Udemy, Inc. (UDMY)

Udemy Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	795.8	786.57	728.94	629.1	515.66	429.9
Revenue Growth (YoY)	2.53%	7.91%	15.87%	22.00%	19.95%	55.58%
Cost of Revenue	278.24	294.63	309.6	275.32	236.02	209.25
Gross Profit	517.57	491.94	419.34	353.78	279.63	220.65
Selling, General & Admin	417.17	439.15	410.64	400.41	291.43	243.38
Research & Development	105.73	125.44	120.34	104.56	66.11	50.64
Operating Expenses	522.9	564.58	530.97	504.97	357.54	294.03
Operating Income	-5.33	-72.64	-111.63	-151.19	-77.91	-73.38
Interest Expense	-0.49	-	-0.52	-1.25	-0.22	-1.15
Interest & Investment Income	15.03	19.67	20.67	5.55	0.2	-
Currency Exchange Gain (Loss)	-1.08	-1.34	-0.11	-1.8	-0.92	0.06
Other Non Operating Income (Expenses)	-0.05	0.38	-	-	-	-
EBT Excluding Unusual Items	8.1	-53.94	-91.59	-148.69	-78.84	-74.47
Merger & Restructuring Charges	-6.99	-16.69	-10.26	-	-	-
Gain (Loss) on Sale of Investments	-	-10.31	-1.79	-2.9	-	-
Pretax Income	1.11	-80.94	-103.64	-151.59	-78.84	-74.47
Income Tax Expense	4.84	4.35	3.65	2.29	1.18	3.15
Net Income	-3.73	-85.29	-107.29	-153.88	-80.03	-77.62
Net Income to Common	-3.73	-85.29	-107.29	-153.88	-80.03	-77.62
Shares Outstanding (Basic)	148	151	150	141	55	33
Shares Outstanding (Diluted)	148	151	150	141	55	33
Shares Change (YoY)	-3.24%	0.81%	6.55%	156.26%	64.67%	23.21%
EPS (Basic)	-0.03	-0.56	-0.71	-1.09	-1.46	-2.33
EPS (Diluted)	-0.03	-0.56	-0.71	-1.09	-1.46	-2.33
Free Cash Flow	75.26	50.74	-2.64	-62.52	-12.44	4.44
Free Cash Flow Per Share	0.51	0.34	-0.02	-0.44	-0.23	0.13
Gross Margin	65.04%	62.54%	57.53%	56.24%	54.23%	51.32%
Operating Margin	-0.67%	-9.23%	-15.31%	-24.03%	-15.11%	-17.07%
Profit Margin	-0.47%	-10.84%	-14.72%	-24.46%	-15.52%	-18.05%
Free Cash Flow Margin	9.46%	6.45%	-0.36%	-9.94%	-2.41%	1.03%
EBITDA	-1.14	-67.12	-104.54	-142.57	-71.9	-69.22
EBITDA Margin	-0.14%	-8.53%	-14.34%	-22.66%	-13.94%	-16.10%
D&A For EBITDA	4.19	5.52	7.09	8.62	6	4.16
EBIT	-5.33	-72.64	-111.63	-151.19	-77.91	-73.38
EBIT Margin	-0.67%	-9.23%	-15.31%	-24.03%	-15.11%	-17.07%
Advertising Expenses	-	94.9	82.5	97	105.2	110.5

Updated Oct 29, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q