Udemy Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	789.84	786.57	728.94	629.1	515.66
Revenue Growth (YoY)	0.42%	7.91%	15.87%	22.00%	19.95%
Cost of Revenue	271.44	294.63	309.6	275.32	236.02
Gross Profit	518.41	491.94	419.34	353.78	279.63
Selling, General & Admin	415.74	439.15	410.64	400.41	291.43
Research & Development	101.51	125.44	120.34	104.56	66.11
Operating Expenses	517.26	564.58	530.97	504.97	357.54
Operating Income	1.15	-72.64	-111.63	-151.19	-77.91
Interest Expense	-0.73	-	-0.52	-1.25	-0.22
Interest & Investment Income	14.21	19.67	20.67	5.55	0.2
Currency Exchange Gain (Loss)	-	-1.34	-0.11	-1.8	-0.92
Other Non Operating Income (Expenses)	-0.98	0.38	-	-	-
EBT Excluding Unusual Items	13.64	-53.94	-91.59	-148.69	-78.84
Merger & Restructuring Charges	-5.31	-16.69	-10.26	-	-
Gain (Loss) on Sale of Investments	-	-10.31	-1.79	-2.9	-
Pretax Income	8.34	-80.94	-103.64	-151.59	-78.84
Income Tax Expense	4.53	4.35	3.65	2.29	1.18
Net Income	3.81	-85.29	-107.29	-153.88	-80.03
Net Income to Common	3.81	-85.29	-107.29	-153.88	-80.03
Shares Outstanding (Basic)	148	151	150	141	55
Shares Outstanding (Diluted)	150	151	150	141	55
Shares Change (YoY)	-0.87%	0.81%	6.55%	156.26%	64.67%
EPS (Basic)	0.03	-0.56	-0.71	-1.09	-1.46
EPS (Diluted)	0.03	-0.56	-0.71	-1.09	-1.46
Free Cash Flow	81.86	50.74	-2.64	-62.52	-12.44
Free Cash Flow Per Share	0.55	0.34	-0.02	-0.44	-0.23
Gross Margin	65.63%	62.54%	57.53%	56.24%	54.23%
Operating Margin	0.15%	-9.23%	-15.31%	-24.03%	-15.11%
Profit Margin	0.48%	-10.84%	-14.72%	-24.46%	-15.52%
Free Cash Flow Margin	10.36%	6.45%	-0.36%	-9.94%	-2.41%
EBITDA	26.51	-67.12	-104.54	-142.57	-71.9
EBITDA Margin	3.36%	-8.53%	-14.34%	-22.66%	-13.94%
D&A For EBITDA	25.36	5.52	7.09	8.62	6
EBIT	1.15	-72.64	-111.63	-151.19	-77.91
EBIT Margin	0.15%	-9.23%	-15.31%	-24.03%	-15.11%
Effective Tax Rate	54.34%	-	-	-	-
Advertising Expenses	-	94.9	82.5	97	105.2

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q