Udemy (UDMY) Gross Margin (2020 - 2026)
Quarterly results put Gross Margin at 67.54% for Q1 2026, up 291.0% from a year ago — trailing twelve months through Mar 2026 was 66.36% (up 297.0% YoY), and the annual figure for FY2025 was 65.63%, up 309.0%.
Udemy has reported Gross Margin over the past 7 years, most recently at 67.54% for Q1 2026.
- Gross Margin reached 67.54% in Q1 2026 per UDMY's latest filing, up from 66.01% in the prior quarter.
- Across five years, Gross Margin topped out at 67.54% in Q1 2026 and bottomed at 55.25% in Q4 2022.
- Median Gross Margin over the past 5 years was 61.25% (2024), compared with a mean of 60.9%.
- The largest annual shift saw Gross Margin increased 17bps in 2023 before it soared 567bps in 2024.
- Over 5 years, Gross Margin stood at 55.25% in 2022, then grew by 5bps to 57.95% in 2023, then grew by 10bps to 63.62% in 2024, then rose by 4bps to 66.01% in 2025, then rose by 2bps to 67.54% in 2026.
- Business Quant data shows Gross Margin for UDMY at 67.54% in Q1 2026, 66.01% in Q4 2025, and 65.86% in Q3 2025.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | 51Talk Online Education | 9.59 Bn | 9.55 Bn | 22.18 Mn | 72.43% |
| 2 | Graham Holdings | 4.73 Bn | 3.72 Bn | 841.00 Mn | 68.04% |
| 3 | Laureate Education | 4.69 Bn | 4.53 Bn | -16.39 Mn | -6.01% |
| 4 | Grand Canyon Education | 4.19 Bn | 3.94 Bn | 244.77 Mn | 79.28% |
| 5 | Stride | 3.77 Bn | 2.96 Bn | 231.57 Mn | 36.76% |
| 6 | Perdoceo Education | 2.11 Bn | 1.43 Bn | 174.68 Mn | 78.77% |
| 7 | Universal Technical Institute | 2.01 Bn | 1.84 Bn | 103.97 Mn | 46.96% |
| 8 | Strategic Education | 1.71 Bn | 1.55 Bn | - | - |
| 9 | Lincoln Educational Services | 1.46 Bn | 1.44 Bn | 120.06 Mn | 83.40% |
| 10 | Udemy | 672.44 Mn | 419.78 Mn | 129.27 Mn | 67.54% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 67.54% |
| Dec 31, 2025 | 66.01% |
| Sep 30, 2025 | 65.86% |
| Jun 30, 2025 | 66.06% |
| Mar 31, 2025 | 64.62% |
| Dec 31, 2024 | 63.62% |
| Sep 30, 2024 | 62.97% |
| Jun 30, 2024 | 62.32% |
| Mar 31, 2024 | 61.25% |
| Dec 31, 2023 | 57.95% |
| Sep 30, 2023 | 58.17% |
| Jun 30, 2023 | 57.40% |
| Mar 31, 2023 | 56.53% |
| Dec 31, 2022 | 55.25% |
| Sep 30, 2022 | 56.40% |
| Jun 30, 2022 | 57.02% |
| Mar 31, 2022 | 56.35% |
| Dec 31, 2021 | 52.66% |
| Sep 30, 2021 | 55.24% |
| Jun 30, 2021 | 55.59% |
| Mar 31, 2021 | 53.49% |
| Dec 31, 2020 | 49.45% |
| Sep 30, 2020 | 58.69% |