Udemy (UDMY) Cost of Revenue (2020 - 2026)

Udemy has disclosed Cost of Revenue across 7 years of filings, most recently posting $89.6 million for Q1 2026.

• Cost of Revenue for Q1 2026 came in at $89.6 million, up 8.61% year-over-year; the trailing twelve-month figure through Mar 2026 was $306.9 million (down 2.42% YoY), and the FY2025 annual result was $326.5 million, up 10.8% from the prior year.
• Cost of Revenue came in at $89.6 million for Q1 2026 at Udemy, up from $82.6 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $100.0 million in Q4 2022 to a low of $66.8 million in Q3 2025.
• The 5-year median for Cost of Revenue is $77.4 million (2023), against an average of $78.3 million.
• Across the five-year window, Cost of Revenue soared 33.64% in 2022 and decreased 22.31% in 2025, its largest moves.
• Udemy's Cost of Revenue stood at $100.0 million in 2022, then fell by 13.18% to $86.8 million in 2023, then dropped by 16.24% to $72.7 million in 2024, then advanced by 13.59% to $82.6 million in 2025, then rose by 8.46% to $89.6 million in 2026.
• The last three Cost of Revenue figures came in at $89.6 million (Q1 2026), $82.6 million (Q4 2025), and $66.8 million (Q3 2025), per Business Quant data.