Udemy, Inc. reported a slight increase in revenue for the fiscal year ended December 31, 2025, totaling $789.8 million, compared to $786.6 million in the previous year. This growth was primarily driven by a 6% increase in revenue from the Enterprise segment, which accounted for 66% of total revenue, reaching $524.1 million. In contrast, the Consumer segment experienced a decline of 9%, generating $265.8 million, attributed to decreased transactional revenue and a reduction in the number of monthly average buyers. The company's net income improved significantly to $3.8 million, a turnaround from a loss of $85.3 million in 2024, reflecting operational efficiencies and a favorable shift in revenue mix towards higher-margin subscription offerings.
The company is currently navigating a proposed merger with Coursera, announced on December 17, 2025. Under the terms of the all-stock transaction, Udemy shareholders will receive 0.800 shares of Coursera common stock for each share of Udemy. The merger is expected to close in the second half of 2026, pending various customary conditions, including stockholder approvals and regulatory clearances. However, the pending merger introduces uncertainties that could impact business relationships and employee retention, as well as potential litigation costs.
Operationally, Udemy's user base remains substantial, with nearly 84 million learners and over 90,000 instructors contributing to a diverse course catalog of more than 290,000 offerings. The company reported a Net Dollar Retention Rate (NDRR) of 93% for its Udemy Business customers, indicating a slight decline from the previous year, while the NDRR for large customers remained higher at 97%. The company also noted a focus on expanding its international footprint, with 61% of revenue generated outside North America, and plans to enhance its product offerings through AI-driven innovations.
Looking ahead, Udemy aims to continue its strategic investments in technology and operational efficiency to drive growth. The company is prioritizing its subscription-based revenue model, which accounted for 72% of total revenue in 2025, up from 66% in 2024. Despite the positive outlook, Udemy acknowledges the challenges posed by market competition and the need to attract and retain both learners and instructors to sustain its growth trajectory. The company’s financial health is supported by a strong liquidity position, with cash and cash equivalents totaling $231.9 million as of December 31, 2025, alongside a $200 million revolving credit facility that remains undrawn.
About Udemy, Inc.
Udemy is a global online learning platform offering a marketplace of over 250,000 courses across technology, business, soft skills, and personal development. It serves individual learners and organizations through its consumer marketplace and Udemy Business, supporting skills development, reskilling, and workforce training. Leveraging AI, data insights, and a vast instructor network, Udemy provides personalized, high-quality content in multiple languages to a broad international audience.
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