10-K · February 19, 2026
Udemy is repositioning as an AI-first, subscription-first learning platform: 72% of 2025 revenue came from subscriptions (up from 66% in 2024) and Udemy Business accounted for 66% of 2025 revenue. The company reports a…
Earnings analysis · 10-Q
UDMY earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Udemy reported a 4% decrease in revenue, with total revenue at $191.4 million for Q1 2026, down from $200.3 million year-over-year. The Enterprise segment saw a growth of 4%, contributing $132.9 million, while the…
Read full summary
Udemy reported a 4% decrease in revenue, with total revenue at $191.4 million for Q1 2026, down from $200.3 million year-over-year. The Enterprise segment saw a growth of 4%, contributing $132.9 million, while the Consumer segment declined by 19% to $58.5 million. The net loss deepened to $12.6 million from $1.8 million in the prior year, largely due to increased operating expenses, despite improved gross margin.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.06
What stood out
-
Revenue Decline
Total revenue decreased by 4%, from $200.3 million to $191.4 million.
-
Enterprise Growth
Enterprise revenue grew by 4% to $132.9 million, comprising 69% of total revenue.
-
Consumer Segment Drop
Consumer revenue decreased by 19% to $58.5 million, impacted by a decline in transactional purchases.
-
Improved Gross Margin
Gross margin improved to 68%, up from 65% year-over-year.
-
Increased Free Cash Flow
Free cash flow rose to $10.8 million from $7.1 million in the prior year.
-
Substantial Cash Reserves
As of March 31, 2026, cash and cash equivalents were $253.6 million.
What to watch
-
Rising Net Loss
Net loss increased to $12.6 million from $1.8 million year-over-year due to higher operating expenses.
-
Consumer Revenue Decline
Consumer segment revenue decreased by $14 million (19%) due to fewer transactional purchases.
-
Integration Risks with Coursera Merger
Pending merger with Coursera may face delays or impact business relations, creating operational uncertainties.
Management's outlook
Management expects continued growth in Enterprise segment, but uncertainty remains regarding Consumer revenue.
Earlier filings 4
10-Q · May 1, 2025
Udemy reported revenue of $200.3M for the quarter ended March 31, 2025, up from $196.8M a year ago, with gross profit of $129.4M and a materially narrower operating loss of $4.5M. Cash flow from operations was positive…
10-K · February 19, 2025
Udemy positions itself as a global learning marketplace + enterprise SaaS provider focused on skills-based hiring and generative AI. The company highlights scale (nearly 77 million learners, >250,000 courses) and a…
10-Q · August 1, 2024
Udemy reported Q2 revenue of $194,360,000, up versus Q2 2023 and generating improved gross margins, but the company remained GAAP unprofitable with a $31.8M net loss and negative operating margin. Operating cash flow…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.