Here are the 10-K annual reports from Udemy, Inc. (UDMY) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow UDMY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full UDMY filings page.
Udemy, Inc. filed an amendment to its 2025 Annual Report to add detailed disclosures on directors, executive compensation, governance, and audit oversight, and to update cover-page share data. As of March 31, 2026, 145,935,525 common shares were outstanding and non‑affiliate market value was about $778.9 million as of June 30, 2025.
The filing describes a 2025 CEO transition to Hugo Sarrazin, a strategic shift toward AI‑driven, subscription‑focused growth, and an all‑stock merger agreement with Coursera. It explains how short‑ and long‑term incentives were reset to align with new revenue, adjusted EBITDA, and strategic objectives, and how additional PSUs were granted to tie pay to AI and consumer subscription milestones.
Udemy reports 2025 bonuses paid at 90.1% of target, driven by constant‑currency revenue of $784.3 million, adjusted EBITDA of $95.3 million, and full achievement of strategic objectives. The company emphasizes that roughly 90% of executive 2025 total direct compensation was variable, at‑risk pay and highlights stock ownership guidelines, a clawback policy, and double‑trigger change‑in‑control protection. The amendment also details Section 280G tax mitigation steps for the CEO and CTO related to the Coursera transaction and summarizes transition and severance arrangements for former executives.
Udemy, Inc. filed its annual report describing an AI-focused learning platform and a planned all-stock merger with Coursera. Udemy stockholders are expected to receive 0.800 shares of Coursera common stock for each Udemy share, with Coursera holders owning about 59% of the combined company and Udemy holders about 41%.
The company highlights a 2025 shift to a subscription-first model, with subscriptions providing 72% of total revenue and the Enterprise (Udemy Business) segment contributing 66% of revenue. Udemy serves nearly 84 million learners with over 290,000 courses and 90,000 instructors, and emphasizes AI-powered personalization, analytics and enterprise workforce upskilling.
Key risks center on completing the Coursera merger, integration uncertainty, potential litigation, business disruption, and broader challenges such as a history of losses, intense competition, evolving online learning demand, and the need to retain key instructors, customers and employees.