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Chegg Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Leadership transition brought a new structure, splitting operations into Chegg Skilling (growth) and legacy academic services (cash generation), with a strategic pivot to the B2B skilling market and significant workforce reductions.
AI-driven disruption and declining Google traffic prompted decisive restructuring, cost realignment, and a focus on long-term value creation.
The company concluded a strategic alternatives review and is now leveraging assets like Busuu and Chegg Skills for double-digit growth.
Net loss for Q3 2025 was $17.5 million, a significant improvement from the prior year due to the absence of large impairment charges.
CEO transition occurred in October 2025, with Daniel Rosensweig appointed as CEO, President, and Executive Chairman.
Financial highlights
Q3 2025 total revenue was $77.7–$78 million, down 43% year-over-year due to reduced traffic and lower subscription and ad revenue.
Adjusted EBITDA for Q3 2025 was $13–$13.3 million (17% margin), outperforming guidance.
Gross margin for Q3 2025 was 59%; non-GAAP gross margin was 62%.
Free cash flow for Q3 was negative $0.9–$1 million, impacted by a $7.5 million FTC settlement and $5.5 million in severance.
Ended Q3 with $111.7–$112 million in cash and investments, and a net cash balance of $49 million.
Outlook and guidance
Q4 2025 guidance: Skilling revenues of $18 million (up 14% YoY), total revenues $70–$72 million, gross margin 57–58%, adjusted EBITDA $10–$11 million.
Full-year 2025: Skilling revenues of ~$70 million, capital expenditures of ~$27 million, with CapEx targeted to fall by 60% in 2026.
Company expects to generate meaningful free cash flow in 2026 after restructuring-related outflows.
Non-GAAP expenses targeted to fall below $250 million by 2026, down from $536 million in 2024.
Skilling growth drivers beyond 2025?
Explain 2026 non-GAAP expense reduction strategy.
What factors drive 2026 meaningful free cash flow?
Skilling B2B channel diversification strategy
What underpins legacy academic cash generation?
Impact of 2026 cost structure on investments?
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Frequently asked questions
Chegg, Inc’s core service, Chegg Study, is an online subscription-based tutoring and study help service that offers a library of millions of textbook solutions and expert Q&A answers. The Company also offers homework help; digital and physical textbook rentals; a suite of eTextbooks; scholarships through Chegg College Matching, as well as other services; and Zyrtec Fast Acting Allergy Relief Tablets. The Company has offices located in Santa Clara and San Francisco, California.
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