Slide 1: 3Q 2025 Earnings Presentation
3Q 2025 Earnings Presentation October 29, 2025
Slide 2: Safe Harbor Notice
Safe Harbor Notice This presentation and any accompanying oral commentary include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than those of historical fact, including information concer
Slide 3: The AI-powered skills acceleration platform for the future workplace
The AI-powered skills acceleration platform for the future workplace. 3
Slide 4: Udemy investment highlights
Udemy investment highlights Scale and Growth Leader in AI upskilling Predictability $796M Revenue 5k AI focused courses ~70% of revenue is recurring 15% 5-year revenue CAGR 14M+ AI course enrollments total $527M UB ARR (+4% YoY) $520M Enterprise Revenue 560M+ minutes of AI training consumed 294k+ pa
Slide 5: Udemy delivers an AI platform for performance
Udemy delivers an AI platform for performance AI Learning Paths AI Assistant Model Context Protocol AI enabled personalization Create custom content Build custom AI Role Deliver just in time reskilling with and learning paths Plays LLM, LMS, or LXP integration Skills Acquisition Skills Skills Skills
Slide 6: Q3 2025 key takeaways
Q3 2025 key takeaways Consolidated subscription revenue increased 8% year-over-year, representing 74% of total revenue in Q3 2025, underscoring the strength and stability of Udemy’s recurring revenue base Surpassed FY25 paid consumer subscribers goal ahead of plan, ending the quarter with nearly 295
Slide 7: Q3 2025 financial results and highlights
Q3 2025 financial results and highlights Disciplined execution and financial performance enables strategic pivot to focus on growth opportunities UB ARR: +4% YoY $527.2M Change Q3 2025 Q3 2025 $504.6M YoY Guidance Revenue $195.7M 0.1% $190M to $195M UB Segment Revenue: +5% YoY Consolidated Subscripti
Slide 8: Progress on Strategic Priorities
Progress on Strategic Priorities ✔ Nearly 13,000 Role Play simulations created, including over 400 Enterprise customers launching Leading AI Skilling custom Role Plays for employees Platform ✔ 14M+ enrollments to date across 5k+ GenAI courses and 560M+ minutes consumed LTM ✔ Consolidated subscriptio
Slide 9: Accelerating mix shift toward recurring revenue streams
Accelerating mix shift toward recurring revenue streams Total Revenue Subscription Other % of Revenue $195.4 $199.9 $200.3 $199.9 $195.7 Surpassed FY25 paid consumer subscribers goal ahead of plan Strong unit economics supports strategic pivot to subscription 68% 69% 68% 70% 74% products Consumer su
Slide 10: Large global and diversified Udemy Business customer base
Large global and diversified Key Q3 2025 Wins Udemy Business customer base and Expansions 17,111 Total customers 5,822 Large enterprise customers1 97% Large Enterprise Customer Net Dollar Retention Note: Data as of September 30, 2025, unless otherwise noted 1. Represents enterprise customers with 1,0
Slide 11: Q3 results reinforce clear path to FY25 Adjusted EBITDA guidance
~$93.0M Q3 results reinforce clear path to FY25 Guidance midpoint* Adjusted EBITDA guidance Adjusted EBITDA Significant YoY profitability improvement $43.0M $73.8M YTD $7.8M ($48.7M) 2022 2023 2024 2025 11 *Based on the midpoint of AEBITDA guidance issued on October 29, 2025
Slide 12: Q4 and full year 2025 outlook
Q4 and full year 2025 outlook Q4 2025 Full Year 2025 Revenue1 $191 to $194 million $787 to $790 million Adjusted EBITDA2 $18 to $20 million $92 to $94 million AEBITDA Margin at 10% 12% midpoint 1. Udemy's revenue guidance assumes FX rates will remain unchanged from the end of the third quarter of 20
Slide 13: Appendix
Appendix
Slide 14: Key Business Metrics Definitions
Key Business Metrics Definitions Monthly Average A buyer is a consumer who purchases a course or subscription through our direct-to-consumer offering. We first determine the number of monthly buyers by taking the total buyers of single courses during a given month plus the total active, paid consumer s
Slide 15: GAAP to Non-GAAP Gross Margin
GAAP to Non-GAAP Gross Margin 1 We calculate gross margin as gross profit divided by revenue for the same period 2 We calculate non-GAAP gross margin as non-GAAP gross profit divided by revenue for the same period
Slide 16: GAAP to Non-GAAP Net Income
GAAP to Non-GAAP Net Income 1 For periods presented with a net loss or non-GAAP net loss, potentially dilutive securities were excluded from the computation of net loss per share, diluted, and non-GAAP net loss per share, diluted, because the impact of including them would have been anti-dilutive.
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 1 We calculate net income (loss) margin as net income (loss) divided by revenue for the same period 2 We calculate adjusted EBITDA margin as adjusted EBITDA divided by revenue for the same period
Slide 18: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation
Slide 19: Udemy
Udemy