Udemy, Inc.
udemy.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2026 10-Q, filed May 11, 2026. Its latest SEC filing is a SCHEDULE 13G/A from Aug 10, 2026.
10-Q for Q1 FY2026, filed May 11, 2026
The sections below describe the company as of the FY2025 annual report.
What Did They Do?
Provides online workforce-learning programs to companies and government organizations, alongside courses for individual learners.
10-K for FY2025, filed Feb 19, 2026Udemy has two symbiotic operating and reportable segments: Enterprise, or Udemy Business (66% of 2025 revenue), and Consumer, or our…View ↗
Udemy’s global content engine powers Udemy Business with the highest-rated content from our marketplace, innovative AI-powered learning…View ↗
The Enterprise segment primarily generates revenue by selling subscription licenses to a variety of enterprise and government customers.…View ↗
How Did They Make Money?
Organizations pay for Udemy Business access for a set number of seats, usually under annual or multi-year contracts billed in advance. Individual learners pay in advance for monthly or annual subscriptions or for lifetime access to a single course.
10-K for FY2025, filed Feb 19, 2026The Company’s subscription contracts with enterprise customers generally have annual or multi-year contractual terms and consist of a fixed…View ↗
Standard subscription agreements have auto-renewal clauses, which allow the agreement to continue after the expiration of the initial term.…View ↗
Consumer revenue— The Company generates revenue by selling access to course content on the Udemy platform directly to individual learners.…View ↗
Consumer subscription plans offer on-demand access to a library of courses over a subscription term, as well as additional features and…View ↗
Transactional and other revenue is primarily comprised of sales of single courses. After checkout, consumer customers purchasing a single…View ↗
$789.8M
-
10-K for FY2025, filed Feb 20, 2026
$789.8M ↗
Who Were Their Customers?
Companies and government organizations buy Udemy Business directly through Udemy’s sales teams or indirectly through third-party channels. Individual learners buy courses and subscriptions directly on its marketplace.
10-K for FY2025, filed Feb 19, 2026We sell to our Udemy Business customers both directly, through our sales teams, and indirectly, through third-party channels. Our Customer…View ↗
The Enterprise segment primarily generates revenue by selling subscription licenses to a variety of enterprise and government customers.…View ↗
Consumer revenue— The Company generates revenue by selling access to course content on the Udemy platform directly to individual learners.…View ↗
Did Revenues Turn Into Profits?
Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
10-K for FY2025, filed Feb 20, 2026
−$4.2MView ↗
10-K for FY2025, filed Feb 20, 2026
$3.8MView ↗
10-K for FY2025, filed Feb 20, 2026
$81.9MView ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q1 FY2026, filed May 9, 2026
−$12.6MView ↗
- ▲ +612% (Loss)
- vs −$1.8M in Q1 FY2025
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May 11, 2026
Udemy completed its merger with Coursera
Udemy shares were converted into rights to receive Coursera shares under the merger terms.
Sources
8-K, filed May 11, 2026
The Merger was completed on the Closing Date. Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”)…View ↗
Grew. Revenue grew 53% in 4 years, from $515.7M in FY2021 to $789.8M in FY2025, about 11% a year.
Subscription-first consumer strategy
The older report presents individual course purchases and subscriptions as consumer options; the latest describes a consumer strategy centered on subscriptions.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 19, 2026In 2025, we transformed our consumer business with a subscription-first strategy that delivers superior outcomes for learners and improved…View ↗
Expanded AI learning tools
AI tools expand from course recommendations to role-play practice, tailored learning paths, and ways for companies to connect Udemy with their internal AI tools.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 19, 2026Our global marketplace supports learners, instructors and enterprise customers to achieve their goals. Udemy enables users to gain the…View ↗
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