Udemy (UDMY) Operating Expenses (2020 - 2026)
Quarterly results put Operating Expenses at $141.8 million for Q1 2026, up 5.87% from a year ago — trailing twelve months through Mar 2026 was $530.4 million (down 7.25% YoY), and the annual figure for FY2025 was $522.6 million, down 10.1%.
Udemy has reported Operating Expenses over the past 7 years, most recently at $141.8 million for Q1 2026.
- Operating Expenses reached $141.8 million in Q1 2026 per UDMY's latest filing, up from $131.5 million in the prior quarter.
- Across five years, Operating Expenses topped out at $152.5 million in Q3 2024 and bottomed at $111.1 million in Q1 2022.
- Median Operating Expenses over the past 5 years was $133.9 million (2025), compared with a mean of $134.8 million.
- The largest annual shift saw Operating Expenses skyrocketed 63.45% in 2022 before it dropped 15.4% in 2025.
- Over 5 years, Operating Expenses stood at $145.4 million in 2022, then dropped by 6.82% to $135.5 million in 2023, then grew by 2.43% to $138.8 million in 2024, then decreased by 5.28% to $131.5 million in 2025, then grew by 7.85% to $141.8 million in 2026.
- Business Quant data shows Operating Expenses for UDMY at $141.8 million in Q1 2026, $131.5 million in Q4 2025, and $129.0 million in Q3 2025.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | 51Talk Online Education | 9.59 Bn | 9.55 Bn | 22.18 Mn | -27.37 Mn |
| 2 | Graham Holdings | 4.73 Bn | 3.72 Bn | 841.00 Mn | 1.18 Bn |
| 3 | Laureate Education | 4.69 Bn | 4.53 Bn | -16.39 Mn | 11.13 Mn |
| 4 | Grand Canyon Education | 4.19 Bn | 3.94 Bn | 244.77 Mn | 213.30 Mn |
| 5 | Stride | 3.77 Bn | 2.96 Bn | 231.57 Mn | 102.49 Mn |
| 6 | Perdoceo Education | 2.11 Bn | 1.43 Bn | 174.68 Mn | 158.62 Mn |
| 7 | Universal Technical Institute | 2.01 Bn | 1.84 Bn | 103.97 Mn | 221.06 Mn |
| 8 | Strategic Education | 1.71 Bn | 1.55 Bn | - | 154.77 Mn |
| 9 | Lincoln Educational Services | 1.46 Bn | 1.44 Bn | 120.06 Mn | 137.55 Mn |
| 10 | Udemy | 672.44 Mn | 419.78 Mn | 129.27 Mn | 141.79 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 141.79 Mn |
| Dec 31, 2025 | 131.48 Mn |
| Sep 30, 2025 | 129.03 Mn |
| Jun 30, 2025 | 128.12 Mn |
| Mar 31, 2025 | 133.94 Mn |
| Dec 31, 2024 | 138.80 Mn |
| Sep 30, 2024 | 152.51 Mn |
| Jun 30, 2024 | 146.66 Mn |
| Mar 31, 2024 | 143.29 Mn |
| Dec 31, 2023 | 135.51 Mn |
| Sep 30, 2023 | 128.95 Mn |
| Jun 30, 2023 | 129.76 Mn |
| Mar 31, 2023 | 147.01 Mn |
| Dec 31, 2022 | 145.44 Mn |
| Sep 30, 2022 | 132.60 Mn |
| Jun 30, 2022 | 115.83 Mn |
| Mar 31, 2022 | 111.10 Mn |
| Dec 31, 2021 | 112.27 Mn |
| Sep 30, 2021 | 81.13 Mn |
| Jun 30, 2021 | 81.07 Mn |
| Mar 31, 2021 | 83.07 Mn |
| Dec 31, 2020 | 80.53 Mn |
| Sep 30, 2020 | 66.99 Mn |