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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Udemy (UDMY) investor relations material
Udemy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue was $195.7M, flat year-over-year, with consolidated subscription revenue up 8% and now 74% of total revenue.
Adjusted EBITDA more than doubled to $24.3M (12% margin), marking the 15th consecutive quarter of outperformance.
Net income turned positive at $1.6M, a $26.9M improvement from Q3 2024.
Paid consumer subscribers reached nearly 295,000, surpassing the full-year target, with consumer subscription revenue up 43% year-over-year.
Strategic shift to a subscription-first model and continued investments in AI, product, and partnerships.
Financial highlights
Gross margin improved to 66% (up from 63% last year); non-GAAP gross margin reached 67%.
Free cash flow for Q3 was $12.1M; year-to-date free cash flow totaled $58.2M.
Cash, cash equivalents, and marketable securities totaled $372M at quarter end.
Repurchased approximately 4.1 million shares under a $50M buyback program.
Net income margin was 1% for the quarter, compared to -13% in Q3 2024.
Outlook and guidance
Q4 2025 revenue expected at $191M–$194M; full-year 2025 revenue guidance raised to $787M–$790M.
Q4 adjusted EBITDA expected at $18M–$20M; full-year 2025 adjusted EBITDA guidance raised to $92M–$94M (12% margin).
2026 outlook: consolidated subscription revenue growth expected near double digits, with recurring revenue ~75% of total.
At least $90M adjusted EBITDA expected in 2026, despite increased investments.
Guidance assumes stable FX rates and excludes impacts from future share repurchases.
Quantify consumer pivot's short-term revenue impact.
Detail AI platform's unique competitive advantages.
UB net dollar retention stabilization drivers.
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Q4 202513 Feb, 2026
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Udemy Inc is an online learning and teaching marketplace offering courses across business, technology, personal development, and other fields. It connects instructors and learners through its digital platform accessible globally. The company is headquartered in San Francisco, California, and its shares are listed on the NASDAQ.
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