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Udemy (UDMY) Cost of Revenue (2020 - 2025)

Udemy's Cost of Revenue history spans 6 years, with the latest figure at $54.3 million for Q4 2025.

  • For Q4 2025, Cost of Revenue fell 55.15% year-over-year to $54.3 million; the TTM value through Dec 2025 reached $271.4 million, down 20.85%, while the annual FY2025 figure was $271.4 million, 20.85% down from the prior year.
  • Cost of Revenue for Q4 2025 was $54.3 million at Udemy, down from $66.8 million in the prior quarter.
  • Across five years, Cost of Revenue topped out at $121.1 million in Q4 2024 and bottomed at $47.6 million in Q3 2024.
  • The 5-year median for Cost of Revenue is $73.0 million (2021), against an average of $73.1 million.
  • The largest annual shift saw Cost of Revenue skyrocketed 59.12% in 2024 before it plummeted 55.15% in 2025.
  • A 5-year view of Cost of Revenue shows it stood at $69.8 million in 2021, then grew by 26.78% to $88.6 million in 2022, then decreased by 14.09% to $76.1 million in 2023, then surged by 59.12% to $121.1 million in 2024, then tumbled by 55.15% to $54.3 million in 2025.
  • Per Business Quant, the three most recent readings for UDMY's Cost of Revenue are $54.3 million (Q4 2025), $66.8 million (Q3 2025), and $67.8 million (Q2 2025).