
Operating Margin	-24.62%	-17.07%	-15.11%	-24.03%	-16.72%	-11.36%	-0.53%
EBIT Margin	-24.76%	-17.06%	-15.29%	-24.78%	-16.98%	-12.84%	-0.65%
Profit (Net Income) Margin	-25.22%	-18.06%	-15.52%	-24.46%	-14.72%	-10.84%	0.48%
Tax Burden Percent	102.01%	104.23%	101.50%	101.51%	103.52%	105.37%	45.66%
Interest Burden Percent	99.87%	101.56%	100.02%	97.24%	83.72%	80.15%	-162.29%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	54.34%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	-578.43%	-39.70%	-42.21%	-30.82%	-30.77%	1.87%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-25.99%	-15.43%	-21.10%	-16.74%	-15.00%	-0.84%
Return on Assets (ROA)	0.00%	-27.52%	-15.66%	-20.83%	-14.51%	-12.67%	0.62%
Return on Common Equity (ROCE)	0.00%	11,236.97%	-12.71%	-42.21%	-30.82%	-30.77%	1.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	29.78%	-20.54%	-45.35%	-30.06%	-43.21%	0.00%
Net Operating Profit after Tax (NOPAT)	-48	-51	-55	-106	-85	-63	-1.90
NOPAT Margin	-17.23%	-11.95%	-10.58%	-16.82%	-11.71%	-7.95%	-0.24%
Net Nonoperating Expense Percent (NNEP)	0.00%	-30.00%	-7.09%	-9.41%	-4.54%	-5.39%	1.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-31.19%	-23.91%	-31.68%	-0.90%
Cost of Revenue to Revenue	51.93%	48.67%	45.77%	43.76%	42.47%	37.46%	34.37%
SG&A Expenses to Revenue	14.49%	11.81%	12.49%	15.75%	12.88%	12.23%	11.78%
R&D to Revenue	12.44%	11.78%	12.82%	16.62%	16.51%	15.95%	12.85%
Operating Expenses to Revenue	72.68%	68.39%	69.34%	80.27%	74.25%	73.90%	66.16%
Earnings before Interest and Taxes (EBIT)	-68	-73	-79	-156	-124	-101	-5.14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-57	-55	-46	-103	-53	-24	83
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	6.97	4.39	6.33	6.08	4.07
Price to Tangible Book Value (P/TBV)	0.00	0.00	7.91	5.14	7.34	7.96	5.15
Price to Revenue (P/Rev)	1.52	0.98	5.27	2.37	3.10	1.53	1.08
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	224.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.44%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	1.21	4.21	1.61	2.43	1.08	0.63
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	6.02
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	53.99	0.00	0.00	0.00	15.95	5.67
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	4.71	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-13.04	-1.78	-1.40	-1.39	-1.52	-1.75
Leverage Ratio	0.00	21.02	2.54	2.03	2.12	2.43	3.00
Compound Leverage Factor	0.00	21.35	2.54	1.97	1.78	1.95	-4.87
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	2,042.66%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-1,942.66%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	-0.39	4.62	1.61	3.01	0.87	0.94
Noncontrolling Interest Sharing Ratio	0.00%	2,042.66%	68.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	0.90	1.88	1.59	1.66	1.27	1.31
Quick Ratio	0.00	0.84	1.78	1.47	1.50	1.11	1.14
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	110	-62	-122	-90	-39	-11
Operating Cash Flow to CapEx	-147.96%	66.20%	-39.03%	-387.67%	-15.35%	359.01%	495.72%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-281.72	-97.39	-173.38	0.00	-14.38
Operating Cash Flow to Interest Expense	0.00	0.00	-32.29	-48.73	-3.87	0.00	119.43
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-115.03	-61.30	-29.09	0.00	95.34
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	1.52	1.01	0.85	0.99	1.17	1.29
Accounts Receivable Turnover	0.00	9.29	8.63	7.08	7.40	8.70	8.58
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	47.21	54.30	74.45	127.31	175.32	140.69
Accounts Payable Turnover	0.00	8.83	8.09	11.20	36.35	66.83	37.42
Days Sales Outstanding (DSO)	0.00	39.27	42.27	51.55	49.34	41.94	42.54
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	41.36	45.11	32.58	10.04	5.46	9.76
Cash Conversion Cycle (CCC)	0.00	-2.08	-2.84	18.97	39.30	36.48	32.78
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-162	-154	-138	-134	-157	-148
Invested Capital Turnover	0.00	-5.32	-3.27	-4.30	-5.36	-5.41	-5.17
Increase / (Decrease) in Invested Capital	0.00	-162	7.44	16	4.48	-23	8.66
Enterprise Value (EV)	0.00	520	2,171	1,013	1,768	846	497
Market Capitalization	421	421	2,715	1,491	2,259	1,201	856
Book Value per Share	$0.00	($7.81)	$2.80	$2.40	$2.33	$1.35	$1.44
Tangible Book Value per Share	$0.00	($8.23)	$2.47	$2.05	$2.01	$1.03	$1.14
Total Capital	0.00	13	390	339	357	197	210
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-175	-544	-477	-491	-355	-359
Capital Expenditures (CapEx)	11	15	18	16	13	15	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-202	-233	-237	-228	-246	-235
Debt-free Net Working Capital (DFNWC)	0.00	-27	301	228	252	109	124
Net Working Capital (NWC)	0.00	-27	301	228	252	109	124
Net Nonoperating Expense (NNE)	22	26	25	48	22	23	-5.70
Net Nonoperating Obligations (NNO)	0.00	-175	-544	-477	-491	-355	-359
Total Depreciation and Amortization (D&A)	12	19	33	53	71	77	88
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-46.96%	-45.25%	-37.72%	-31.29%	-31.23%	-29.73%
Debt-free Net Working Capital to Revenue	0.00%	-6.25%	58.28%	36.26%	34.60%	13.84%	15.72%
Net Working Capital to Revenue	0.00%	-6.25%	58.28%	36.26%	34.60%	13.84%	15.72%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($1.09)	($0.71)	($0.56)	$0.03
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	140.87M	150.10M	151.32M	148.21M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.09)	($0.71)	($0.56)	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	140.87M	150.10M	151.32M	150.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	145.36M	158.09M	147.74M	145.42M
Normalized Net Operating Profit after Tax (NOPAT)	-48	-51	-55	-106	-78	-51	-1.80
Normalized NOPAT Margin	-17.23%	-11.95%	-10.58%	-16.82%	-10.72%	-6.46%	-0.23%
Pre Tax Income Margin	-24.73%	-17.32%	-15.29%	-24.10%	-14.22%	-10.29%	1.06%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-358.30	-124.61	-238.98	0.00	-7.00
NOPAT to Interest Expense	0.00	0.00	-247.89	-84.60	-164.72	0.00	-2.59
EBIT Less CapEx to Interest Expense	0.00	0.00	-441.05	-137.18	-264.21	0.00	-31.09
NOPAT Less CapEx to Interest Expense	0.00	0.00	-330.63	-97.17	-189.95	0.00	-26.68
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-2.81%	0.00%	0.00%	-176.25%	1,338.72%

This table displays calculated financial ratios and metrics derived from Udemy's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.41%	16.59%	14.65%	11.57%	9.04%	5.79%	5.49%	1.75%	2.84%	0.13%	-2.98%
EBITDA Growth	19.85%	91.74%	85.02%	89.90%	-70.96%	-123.37%	171.04%	612.90%	245.46%	319.22%	29.84%
EBIT Growth	-1.45%	54.30%	53.31%	51.42%	-21.97%	-38.69%	52.04%	80.93%	110.67%	97.69%	67.85%
NOPAT Growth	3.73%	50.30%	52.57%	51.92%	6.98%	-37.04%	54.82%	80.24%	118.60%	99.53%	70.42%
Net Income Growth	12.41%	64.09%	61.18%	58.83%	-23.62%	-50.72%	51.28%	90.34%	119.69%	106.50%	76.39%
EPS Growth	19.05%	66.67%	67.57%	61.29%	-23.53%	-54.55%	50.00%	91.67%	119.05%	105.88%	83.33%
Operating Cash Flow Growth	648.41%	184.32%	76.31%	205.40%	111.93%	-152.28%	231.84%	-41.77%	54.60%	357.89%	61.92%
Free Cash Flow Firm Growth	-121.73%	-130.82%	58.34%	99.27%	128.47%	82.12%	168.36%	-879.78%	-180.92%	-210.70%	-172.08%
Invested Capital Growth	6.25%	3.71%	3.24%	-11.77%	-18.27%	-11.76%	-17.55%	0.12%	5.89%	7.05%	5.51%
Revenue Q/Q Growth	1.03%	3.64%	2.61%	3.85%	-1.26%	0.54%	2.32%	0.18%	-0.21%	-2.10%	-0.87%
EBITDA Q/Q Growth	67.19%	72.48%	-100.40%	44.19%	-455.44%	64.04%	163.74%	302.91%	57.52%	-16.10%	-28.59%
EBIT Q/Q Growth	37.53%	27.85%	-18.73%	9.22%	-56.83%	17.95%	58.94%	63.90%	187.73%	-117.77%	-471.24%
NOPAT Q/Q Growth	41.91%	21.72%	-19.37%	11.42%	-12.39%	-15.32%	60.64%	61.26%	205.79%	-102.91%	-2,381.30%
Net Income Q/Q Growth	42.23%	34.85%	-20.76%	9.43%	-73.48%	20.57%	60.97%	82.05%	453.75%	-73.79%	-241.84%
EPS Q/Q Growth	45.16%	35.29%	-9.09%	0.00%	-75.00%	19.05%	64.71%	83.33%	500.00%	-75.00%	-200.00%
Operating Cash Flow Q/Q Growth	167.81%	-13.52%	-162.30%	388.51%	36.35%	-121.33%	257.08%	27.43%	262.02%	-64.41%	-1.37%
Free Cash Flow Firm Q/Q Growth	37.91%	28.36%	-9.01%	98.49%	2,511.67%	-144.99%	516.76%	-121.67%	-99.18%	-72.73%	3.31%
Invested Capital Q/Q Growth	-7.89%	-0.92%	7.17%	-10.59%	-14.16%	4.63%	2.37%	6.04%	-7.56%	5.80%	0.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.40%	58.17%	57.95%	61.25%	62.32%	62.97%	63.62%	64.62%	66.06%	65.86%	66.01%
EBITDA Margin	-6.06%	-1.61%	-3.14%	-1.69%	-9.51%	-3.40%	2.12%	8.52%	13.44%	11.52%	8.30%
Operating Margin	-15.41%	-11.64%	-13.54%	-11.55%	-13.14%	-15.07%	-5.80%	-2.24%	1.97%	-0.08%	-1.77%
EBIT Margin	-16.62%	-11.57%	-13.39%	-11.70%	-18.59%	-15.17%	-6.09%	-2.19%	1.93%	-0.35%	-2.02%
Profit (Net Income) Margin	-14.44%	-9.08%	-10.68%	-9.32%	-16.37%	-12.93%	-4.93%	-0.88%	3.13%	0.84%	-1.20%
Tax Burden Percent	104.28%	105.08%	103.73%	105.93%	102.59%	103.54%	120.20%	212.35%	84.69%	59.73%	238.63%
Interest Burden Percent	83.31%	74.65%	76.92%	75.15%	85.83%	82.34%	67.42%	18.98%	191.91%	-401.31%	24.94%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.31%	40.27%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-47.77%	-39.64%	-30.82%	-26.09%	-29.78%	-35.30%	-30.77%	-27.17%	-12.62%	-1.78%	1.87%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-15.36%	-11.12%	-13.20%	-12.31%	-20.41%	-17.50%	-7.11%	-2.57%	2.33%	-0.45%	-2.60%
Return on Assets (ROA)	-13.34%	-8.72%	-10.53%	-9.80%	-17.98%	-14.92%	-5.76%	-1.04%	3.79%	1.09%	-1.55%
Return on Common Equity (ROCE)	-47.77%	-39.64%	-30.82%	-26.09%	-29.78%	-35.30%	-30.77%	-27.17%	-12.62%	-1.78%	1.87%
Return on Equity Simple (ROE_SIMPLE)	-50.77%	-40.25%	0.00%	-27.35%	-34.56%	-48.75%	0.00%	-32.82%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-19	-15	-18	-16	-18	-21	-8.12	-3.14	3.33	-0.10	-2.40
NOPAT Margin	-10.79%	-8.15%	-9.48%	-8.08%	-9.20%	-10.55%	-4.06%	-1.57%	1.66%	-0.05%	-1.24%
Net Nonoperating Expense Percent (NNEP)	-1.30%	-0.35%	-0.47%	-0.54%	-3.11%	-1.10%	-0.41%	0.34%	0.72%	0.48%	0.02%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-5.03%	-	-	-	-4.11%	-1.50%	1.43%	-0.04%	-1.14%
Cost of Revenue to Revenue	42.60%	41.83%	42.05%	38.75%	37.68%	37.03%	36.38%	35.38%	33.94%	34.14%	33.99%
SG&A Expenses to Revenue	12.69%	11.99%	12.02%	12.58%	14.03%	11.39%	10.95%	12.49%	10.92%	11.21%	12.50%
R&D to Revenue	16.63%	16.41%	15.57%	15.86%	16.67%	16.87%	14.42%	12.46%	13.19%	13.07%	12.69%
Operating Expenses to Revenue	72.80%	69.81%	71.49%	72.79%	75.46%	78.05%	69.42%	66.87%	64.10%	65.94%	67.78%
Earnings before Interest and Taxes (EBIT)	-30	-21	-25	-23	-36	-30	-12	-4.39	3.86	-0.69	-3.91
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-11	-2.97	-5.96	-3.33	-18	-6.64	4.23	17	27	23	16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.73	4.13	6.33	5.68	5.24	5.70	6.08	5.48	4.48	4.75	4.07
Price to Tangible Book Value (P/TBV)	5.57	4.83	7.34	6.80	6.50	7.58	7.96	7.00	5.56	5.95	5.15
Price to Revenue (P/Rev)	2.32	2.03	3.10	2.25	1.73	1.44	1.53	1.45	1.31	1.32	1.08
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	224.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.44%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.62	1.33	2.43	1.65	1.18	0.98	1.08	1.00	0.82	0.86	0.63
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.74	9.18	6.02
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.45	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	31.89	16.68	21.04	15.95	17.83	10.91	8.35	5.67
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.64	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.42	-1.42	-1.39	-1.45	-1.53	-1.56	-1.52	-1.58	-1.67	-1.74	-1.75
Leverage Ratio	2.07	2.09	2.12	2.29	2.38	2.48	2.43	2.66	2.71	2.94	3.00
Compound Leverage Factor	1.73	1.56	1.63	1.72	2.04	2.04	1.64	0.51	5.20	-11.79	0.75
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.28	2.11	3.45	2.27	1.53	1.12	1.35	1.27	1.31	1.33	0.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.58	1.61	1.66	1.48	1.39	1.26	1.27	1.29	1.36	1.35	1.31
Quick Ratio	1.44	1.46	1.50	1.30	1.23	1.09	1.11	1.11	1.18	1.15	1.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-29	-21	-22	-0.34	8.18	-3.68	15	-3.32	-6.62	-11	-11
Operating Cash Flow to CapEx	412.32%	372.99%	-219.58%	606.39%	751.04%	-148.85%	280.83%	238.48%	851.37%	431.58%	416.40%
Free Cash Flow to Firm to Interest Expense	0.00	-166.04	-415.63	-113.10	106.27	0.00	340.94	-221.63	-55.18	-32.68	-44.41
Operating Cash Flow to Interest Expense	0.00	94.09	-134.59	6,989.67	371.32	0.00	212.93	814.00	368.36	44.95	62.31
Operating Cash Flow Less CapEx to Interest Expense	0.00	68.86	-195.89	5,837.00	321.88	0.00	137.11	472.67	325.09	34.53	47.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.92	0.96	0.99	1.05	1.10	1.15	1.17	1.17	1.21	1.30	1.29
Accounts Receivable Turnover	8.68	9.13	7.40	7.64	9.05	9.46	8.70	7.49	9.55	10.09	8.58
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	98.53	110.11	127.31	145.87	164.14	186.94	175.32	145.85	144.28	154.58	140.69
Accounts Payable Turnover	26.13	26.75	36.35	44.58	68.23	60.71	66.83	77.04	51.23	51.49	37.42
Days Sales Outstanding (DSO)	42.05	39.99	49.34	47.78	40.31	38.57	41.94	48.73	38.20	36.17	42.54
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	13.97	13.65	10.04	8.19	5.35	6.01	5.46	4.74	7.12	7.09	9.76
Cash Conversion Cycle (CCC)	28.07	26.35	39.30	39.59	34.96	32.55	36.48	43.99	31.08	29.08	32.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-143	-144	-134	-148	-169	-161	-157	-148	-159	-150	-148
Invested Capital Turnover	-4.60	-4.80	-5.36	-5.35	-4.92	-5.09	-5.41	-5.35	-4.86	-5.12	-5.17
Increase / (Decrease) in Invested Capital	9.52	5.54	4.48	-16	-26	-17	-23	0.18	9.95	11	8.66
Enterprise Value (EV)	1,099	939	1,768	1,239	900	761	846	789	653	682	497
Market Capitalization	1,575	1,429	2,259	1,684	1,321	1,119	1,201	1,146	1,046	1,054	856
Book Value per Share	$2.27	$2.30	$2.33	$1.89	$1.65	$1.31	$1.35	$1.42	$1.57	$1.48	$1.44
Tangible Book Value per Share	$1.93	$1.97	$2.01	$1.58	$1.33	$0.98	$1.03	$1.11	$1.26	$1.18	$1.14
Total Capital	333	346	357	296	252	196	197	209	233	222	210
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-476	-490	-491	-444	-421	-357	-355	-357	-392	-371	-359
Capital Expenditures (CapEx)	3.27	3.13	3.31	3.46	3.81	4.10	3.41	5.12	5.19	3.65	3.73
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-244	-244	-228	-239	-262	-252	-246	-236	-247	-236	-235
Debt-free Net Working Capital (DFNWC)	222	235	252	195	159	105	109	121	145	135	124
Net Working Capital (NWC)	222	235	252	195	159	105	109	121	145	135	124
Net Nonoperating Expense (NNE)	6.51	1.72	2.29	2.43	14	4.65	1.75	-1.37	-2.94	-1.74	-0.07
Net Nonoperating Obligations (NNO)	-476	-490	-491	-444	-421	-357	-355	-357	-392	-371	-359
Total Depreciation and Amortization (D&A)	19	18	19	20	18	23	16	21	23	23	20
Debt-free, Cash-free Net Working Capital to Revenue	-35.92%	-34.66%	-31.29%	-31.88%	-34.22%	-32.47%	-31.23%	-29.91%	-31.09%	-29.71%	-29.73%
Debt-free Net Working Capital to Revenue	32.69%	33.38%	34.60%	26.04%	20.78%	13.55%	13.84%	15.28%	18.20%	16.96%	15.72%
Net Working Capital to Revenue	32.69%	33.38%	34.60%	26.04%	20.78%	13.55%	13.84%	15.28%	18.20%	16.96%	15.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	($0.11)	($0.12)	($0.12)	($0.21)	($0.17)	($0.06)	($0.01)	$0.04	$0.01	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	148.07M	151.31M	150.10M	156.57M	152.99M	149.18M	151.32M	148.03M	149.25M	149.92M	148.21M
Adjusted Diluted Earnings per Share	($0.17)	($0.11)	($0.12)	($0.12)	($0.21)	($0.17)	($0.06)	($0.01)	$0.04	$0.01	($0.01)
Adjusted Weighted Average Diluted Shares Outstanding	148.07M	151.31M	150.10M	156.57M	152.99M	149.18M	151.32M	148.03M	150.49M	152.00M	150.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	150.39M	153.33M	158.09M	153.10M	150.36M	145.90M	147.74M	148.73M	150.34M	146.38M	145.42M
Normalized Net Operating Profit after Tax (NOPAT)	-19	-15	-18	-16	-18	-13	-4.33	-2.12	3.42	-0.10	-2.40
Normalized NOPAT Margin	-10.73%	-8.15%	-9.48%	-8.08%	-9.20%	-6.51%	-2.17%	-1.06%	1.71%	-0.05%	-1.24%
Pre Tax Income Margin	-13.85%	-8.64%	-10.30%	-8.79%	-15.96%	-12.49%	-4.10%	-0.42%	3.70%	1.40%	-0.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-172.37	-469.94	-7,679.00	-469.22	0.00	-270.49	-292.93	32.13	-1.96	-15.71
NOPAT to Interest Expense	0.00	-121.35	-332.63	-5,303.43	-232.24	0.00	-180.35	-209.63	27.72	-0.28	-9.64
EBIT Less CapEx to Interest Expense	0.00	-197.60	-531.24	-8,831.67	-518.66	0.00	-346.31	-634.27	-11.14	-12.37	-30.68
NOPAT Less CapEx to Interest Expense	0.00	-146.57	-393.93	-6,456.10	-281.68	0.00	-256.17	-550.96	-15.55	-10.69	-24.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-68.00%	-103.91%	-148.00%	-176.25%	-138.50%	-197.85%	-1,017.84%	1,338.72%

Financials Breakdown Chart

Key Financial Trends

Udemy, Inc. (UDMY) has shown a mix of stable revenue and margin traits with ongoing profitability volatility over the last four years. Below are the key takeaways based on quarterly statements from 2022 through 2025.

Stable gross margin: Gross margin has generally stayed in the mid-60s percent range (roughly 64–66%), with quarterly gross profit around 128–132 million on annualized revenue near 190–200 million in recent periods. For example, Q4 2025 shows gross profit of 128.0 million on revenue of 193.99 million (about 66%).
Positive operating cash flow in 2025 quarters: Operating cash flow has been positive across 2025 quarters, including ~44.2 million in Q2 2025 and ~15.7 million in Q3 2025, with Q4 2025 also showing positive cash from continuing operating activities (~15.5 million).
Strong liquidity position in 2025: Cash & equivalents were about $236 million by 2025 Q3 (up from earlier 2025 levels), providing liquidity to fund operations and near-term needs.
Revenue base remains resilient: Quarterly operating revenue has hovered around the 190–200 million range across 2023–2025, indicating durable demand and a consistent revenue base.
Notable deferred revenue provides visibility: Current deferred revenue sits around 296–326 million across recent quarters, signaling strong near-term revenue visibility and future cash inflows as performance obligations are satisfied.
Profitability is volatile: Net income is highly inconsistent by quarter. While Q3 2025 shows a small GAAP profit (net income attributable to common shareholders around 1.6 million), other quarters (including Q4 2025) show meaningful losses, underscoring earnings volatility.
High operating expenses, especially marketing: Marketing expenses run around 80–85 million per quarter, contributing to compressed operating margins despite stable revenue and gross margin.
Liabilities and equity levels are sizable but manageable: Recent quarters show total liabilities around the $400–410 million level with equity fluctuating, yet liquidity remains solid due to cash generation. This indicates a balanced but leveraged position rather than heavy debt burden.
Persistent GAAP losses over multiple periods: The company has posted net losses in several quarters (e.g., Q4 2024 and many earlier periods), which raises questions about sustained profitability despite revenue stability.
Cost structure remains a headwind for sustained profitability: Ongoing high marketing and SG&A costs have contributed to negative operating income in several quarters, challenging longer-term profitability despite a steady revenue base.

05/15/26 04:36 AM ETAI Generated. May Contain Errors.

Udemy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Udemy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Udemy's net income appears to be on a downward trend, with a most recent value of $3.81 million in 2025, falling from -$69.70 million in 2019. The previous period was -$85.29 million in 2024. Check out Udemy's forecast to explore projected trends and price targets.

Udemy's total operating income in 2025 was -$4.16 million, based on the following breakdown:

Total Gross Profit: $518.41 million
Total Operating Expenses: $522.56 million

Over the last 6 years, Udemy's total revenue changed from $276.33 million in 2019 to $789.84 million in 2025, a change of 185.8%.

Udemy's total liabilities were at $407.24 million at the end of 2025, a 0.2% decrease from 2024, and a 51.6% increase since 2020.

In the past 5 years, Udemy's cash and equivalents has ranged from $175.03 million in 2020 to $533.87 million in 2021, and is currently $231.49 million as of their latest financial filing in 2025.

Over the last 6 years, Udemy's book value per share changed from 0.00 in 2019 to 1.44 in 2025, a change of 143.8%.

Related Companies

Financial statements for NASDAQ:UDMY last updated on 2/24/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Udemy (UDMY) Financials

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Udemy (UDMY) Financials

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