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	419.47	439.15	410.64	400.41	291.43
Research & Development	101.51	125.44	120.34	104.56	66.11
Other Operating Expenses	1.58	16.69	10.26	-	-
Total Operating Expenses	522.56	581.27	541.23	504.97	357.54
Operating Income	-4.16	-89.33	-121.9	-151.19	-77.91
Interest Income	14.21	19.67	20.67	5.55	0.2
Interest Expense	-0.73	0.38	-0.52	-1.25	-0.22
Other Non-Operating Income (Expense)	-0.98	-11.66	-1.9	-4.7	-0.92
Total Non-Operating Income (Expense)	12.49	8.39	18.25	-0.4	-0.94
Pretax Income	8.34	-80.94	-103.64	-151.59	-78.84
Provision for Income Taxes	-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
Shares Outstanding	145.05	147.48	157.17	145.01	139.17
Free Cash Flow	81.86	50.74	-2.64	-62.52	-12.44
Free Cash Flow Growth	61.31%	-	-	-	-
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	-0.53%	-11.36%	-16.72%	-24.03%	-15.11%
Profit Margin	1.63%	-9.74%	-13.72%	-24.46%	-15.52%
FCF Margin	10.36%	6.45%	-0.36%	-9.94%	-2.41%
EBITDA	86.74	-4.25	-49.15	-97.7	-44.81
EBITDA Margin	10.98%	-0.54%	-6.74%	-15.53%	-8.69%
EBIT	-4.16	-89.33	-121.9	-151.19	-77.91
EBIT Margin	-0.53%	-11.36%	-16.72%	-24.03%	-15.11%
Effective Tax Rate	-54.34%	5.37%	3.52%	-1.51%	-1.50%

Updated Feb 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q