Udemy, Inc. (UDMY) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the UDMY SEC filings page.
Udemy, Inc. (UDMY) reported $781.0M in revenue over the twelve months to Mar 31, 2026, down 1.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Udemy’s dominant shift is margin expansion and expense absorption: nearly flat revenue now converts into positive earnings and cash.
Between FY2024 and FY2025, revenue was essentially flat while gross margin widened from62.5% to65.6% . R&D and SG&A both declined in FY2025, while operating income improved from-$89.3M to near breakeven at-$4.2M , indicating that the profitability transition came mainly from cost discipline and margin improvement rather than sales acceleration.
FY2025 net income of
The company is operating with a thinner equity cushion: equity fell from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Udemy, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Udemy, Inc. has an operating margin of -0.5%, meaning the company loses $1 on every $100 of revenue. This results in a profitability score of 30/100. This is up from -11.4% the prior year.
Udemy, Inc.'s revenue grew a modest 0.4% year-over-year to $789.8M. This slow but positive growth earns a score of 46/100.
Udemy, Inc. has a moderate D/E ratio of 1.94. This balance of debt and equity financing earns a leverage score of 33/100.
Udemy, Inc.'s current ratio of 1.31 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.
Udemy, Inc. has a free cash flow margin of 10.4%, earning a moderate score of 55/100. The company generates positive cash flow after capital investments, but with room for improvement.
Udemy, Inc. generates a 1.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is up from -43.2% the prior year.
Udemy, Inc. scores 0.68, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($677.3M) relative to total liabilities ($407.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Udemy, Inc. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Udemy, Inc. reported $3.8M of net income while generating $87.7M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.
Udemy, Inc. reported an operating loss of $4.2M against $734K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Udemy, Inc. generated $191.4M in revenue in Q1 2026. This represents a decrease of 4.4% from the same quarter a year earlier. Against the prior quarter it is down 1.3%.
Udemy, Inc.'s EBITDA was -$6.2M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 459.7% from the same quarter a year earlier. Against the prior quarter it is down 146.6%.
Udemy, Inc. reported -$12.6M in net income in Q1 2026. This represents a decrease of 612.3% from the same quarter a year earlier. Against the prior quarter it is down 441.6%.
Udemy, Inc. earned -$0.09 per diluted share (EPS) in Q1 2026. This represents a decrease of 800.0% from the same quarter a year earlier.
Cash & Balance Sheet
Udemy, Inc. generated $14.9M in free cash flow in Q1 2026, representing cash available after capex. This represents an increase of 51.5% from the same quarter a year earlier. Against the prior quarter it is down 0.7%.
Udemy, Inc. held $252.6M in cash as of Q1 2026; long-term debt is not reported for that period.
Not reported for Q1 2026.
Margins & Returns
Udemy, Inc.'s gross margin was 67.5% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.
Udemy, Inc.'s operating margin was -6.5% in Q1 2026, reflecting core business profitability. This is down 4.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.8 percentage points.
Udemy, Inc.'s net profit margin was -6.6% in Q1 2026, showing the share of revenue converted to profit. This is down 5.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.4 percentage points.
Udemy, Inc.'s ROE was -5.9% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 5.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.8 percentage points.
Capital Allocation
Udemy, Inc. invested $26.8M in research and development in Q1 2026. This represents an increase of 7.4% from the same quarter a year earlier. Against the prior quarter it is up 8.9%.
Udemy, Inc. spent $117K on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 99.5%.
Udemy, Inc. invested $548K in capex in Q1 2026, funding long-term assets and infrastructure. This represents a decrease of 77.0% from the same quarter a year earlier. Against the prior quarter it is up 5.0%.
UDMY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $191.4M-4.4% | $194.0M-3.0% | $195.7M+0.1% | $199.9M+2.8% | $200.3M+1.8% | $199.9M+5.5% | $195.4M+5.8% | $194.4M+9.0% |
| Cost of Revenue | $62.1M-12.3% | $65.9M-9.3% | $66.8M-7.7% | $67.8M-7.4% | $70.9M-7.1% | $72.7M-8.7% | $72.4M-6.3% | $73.2M-3.5% |
| Gross Profit | $129.3M-0.1% | $128.0M+0.7% | $128.9M+4.7% | $132.0M+9.0% | $129.4M+7.4% | $127.2M+15.8% | $123.1M+14.5% | $121.1M+18.4% |
| R&D Expenses | $26.8M+7.4% | $24.6M-14.6% | $25.6M-22.4% | $26.4M-18.7% | $25.0M-20.1% | $28.8M-2.3% | $33.0M+8.8% | $32.4M+9.4% |
| SG&A Expenses | $25.4M+1.5% | $24.2M+10.7% | $21.9M-1.5% | $21.8M-19.9% | $25.0M+1.0% | $21.9M-3.9% | $22.3M+0.5% | $27.3M+20.5% |
| Operating Income | -$12.5M-178.9% | -$3.4M+70.4% | -$162K+99.5% | $3.9M+115.4% | -$4.5M+80.2% | -$11.6M+54.8% | -$29.5M-37.0% | -$25.5M+7.0% |
| EBITDA | -$6.2M-459.7% | $13.2M+219.1% | $1.0M+103.7% | $5.2M+122.0% | $1.7M+110.5% | $4.1M+140.0% | -$28.1M-41.7% | -$23.7M+7.5% |
| Interest Expense | $240K+1500.0% | $369K+720.0% | $350K+169.4% | $0-100.0% | $15K+400.0% | $45K-16.7% | -$504K-506.5% | $77K+254.0% |
| Income Tax | $2.1M+119.1% | $1.4M-18.4% | $1.1M+28.3% | $1.1M+41.3% | $937K-8.8% | $1.7M+127.4% | $863K+6.4% | $802K-24.1% |
| Net Income | -$12.6M-612.3% | -$2.3M+76.4% | $1.6M+106.5% | $6.3M+119.7% | -$1.8M+90.3% | -$9.9M+51.3% | -$25.3M-50.7% | -$31.8M-23.6% |
| EPS (Basic) | -$0.09-800.0% | -$0.01+85.7% | $0.01+105.9% | $0.04+119.0% | -$0.01+91.7% | -$0.07+41.7% | -$0.17-54.5% | -$0.21-23.5% |
| EPS (Diluted) | -$0.09-800.0% | -$0.01 | $0.01+105.9% | $0.04+119.0% | -$0.01+91.7% | -$0.07+41.7% | -$0.17-54.5% | -$0.21-23.5% |
| Diluted Shares (Avg) | 145M-1.9% | N/A | 152M+1.9% | 150M-1.6% | 148M-5.5% | N/A | 149M-1.4% | 153M+3.3% |
UDMY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $634.6M-0.7% | $617.7M+2.0% | $618.9M+1.6% | $644.0M-4.2% | $639.0M-9.8% | $605.6M-18.3% | $608.9M-17.3% | $671.9M-7.0% |
| Current Assets | $533.6M-1.4% | $524.2M+3.5% | $524.1M+3.2% | $547.5M-3.6% | $541.1M-10.3% | $506.3M-19.9% | $508.0M-18.3% | $567.9M-6.2% |
| Cash & Equivalents | $252.6M+33.2% | $231.5M+21.5% | $235.9M+15.3% | $230.3M-15.5% | $189.6M-26.2% | $190.6M-37.6% | $204.6M-37.6% | $272.4M-15.7% |
| Short-Term Investments | $105.3M-37.1% | $127.3M-22.3% | $135.3M-11.3% | $161.7M+8.9% | $167.4M-3.7% | $163.8M-4.4% | $152.5M+0.7% | $148.6M+4.4% |
| Accounts Receivable | $97.1M-12.6% | $95.9M+8.7% | $76.6M-5.7% | $84.4M+2.9% | $111.2M+11.4% | $88.2M-4.7% | $81.2M-2.0% | $82.1M-5.7% |
| Long-Term Investments | $18.6M | $8.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $12.6M0.0% | $12.6M0.0% | $12.6M0.0% | $12.6M0.0% | $12.6M0.0% | $12.6M0.0% | $12.6M0.0% | $12.6M0.0% |
| Total Liabilities | $422.4M-1.7% | $407.2M-0.2% | $397.1M-3.8% | $410.6M-2.2% | $429.6M+4.3% | $408.2M+6.2% | $412.6M+5.6% | $419.7M+7.9% |
| Current Liabilities | $416.2M-1.0% | $400.1M+0.7% | $389.2M-3.4% | $402.7M-1.5% | $420.3M+2.9% | $397.5M+4.6% | $402.9M+4.2% | $408.8M+6.6% |
| Non-Current Liabilities | $6.3M-32.9% | $7.2M-33.4% | $7.9M-19.2% | $7.9M-26.9% | $9.3M+153.5% | $10.8M+157.9% | $9.8M+133.0% | $10.8M+97.5% |
| Total Equity | $212.2M+1.3% | $210.5M+6.6% | $221.8M+13.0% | $233.4M-7.5% | $209.4M-29.4% | $197.4M-44.7% | $196.3M-43.3% | $252.3M-24.3% |
| Retained Earnings | -$813.8M-0.9% | -$801.2M+0.5% | -$798.9M-0.5% | -$800.5M-4.0% | -$806.8M-9.3% | -$805.0M-11.9% | -$795.1M-13.7% | -$769.9M-12.8% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
UDMY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $15.4M+26.5% | $15.5M+61.9% | $15.7M+357.9% | $44.2M+54.6% | $12.2M-41.8% | $9.6M+231.8% | -$6.1M-152.3% | $28.6M+111.9% |
| Depreciation & Amortization | $6.4M+2.6% | $6.1M+2.8% | $1.2M-14.3% | $1.3M-27.8% | $6.2M-4.3% | $5.9M-9.4% | $1.4M-17.6% | $1.8M0.0% |
| Stock-Based Compensation | $16.4M-8.9% | N/A | $18.3M-21.3% | $17.4M-28.4% | $18.0M-20.9% | N/A | $23.2M-1.0% | $24.3M+5.0% |
| Capital Expenditures | $548K-77.0% | $522K-55.9% | $620K+10.3% | $2.3M+538.7% | $2.4M+1108.6% | $1.2M+501.0% | $562K+192.7% | $357K+149.7% |
| Free Cash Flow | $14.9M+51.5% | $15.0M+78.5% | $15.1M+326.8% | $41.9M+48.5% | $9.8M-52.7% | $8.4M+212.5% | -$6.7M-158.1% | $28.2M+111.5% |
| Investing Cash Flow | $9.1M+222.5% | $4.8M+136.9% | $23.4M+510.4% | -$203K-100.9% | -$7.4M-96.7% | -$13.1M+37.4% | -$5.7M+45.1% | $23.7M-8.0% |
| Financing Cash Flow | -$2.9M+50.6% | -$25.6M-149.8% | -$33.5M+40.3% | -$3.5M+91.0% | -$5.9M+91.1% | -$10.2M-266.4% | -$56.1M-1672.2% | -$39.0M-570.1% |
| Share Buybacks | $117K | $21.8M+149.1% | $28.3M-44.5% | $875K-97.5% | $0-100.0% | $8.7M | $51.0M | $35.4M |
Not reported in any period shown, so not listed: Dividends Paid.
UDMY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.5%+2.9pp | 66.0%+2.4pp | 65.9%+2.9pp | 66.1%+3.7pp | 64.6%+3.4pp | 63.6%+5.7pp | 63.0%+4.8pp | 62.3%+4.9pp |
| Operating Margin | -6.5%-4.3pp | -1.8%+4.0pp | -0.1%+15.0pp | 2.0%+15.1pp | -2.2%+9.3pp | -5.8%+7.7pp | -15.1%-3.4pp | -13.1%+2.3pp |
| Net Margin | -6.6%-5.7pp | -1.2%+3.7pp | 0.8%+13.8pp | 3.1%+19.5pp | -0.9%+8.4pp | -4.9%+5.8pp | -12.9%-3.8pp | -16.4%-1.9pp |
| Return on Equity | -5.9%-5.1pp | -1.1%+3.9pp | 0.7%+13.6pp | 2.7%+15.3pp | -0.9%+5.3pp | -5.0%+0.7pp | -12.9%-8.0pp | -12.6%-4.9pp |
| Return on Assets | -2.0%-1.7pp | -0.4%+1.3pp | 0.3%+4.4pp | 1.0%+5.7pp | -0.3%+2.3pp | -1.6%+1.1pp | -4.2%-1.9pp | -4.7%-1.2pp |
| Current Ratio | 1.280.0x | 1.310.0x | 1.35+0.1x | 1.360.0x | 1.29-0.2x | 1.27-0.4x | 1.26-0.3x | 1.39-0.2x |
| Debt-to-Equity | 1.99-0.1x | 1.94-0.1x | 1.79-0.3x | 1.76+0.1x | 2.05+0.7x | 2.07+1.0x | 2.10+1.0x | 1.66+0.5x |
| Asset Turnover | 0.300.0x | 0.310.0x | 0.320.0x | 0.310.0x | 0.310.0x | 0.33+0.1x | 0.32+0.1x | 0.290.0x |
| FCF Margin | 7.8%+2.9pp | 7.7%+3.5pp | 7.7%+11.1pp | 21.0%+6.4pp | 4.9%-5.6pp | 4.2%+8.1pp | -3.4%-9.6pp | 14.5%+7.0pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Udemy, Inc. UDMY | FY2025 | $789.8M | $3.8M | 0.5% | $677.3M | 37/100 |
| Youdao, Inc. DAO | FY2025 | $845.0M | $13.9M | 1.6% | $1.9B | 19/100 |
| Gaotu Techedu Inc GOTU | FY2025 | $879.0M | -$46.2M | -5.3% | $517.1M | 47/100 |
| KINDERCARE LEARNING COMPANIES KLC | FY2025 | $2.7B | -$112.9M | -4.1% | $318.8M | 30/100 |
| Universal Technical Institute UTI | FY2025 | $835.6M | $63.0M | 7.5% | $1.2B | 62/100 |
Where Udemy, Inc. Ranks
Frequently Asked Questions
What is Udemy, Inc.'s annual revenue?
Udemy, Inc. (UDMY) reported $789.8M in total revenue for fiscal year 2025. This represents a 0.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Udemy, Inc.'s revenue growing?
Udemy, Inc. (UDMY) revenue grew by 0.4% year-over-year, from $786.6M to $789.8M in fiscal year 2025.
Is Udemy, Inc. profitable?
Yes, Udemy, Inc. (UDMY) reported a net income of $3.8M in fiscal year 2025, with a net profit margin of 0.5%.
What is Udemy, Inc.'s EBITDA?
Udemy, Inc. (UDMY) had EBITDA of $21.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Udemy, Inc.'s gross margin?
Udemy, Inc. (UDMY) had a gross margin of 65.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Udemy, Inc.'s operating margin?
Udemy, Inc. (UDMY) had an operating margin of -0.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Udemy, Inc.'s net profit margin?
Udemy, Inc. (UDMY) had a net profit margin of 0.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Udemy, Inc.'s return on equity (ROE)?
Udemy, Inc. (UDMY) has a return on equity of 1.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Udemy, Inc.'s free cash flow?
Udemy, Inc. (UDMY) generated $81.9M in free cash flow during fiscal year 2025. This represents a 61.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Udemy, Inc.'s operating cash flow?
Udemy, Inc. (UDMY) generated $87.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Udemy, Inc.'s total assets?
Udemy, Inc. (UDMY) had $617.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Udemy, Inc.'s capital expenditures?
Udemy, Inc. (UDMY) invested $5.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Udemy, Inc. spend on research and development?
Udemy, Inc. (UDMY) invested $101.5M in research and development during fiscal year 2025.
What is Udemy, Inc.'s current ratio?
Udemy, Inc. (UDMY) had a current ratio of 1.31 as of fiscal year 2025, which is considered adequate.
What is Udemy, Inc.'s debt-to-equity ratio?
Udemy, Inc. (UDMY) had a debt-to-equity ratio of 1.94 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Udemy, Inc.'s return on assets (ROA)?
Udemy, Inc. (UDMY) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Udemy, Inc.'s Altman Z-Score?
Udemy, Inc. (UDMY) has an Altman Z-Score of 0.68, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Udemy, Inc.'s Piotroski F-Score?
Udemy, Inc. (UDMY) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Udemy, Inc.'s earnings high quality?
Udemy, Inc. (UDMY) reported $3.8M of net income while generating $87.7M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Udemy, Inc. cover its interest payments?
Udemy, Inc. (UDMY) reported an operating loss of $4.2M against $734K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Udemy, Inc.?
Udemy, Inc. (UDMY) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.