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Udemy
Udemy (UDMY) investor relations material
Udemy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Full year 2025 consolidated subscription revenue grew 8% year-over-year, reaching $566.0 million and now represents 72% of total revenue, up 600 basis points year-over-year.
Net income for 2025 was $3.8 million, a turnaround from a net loss of $85.3 million in 2024.
Adjusted EBITDA more than doubled year-over-year to $95.3 million, with margin expanding by 700 basis points to 12%.
The company ended 2025 with $359.1 million in cash, cash equivalents, and marketable securities.
Announced a pending all-stock merger with Coursera, expected to close in the second half of 2026.
Financial highlights
Total revenue for 2025 was $789.8 million, flat year-over-year and at the high end of guidance.
Q4 2025 revenue was $194.0 million, down 3% year-over-year but at the high end of guidance.
Gross margin improved to 66% for the year, up from 63% in 2024.
Free cash flow for 2025 was $70.0 million, up from $38.3 million in 2024.
Operating expenses declined to 66% of revenue, an 800 basis point improvement year-over-year.
Outlook and guidance
No financial guidance provided due to the pending Coursera merger.
What were the 2025 merger transaction costs?
Assess consumer segment's revenue mix shift
What drove operating expense reductions in 2025?
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Next Udemy earnings date
Q1 202629 Apr, 2026
Udemy
Next Udemy earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Udemy Inc is an online learning and teaching marketplace offering courses across business, technology, personal development, and other fields. It connects instructors and learners through its digital platform accessible globally. The company is headquartered in San Francisco, California, and its shares are listed on the NASDAQ.
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