Udemy Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2019
Revenue	795.8	786.57	728.94	629.1	515.66	429.9	Upgrade
Revenue Growth (YoY)	2.53%	7.91%	15.87%	22.00%	19.95%	55.58%	Upgrade
Cost of Revenue	278.24	294.63	309.6	275.32	236.02	209.25	Upgrade
Gross Profit	517.57	491.94	419.34	353.78	279.63	220.65	Upgrade
Selling, General & Admin	417.17	439.15	410.64	400.41	291.43	243.38	Upgrade
Research & Development	105.73	125.44	120.34	104.56	66.11	50.64	Upgrade
Operating Expenses	522.9	564.58	530.97	504.97	357.54	294.03	Upgrade
Operating Income	-5.33	-72.64	-111.63	-151.19	-77.91	-73.38	Upgrade
Interest Expense	-0.49	-	-0.52	-1.25	-0.22	-1.15	Upgrade
Interest & Investment Income	15.03	19.67	20.67	5.55	0.2	-	Upgrade
Currency Exchange Gain (Loss)	-1.08	-1.34	-0.11	-1.8	-0.92	0.06	Upgrade
Other Non Operating Income (Expenses)	-0.05	0.38	-	-	-	-	Upgrade
EBT Excluding Unusual Items	8.1	-53.94	-91.59	-148.69	-78.84	-74.47	Upgrade
Merger & Restructuring Charges	-6.99	-16.69	-10.26	-	-	-	Upgrade
Gain (Loss) on Sale of Investments	-	-10.31	-1.79	-2.9	-	-	Upgrade
Pretax Income	1.11	-80.94	-103.64	-151.59	-78.84	-74.47	Upgrade
Income Tax Expense	4.84	4.35	3.65	2.29	1.18	3.15	Upgrade
Net Income	-3.73	-85.29	-107.29	-153.88	-80.03	-77.62	Upgrade
Net Income to Common	-3.73	-85.29	-107.29	-153.88	-80.03	-77.62	Upgrade
Shares Outstanding (Basic)	148	151	150	141	55	33	Upgrade
Shares Outstanding (Diluted)	148	151	150	141	55	33	Upgrade
Shares Change (YoY)	-3.24%	0.81%	6.55%	156.26%	64.67%	23.21%	Upgrade
EPS (Basic)	-0.03	-0.56	-0.71	-1.09	-1.46	-2.33	Upgrade
EPS (Diluted)	-0.03	-0.56	-0.71	-1.09	-1.46	-2.33	Upgrade
Free Cash Flow	75.26	50.74	-2.64	-62.52	-12.44	4.44	Upgrade
Free Cash Flow Per Share	0.51	0.34	-0.02	-0.44	-0.23	0.13	Upgrade
Gross Margin	65.04%	62.54%	57.53%	56.24%	54.23%	51.32%	Upgrade
Operating Margin	-0.67%	-9.23%	-15.31%	-24.03%	-15.11%	-17.07%	Upgrade
Profit Margin	-0.47%	-10.84%	-14.72%	-24.46%	-15.52%	-18.05%	Upgrade
Free Cash Flow Margin	9.46%	6.45%	-0.36%	-9.94%	-2.41%	1.03%	Upgrade
EBITDA	-1.14	-67.12	-104.54	-142.57	-71.9	-69.22	Upgrade
EBITDA Margin	-0.14%	-8.53%	-14.34%	-22.66%	-13.94%	-16.10%	Upgrade
D&A For EBITDA	4.19	5.52	7.09	8.62	6	4.16	Upgrade
EBIT	-5.33	-72.64	-111.63	-151.19	-77.91	-73.38	Upgrade
EBIT Margin	-0.67%	-9.23%	-15.31%	-24.03%	-15.11%	-17.07%	Upgrade
Advertising Expenses	-	94.9	82.5	97	105.2	110.5	Upgrade

Updated Oct 29, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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