UDMY · As filed with the SEC

Udemy balance sheet, by fiscal year

The statement as Udemy presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.

Consolidated Balance Sheets · USD thousands

USD thousands	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020
Assets
Current assets:
Cash and cash equivalents	231,485	190,592	305,564	313,685	533,868	175,031
Restricted cash, current	201	100	3,329	—	—	—
Marketable securities	127,259	163,844	171,372	151,687	—	—
Accounts receivable, net	95,891	88,216	92,555	104,530	73,180	46,257
Prepaid expenses and other current assets	25,469	22,735	20,924	14,878	15,927	6,036
Deferred contract costs, current	43,908	40,841	38,584	30,234	18,898	9,640
Total current assets	524,213	506,328	632,328	615,014	641,873	236,964
Property and equipment, net	6,694	4,534	4,439	7,012	9,887	9,106
Capitalized software, net	28,964	31,548	31,388	27,412	20,054	14,013
Operating lease right-of-use assets	9,040	10,950	5,691	11,377	—	—
Restricted cash, non-current	183	1,115	659	3,629	2,900	2,900
Deferred contract costs, non-current	28,010	32,212	35,790	35,411	25,647	16,197
Strategic investments	—	0	10,311	12,104	10,000	0
Intangible assets, net	2,448	2,428	5,223	9,331	13,597	0
Goodwill	12,646	12,646	12,646	12,646	12,646	0
Other assets	5,500	3,867	2,721	3,632	3,247	2,916
Total assets	617,698	605,628	741,196	737,568	739,851	282,096
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	8,198	6,311	2,506	14,529	34,627	23,710
Accrued expenses and other current liabilities	32,126	31,156	27,778	31,247	40,140	46,778
Content costs payable	33,175	37,607	40,277	37,310	35,961	31,483
Accrued compensation and benefits	27,958	28,793	24,332	22,882	22,341	20,403
Operating lease liabilities, current	4,541	2,502	5,825	7,002	—	—
Deferred revenue, current	294,071	291,106	279,414	273,937	208,274	141,439
Total current liabilities	400,069	397,475	380,132	386,907	341,343	263,813
Operating lease liabilities, non-current	5,686	8,315	1,124	6,545	—	—
Deferred revenue, non-current	1,248	2,438	3,000	4,342	2,280	937
Other liabilities, non-current	234	6	48	464	6,528	3,927
Total liabilities	407,237	408,234	384,304	398,258	350,151	268,677
Redeemable convertible preferred stock, $0.00001 par value - zero and 86,348,646 shares authorized; zero and 85,391,338 shares issued and outstanding; and aggregate liquidation value of zero and $274,009 as of December 31, 2021 and December 31, 2020, respectively.	—	—	—	—	0	274,104
Stockholders' equity:
Preferred stock, $0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of December 31, 2023, and December 31, 2022.	—	—	0	0	0	0
Common stock, $0.00001 par value - 950,000,000 shares authorized; 145,050,642 and 147,484,280 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively.	1	1	2	1	1	0
Additional paid-in capital	1,011,477	1,002,390	1,076,508	951,946	848,229	117,818
Accumulated other comprehensive income (loss)	162	(11)	80	(233)	(1)	0
Accumulated deficit	(801,179)	(804,986)	(719,698)	(612,404)	(458,529)	(378,503)
Total stockholders’ equity	210,461	197,394	356,892	339,310	389,700	(260,685)
Total liabilities and stockholders' equity	617,698	605,628	741,196	737,568	739,851	282,096

As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.