Udemy Inc (UDMY) financial statements: income statement, balance sheet and cash flow
Udemy Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Udemy Inc reported revenue of $789.8M (+0.4% year on year) and net income of $8.3M (+110.3% year on year).
Income statement
Udemy Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$789.8M
$786.6M
$728.9M
$629.1M
Cost of revenue
$271.4M
$294.6M
$309.6M
$275.3M
Gross profit
$518.4M
$491.9M
$419.3M
$353.8M
Sales and marketing
$326.5M
$342.9M
$316.7M
$301.3M
Research and development
$101.5M
$125.4M
$120.3M
$104.6M
General and administrative
$93.0M
$96.2M
$93.9M
$99.1M
Restructuring charges
$1.6M
$16.7M
$10.3M
—
Total operating expenses
$522.6M
$581.3M
$541.2M
$505.0M
Loss from operations
($4.2M)
($89.3M)
($121.9M)
($151.2M)
Interest income
$14.2M
$19.7M
$20.7M
—
Interest expense
($734.0K)
$379.0K
($518.0K)
—
Other expense, net
($981.0K)
($11.7M)
($1.9M)
($4.7M)
Total other income, net
$12.5M
$8.4M
$18.3M
($399.0K)
Net income (loss) before taxes
$8.3M
($80.9M)
($103.6M)
($151.6M)
Income tax provision
$4.5M
($4.3M)
($3.7M)
($2.3M)
Net income (loss)
$3.8M
($85.3M)
—
—
Basic (in dollars per share)
$0.03
-$0.56
-$0.71
-$1.09
Diluted (in dollars per share)
$0.03
-$0.56
-$0.71
-$1.09
Basic (in shares)
148.2M
151.3M
150.1M
140.9M
Diluted (in shares)
150.0M
151.3M
150.1M
140.9M
Udemy Inc income statement, quarters
Line item
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Mar 31, 2025 · Q1
Revenue
$191.4M
$195.7M
$199.9M
$200.3M
Cost of revenue
$62.1M
$66.8M
$67.8M
$70.9M
Gross profit
$129.3M
$128.9M
$132.0M
$129.4M
Sales and marketing
$89.6M
$81.5M
$79.8M
$82.5M
Research and development
$26.8M
$25.6M
$26.4M
$25.0M
General and administrative
$25.4M
$21.9M
$21.8M
$25.0M
Restructuring charges
$0
$0
$109.0K
$1.5M
Total operating expenses
$141.8M
$129.0M
$128.1M
$133.9M
Loss from operations
($12.5M)
($162.0K)
$3.9M
($4.5M)
Interest income
$2.8M
$3.8M
$3.7M
$3.6M
Interest expense
($240.0K)
($350.0K)
($120.0K)
($15.0K)
Other income (expense), net
($622.0K)
($523.0K)
($73.0K)
$98.0K
Total other income, net
$2.0M
$2.9M
$3.5M
$3.7M
Net loss before taxes
($10.6M)
$2.7M
$7.4M
($834.0K)
Income tax provision
$2.1M
$1.1M
$1.1M
($937.0K)
Net loss
($12.6M)
$1.6M
$6.3M
($1.8M)
Basic (in dollars per share)
-$0.09
$0.01
$0.04
-$0.01
Diluted (in dollars per share)
-$0.09
$0.01
$0.04
-$0.01
Basic (in shares)
145.2M
149.9M
149.2M
148.0M
Diluted (in shares)
145.2M
152.0M
150.5M
148.0M
Balance sheet
Udemy Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$231.5M
$190.6M
$305.6M
$313.7M
Restricted cash, current
$201.0K
$100.0K
$3.3M
—
Marketable securities
$127.3M
$163.8M
$171.4M
$151.7M
Accounts receivable, net
$95.9M
$88.2M
$92.6M
$104.5M
Prepaid expenses and other current assets
$25.5M
$22.7M
$20.9M
$14.9M
Deferred contract costs, current
$43.9M
$40.8M
$38.6M
$30.2M
Total current assets
$524.2M
$506.3M
$632.3M
$615.0M
Property and equipment, net
$6.7M
$4.5M
$4.4M
$7.0M
Capitalized software, net
$29.0M
$31.5M
$31.4M
$27.4M
Operating lease right-of-use assets
$9.0M
$10.9M
$5.7M
$11.4M
Restricted cash, non-current
$183.0K
$1.1M
$659.0K
$3.6M
Deferred contract costs, non-current
$28.0M
$32.2M
$35.8M
$35.4M
Intangible assets, net
$2.4M
$2.4M
$5.2M
$9.3M
Goodwill
$12.6M
$12.6M
$12.6M
$12.6M
Other assets
$5.5M
$3.9M
$2.7M
$3.6M
Total assets
$617.7M
$605.6M
$741.2M
$737.6M
Accounts payable
$8.2M
$6.3M
$2.5M
$14.5M
Accrued expenses and other current liabilities
$32.1M
$31.2M
$27.8M
$31.2M
Content costs payable
$33.2M
$37.6M
$40.3M
$37.3M
Accrued compensation and benefits
$28.0M
$28.8M
$24.3M
$22.9M
Operating lease liabilities, current
$4.5M
$2.5M
$5.8M
$7.0M
Deferred revenue, current
$294.1M
$291.1M
$279.4M
$273.9M
Total current liabilities
$400.1M
$397.5M
$380.1M
$386.9M
Operating lease liabilities, non-current
$5.7M
$8.3M
$1.1M
$6.5M
Deferred revenue, non-current
$1.2M
$2.4M
$3.0M
$4.3M
Other liabilities, non-current
$234.0K
$6.0K
$48.0K
$464.0K
Total liabilities
$407.2M
$408.2M
$384.3M
$398.3M
Common stock, $0.00001 par value - 950,000,000 shares authorized; 145,050,642 and 147,484,280 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively.
1.0K
1.0K
2.0K
1.0K
Additional paid-in capital
$1.0B
$1.0B
$1.1B
$951.9M
Accumulated other comprehensive income (loss)
$162.0K
($11.0K)
$80.0K
($233.0K)
Accumulated deficit
($801.2M)
($805.0M)
($719.7M)
($612.4M)
Total stockholders’ equity
$210.5M
$197.4M
$356.9M
$339.3M
Total liabilities and stockholders' equity
$617.7M
$605.6M
$741.2M
$737.6M
Udemy Inc balance sheet, quarters
Line item
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Cash and cash equivalents
$252.6M
$235.9M
$230.3M
$189.6M
Restricted cash, current
$101.0K
$203.0K
$203.0K
$0
Marketable securities
$105.3M
$135.3M
$161.7M
$167.4M
Accounts receivable, net
$97.1M
$76.6M
$84.4M
$111.2M
Prepaid expenses and other current assets
$30.5M
$28.6M
$22.9M
$26.1M
Deferred contract costs, current
$48.0M
$47.6M
$48.0M
$46.7M
Total current assets
$533.6M
$524.1M
$547.5M
$541.1M
Property and equipment, net
$6.4M
$7.0M
$7.2M
$6.8M
Capitalized software, net
$28.8M
$29.1M
$29.5M
$30.8M
Operating lease right-of-use assets
$8.7M
$10.1M
$9.1M
$10.0M
Restricted cash, non-current
$904.0K
$912.0K
$912.0K
$1.1M
Deferred contract costs, non-current
$27.1M
$26.6M
$28.5M
$30.2M
Intangible assets, net
$2.0M
$2.9M
$3.3M
$2.2M
Goodwill
$12.6M
$12.6M
$12.6M
$12.6M
Strategic investments
$8.5M
—
—
—
Other assets
$5.9M
$5.5M
$5.4M
$4.2M
Total assets
$634.6M
$618.9M
$644.0M
$639.0M
Accounts payable
$12.9M
$6.5M
$7.4M
$4.4M
Accrued expenses and other current liabilities
$49.3M
$26.2M
$27.6M
$30.2M
Content costs payable
$28.2M
$32.3M
$33.2M
$34.5M
Accrued compensation and benefits
$21.0M
$23.0M
$20.4M
$22.3M
Operating lease liabilities, current
$4.9M
$5.3M
$2.9M
$2.6M
Deferred revenue, current
$299.9M
$295.9M
$311.2M
$326.3M
Total current liabilities
$416.2M
$389.2M
$402.7M
$420.3M
Operating lease liabilities, non-current
$4.9M
$6.7M
$6.3M
$7.3M
Deferred revenue, non-current
$1.1M
$1.2M
$1.6M
$2.0M
Other liabilities, non-current
$268.0K
$5.0K
$5.0K
$5.0K
Total liabilities
$422.4M
$397.1M
$410.6M
$429.6M
Common stock, $0.00001 par value - 950,000,000 shares authorized; 145,937,121 and 145,050,642 shares issued and outstanding as of March 31, 2026, and December 31, 2025, respectively.
1.0K
1.0K
1.0K
1.0K
Additional paid-in capital
$1.0B
$1.0B
$1.0B
$1.0B
Accumulated other comprehensive income
$27.0K
$144.0K
$46.0K
($15.0K)
Accumulated deficit
($813.8M)
($798.9M)
($800.5M)
($806.8M)
Total stockholders’ equity
$212.2M
$221.8M
$233.4M
$209.4M
Total liabilities and stockholders' equity
$634.6M
$618.9M
$644.0M
$639.0M
Cash flow statement
Udemy Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$3.8M
($85.3M)
($107.3M)
($153.9M)
Depreciation and amortization
$25.4M
$25.4M
$24.6M
$21.2M
Amortization of deferred contract costs
$65.5M
$59.7M
$48.2M
$32.3M
Stock-based compensation
$68.8M
$90.0M
$96.0M
$81.3M
Allowance for credit losses
$3.4M
$1.5M
$1.7M
$960.0K
Net (accretion) amortization of marketable securities
($3.2M)
($8.3M)
($7.5M)
($896.0K)
Non-cash operating lease expense
$3.8M
$4.5M
$5.9M
$6.2M
Unrealized loss on strategic investments
$0
$10.3M
$1.8M
$2.9M
Other
$1.6M
$2.6M
$1.2M
$690.0K
Accounts receivable
($11.0M)
$2.8M
$10.3M
($32.3M)
Prepaid expenses and other assets
($4.0M)
($4.6M)
($5.8M)
($4.0K)
Deferred contract costs
($64.4M)
($58.3M)
($56.9M)
($53.4M)
Accounts payable, accrued expenses and other liabilities
$3.3M
$10.1M
($14.4M)
($28.6M)
Content costs payable
($4.4M)
($2.7M)
$3.0M
$1.3M
Operating lease liabilities
($2.5M)
($5.8M)
($6.8M)
($6.5M)
Deferred revenue
$1.8M
$11.1M
$4.1M
$67.7M
Net cash provided by (used in) operating activities
$87.7M
$53.0M
($2.0M)
($61.0M)
Purchases of marketable securities
($182.6M)
($336.9M)
($307.7M)
($158.5M)
Proceeds from maturities and sales of marketable securities
$222.4M
$352.8M
$295.8M
$7.5M
Purchases of property and equipment
($5.8M)
($2.3M)
($632.0K)
($1.6M)
Capitalized software costs
($11.9M)
($12.5M)
($12.4M)
($14.2M)
Payments related to asset acquisitions
($1.5M)
$0
$0
($1.5M)
Net cash provided by (used in) investing activities
$20.6M
$1.1M
($25.0M)
($173.2M)
Net proceeds from exercise of stock options
$70.0K
$2.3M
$17.9M
$7.1M
Proceeds from share purchases under employee stock purchase plan
$4.2M
$7.1M
$8.0M
$9.2M
Taxes paid related to net share settlement of equity awards
($20.3M)
($30.8M)
($6.8M)
—
Repurchases of common stock and excise taxes paid
($51.0M)
($150.3M)
—
—
Payments of debt issuance costs
($1.4M)
—
—
—
Net cash provided by (used in) financing activities
($68.5M)
($171.7M)
$19.2M
$14.8M
Effect of foreign exchange rates on cash flows
$238.0K
($116.0K)
$20.0K
($25.0K)
Net increase (decrease) in cash, cash equivalents and restricted cash
$40.1M
($117.7M)
($7.8M)
($219.5M)
Cash, cash equivalents and restricted cash—Beginning of period
$191.8M
$309.6M
$317.3M
$536.8M
Cash, cash equivalents and restricted cash—End of period
$231.9M
$191.8M
$309.6M
$317.3M
Cash and cash equivalents
$231.5M
$190.6M
$305.6M
$313.7M
Restricted cash, current
$201.0K
$100.0K
$3.3M
—
Restricted cash, non-current
$183.0K
$1.1M
$659.0K
$3.6M
Total cash, cash equivalents and restricted cash
$231.9M
$191.8M
$309.6M
$317.3M
Interest paid
$299.0K
$0
$3.2M
$23.0K
Income taxes paid
$5.0M
$1.3M
$1.4M
$678.0K
Stock-based compensation in capitalized costs
$6.5M
$8.5M
$9.2M
$5.9M
Net change in unrealized gain (loss) on marketable securities
$40.0K
$21.0K
$289.0K
$213.0K
Increase (decrease) in purchases of property and equipment included in liabilities
($500.0K)
$630.0K
—
—
Operating lease right-of-use assets exchanged for operating lease liabilities
$1.9M
$9.8M
—
—
Accrued excise tax on share repurchases
$117.0K
$876.0K
—
—
Udemy Inc cash flow statement, quarters
Line item
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Mar 31, 2025 · Q1
Net loss
($12.6M)
$6.1M
$4.5M
($1.8M)
Depreciation and amortization
$6.4M
$19.3M
$13.1M
$6.2M
Amortization of deferred contract costs
$17.4M
$48.4M
$31.6M
$15.6M
Stock-based compensation
$16.4M
$53.7M
$35.4M
$18.0M
Allowance for credit losses
$475.0K
$2.8M
$2.4M
$2.1M
Net (accretion) amortization of marketable securities
$83.0K
($2.7M)
($2.1M)
($1.3M)
Non-cash operating lease expense
$1.1M
$2.7M
$1.8M
$915.0K
Unrealized gain on strategic investments
($500.0K)
$0
$0
—
Other
$552.0K
$1.0M
$623.0K
$350.0K
Accounts receivable
($1.7M)
$8.8M
$1.4M
($25.1M)
Prepaid expenses and other assets
($5.1M)
($6.8M)
($413.0K)
($4.1M)
Deferred contract costs
($20.6M)
($49.5M)
($35.0M)
($19.5M)
Accounts payable, accrued expenses and other liabilities
$14.2M
($9.3M)
($10.2M)
($10.0M)
Content costs payable
($5.0M)
($5.3M)
($4.4M)
($3.1M)
Operating lease liabilities
($1.3M)
($731.0K)
($1.6M)
($949.0K)
Deferred revenue
$5.7M
$3.6M
$19.3M
$34.8M
Net cash provided by operating activities
$15.4M
$72.1M
$56.4M
$12.2M
Purchases of marketable securities
($21.9M)
($137.8M)
($112.5M)
($78.6M)
Proceeds from maturities of marketable securities
$43.5M
$169.1M
$116.7M
$76.3M
Purchases of property and equipment
($548.0K)
($5.3M)
($4.7M)
($2.4M)
Capitalized software costs
($4.1M)
($8.7M)
($5.7M)
($2.7M)
Purchases of strategic investments
($8.0M)
—
—
—
Net cash provided by (used in) investing activities
$9.1M
$15.8M
($7.6M)
($7.4M)
Net proceeds from exercise of stock options
$0
$62.0K
$49.0K
$41.0K
Taxes paid related to net share settlement of equity awards
($2.8M)
($14.8M)
($9.9M)
($5.9M)
Repurchases of common stock and excise taxes paid
($117.0K)
($29.2M)
($875.0K)
$0
Net cash used in financing activities
($2.9M)
($42.9M)
($9.4M)
($5.9M)
Effect of foreign exchange rates on cash flows
$97.0K
$169.0K
$172.0K
$36.0K
Net increase (decrease) in cash, cash equivalents and restricted cash
$21.7M
$45.2M
$39.6M
($1.1M)
Cash, cash equivalents and restricted cash—Beginning of period
$231.9M
$191.8M
$191.8M
$191.8M
Cash, cash equivalents and restricted cash—End of period
$253.6M
$237.0M
$231.4M
$190.7M
Cash and cash equivalents
$252.6M
$235.9M
$230.3M
$189.6M
Restricted cash, current
$101.0K
$203.0K
$203.0K
$0
Restricted cash, non-current
$904.0K
$912.0K
$912.0K
$1.1M
Total cash, cash equivalents and restricted cash
$253.6M
$237.0M
$231.4M
$190.7M
Income taxes paid
$1.9M
$1.5M
$1.1M
$813.0K
Stock-based compensation in capitalized costs
$905.0K
$5.0M
$3.3M
$1.7M
Net change in unrealized gain (loss) on marketable securities
($233.0K)
$18.0K
($64.0K)
($27.0K)
Increase (decrease) in purchases of property and equipment included in liabilities
($76.0K)
($462.0K)
($354.0K)
$584.0K
Operating lease right-of-use assets exchanged for operating lease liabilities