Slide 1: Q4-25 Investor Presentation
Q4-25 Investor Presentation February 9, 2026 © 2024 Chegg, Inc. / All Rights Reserved
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This investor presentation contains forward-looking statements made pursuant to the safe harbor impact of seasonality and student behavior on the business; the outcome of any current litigation and provisions of the Private Securities Litigation Refor
Slide 3: Who Are We?
We put learners first Chegg’s mission is to improve learning outcomes and career opportunities for millions around the world. Who Are We? Chegg is a learning platform helping businesses bring new skills to their workforce and giving lifelong learners and students the skills and confidence to succeed
Slide 4: Q4-25 Highlights
Q4-25 Highlights We delivered a good fourth quarter, surpassing our revenue guidance, and outperforming our adjusted EBITDA guidance by $2 million, reflecting the initial positive impact of our new focus and the impact of the turnaround efforts. We split the company into two units: our growth busine
Slide 5: Chegg Skilling
Chegg Skilling • Global workforce skilling is a $40 billion+ market. • Chegg is well positioned to serve this market - particularly in AI, language, technical fluency, and durable skills. • Our brand is trusted by learners worldwide, and our skills courses are grounded in learning science and data-d
Slide 6: Chegg Skilling - Language Learning
Chegg Skilling - Language Learning Uniquely designed to serve success seekers who are highly motivated learners aiming for academic and professional excellence. Busuu offers an unparalleled combination of AI-powered, self paced study and live practice with native speakers worldwide. It offers a comp
Slide 7: Chegg Skilling – Language Learning Integrating AI to Deliver Speaking and Conversations
Chegg Skilling – Language Learning Integrating AI to Deliver Speaking and Conversations AI Speaking Practice AI Conversations AI-Powered Feature: ● Conversational AI provides feedback based on real-life ● Learners practice pronunciation scenarios related to Busuu courses using functional and (e.g.,
Slide 8: Chegg Skilling - Skills Drives Real Business Results
Chegg Skilling - Skills Drives Real Business Results Helps working adults gain practical, role-relevant skills that drive real business results. The programs bridge the gap between today’s job demands and tomorrow’s opportunities — helping employers future- proof their workforce and learners advance
Slide 9: Chegg Skilling - Skills: ~$40+B Market
Chegg Skilling - Skills : ~$40+B Market We deliver a technology-driven and human-supported learning experience that enhances professional growth. Our programs combine industry-aligned curriculum, personalized coaching, and AI-enabled tools to help learners stay competitive in an evolving job market.
Slide 10: Financial Highlights: Q4 2025 Chegg Skilling Revenue
Financial Highlights: Q4 2025 Chegg Skilling Revenue Chegg Skilling revenue was $18 million, up 11% year-over-year. We expect double-digit revenue growth for 2026 and anticipate stronger performance in the second half than in the first, driven by continued investment in the business and the addi
Slide 11: Financial Highlights: Q4 2025 Adjusted EBITDA, Free Cash Flow, and CapEx
Financial Highlights: Q4 2025 Adjusted EBITDA, Free Cash Flow, and CapEx Adjusted EBITDA Free Cash Flow CapEx 40 $37 10 42 $5 5 36 30 30 0 24 20 Q4-24 Q4-25 $13 (5) 18 $13 10 (10) 12 $6 6 (15) 0 0 Q4-24 Q4-25 (20) ($15) Q4-24 Q4-25 $ millions $ millions $ millions Free cash flow was primarily impa
Slide 12: Balance Sheet
Balance Sheet Cash and Debt (12/31/25) $85 We ended the quarter with cash and investments of $85 million and a net cash balance $31 of $31 million. ($54) Cash & Investments Convertible Notes Net Cash © 2024 Chegg, Inc. / All Rights Reserved 12
Slide 13: Business Outlook
Business Outlook Q4 2025 Results Q1 2026 Guidance Full Year 2026 Guidance Total Net Revenue $73m $60m - $62m Skilling Revenue $18m $17.5-18m Double digit y/y growth Gross Margin % 57% 57%-58% Adjusted EBTIDA1 $13m $11m - $12m CapEx $6m A decrease of ~60% y/y Free Cash Flow1 ($15m) (1) Non-GAAP finan
Slide 14: Appendix
Appendix © 2024 Chegg, Inc. / All Rights Reserved
Slide 15: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA © 2024 Chegg, Inc. / All Rights Reserved 15
Slide 16: Reconciliation of Forward-Looking Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Forward-Looking Net Loss to EBITDA and Adjusted EBITDA © 2024 Chegg, Inc. / All Rights Reserved 16
Slide 17: Reconciliation of Net Cash (Used in) Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash (Used in) Provided by Operating Activities to Free Cash Flow © 2024 Chegg, Inc. / All Rights Reserved 17