Latest revenue
$191.4M
as of 2026-03-31
Latest net income
$-12.6M
as of 2026-03-31
Net margin
-6.6%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $677.3M
- Enterprise value
- $677.3M
- P/E (trailing)
- 177.9×
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 0.0%
- 52-wk high
- $8.09
- 52-wk low
- $4.02
- Beta
- —
- Shares out
- 146.3M
5-year trend
What this company does
Udemy runs an online learning platform where individuals buy single courses or subscriptions, and businesses pay for Udemy Business, an enterprise subscription giving employees on-demand access to curated courses. Revenue comes from consumer course purchases and, increasingly, recurring enterprise subscriptions, with $596 million booked over the first nine months of 2025. Under new CEO Hugo Sarrazin, who took over in March 2025, the company has flipped to modest profitability after aggressive cost cuts, though revenue growth has stalled near flat year-over-year.
Generated from UDMY's filing dated 2025-02-19
Key risks
- Stalled growth: Q3 revenue flat at $195.7M YoY; nine-month growth only 1.6%, suggesting AI disruption pressure on consumer marketplace.
- Heavy dilution risk: $58.7M nine-month stock-based compensation versus $6.1M net income; buybacks ($28M) barely offsetting share issuance.
- Leadership transition: New CEO Sarrazin replaced Brown in March 2025 amid restructuring charges and ongoing strategic repositioning, execution unproven.
Generated from UDMY's filing dated 2025-02-19
Profitability
Gross margin
65.6%
4.9%Operating margin
-0.5%
95.4%Net margin
0.5%
104.4%Return on equity
1.8%
104.2%Return on assets
0.6%
104.4%Leverage
Debt / equity
1.93×
6.4%Debt / assets
65.9%
2.2%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $191.4M | -4.4% | $-12.6M | -612.3% | -6.6% |
Q4 2025 2025-12-31 | $194.0M | -3.0% | $-558.0K | +94.3% | -0.3% |
Q3 2025 2025-09-30 | $195.7M | +0.1% | $1.6M | +106.5% | 0.8% |
Q2 2025 2025-06-30 | $199.9M | +2.8% | $4.5M | +114.1% | 2.2% |
Q1 2025 2025-03-31 | $200.3M | +1.8% | $-1.8M | +90.3% | -0.9% |
Q4 2024 2024-12-31 | $199.9M | — | $-9.9M | — | -4.9% |
Q3 2024 2024-09-30 | $195.4M | +5.8% | $-25.3M | -50.7% | -12.9% |
Q2 2024 2024-06-30 | $194.4M | +9.0% | $-31.8M | -23.6% | -16.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-Educational Services · SIC 8200
Your notes
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Insider activity
Insider buying
$0
Insider selling
$602.5K
Net activity
−$602.5K
Distinct insiders
1
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-03-13 | Sarah Blanchard Chief Financial Officer | Sale | 25,000 | $4.78 | $119.4K | |
| 2025-12-15 | Sarah Blanchard Chief Financial Officer | Sale | 25,000 | $5.25 | $131.3K |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns UDMY
Institutional value
$152.1M
Total shares held
33.0M
Distinct holders
97
-85 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 7.1M | $33.0M | -146.3K (-2.0%) | Trimmed |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 4.3M | $20.1M | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 4.2M | $19.4M | — | New |
| 4 | UBS Group AG | 2.3M | $10.5M | +946.1K (+71.6%) | Added |
| 5 | CITIGROUP INC | 1.8M | $8.4M | +1.1M (+167.3%) | Added |
| 6 | OP Asset Management Ltd | 1.6M | $7.9M | +1.4M (+820.9%) | Added |
| 7 | Assenagon Asset Management S.A. | 1.5M | $6.9M | -2.7M (-64.2%) | Trimmed |
| 8 | DIMENSIONAL FUND ADVISORS LP | 1.4M | $6.4M | +539.5K (+63.4%) | Added |
| 9 | Allianz Asset Management GmbH | 1.2M | $5.7M | +0 (+0.0%) | No change |
| 10 | ALPINE ASSOCIATES MANAGEMENT INC. | 1.2M | $5.5M | +617.6K (+108.4%) | Added |
| 11 | VANGUARD FIDUCIARY TRUST CO | 636.7K | $2.9M | — | New |
| 12 | Magnetar Financial LLC | 597.0K | $2.8M | +2.7K (+0.5%) | Added |
| 13 | Pacer Advisors, Inc. | 551.5K | $2.5M | -365.7K (-39.9%) | Trimmed |
| 14 | Bank of New York Mellon Corp | 373.9K | $1.7M | -11.4K (-3.0%) | Trimmed |
| 15 | FRANKLIN RESOURCES INC | 347.8K | $1.6M | +238.9K (+219.5%) | Added |
| 16 | Invesco Ltd. | 244.4K | $1.1M | +35.6K (+17.0%) | Added |
| 17 | ABC ARBITRAGE SA | 205.4K | $948.7K | +43.5K (+26.9%) | Added |
| 18 | Swiss National Bank | 200.1K | $924.5K | +37.0K (+22.7%) | Added |
| 19 | Creative Planning | 189.4K | $874.9K | +122.9K (+185.1%) | Added |
| 20 | PRINCIPAL FINANCIAL GROUP INC | 186.5K | $861.4K | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Revenue grew just 0.1% YoY in Q3 to $195.7M—when does Consumer stabilize, and what's the trough quarter for total growth?
- 2
R&D fell 22% YoY to $25.6M and headcount-linked costs are down sharply; are you under-investing in AI versus Coursera and LinkedIn Learning?
- 3
Deferred revenue is essentially flat YoY at $297M despite enterprise focus—what's the Udemy Business net dollar retention trend, specifically?
Refreshed when UDMY files a new report · last from 2025-02-19