Udemy (UDMY) Operating Margin (2020 - 2026)

Udemy has disclosed Operating Margin across 7 years of filings, most recently posting 6.54% for Q1 2026.

• Operating Margin for Q1 2026 came in at 6.54%, down 430.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 1.56% (up 744.0% YoY), and the FY2025 annual result was 0.53%, up 1083.0% from the prior year.
• Operating Margin came in at 6.54% for Q1 2026 at Udemy, down from 1.77% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 1.97% in Q2 2025 to a low of 32.72% in Q4 2022.
• The 5-year median for Operating Margin is 13.14% (2024), against an average of 12.76%.
• Across the five-year window, Operating Margin tumbled 1993 bps in 2022 and jumped 1918 bps in 2023, its largest moves.
• Udemy's Operating Margin stood at 32.72% in 2022, then jumped by 59 bps to 13.54% in 2023, then jumped by 57 bps to 5.8% in 2024, then surged by 70 bps to 1.77% in 2025, then tumbled by 270 bps to 6.54% in 2026.
• The last three Operating Margin figures came in at 6.54% (Q1 2026), 1.77% (Q4 2025), and 0.08% (Q3 2025), per Business Quant data.