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Mar 31, 2025
Udemy Q1 2025 Earnings Report
Udemy reported results for the three-month period ended March 31, 2025, exceeding high end of guidance ranges for Revenue and Adjusted EBITDA.
Key Takeaways
Udemy exceeded expectations for both revenue and Adjusted EBITDA in Q1 2025, with total revenue increasing 2% year-over-year to $200.3 million and Adjusted EBITDA reaching $21.1 million. The Enterprise segment showed strong growth, while the Consumer segment saw a decrease in revenue. The company also launched new AI-powered subscription learning paths.
Total revenue for Q1 2025 was $200.3 million, a 2% increase year-over-year.
Adjusted EBITDA was $21.1 million, or 11% margin, an 800 basis point expansion year-over-year.
Enterprise segment revenue grew 9% year-over-year to $127.7 million.
Net loss was $1.8 million for the quarter.
Revenue by Segment
Forward Guidance
For the second quarter ending June 30, 2025, Udemy expects revenue between $195 and $199 million and Adjusted EBITDA between $22 and $24 million. For the full year ending December 31, 2025, revenue is expected to be between $772 and $794 million and Adjusted EBITDA between $77 and $87 million.
Positive Outlook
- Q2 2025 revenue guidance range: $195 to $199 million.
- Q2 2025 Adjusted EBITDA guidance range: $22 to $24 million.
- Full year 2025 revenue guidance range: $772 to $794 million.
- Full year 2025 Adjusted EBITDA guidance range: $77 to $87 million.
- Guidance for both Q2 and Full Year 2025 indicates continued positive Adjusted EBITDA.
Challenges Ahead
- Revenue guidance assumes negative impact from foreign exchange rates.
- Q2 2025 revenue guidance midpoint ($197M) is slightly lower than Q1 2025 revenue ($200.3M).
- Weighted Average Share Count is expected to increase in Q2 and for the full year 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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