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Dec 31, 2025
Udemy Q4 2025 Earnings Report
Udemy reported its fourth quarter and full year 2025 results, with full year consolidated subscription revenue increasing 8% year-over-year and Adjusted EBITDA Margin expanding by 700 basis points.
Key Takeaways
Udemy demonstrated strong execution in Q4 and throughout 2025, achieving 8% growth in full-year consolidated subscription revenue, which now represents 72% of total revenue. The company also expanded its full year 2025 Adjusted EBITDA Margin by 700 basis points, driven by operational excellence and cost efficiencies. Net income for the full year was positive, and the company ended the year with nearly $360 million in cash, cash equivalents, and marketable securities.
Full year 2025 consolidated subscription revenue increased 8% year-over-year.
Added $13 million in Net New Annual Recurring Revenue in Q4.
Net Dollar Retention Rate stabilized at 97% for Large Customers and 93% total.
Expanded full year 2025 Adjusted EBITDA Margin by 700 basis points.
Revenue by Segment
Forward Guidance
Udemy will not host a conference call to discuss the results and will not provide financial guidance due to the pending combination with Coursera.
Positive Outlook
- The pending combination with Coursera is expected to create a comprehensive learning operating system.
- Increased enrollments in AI content on Udemy, growing 120% year-over-year in 2025, indicate strong demand for AI-driven skills.
- Udemy is well-positioned to provide proprietary, role-specific learning experiences aligned with organizational policies.
- The company ended the year with nearly $360 million in cash, cash equivalents, and marketable securities, providing financial flexibility.
- Strategic partnerships with LG CNS, Emtrain, Workera, HSM, and Entri are expected to expand market reach and offerings.
Challenges Ahead
- The pending combination with Coursera is subject to shareholder and regulatory approvals and other customary closing conditions.
- The company will not provide financial guidance due to the pending combination, limiting future outlook visibility.
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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