NASDAQ : UDMY
Udemy, Inc. — Financial statements
Consumer Staples · Education & Training Services · United States
Last price 4.63 USD (At close: May 8, 2026) · Market cap 675.17M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Udemy, Inc. (UDMY) reported revenue of 780.95M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 780.95M | 789.84M | 786.57M | 728.94M | 629.10M | 515.66M |
| Cost of Revenue | 262.72M | 271.44M | 294.62M | 309.60M | 275.32M | 236.02M |
| Gross Profit | 518.23M | 518.41M | 491.94M | 419.34M | 353.78M | 279.63M |
| Selling, General & Admin | 420.89M | 415.74M | 439.14M | 410.64M | 400.41M | 291.43M |
| Research & Development | 103.35M | 101.51M | 125.44M | 120.33M | 104.56M | 66.11M |
| Operating Expenses | 524.24M | 517.25M | 564.58M | 530.97M | 504.97M | 357.54M |
| Operating Income | -6.01M | 1.15M | -72.64M | -111.63M | -151.19M | -77.91M |
| Interest Expense | -959.00K | -734.00K | -518.00K | -1.25M | -220.00K | |
| Interest & Investment Income | 13.46M | 14.21M | 19.67M | 20.67M | 5.55M | 204.00K |
| Currency Exchange Gain (Loss) | -1.80M | -920.00K | ||||
| Other Non Operating Income (Expenses) | -2.20M | -981.00K | -965.00K | -105.00K | ||
| EBT Excluding Unusual Items | 4.29M | 13.64M | -53.94M | -91.58M | -148.69M | -78.84M |
| Merger & Restructuring Charges | -6.18M | -5.31M | -16.68M | -10.26M | ||
| Gain (Loss) on Sale of Investments | 500.00K | -10.31M | -1.79M | -2.90M | ||
| Pretax Income | -1.39M | 8.34M | -80.94M | -103.64M | -151.59M | -78.84M |
| Income Tax Expense | 5.65M | 4.53M | 4.35M | 3.65M | 2.29M | 1.18M |
| Net Income | -7.04M | 3.81M | -85.29M | -107.29M | -153.88M | -80.03M |
| Net Income to Common | -7.04M | 3.81M | -85.29M | -107.29M | -153.88M | -80.03M |
| Shares Outstanding (Basic) | 147.51M | 148.21M | 151.32M | 150.10M | 140.87M | 54.97M |
| Shares Outstanding (Diluted) | 147.51M | 150.01M | 151.32M | 150.10M | 140.87M | 54.97M |
| EPS (Basic) | -0.05 | 0.03 | -0.56 | -0.71 | -1.09 | -1.46 |
| EPS (Diluted) | -0.05 | 0.03 | -0.56 | -0.71 | -1.09 | -1.46 |
| Free Cash Flow | 86.92M | 81.86M | 50.74M | -2.64M | -62.52M | -12.44M |
| Free Cash Flow Per Share | 0.59 | 0.55 | 0.34 | -0.02 | -0.44 | -0.23 |
| Gross Margin | 66.36% | 65.63% | 62.54% | 57.53% | 56.24% | 54.23% |
| Operating Margin | -0.77% | 0.15% | -9.23% | -15.31% | -24.03% | -15.11% |
| Profit Margin | -0.90% | 0.48% | -10.84% | -14.72% | -24.46% | -15.52% |
| Free Cash Flow Margin | 11.13% | 10.36% | 6.45% | -0.36% | -9.94% | -2.41% |
| EBITDA | -1.09M | 5.71M | -67.12M | -104.54M | -142.57M | -71.90M |
| EBITDA Margin | -0.14% | 0.72% | -8.53% | -14.34% | -22.66% | -13.94% |
| D&A For EBITDA | 4.92M | 4.56M | 5.52M | 7.09M | 8.62M | 6.00M |
| EBIT | -6.01M | 1.15M | -72.64M | -111.63M | -151.19M | -77.91M |
| EBIT Margin | -0.77% | 0.15% | -9.23% | -15.31% | -24.03% | -15.11% |
| Effective Tax Rate | 54.34% | |||||
| Advertising Expenses | 80.60M | 94.90M | 82.50M | 97.00M | 105.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 252.56M | 231.49M | 190.59M | 305.56M | 313.69M | 533.87M |
| Short-Term Investments | 105.26M | 127.26M | 163.84M | 171.37M | 151.69M | 745.00K |
| Cash & Short-Term Investments | 357.82M | 358.74M | 354.44M | 476.94M | 465.37M | 534.61M |
| Receivables | 97.14M | 95.89M | 88.22M | 92.56M | 104.53M | 73.18M |
| Prepaid Expenses | 30.53M | 25.47M | 22.73M | 20.92M | 14.88M | 12.46M |
| Restricted Cash | 101.00K | 201.00K | 100.00K | 3.33M | ||
| Other Current Assets | 48.05M | 43.91M | 40.84M | 38.58M | 30.23M | 21.61M |
| Total Current Assets | 533.63M | 524.21M | 506.33M | 632.33M | 615.01M | 641.87M |
| Property, Plant & Equipment | 15.09M | 15.73M | 15.48M | 10.13M | 18.39M | 9.89M |
| Long-Term Investments | 10.31M | 12.10M | 10.00M | |||
| Goodwill | 12.65M | 12.65M | 12.65M | 12.65M | 12.65M | 12.65M |
| Other Intangible Assets | 30.80M | 31.41M | 33.98M | 36.61M | 36.74M | 33.65M |
| Long-Term Deferred Charges | 27.09M | 28.01M | 32.21M | 35.79M | 35.41M | 25.65M |
| Other Long-Term Assets | 15.32M | 5.68M | 4.98M | 3.38M | 7.26M | 6.15M |
| Total Assets | 634.59M | 617.70M | 605.63M | 741.20M | 737.57M | 739.85M |
| Accounts Payable | 12.89M | 8.20M | 6.31M | 2.51M | 14.53M | 34.63M |
| Accrued Expenses | 67.50M | 57.36M | 54.49M | 48.30M | 47.14M | 58.84M |
| Current Portion of Leases | 4.87M | 4.54M | 2.50M | 5.83M | 7.00M | |
| Current Unearned Revenue | 299.86M | 294.07M | 291.11M | 279.41M | 273.94M | 208.27M |
| Other Current Liabilities | 31.04M | 35.90M | 43.07M | 44.09M | 44.30M | 39.60M |
| Total Current Liabilities | 416.15M | 400.07M | 397.48M | 380.13M | 386.91M | 341.34M |
| Long-Term Leases | 4.85M | 5.69M | 8.31M | 1.12M | 6.54M | |
| Long-Term Unearned Revenue | 1.14M | 1.25M | 2.44M | 3.00M | 4.34M | 2.28M |
| Other Long-Term Liabilities | 268.00K | 234.00K | 6.00K | 48.00K | 464.00K | 6.53M |
| Total Liabilities | 422.41M | 407.24M | 408.23M | 384.30M | 398.26M | 350.15M |
| Common Stock | 1.00K | 1.00K | 1.00K | 2.00K | 1.00K | 1.00K |
| Additional Paid-In Capital | 1.03B | 1.01B | 1.00B | 1.08B | 951.95M | 848.23M |
| Retained Earnings | -813.79M | -801.18M | -804.99M | -719.70M | -612.40M | -458.53M |
| Comprehensive Income & Other | 27.00K | 162.00K | -11.00K | 80.00K | -233.00K | -1.00K |
| Total Common Equity | 212.18M | 210.46M | 197.39M | 356.89M | 339.31M | 389.70M |
| Shareholders' Equity | 212.18M | 210.46M | 197.39M | 356.89M | 339.31M | 389.70M |
| Total Liabilities & Equity | 634.59M | 617.70M | 605.63M | 741.20M | 737.57M | 739.85M |
| Total Debt | 9.72M | 10.23M | 10.82M | 6.95M | 13.55M | |
| Net Cash (Debt) | 348.10M | 348.52M | 343.62M | 469.99M | 451.82M | 534.61M |
| Net Cash Per Share | 2.36 | 2.32 | 2.27 | 3.13 | 3.21 | 9.73 |
| Filing Date Shares Outstanding | 146.28M | 145.42M | 147.74M | 158.09M | 145.36M | 139.53M |
| Total Common Shares Outstanding | 145.94M | 147.48M | 147.48M | 157.17M | 145.01M | 139.16M |
| Working Capital | 117.48M | 124.14M | 108.85M | 252.20M | 228.11M | 300.53M |
| Book Value Per Share | 1.45 | 1.43 | 1.34 | 2.27 | 2.34 | 2.80 |
| Tangible Book Value | 168.73M | 166.40M | 150.77M | 307.63M | 289.92M | 343.40M |
| Tangible Book Value Per Share | 1.16 | 1.13 | 1.02 | 1.96 | 2.00 | 2.47 |
| Machinery | 15.82M | 15.54M | 13.05M | 12.47M | 12.69M | 11.50M |
| Construction In Progress | 5.00K | 1.76M | 18.00K | |||
| Leasehold Improvements | 22.89M | 22.83M | 19.06M | 19.06M | 19.11M | 18.93M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -7.04M | 3.81M | -85.29M | -107.29M | -153.88M | -80.03M |
| Depreciation & Amortization | 4.92M | 4.56M | 5.52M | 7.09M | 8.62M | 6.00M |
| Other Amortization | 87.89M | 86.34M | 79.55M | 65.66M | 44.88M | 27.09M |
| Loss (Gain) From Sale of Investments | -2.32M | -3.19M | 2.01M | -5.70M | 2.00M | |
| Stock-Based Compensation | 67.16M | 68.75M | 90.02M | 96.05M | 81.29M | 34.68M |
| Provision & Write-off of Bad Debts | 1.74M | 3.36M | 1.55M | 1.66M | 960.00K | 326.00K |
| Other Operating Activities | 5.76M | 5.34M | 7.08M | 7.03M | 6.89M | |
| Change in Accounts Receivable | 12.31M | -11.04M | 2.79M | 10.31M | -32.31M | -27.00M |
| Change in Accounts Payable | 27.48M | 3.30M | 10.05M | -14.43M | -28.62M | 7.27M |
| Change in Unearned Revenue | -27.38M | 1.78M | 11.13M | 4.13M | 67.72M | 66.57M |
| Change in Other Net Operating Assets | -79.63M | -75.35M | -71.37M | -66.52M | -58.52M | -42.02M |
| Operating Cash Flow | 90.89M | 87.66M | 53.04M | -2.00M | -60.96M | -7.10M |
| Capital Expenditures | -3.97M | -5.80M | -2.30M | -632.00K | -1.56M | -5.33M |
| Cash Acquisitions | -1.50M | -1.50M | -1.50M | -24.49M | ||
| Sale (Purchase) of Intangibles | -13.20M | -11.88M | -12.47M | -12.43M | -14.16M | -12.87M |
| Investment in Securities | 55.79M | 39.81M | 15.85M | -11.91M | -156.00M | -10.00M |
| Investing Cash Flow | 37.12M | 20.63M | 1.08M | -24.97M | -173.23M | -52.69M |
| Issuance of Common Stock | 4.20M | 4.25M | 9.40M | 25.95M | 16.34M | 426.06M |
| Repurchase of Common Stock | -68.24M | -71.27M | -181.15M | -6.76M | ||
| Other Financing Activities | -1.44M | -1.44M | -1.59M | -7.43M | ||
| Financing Cash Flow | -65.48M | -68.46M | -171.75M | 19.20M | 14.76M | 418.63M |
| Foreign Exchange Rate Adjustments | 299.00K | 238.00K | -116.00K | 20.00K | -25.00K | |
| Net Cash Flow | 62.84M | 40.06M | -117.75M | -7.76M | -219.45M | 358.84M |
| Free Cash Flow | 86.92M | 81.86M | 50.74M | -2.64M | -62.52M | -12.44M |
| Free Cash Flow Margin | 11.13% | 10.36% | 6.45% | -0.36% | -9.94% | -2.41% |
| Free Cash Flow Per Share | 0.59 | 0.55 | 0.34 | -0.02 | -0.44 | -0.23 |
| Levered Free Cash Flow | 140.22M | 129.21M | 139.09M | 74.29M | 19.97M | 32.95M |
| Unlevered Free Cash Flow | 140.82M | 129.67M | 139.09M | 74.61M | 20.75M | 33.09M |
| Cash Interest Paid | 299.00K | 299.00K | 3.19M | 23.00K | 90.00K | |
| Cash Income Tax Paid | 6.17M | 5.04M | 1.28M | 1.42M | 678.00K | 385.00K |
| Change in Working Capital | -67.22M | -81.31M | -47.40M | -66.50M | -51.73M | 4.82M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 675.17M | 845.01M | 1.20B | 2.26B | 1.49B | 2.71B |
| Enterprise Value | 327.07M | 485.75M | 855.77M | 1.79B | 1.01B | 2.86B |
| Last Close Price | 4.63 | 5.85 | 8.23 | 14.73 | 10.55 | 19.54 |
| PE Ratio | 221.96 | |||||
| Forward PE | 8.41 | 13.27 | 25.91 | |||
| PS Ratio | 0.86 | 1.07 | 1.53 | 3.10 | 2.37 | 5.26 |
| PB Ratio | 3.18 | 4.01 | 6.08 | 6.33 | 4.39 | 6.97 |
| P/TBV Ratio | 4.00 | 5.08 | 7.96 | 7.34 | 5.14 | 7.91 |
| P/FCF Ratio | 8.25 | 10.32 | 23.66 | |||
| P/OCF Ratio | 7.43 | 9.64 | 22.64 | |||
| PEG Ratio | 0.54 | 0.23 | ||||
| EV/Sales Ratio | 0.42 | 0.61 | 1.09 | 2.45 | 1.61 | 5.54 |
| EV/EBITDA Ratio | 85.07 | |||||
| EV/EBIT Ratio | 422.03 | |||||
| EV/FCF Ratio | 4.00 | 5.93 | 16.86 | |||
| Debt / Equity Ratio | 0.05 | 0.05 | 0.06 | 0.02 | 0.04 | |
| Debt / EBITDA Ratio | 1.81 | 0.85 | ||||
| Debt / FCF Ratio | 0.11 | 0.12 | 0.21 | |||
| Net Debt / Equity Ratio | -1.64 | -1.66 | -1.74 | -1.32 | -1.33 | -1.37 |
| Net Debt / EBITDA Ratio | 318.77 | -61.04 | 5.12 | 4.50 | 3.17 | 7.43 |
| Net Debt / FCF Ratio | -4.00 | -4.26 | -6.77 | 178.23 | 7.23 | 42.98 |
| Asset Turnover | 1.23 | 1.29 | 1.17 | 0.99 | 0.85 | 1.01 |
| Quick Ratio | 1.09 | 1.14 | 1.11 | 1.50 | 1.47 | 1.78 |
| Current Ratio | 1.28 | 1.31 | 1.27 | 1.66 | 1.59 | 1.88 |
| Return on Equity (ROE) | -3.34% | 1.87% | -30.77% | -30.82% | -42.22% | -39.70% |
| Return on Assets (ROA) | -0.59% | 0.12% | -6.74% | -9.44% | -12.79% | -9.53% |
| Return on Capital Employed (ROCE) | -2.80% | 0.50% | -34.90% | -30.90% | -43.10% | -19.50% |
| Earnings Yield | -1.04% | 0.45% | -7.10% | -4.75% | -10.32% | -2.95% |
| FCF Yield | 12.12% | 9.69% | 4.23% | -0.12% | -4.19% | -0.46% |
| Buyback Yield / Dilution | 0.87% | 0.87% | -0.81% | -6.55% | -156.26% | -64.67% |