Udemy, Inc. (NASDAQ: UDMY)

Udemy is a global learning company that operates an AI-powered skills acceleration platform designed to empower organizations and individuals with flexible measurable and outcome-driven learning experiences. The company provides a marketplace where tens of thousands of instructors develop distribute and enhance content reaching a broad global audience of nearly 84 million learners. Udemy leverages artificial intelligence data and insights including proprietary Role Play technology and Model Context Protocol capabilities to deliver personalized immersive and effective learning experiences that demonstrate proven skill development and career advancement outcomes. The company curates its highest-quality content from its marketplace for its enterprise SaaS platform Udemy Business which enables companies worldwide to offer engaging and effective learning for all employees immersive laboratory-style learning for tech teams and cohort-based learning focused on leadership development.

Udemy generates revenue primarily through its two operating segments Enterprise and Consumer. The Enterprise segment or Udemy Business offers seat-based subscription plans including Team Plan Enterprise Plan and Leadership Academy as well as the Udemy Business Pro add-on service with pricing based on volume and functionality. The Consumer segment or direct-to-consumer marketplace allows individual learners to purchase lifetime access to individual courses or subscribe through monthly and annual Personal Plan subscriptions providing unlimited access to more than 28,000 top-rated courses. Revenue is also generated from professional services AI Transformation Packages and other specialized enterprise offerings. In 2025 72% of total revenue was derived from subscriptions up from 66% in 2024 reflecting the company's strategic shift toward predictable high-value subscription products.

The company operates through the following segments: Enterprise and Consumer.

• The Enterprise segment or Udemy Business provides organizations with annual or multi-year subscription access on a per-seat basis to a collection of more than 33,000 courses in 15 local languages in addition to English. It offers on-demand learning for all employees immersive learning for technology teams and cohort learning for business leaders. Udemy Business features AI-powered personalization skills gap analysis outcome measurement and integrates with enterprise workflows through its MCP server. The segment includes Team Plan for teams of up to 20 people Enterprise Plan with dedicated customer success and advanced analytics Leadership Academy for cohort-based leadership development and Udemy Business Pro as an add-on service providing immersive labs and pre-built learning paths for key technical roles.

• The Consumer segment or direct-to-consumer marketplace consists of more than 290,000 free and paid courses created by over 90,000 instructors covering technology business soft skills and personal development topics. Learners can purchase lifetime access to individual courses or subscribe to Personal Plan subscriptions for unlimited access to curated content. The marketplace encourages engagement through course enrollment consumption and Q&As enabling Udemy to generate insights and provide real-time feedback and analytics. Instructors benefit from data insights AI-assisted content creation tools and a flywheel effect where course creation attracts more learners which increases earnings and incentivizes further content creation. In 2025 instructors collectively earned $168 million and over 6,300 new courses were added monthly on average.

Udemy is positioned as a leader in the global online learning industry particularly in the AI-driven workforce transformation sector. The company differentiates itself through its comprehensive global content marketplace with over 290,000 courses including over 122,000 non-English language courses and 5,500 focused on AI skills. Its powerful network effects attract learners instructors and enterprise customers creating a self-reinforcing cycle where more content draws more users which in turn incentivizes more content creation. Udemy's competitive advantages include its AI-powered personalization career pathways certification partnerships high-quality up-to-date content global instructor network of over 90,000 instructors and flexible technology platform enabling seamless integration with enterprise systems. The company's AI-first strategy and demonstrated ability to deliver measurable outcomes position it favorably against traditional e-learning providers technology giants and emerging generative AI offerings in the skills development market.

Udemy serves a diverse global customer base comprising individual learners enterprise customers and instructors. Individual learners include professionals seeking in-demand jobs career advancement and personal development across technology business and soft skills. Enterprise customers span more than 150 countries and include organizations looking to reskill and upskill their workforce build leadership capabilities and achieve measurable business outcomes such as improved employee retention faster time-to-productivity and increased innovation capability. The company's marketplace is supported by over 90,000 instructors worldwide who create content in 78 languages with over 40% of courses in non-English languages as of December 31, 2025. Udemy Business customers benefit from access to curated high-quality content analytics learning path management and integrations with Learning Management Systems such as Cornerstone OnDemand Degreed ServiceNow and Workday.