Udemy (UDMY) just wrapped up FY 2025 with Q4 revenue of US$194 million and a basic EPS loss of US$0.02, while trailing twelve month EPS came in at US$0.03 on net income of US$3.8 million and revenue of US$789.8 million. Over the past few quarters, the company has seen quarterly revenue move between US$193.9 million and US$200.3 million, with basic EPS ranging from a loss of US$0.02 to a profit of US$0.04. Investors now have a cleaner view of how recent profitability sits against the prior year of heavier losses. With a recent one off loss of US$5.3 million still in the rearview, the latest numbers put the focus squarely on how sustainably Udemy can hold these margins.

See our full analysis for Udemy.

With the headline figures on the table, the next step is to line them up against the most widely shared stories about Udemy to see which narratives the latest earnings support and which ones they start to challenge.

TTM Earnings Swing To US$3.8 Million Profit

• Over the last twelve months, Udemy moved from a trailing loss of US$95.7 million in Q3 FY 2024 to a trailing net income of US$3.8 million in Q4 FY 2025 on US$789.8 million of revenue.
• What stands out for the bullish view is that this shift to profitability lines up with an earnings growth outlook of about 42.9% a year, while:
  • TTM basic EPS improved from a loss of US$0.62 in Q3 FY 2024 to a profit of US$0.03 in Q4 FY 2025, which supports the idea that margins have moved in the right direction.
  • Five year EPS growth of about 11% a year sits behind that, so the current positive EPS is happening after a period when the business was carrying heavier losses.

Over the past year Udemy has quietly crossed into positive earnings, which is exactly the kind of shift bullish investors watch for when they talk about long term compounding potential. 📊 Read the full Udemy Consensus Narrative.

US$5.3 Million One Off Loss Clouds The Picture

• The trailing twelve month figures include a one off loss of US$5.3 million, which is flagged as a material non recurring item that affected reported earnings quality.
• Skeptical takes get some backing here, because:
  • Q4 FY 2025 still shows a small quarterly loss of US$2.3 million on US$194.0 million of revenue, so profitability on a single quarter basis is not yet consistent.
  • The presence of that one off item means the clean TTM profit of US$3.8 million is partly shaped by adjustments, which cautious investors may want to separate from ongoing operations.

Slower 5.2% Revenue Growth Versus Market

• Revenue is forecast to grow about 5.2% a year, which is below the 10.2% a year forecast for the broader US market, and recent quarterly revenue has sat in a tight band between US$193.9 million and US$200.3 million.
• That setup both supports and tests the bullish narrative that earnings can grow faster than sales, because:
  • Forecast earnings growth of around 42.9% a year is much quicker than the 5.2% revenue outlook, so a lot of the story rests on margins and cost control rather than rapid top line expansion.
  • The gap between Udemy’s 5.2% revenue forecast and the 10.2% US market forecast gives bears room to argue that growth is more measured, even as bulls point to the recent move into profitability.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Udemy's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Explore Alternatives

Udemy’s recent move into profitability still comes with slow 5.2% revenue growth versus the broader US market and inconsistent quarterly earnings, which may limit upside for growth focused investors.

If that mix of modest growth and uneven earnings leaves you wanting sturdier potential, check out screener containing 25 high quality undiscovered gems built from our screener to spot companies with stronger momentum and fundamentals right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.