0001607939-26-000061 | 10-Q | XBRL Viewer

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Restructuring charges	3 Months Ended
Restructuring charges	Mar. 31, 2026
Restructuring and Related Activities [Abstract]
Restructuring charges	14. Restructuring charges 2024 Restructuring— On September 11, 2024, the Company committed to a restructuring plan aimed at driving greater operational efficiencies through the reduction of organizational layers, optimization of the Company’s go-to-market organization, and relocating certain roles to lower cost locations (collectively, the “2024 Restructuring”). The 2024 Restructuring impacted approximately 280 of the Company’s global workforce, primarily those located in higher-cost regions, such as the United States, as well as those within the Company’s sales and marketing and research and development functions. Of those impacted, approximately 57% had no future substantive service requirement as of the communication date, while the remaining population provided services as employees during retention periods to assist with transition and training that were substantially completed by March 31, 2025. As a result, the Company recognized total restructuring charges of $18.3 million from the third quarter of 2024 through the second quarter of 2025. The majority of the charges recognized were personnel-related costs, consisting of one-time severance payments, salary and wages earned over required retention periods, and other benefits. Restructuring charges are presented as separate operating expenses within the Company’s condensed consolidated statements of operations. During the three months ended March 31, 2025, the Company recognized $1.5 million in restructuring charges and made $5.3 million in cash payments and other settlements. The 2024 Restructuring was completed during the third quarter of 2025. Therefore, there were no restructuring liabilities recorded in accrued compensation and benefits in the accompanying condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.

Revenue recognition - Summary of Deferred Revenue Balances by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 300,993	$ 295,319	$ 293,544
Enterprise
Disaggregation of Revenue [Line Items]
Total deferred revenue	250,769	243,771	233,466
Consumer
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 50,224	$ 51,548	$ 60,078

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Investments and fair value measurements - Summary of Investments on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jan. 09, 2026	Dec. 31, 2025
Assets
Marketable securities:	$ 357,819	$ 8,000	$ 358,744
Cash
Assets
Marketable securities:	104,400		104,200
Level 1
Assets
Marketable securities:	0
Total assets	148,147		127,319
Level 1 \| U.S. government securities
Assets
Marketable securities:	0		0
Level 1 \| Money market funds
Assets
Cash equivalents	142,402		123,314
Level 1 \| Time deposits
Assets
Cash equivalents	5,745		4,005
Level 2
Assets
Marketable securities:	0
Total assets	105,256		127,259
Level 2 \| U.S. government securities
Assets
Marketable securities:	105,256		127,259
Level 2 \| Money market funds
Assets
Cash equivalents	0		0
Level 2 \| Time deposits
Assets
Cash equivalents	0		0
Level 3
Assets
Marketable securities:	8,500
Total assets	8,500		0
Level 3 \| U.S. government securities
Assets
Marketable securities:	0		0
Level 3 \| Money market funds
Assets
Cash equivalents	0		0
Level 3 \| Time deposits
Assets
Cash equivalents	$ 0		$ 0

Consolidated balance sheet components - Summary of Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jan. 09, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 357,915		$ 358,607
Unrealized Gains	13		137
Unrealized Losses	(109)		0
Fair Value	357,819	$ 8,000	358,744
Fair Value	59,137		108
U.S. government securities
Cash and Cash Equivalents [Line Items]
Unrealized Losses	(109)		0
Fair Value	59,137		108
Cash and cash equivalents:
Cash and Cash Equivalents [Line Items]
Amortized Cost	252,563		231,485
Unrealized Gains	0		0
Unrealized Losses	0		0
Fair Value	252,563		231,485
Cash and cash equivalents: \| Cash
Cash and Cash Equivalents [Line Items]
Amortized Cost	104,416		104,166
Unrealized Gains	0		0
Unrealized Losses	0		0
Fair Value	104,416		104,166
Cash and cash equivalents: \| Money market funds
Cash and Cash Equivalents [Line Items]
Amortized Cost	142,402		123,314
Unrealized Gains	0		0
Unrealized Losses	0		0
Fair Value	142,402		123,314
Cash and cash equivalents: \| Time deposits
Cash and Cash Equivalents [Line Items]
Amortized Cost	5,745		4,005
Unrealized Gains	0		0
Unrealized Losses	0		0
Fair Value	5,745		4,005
Marketable securities: \| U.S. government securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	105,352		127,122
Unrealized Gains	13		137
Unrealized Losses	(109)		0
Fair Value	$ 105,256		$ 127,259

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

7. Leases

The Company applies the guidance under Topic 842 for leases of real estate facilities under non-cancelable operating leases with various expiration dates through fiscal year 2029.

The Company recognized the following amounts related to operating leases in its condensed consolidated statements of operations and cash flows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease costs	$	1,356	$	1,098
Variable lease costs	261		299
Short-term lease costs	126		255
Cash paid for amounts included in the measurement of operating lease liabilities	1,462		1,225

Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year as of March 31, 2026, were as follows (in thousands):


Remainder of 2026	$	3,697
2027	3,559
2028	2,298
2029	1,166
Gross lease payments	10,720
Less imputed interest	(999)
Present value of operating lease liabilities	$	9,721

Leases - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
Remainder of 2026	$ 3,697
2027	3,559
2028	2,298
2029	1,166
Gross lease payments	10,720
Less imputed interest	(999)
Present value of operating lease liabilities	$ 9,721

Stockholders' equity (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance consisted of the following:


	March 31,	December 31,
	2026	2025
2010 Equity Incentive Plan:
Stock options outstanding	926,557	940,908
2021 Equity Incentive Plan:
RSUs outstanding and PSUs(1)	21,747,985	15,485,131
Shares available for future issuance under:
2021 Equity Incentive Plan	14,060,735	13,943,187
2021 Employee Stock Purchase Plan	5,670,306	4,219,800
Total shares of common stock reserved	42,405,583	34,589,026
(1) For those PSUs in their respective performance periods, the number of shares reserved for issuance is based on the maximum achievement of the corporate performance metrics.

Summary of RSU and PSU Activity

A summary of RSU and PSU activity under the 2021 Plan is as follows:


	RSUs Outstanding	Weighted Average Grant Date Fair Value		PSUs Outstanding (1)	Weighted Average Grant Date Fair Value
Balance - December 31, 2025	14,159,159	$	8.06	911,001	$	7.55
Granted	8,735,886	5.01		—	—
Released	(1,374,581)	9.41		(78,937)	8.46
Canceled	(765,598)	8.16		(103,037)	8.24
Balance - March 31, 2026	20,754,866	$	6.68	729,027	$	7.35
Unvested - March 31, 2026	20,656,876	$	6.68	729,027	$	7.35
Awards vested, not yet released - March 31, 2026	97,990	$	8.06	—	$	—
(1) Canceled PSU shares reflect the difference in the number of shares granted at target and the shares certified by the Board based on actual achievement.

Summary of Stock Option Activity

The following is a summary of activity for stock options having only service-based vesting conditions under the Equity Incentive Plans:


	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2025	890,908	$	5.84	3.61	$	1,174
Granted	—	—
Exercised	(3,750)	3.12
Canceled	(10,601)	8.29
Balance - March 31, 2026	876,557	$	5.82	3.27	$	644
Vested & exercisable as of March 31, 2026	876,557	$	5.82	3.27	$	644

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	1,661	$	1,572
Sales and marketing	4,794		5,407
Research and development	4,864		4,708
General and administrative	5,049		6,280
Total stock-based compensation expense	$	16,368	$	17,967

Stockholders' equity - Summary of RSU and PSU Activity (Details) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Sep. 30, 2025
RSUs Outstanding
Outstanding
Unvested beginning balance (in shares)		14,159,159
Granted (in shares)		8,735,886
Released (in shares)		(1,374,581)
Canceled (in shares)		(765,598)
Unvested ending balance (in shares)		20,754,866
Unvested (in shares)		20,656,876
Awards vested, not yet released (in shares)		97,990
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share)		$ 8.06
Granted (in dollars per share)		5.01
Released (in dollars per share)		9.41
Canceled (in dollars per share)		8.16
Unvested ending balance (in dollars per share)		6.68
Unvested (in dollars per share)		6.68
Awards vested, not yet released (in dollars per share)		$ 8.06
PSUs Outstanding
Outstanding
Unvested beginning balance (in shares)		911,001
Granted (in shares)	198,897	0	553,125
Released (in shares)		(78,937)
Canceled (in shares)		(103,037)
Unvested ending balance (in shares)		729,027
Unvested (in shares)		729,027
Awards vested, not yet released (in shares)		0
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share)		$ 7.55
Granted (in dollars per share)		0
Released (in dollars per share)		8.46
Canceled (in dollars per share)		8.24
Unvested ending balance (in dollars per share)		7.35
Unvested (in dollars per share)		7.35
Awards vested, not yet released (in dollars per share)		$ 0

Consolidated balance sheet components - Summary of Marketable Securities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Due within one year	$ 86,611
Due in one to two years	18,645
Total	$ 105,256

Revenue recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue recognition

3. Revenue recognition

Disaggregation of Revenue—The following table presents revenue disaggregated by product offering for each segment (in thousands):


	Three Months Ended March 31,
	2026		2025
Enterprise:
Subscription	$	132,123	$	127,002
Other	766		746
Enterprise revenue	$	132,889	$	127,748
Consumer:
Subscription	$	14,402	$	9,281
Transactional and other	44,116		63,271
Consumer revenue	$	58,518	$	72,552
Total revenue	$	191,407	$	200,300

Enterprise subscription revenue is recognized ratably over the respective contractual subscription term beginning on the date that the platform is made available to the customer. Other Enterprise revenue is primarily comprised of professional services arrangements, which are generally offered as fixed price contracts and recognized on a proportional performance basis.

Consumer subscription revenue is recognized ratably over the respective contractual subscription term beginning on the date that the platform is made available to the customer. Transactional and other revenue is primarily comprised of sales of single courses, which are recognized ratably over the estimated service period of four months, as well as other products sold on the consumer marketplace on a non-recurring basis, which were not material for the periods presented.

Deferred revenue— Revenue recognized for the three months ended March 31, 2026, from amounts included in deferred revenue as of December 31, 2025 was $145.4 million. Revenue recognized for the three months ended March 31, 2025, from amounts included in deferred revenue as of December 31, 2024 was $150.9 million.

The below table presents a summary of deferred revenue balances by reportable segment (in thousands):


	March 31,		December 31,		December 31,
	2026		2025		2024
Deferred revenue:
Enterprise	$	250,769	$	243,771	$	233,466
Consumer	50,224		51,548		60,078
Total deferred revenue	$	300,993	$	295,319	$	293,544

Remaining performance obligations— Remaining performance obligations represent the aggregate amount of the transaction price in contracts for performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations primarily relate to deferred revenue and unbilled revenue related to multi-year Enterprise subscription contracts with future installment billings, as well as unearned revenue from consumer single course purchases and subscriptions at the end of any given period. As of March 31, 2026, the aggregate transaction price for remaining performance obligations was $579.7 million, of which 72% is expected to be recognized over the next twelve months and the remainder thereafter.

Deferred contract costs— The following table represents a roll forward of the Company’s deferred contract costs (in thousands):


	Balance at Beginning of Period		Additions		Amortization Expense		Balance at End of Period
Three Months Ended March 31, 2026	$	71,918	$	20,592	$	(17,375)	$	75,135
Three Months Ended March 31, 2025	$	73,053	$	19,495	$	(15,620)	$	76,928

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Investments and fair value measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2022	Mar. 31, 2026	Jan. 09, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair Value				$ 357,819	$ 8,000	$ 358,744
Interest rate					7.00%
Strategic investment’s cost basis				15,000
Impairment of strategic investment	$ 10,300	$ 1,800	$ 2,900
Carrying value of strategic investment				$ 0		$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Rate of interest on investment.

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+ Details

Net loss per share - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	22,594,186	16,552,035
RSUs, PSUs, and restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	21,252,436	15,066,580
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	926,557	1,178,205
Contingently issuable shares under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	415,193	307,250

Summary of significant accounting policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Allowance for Credit Losses


	Balance at Beginning of Period		Charged to Expenses		Charges Utilized/Written-off, Net of Recoveries		Balance at End of Period
Allowance for credit losses (in thousands)
Three Months Ended March 31, 2026	$	2,174	$	475	$	(426)	$	2,223
Three Months Ended March 31, 2025	$	1,096	$	2,101	$	(477)	$	2,720

Summary of significant accounting policies - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 2,174	$ 1,096
Charged to Expenses	475	2,101
Charges Utilized/Written-off, Net of Recoveries	(426)	(477)
Balance at End of Period	$ 2,223	$ 2,720

Consolidated balance sheet components - Summary of Intangible Assets Acquired through Business Combination (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible Assets, Gross	$ 16,600	$ 16,600
Accumulated Amortization	(14,569)	(14,152)
Intangible Assets, Net	$ 2,031	$ 2,448
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Lives	6 years	6 years
Intangible Assets, Gross	$ 5,500	$ 5,500
Accumulated Amortization	(4,219)	(3,989)
Intangible Assets, Net	$ 1,281	$ 1,511
Assembled workforce
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Lives	2 years	2 years
Intangible Assets, Gross	$ 1,500	$ 1,500
Accumulated Amortization	(750)	(563)
Intangible Assets, Net	$ 750	$ 937
Vendor relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Lives	3 years	3 years
Intangible Assets, Gross	$ 4,500	$ 4,500
Accumulated Amortization	(4,500)	(4,500)
Intangible Assets, Net	$ 0	$ 0
Developed technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Lives	3 years	3 years
Intangible Assets, Gross	$ 4,200	$ 4,200
Accumulated Amortization	(4,200)	(4,200)
Intangible Assets, Net	$ 0	$ 0
Tradename
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Lives	2 years	2 years
Intangible Assets, Gross	$ 900	$ 900
Accumulated Amortization	(900)	(900)
Intangible Assets, Net	$ 0	$ 0

Stockholders' equity - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Jan. 01, 2026 shares	Feb. 28, 2026 quarter shares	Mar. 31, 2026 USD ($) vote $ / shares shares	Sep. 30, 2025 quarter shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 $ / shares shares	Oct. 29, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)			50,000,000			50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.00001			$ 0.00001
Preferred stock, shares issued (in shares)			0			0
Preferred stock, shares outstanding (in shares)			0			0
Number of votes per common stock \| vote			1
Total shares of common stock reserved (in shares)			42,405,583			34,589,026
Stock-based compensation capitalized as a software \| $			$ 0.9		$ 1.6
RSUs Outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			8,735,886
Unrecognized compensation costs, excluding options \| $			$ 126.8
Unrecognized compensation costs, period for recognition (in years)			2 years 3 months 18 days
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares right to receive (in shares)			1
Granted (in shares)		198,897	0	553,125
Award vesting schedule \| quarter		8		6
Corporate performance metric attainment percentage			0.75
Unrecognized compensation costs, excluding options \| $			$ 2.2
Unrecognized compensation costs, period for recognition (in years)			1 year
Performance-Based Awards \| Q1 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					372,044
Corporate performance metric attainment percentage		0.66
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Contractual term (in years)			10 years
Stock options outstanding (in shares)			926,557			940,908
Contingently issuable shares under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, excluding options \| $			$ 3.1
Unrecognized compensation costs, period for recognition (in years)			1 year 7 months 6 days
Total shares of common stock reserved (in shares)	1,450,506						2,800,000
Minimum annual increase in shares reserved for issuance (as percent)			1.00%
Percent of outstanding shares			300.00%
Tranche One \| Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				33.33%	33.33%
Tranche Two \| Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				66.67%	66.67%
Minimum \| RSUs Outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			2 years
Minimum \| Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				0.00%	0.00%
Maximum \| RSUs Outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Maximum \| Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				150.00%	150.00%
2021 Stock incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)			13,800,000
Annual percentage increase			0.05
Number of shares reserved for future issuance increased (in shares)	7,252,532
Stock options outstanding (in shares)			876,557			890,908
Amended and Restated 2010 Equity Incentive Plan \| Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)			50,000
Exercisable, awards outstanding (in shares)			50,000

Consolidated balance sheet components - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) security	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) security	Aug. 24, 2021 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Realized gains and losses reclassified from accumulated other comprehensive loss to other income (expense), net	$ 0	$ 0
Number of continuous unrealized loss position for twelve months or longer \| security	0		0
Depreciation	$ 800	700
Amortization expense of capitalized software	5,100	5,300
Amortization expense of intangible assets	400	$ 200
Goodwill	$ 12,646		$ 12,646
CorpU
Intangible Asset, Acquired, Finite-Lived [Line Items]
Goodwill				$ 12,600

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 191,407	$ 200,300
Cost of revenue	62,140	70,857
Gross profit	129,267	129,443
Operating expenses
Sales and marketing	89,606	82,500
Research and development	26,793	24,958
General and administrative	25,394	25,008
Restructuring charges	0	1,469
Total operating expenses	141,793	133,935
Loss from operations	(12,526)	(4,492)
Other income, net
Interest income	2,827	3,575
Interest expense	(240)	(15)
Other income (expense), net	(622)	98
Total other income, net	1,965	3,658
Net loss before taxes	(10,561)	(834)
Income tax provision	2,053	937
Net loss	$ (12,614)	$ (1,771)
Net loss per share
Basic (in dollars per share)	$ (0.09)	$ (0.01)
Diluted (in dollars per share)	$ (0.09)	$ (0.01)
Weighted-average shares used in computing net loss per share
Basic (in shares)	145,236,191	148,027,183
Diluted (in shares)	145,236,191	148,027,183

Segment and geographic information - Summary of Financial Information by Each Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 191,407	$ 200,300
Cost of revenue	62,140	70,857
Gross Profit, Adjusted	136,224	136,385
Content Costs [Member]
Segment Reporting Information [Line Items]
Cost of revenue	(34,607)	(45,177)
Customer Support [Member]
Segment Reporting Information [Line Items]
Cost of revenue	(13,329)	(11,561)
Other segment items
Segment Reporting Information [Line Items]
Cost of revenue	(7,247)	(7,177)
Enterprise
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	132,889	127,748
Gross Profit, Adjusted	101,457	95,984
Enterprise \| Content Costs [Member]
Segment Reporting Information [Line Items]
Cost of revenue	(18,004)	(20,371)
Enterprise \| Customer Support [Member]
Segment Reporting Information [Line Items]
Cost of revenue	(11,501)	(9,885)
Enterprise \| Other segment items
Segment Reporting Information [Line Items]
Cost of revenue	(1,927)	(1,508)
Consumer
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	58,518	72,552
Gross Profit, Adjusted	34,767	40,401
Consumer \| Content Costs [Member]
Segment Reporting Information [Line Items]
Cost of revenue	(16,603)	(24,806)
Consumer \| Customer Support [Member]
Segment Reporting Information [Line Items]
Cost of revenue	(1,828)	(1,676)
Consumer \| Other segment items
Segment Reporting Information [Line Items]
Cost of revenue	$ (5,320)	$ (5,669)

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Revenue recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated service period	4 months
Amounts included in deferred revenue	$ 145.4	$ 150.9
Remaining performance obligation, amount	$ 579.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	72.00%
Revenue, remaining performance obligation, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	28.00%
Revenue, remaining performance obligation, period

Revenue recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Summary of Revenue by Product Offering

The following table presents revenue disaggregated by product offering for each segment (in thousands):


	Three Months Ended March 31,
	2026		2025
Enterprise:
Subscription	$	132,123	$	127,002
Other	766		746
Enterprise revenue	$	132,889	$	127,748
Consumer:
Subscription	$	14,402	$	9,281
Transactional and other	44,116		63,271
Consumer revenue	$	58,518	$	72,552
Total revenue	$	191,407	$	200,300

Summary of Deferred Revenue Balances by Reportable Segment

The below table presents a summary of deferred revenue balances by reportable segment (in thousands):


	March 31,		December 31,		December 31,
	2026		2025		2024
Deferred revenue:
Enterprise	$	250,769	$	243,771	$	233,466
Consumer	50,224		51,548		60,078
Total deferred revenue	$	300,993	$	295,319	$	293,544

Summary of Deferred Contract Costs

The following table represents a roll forward of the Company’s deferred contract costs (in thousands):


	Balance at Beginning of Period		Additions		Amortization Expense		Balance at End of Period
Three Months Ended March 31, 2026	$	71,918	$	20,592	$	(17,375)	$	75,135
Three Months Ended March 31, 2025	$	73,053	$	19,495	$	(15,620)	$	76,928

Consolidated balance sheet components - Summary of Capitalized Software, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total capitalized software	$ 128,323	$ 123,342
Less accumulated amortization	(99,550)	(94,378)
Total expected amortization	28,773	28,964
Internal use software
Property, Plant and Equipment [Line Items]
Total capitalized software	128,070	123,089
Content assets
Property, Plant and Equipment [Line Items]
Total capitalized software	$ 253	$ 253

Segment and geographic information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment and geographic information

13. Segment and geographic information

The Company’s Chief Executive Officer is its CODM. The CODM reviews separate financial information for the Company’s two operating and reportable segments, Enterprise and Consumer, in order to allocate resources and evaluate the Company’s financial performance.

The Enterprise segment primarily generates revenue by selling subscription licenses to a variety of enterprise and government customers. The Consumer segment primarily generates revenue by selling access to course content directly to individual learners. The CODM assesses each segment's performance based on segment adjusted gross profit. The CODM uses segment adjusted gross profit during the annual budgeting process and considers budget to actual variances on a monthly basis when making decisions about the allocation of resources to each segment.

Segment adjusted gross profit, as presented below, is defined as segment revenue less segment adjusted cost of revenue. Segment adjusted cost of revenue includes content costs, customer support services, hosting and platform costs, and payment processing fees that are allocable to each segment. Segment adjusted gross profit

excludes amortization of capitalized software, depreciation, stock-based compensation, and amortization of intangible assets included in cost of revenue, as the CODM does not include the information in his measurement of the performance of the operating segments. Additionally, the Company does not allocate sales and marketing expenses, research and development expenses, and general and administrative expenses because the CODM does not include the information in his measurement of the performance of the operating segments. The Udemy platform supports the operations of each segment.

The CODM does not use asset information by segments to assess performance and make decisions regarding allocation of resources, and the Company does not track its long-lived assets by segment. The geographic identification of these assets is set forth below.

Financial information for each reportable segment was as follows (in thousands):


	Three Months Ended March 31, 2026
	Enterprise		Consumer		Total
Revenue	$	132,889	$	58,518	$	191,407
Content costs	(18,004)		(16,603)		(34,607)
Customer support	(11,501)		(1,828)		(13,329)
Other segment items (1)	(1,927)		(5,320)		(7,247)
Segment adjusted gross profit	$	101,457	$	34,767	$	136,224


	Three Months Ended March 31, 2025
	Enterprise		Consumer		Total
Revenue	$	127,748	$	72,552	$	200,300
Content costs	(20,371)		(24,806)		(45,177)
Customer support	(9,885)		(1,676)		(11,561)
Other segment items (1)	(1,508)		(5,669)		(7,177)
Segment adjusted gross profit	$	95,984	$	40,401	$	136,385

(1) Other segment items for each segment across all periods presented consisted of payment and mobile processing fees and costs associated with hosting digital content.

The following table provides a reconciliation from segment adjusted gross profit to net income (loss) before taxes (in thousands):


	Three Months Ended March 31,
	2026		2025
Segment adjusted gross profit	$	136,224	$	136,385
Other costs of revenue (1)	(6,957)		(6,942)
Sales and marketing	(89,606)		(82,500)
Research and development	(26,793)		(24,958)
General and administrative	(25,394)		(25,008)
Restructuring charges	—		(1,469)
Total other income, net	1,965		3,658
Net loss before taxes	$	(10,561)	$	(834)

(1) Consists of amortization of capitalized software, depreciation, stock-based compensation, and amortization of intangible assets that are included in cost of revenue but excluded from segment adjusted gross profit.

Geographic information

Revenue: The following table summarizes the revenue by region based on the billing address of the Company’s customers (in thousands):


	Three Months Ended March 31,
	2026		2025
North America	$	74,870	$	78,478
Europe, Middle East, Africa	55,654		60,261
Asia Pacific	48,421		47,894
Latin America	12,462		13,667
Total revenue	$	191,407	$	200,300

The following table presents the percentage of revenue recognized in countries that individually accounted for at least 10% of total revenue for the periods presented:


	Three Months Ended March 31,
	2026		2025
United States	36	%	36	%
Japan	14	%	12	%

Long-lived assets: The following table presents the Company’s long-lived assets, which consist of tangible property and equipment, net of depreciation, and operating lease ROU assets, by geographic region (in thousands):


	March 31,		December 31,
	2026		2025
United States	$	9,928	$	9,758
Rest of world	5,164		5,976
Total long-lived assets	$	15,092	$	15,734

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment and geographic information - Summary of Reconciliation from Total Segment Adjusted Gross Profit to Gross Profit and Net Loss Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Segment adjusted gross profit	$ 136,224	$ 136,385
Sales and marketing	(89,606)	(82,500)
Research and development	(26,793)	(24,958)
General and administrative	(25,394)	(25,008)
Restructuring charges	0	(1,469)
Total other income, net	1,965	3,658
Net loss before taxes	(10,561)	(834)
Reportable Segment
Segment Reporting Information [Line Items]
Segment adjusted gross profit	136,224	136,385
Other costs of revenue	(6,957)	(6,942)
Sales and marketing	(89,606)	(82,500)
Research and development	(26,793)	(24,958)
General and administrative	(25,394)	(25,008)
Restructuring charges	0	(1,469)
Total other income, net	1,965	3,658
Net loss before taxes	$ (10,561)	$ (834)

Related party transactions

3 Months Ended

Mar. 31, 2026

Related party transactions

10. Related party transactions

Through 2025, Naspers Ltd. (“Naspers”), through an investment entity controlled by Prosus N.V. (“Prosus”), beneficially owned more than 5% of the Company’s outstanding capital stock. During the year ended December 31, 2024, a current member of the Company’s board of directors was employed by Prosus as an operating partner and by OLX Group B.V., a Prosus operating subsidiary, as Chief Executive Officer; these affiliations ceased as of December 31, 2024. Naspers and certain entities directly and indirectly controlled by Naspers are customers of the Company’s Enterprise subscription offering. Amounts presented below for Naspers and affiliates are related to contracts that were entered into when Naspers was still considered a related party of the Company.

Insight Partners (“Insight”), where a member of the Company’s board of directors is a Managing Director, has certain affiliates who are customers of the Company’s Enterprise subscription offering. Insight Partners is also affiliated with certain vendors that the Company has contracted to provide technology and software solutions.

Certain members of the Company’s board of directors also served as executive officers for customers of the Company’s Enterprise subscription offering.

The following tables summarize the Company’s related party transactions (in millions):


	Three Months Ended March 31,
	2026		2025
Revenue recognized from services provided to customers
Naspers and affiliates	$	0.4	$	0.4
Insight and affiliates	0.1		0.1
Companies affiliated with Board members	—		—

Expense recognized from services provided by vendors
Insight and affiliates	0.2		0.2


	March 31,		December 31,
	2026		2025
Amounts in accounts receivable
Naspers and affiliates	$	0.2	$	—
Insight and affiliates	—		0.1
Companies affiliated with Board members	0.1		0.1

Amounts in accounts payable and accrued expenses and other current liabilities
Insight and affiliates	0.3		—

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Investments and fair value measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Investments on Condensed Consolidated Balance Sheets

The following tables present the Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy (in thousands):


As of March 31, 2026	Level 1		Level 2		Level 3
Assets
Cash equivalents(1):
Money market funds	$	142,402	$	—	$	—
Time deposits	5,745		—		—
Marketable securities:
U.S. government securities	—		105,256		—
Strategic investments:
Convertible note investment	—		—		8,500
Total assets	$	148,147	$	105,256	$	8,500


As of December 31, 2025	Level 1		Level 2		Level 3
Assets
Cash equivalents(1):
Money market funds	$	123,314	$	—	$	—
Time deposits	4,005		—		—
Marketable securities:
U.S. government securities	—		127,259		—
Total assets	$	127,319	$	127,259	$	—
1) Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets, in addition to $104.4 million and $104.2 million of cash as of March 31, 2026 and December 31, 2025, respectively.

Summary of the Changes in the Fair Value of Level 3 Financial Instruments

A summary of the changes in the fair value of Level 3 financial instruments, of which unrealized gain on strategic investments is recognized in the condensed consolidated statements of operations, is as follows (in thousands):


	Strategic Investments
Balance— December 31, 2025	$	—
Purchases of strategic investments	8,000
Unrealized gain on strategic investments	500
Balance— March 31, 2026	$	8,500

Related party transactions - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Revenue recognized from services provided to customers	$ 191,407	$ 200,300
Expense recognized from services provided by vendors	25,394	25,008
Amounts in accounts receivable	97,139		$ 95,891
Amounts in accounts payable and accrued expenses and other current liabilities	12,887		8,198
Companies affiliated with Board members
Related Party Transaction [Line Items]
Revenue recognized from services provided to customers	0	0
Amounts in accounts receivable	100		100
Naspers and affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue recognized from services provided to customers	400	400
Amounts in accounts receivable	200		0
Insight and affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue recognized from services provided to customers	100	100
Expense recognized from services provided by vendors	200	$ 200
Amounts in accounts receivable	0		100
Amounts in accounts payable and accrued expenses and other current liabilities	$ 300		$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Consolidated balance sheet components - Summary of Expected Amortization Expense Capitalized Software (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2026	$ 12,565
2027	10,962
2028	4,968
2029	278
Total expected amortization	$ 28,773	$ 28,964

Segment and geographic information - Narrative (Details) - segment	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Number of operating segments	2	2
Number of reportable segments	2	2

Organization and description of business (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2026
Coursera, Inc. \| General and administrative
Product Information [Line Items]
Acquisition costs	$ 2.3
Forecast \| Coursera Stockholders
Product Information [Line Items]
Merger, shareholders ownership, percentage		59.00%
Forecast \| Udemy Stockholders
Product Information [Line Items]
Merger, shareholders ownership, percentage		41.00%
Forecast \| Coursera, Inc. \| Common Stock
Product Information [Line Items]
Merger exchange ratio (in dollar per share)		$ 0.800
Merger, par value of common stock acquired, (in dollars per share)		$ 0.00001

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment and geographic information - Summary of Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 191,407	$ 200,300
North America
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	74,870	78,478
Europe, Middle East, Africa
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	55,654	60,261
Asia Pacific
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	48,421	47,894
Latin America
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 12,462	$ 13,667

- Definition

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 252,563	$ 231,485
Restricted cash, current	101	201
Marketable securities	105,256	127,259
Accounts receivable, net	97,139	95,891
Prepaid expenses and other current assets	30,527	25,469
Deferred contract costs, current	48,046	43,908
Total current assets	533,632	524,213
Property and equipment, net	6,395	6,694
Capitalized software, net	28,773	28,964
Operating lease right-of-use assets	8,697	9,040
Restricted cash, non-current	904	183
Deferred contract costs, non-current	27,089	28,010
Intangible assets, net	2,031	2,448
Goodwill	12,646	12,646
Strategic investments	8,500	0
Other assets	5,920	5,500
Total assets	634,587	617,698
Current liabilities:
Accounts payable	12,887	8,198
Accrued expenses and other current liabilities	49,344	32,126
Content costs payable	28,214	33,175
Accrued compensation and benefits	20,982	27,958
Operating lease liabilities, current	4,870	4,541
Deferred revenue, current	299,857	294,071
Total current liabilities	416,154	400,069
Operating lease liabilities, non-current	4,851	5,686
Deferred revenue, non-current	1,136	1,248
Other liabilities, non-current	268	234
Total liabilities	422,409	407,237
Note 8 – Commitments and contingencies
Stockholders' equity:
Common stock, $0.00001 par value - 950,000,000 shares authorized; 145,937,121 and 145,050,642 shares issued and outstanding as of March 31, 2026, and December 31, 2025, respectively.	1	1
Additional paid-in capital	1,025,943	1,011,477
Accumulated other comprehensive income	27	162
Accumulated deficit	(813,793)	(801,179)
Total stockholders’ equity	212,178	210,461
Total liabilities and stockholders' equity	$ 634,587	$ 617,698

Income taxes (Details)	3 Months Ended
Income taxes (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	(19.44%)	(112.35%)

Stockholders' equity - Summary of Stock Option Activity (Details) - 2021 Stock incentive Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Options Outstanding
Outstanding, beginning balance (in shares)	890,908
Granted (in shares)	0
Exercised (in shares)	(3,750)
Canceled (in shares)	(10,601)
Outstanding, ending balance (in shares)	876,557	890,908
Vested & exercisable, awards outstanding (in shares)	876,557
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 5.84
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.12
Canceled (in dollars per share)	8.29
Outstanding, ending balance (in dollars per share)	5.82	$ 5.84
Vested & exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.82
Outstanding, Weighted Average Remaining Contractual Term (in years)	3 years 3 months 7 days	3 years 7 months 9 days
Vested & exercisable, Weighted Average Remaining Contractual Term	3 years 3 months 7 days
Outstanding, Aggregate Intrinsic Value	$ 644	$ 1,174
Vested & exercisable, Aggregate Intrinsic Value	$ 644

Related party transactions - Narrative (Details)	3 Months Ended
Related party transactions - Narrative (Details)	Mar. 31, 2026
Naspers and affiliates
Related Party Transaction [Line Items]
Ownership percentage	5.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 13
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Revenue recognition - Summary of Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Deferred contract costs [Roll Forward]
Balance at Beginning of Period	$ 71,918	$ 73,053
Additions	20,592	19,495
Amortization Expense	(17,375)	(15,620)
Balance at End of Period	$ 75,135	$ 76,928

Investments and fair value measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Investments and fair value measurements

4. Investments and fair value measurements

The following tables present the Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy (in thousands):


As of March 31, 2026	Level 1		Level 2		Level 3
Assets
Cash equivalents(1):
Money market funds	$	142,402	$	—	$	—
Time deposits	5,745		—		—
Marketable securities:
U.S. government securities	—		105,256		—
Strategic investments:
Convertible note investment	—		—		8,500
Total assets	$	148,147	$	105,256	$	8,500


As of December 31, 2025	Level 1		Level 2		Level 3
Assets
Cash equivalents(1):
Money market funds	$	123,314	$	—	$	—
Time deposits	4,005		—		—
Marketable securities:
U.S. government securities	—		127,259		—
Total assets	$	127,319	$	127,259	$	—
1) Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets, in addition to $104.4 million and $104.2 million of cash as of March 31, 2026 and December 31, 2025, respectively.

The Company did not have a material amount of liabilities measured at fair value on a recurring basis as of March 31, 2026 or December 31, 2025.

The Company’s money market funds and time deposits are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s investments in U.S. government securities are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are directly or indirectly observable. The Company’s strategic investments are classified within Level 3 of the fair value hierarchy because they have been valued using significant unobservable inputs for which the Company has been required to develop its own assumptions.


	Strategic Investments
Balance— December 31, 2025	$	—
Purchases of strategic investments	8,000
Unrealized gain on strategic investments	500
Balance— March 31, 2026	$	8,500

There were no material changes in the fair value of other Level 3 financial instruments during the three months ended March 31, 2025.

Strategic investments— On January 9, 2026, the Company invested $8.0 million in a convertible note (“Note Investment”) with a private company (the “Note Issuer”). The Note Investment accrues interest at 7.0% per annum, payable at maturity of the note or upon conversion, and matures on December 31, 2028, unless earlier converted into shares of the Note Issuer’s preferred stock in accordance with the terms of the Note Investment. The Company elected to measure the Note Investment using the fair value option and records changes in fair value, including accrued interest, in other income (expense), net on the condensed consolidated statements of operations. The Note Investment is included in strategic investments on the condensed consolidated balance sheets. The Company determined the fair value of the Note Investment by considering the terms of the convertible note as well as other key assumptions including the estimated time until conversion, volatility data, financial forecasts, and the value of underlying equity into which the note could be converted.

The Company evaluates its 2021 investment in equity securities of a privately held company without a readily determinable fair value (“2021 Equity Investment”), to which the measurement alternative is applied, for impairment at each reporting period. This evaluation considers several potential qualitative and quantitative impairment indicators including, but not limited to, the investee's financial metrics, whether there were any significant adverse changes in the economic environment or general market conditions of the geographies and industries in which the investee operates, and any other publicly available information that may affect the value of the investment.

The cost basis of the Company’s 2021 Equity Investment is $15.0 million. The Company previously recorded impairment charges of $10.3 million during the second quarter of 2024, $1.8 million during the second quarter of 2023 and $2.9 million during the third quarter of 2022. There have been no observable price changes in orderly transactions for identical or similar investments of the same issuer during the periods presented. As such, the Company’s carrying amount of the 2021 Equity Investment was zero as of March 31, 2026 and December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of significant accounting policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

Basis of consolidation and presentation— The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation, and all other normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the periods presented have been made. The Company does

not consolidate certain variable interest entities related to its strategic investments because it does not control and is not considered the primary beneficiary of these entities.

Segment information— On March 12, 2025, Hugo Sarrazin became the Company’s new Chief Executive Officer and chief operating decision maker (“CODM”). The Company defines its segments as those operations the CODM regularly reviews to allocate resources and assess performance. For the three months ended March 31, 2026 and 2025, the Company had two operating and reportable segments: Enterprise and Consumer. The Company continually monitors and reviews its segment reporting structure in accordance with Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, to determine whether any changes have occurred that would impact its reportable segments. For further information on the Company’s segment reporting, see Note 13 – Segment and geographic information.

Use of estimates— The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the results of operations during the reporting periods.

Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, allowance for credit losses, capitalization of internally developed software and content assets and their associated useful lives, stock-based compensation, determination of the income tax valuation allowance and the potential outcome of uncertain tax positions, estimated service period for consumer single course purchases, recognition pattern of breakage revenue on Udemy credits, the period of benefit for deferred commissions, the fair value and associated useful lives of acquired intangible assets and goodwill, the valuation of marketable securities and privately-held strategic investments, including impairments, and the carrying value of our operating lease right-of-use (“ROU”) assets. Management periodically evaluates such estimates and assumptions for continued reasonableness.

Actual results may ultimately differ from management’s estimates and such differences could be material to the Company’s financial position and results of operations.

Summary of significant accounting policies— There have been no significant changes to the policies as disclosed in Note 2 – Summary of significant accounting policies of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 19, 2026 (the “Annual Report”), other than those discussed below.

Concentration of credit risk— Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable. For cash and restricted cash, the Company is exposed to credit risk in the event of default by the financial institutions to the extent the amounts recorded on the accompanying condensed consolidated balance sheets are in excess of federal insurance limits. The Company’s investments that are classified as cash equivalents and marketable securities consist of high-credit-quality instruments and fixed-income securities.

The Company generally does not require collateral or other security in support of accounts receivable. To reduce credit risk, management performs ongoing evaluations of its customers’ financial condition and maintains an allowance based upon expected credit losses of outstanding receivables. The Company had no customers who accounted for more than 10% of total accounts receivable as of March 31, 2026 and December 31, 2025. The Company had one customer, Benesse Corporation (“Benesse”), a reseller partner for the Enterprise segment, who accounted for more than 10% of total revenue during the three months ended March 31, 2026. No customers accounted for more than 10% of total revenue during the three months ended March 31, 2025.

Net loss per share— Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share, because potentially dilutive common shares are anti-dilutive.

Accounts receivable, net— Accounts receivable primarily represent amounts owed to the Company for Enterprise subscriptions. Also included in accounts receivable are amounts due from payment processors or mobile application store partners that settle over a period longer than five business days. Accounts receivable balances are recorded at the invoiced amount and are non-interest-bearing. Accounts receivable is presented net of allowance for credit losses in the accompanying condensed consolidated balance sheets.

The Company maintains an allowance based upon expected credit losses of outstanding receivables. Management derives its estimate using a variety of factors, including historical collection and loss patterns; the current aging of receivables; geographic and other customer-specific credit risk factors; and reasonable and supportable forecasts of future economic conditions which inform adjustments to historical loss patterns. The provision for expected credit losses is recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. Accounts receivable deemed to be uncollectible are written off, net of expected or actual recoveries.


	Balance at Beginning of Period		Charged to Expenses		Charges Utilized/Written-off, Net of Recoveries		Balance at End of Period
Allowance for credit losses (in thousands)
Three Months Ended March 31, 2026	$	2,174	$	475	$	(426)	$	2,223
Three Months Ended March 31, 2025	$	1,096	$	2,101	$	(477)	$	2,720

Recently Adopted Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05 “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities,” which amends ASC 326-20 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The Company adopted ASU 2025-05, effective January 1, 2026, using the prospective transition approach, which did not have a material impact on the condensed consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting-Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed information about the types of expenses (including employee compensation and depreciation and amortization) included within income statement expense captions. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all periods presented in the financial statements. The Company is currently assessing the potential impact of the new standard on the Company’s condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 provides updated guidance on the capitalization and subsequent measurement of costs incurred in connection with the implementation of internal-use software, including cloud computing arrangements. The amendment replaces former stage-based rules with a principles-based framework. Entities will now capitalize costs associated with internal-use software only when management has authorized and committed funding and it is probable that the project will be completed and the software will be used to perform the intended function. This ASU is effective for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832), to provide guidance on how business entities should recognize, measure, and present government grants received. The effective date for this standard is for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years. Early adoption is permitted. The amendments in this ASU may be applied using a modified prospective, modified retrospective, or retrospective approach. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Improvements to Interim Disclosure Requirements, to provide clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those

fiscal years. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements.

Stockholders' equity

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stockholders' equity

11. Stockholders' equity

Preferred stock— Under its amended and restated certificate of incorporation, the Company is authorized to issue 50,000,000 shares of undesignated preferred stock with a par value of $0.00001 per share with rights and preferences, including voting rights, as designated from time to time by the Company’s board of directors. As of March 31, 2026 and December 31, 2025, there were zero shares of preferred stock issued and outstanding.

Common stock— Common stockholders are entitled to one vote per share. Shares of common stock reserved for future issuance consisted of the following:


	March 31,	December 31,
	2026	2025
2010 Equity Incentive Plan:
Stock options outstanding	926,557	940,908
2021 Equity Incentive Plan:
RSUs outstanding and PSUs(1)	21,747,985	15,485,131
Shares available for future issuance under:
2021 Equity Incentive Plan	14,060,735	13,943,187
2021 Employee Stock Purchase Plan	5,670,306	4,219,800
Total shares of common stock reserved	42,405,583	34,589,026
(1) For those PSUs in their respective performance periods, the number of shares reserved for issuance is based on the maximum achievement of the corporate performance metrics.

Equity incentive plans— In 2010, the Company adopted the 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan provided for incentive stock options (“ISOs”), non-statutory stock options (“NSOs”, collectively with ISOs, “stock options”), stock appreciation rights (“SARs”), restricted stock, and restricted stock units (“RSUs”) to be granted to eligible employees, directors, and consultants. The 2010 Plan was terminated in October 2021 in connection with the IPO but continues to govern the terms and conditions of the outstanding awards granted pursuant to the 2010 Plan. No further equity awards will be granted under the 2010 Plan.

The Company adopted the 2021 Equity Incentive Plan (the "2021 Plan") in September 2021, which became effective on October 28, 2021 (collectively with the 2010 Plan, the “Equity Incentive Plans”) and was approved by the Company’s stockholders. The 2021 Plan provides for the granting of ISOs, NSOs, SARs, restricted stock, RSUs, and performance awards to eligible employees, directors, and consultants.

The Company initially reserved 13,800,000 shares for issuance under the 2021 Plan. The amount available for issuance is subject to an annual increase on the first day of each calendar year, beginning on January 1, 2023, in an amount equal to 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding calendar year or a lesser amount determined by the Company’s board of directors or compensation committee. The amount available for issuance shall also include Returning Shares, which are any shares subject to awards granted under the 2010 Plan that, on or after October 29, 2021, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest. Additionally, any difference in (i) the number of PSUs reserved for future issuance based on maximum achievement of the corporate performance metric and (ii) the number of PSUs issued based on actual attainment are returned to the 2021 Plan.

On January 1, 2026, the shares available for future grants under the 2021 Plan automatically increased by 7,252,532 pursuant to the above evergreen provision of the 2021 Plan.

Restricted stock units and performance-based restricted stock units— The fair value of RSUs and PSUs are determined using the fair value of the Company’s common stock on the date of grant. The Company recognizes stock-based compensation expense for RSUs with service-based vesting conditions on a straight-line basis over the requisite service period for each award, which is typically between two to four years.

Each PSU conveys a right to receive one share of the Company’s common stock on the date it vests, provided that the number of PSUs that will ultimately vest may vary based upon achievement of the corporate performance metrics at the end of the performance period. During the performance period, Management estimates the number of PSUs that are expected to vest based on the anticipated achievement. If the performance-based vesting condition is considered probable of being achieved, the Company recognizes expense over the requisite service period based on the probable outcome of achievement. If the performance goals are not met, or are considered improbable, no compensation cost is recognized, and any previously recognized compensation cost is reversed. Total stock-based compensation expense to be recognized may fluctuate during the performance period due to changes in forecasted achievement.

During the third quarter of 2025, the Company granted 553,125 PSUs at target to certain executives, with payout achievement ranging from 0% to 150% of target. One third of the eligible PSUs vest upon certification of the corporate performance metrics by the board of directors’ compensation committee in the third quarter of 2026, and the remaining two thirds will vest equally over the following 6 quarters, subject to continual service by the grantee. Achievement has been considered probable since the grant date, and, as of March 31, 2026, the Company estimated a payout rate of 75% of target based on forecasted achievement.

During the first quarter of 2025, the Company granted 372,044 PSUs at target to certain executives, with payout achievement ranging from 0% to 150% of target. In February 2026, the Board of Directors’ compensation committee certified actual achievement against target of 66%. As a result, 198,897 shares were awarded to the grantees, of which one third vested in the quarter of certification, while the remaining two thirds will vest equally over the following 8 quarters, subject to continual service by the grantee. The difference in number of shares granted at target and the shares certified by the Board based on actual achievement were canceled and returned to the pool of available for future issuance under the 2021 Plan.

A summary of RSU and PSU activity under the 2021 Plan is as follows:


	RSUs Outstanding	Weighted Average Grant Date Fair Value		PSUs Outstanding (1)	Weighted Average Grant Date Fair Value
Balance - December 31, 2025	14,159,159	$	8.06	911,001	$	7.55
Granted	8,735,886	5.01		—	—
Released	(1,374,581)	9.41		(78,937)	8.46
Canceled	(765,598)	8.16		(103,037)	8.24
Balance - March 31, 2026	20,754,866	$	6.68	729,027	$	7.35
Unvested - March 31, 2026	20,656,876	$	6.68	729,027	$	7.35
Awards vested, not yet released - March 31, 2026	97,990	$	8.06	—	$	—
(1) Canceled PSU shares reflect the difference in the number of shares granted at target and the shares certified by the Board based on actual achievement.

As of March 31, 2026, total unrecognized stock-based compensation expense related to unvested RSUs was $126.8 million, which will be recognized over a weighted average period of 2.3 years.

As of March 31, 2026, total unrecognized stock-based compensation expense related to unvested PSUs was $2.2 million, which will be recognized over a weighted average period of 1.0 year.

Stock options— The Company may grant stock options at exercise prices not less than the fair market value at the date of grant. These options generally expire 10 years from the date of grant. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for each award, which is generally even over four years.

The following is a summary of activity for stock options having only service-based vesting conditions under the Equity Incentive Plans:


	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2025	890,908	$	5.84	3.61	$	1,174
Granted	—	—
Exercised	(3,750)	3.12
Canceled	(10,601)	8.29
Balance - March 31, 2026	876,557	$	5.82	3.27	$	644
Vested & exercisable as of March 31, 2026	876,557	$	5.82	3.27	$	644

As of March 31, 2026, there was no unrecognized stock-based compensation for stock options with service-based vesting conditions, as all such awards were fully vested.

Performance-based stock options— There have been no substantive changes to the 50,000 vested and exercisable performance-based stock options that were outstanding as of March 31, 2026, compared to the information described as of December 31, 2025, in Note 11— Stockholders’ equity, included in Part II, Item 8 of the Company’s Annual Report.

Employee stock purchase plan— The 2021 Employee Stock Purchase Plan (the “ESPP”) became effective on October 29, 2021. The Company initially reserved 2,800,000 shares of the Company's common stock under the ESPP. Shares reserved for issuance shall increase on the first day of the fiscal year, beginning in fiscal 2023, in an amount equal to the least of 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, three times the initial number of shares reserved under the ESPP, or a lesser amount determined by the Company’s board of directors or compensation committee. On January 1, 2026, the shares available for future grants under the ESPP automatically increased by 1,450,506 pursuant to the above evergreen provision of the 2021 ESPP.

As of March 31, 2026, total unrecognized compensation cost for the ESPP was $3.1 million, which will be recognized over a weighted average period of 1.6 years.

Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	1,661	$	1,572
Sales and marketing	4,794		5,407
Research and development	4,864		4,708
General and administrative	5,049		6,280
Total stock-based compensation expense	$	16,368	$	17,967

The Company capitalized $0.9 million and $1.6 million of stock-based compensation expense as capitalized software during the three months ended March 31, 2026 and 2025, respectively

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and description of business	3 Months Ended
Organization and description of business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and description of business	1. Organization and description of business Description of business Udemy, Inc. (“Udemy” or the “Company”) was incorporated in January 2010 under the laws of the state of Delaware. The Company is headquartered in San Francisco, California. Udemy is a global technology company enabling organizations and individuals to develop in-demand skills and capabilities needed to thrive in a rapidly evolving world of work. The Company’s AI-powered platform offers consumers the option to purchase either subscription-based plans or a non-exclusive lifetime license to a single course on the Udemy marketplace. The Company also curates its highest-quality content for its enterprise platform, Udemy Business (“UB”), which enables companies around the world to offer on-demand learning across their organizations through various modalities. Proposed merger with Coursera On December 17, 2025, the Company entered into an Agreement and Plan of Merger (as it may be amended, modified, supplemented or waived from time to time, the “Merger Agreement”) with Coursera, under which Coursera will combine with Udemy in an all-stock transaction (the “Merger”). Under the terms of the Merger Agreement, Udemy stockholders will receive 0.800 shares of common stock, par value $0.00001 per share, of Coursera (“Coursera Common Stock”) for each share of our common stock. Upon the closing of the Merger, existing Coursera stockholders are expected to own approximately 59% and existing Udemy stockholders are expected to own approximately 41% of the combined company, on a fully diluted basis. The completion of the Merger is subject to the satisfaction of certain customary conditions set forth in the Merger Agreement, including, but not limited to: (i) adoption of the Merger Agreement by the Company’s stockholders (on April 9, 2026, the Company’s stockholders approved the adoption of the Merger Agreement), (ii) approval of the issuance of the shares of Coursera Common Stock and an amendment of Coursera’s amended and restated certificate of incorporation to increase the number of authorized shares of Coursera Common Stock thereunder by Coursera’s stockholders (on April 9, 2026, Coursera’s stockholders approved such issuance and such amendment); (iii) authorization for listing of the shares of Coursera Common Stock to be issued in the Merger on NYSE, subject to official notice of issuance; (iv) the expiration or termination of any waiting period applicable to the Merger under the HSR Act (on February 9, 2026, the Federal Trade Commission granted early termination of the waiting period under the HSR Act), and the receipt of certain other required regulatory approvals; and (v) effectiveness of the registration statement on Form S-4 for the Coursera Common Stock to be issued in the Merger (on March 10, 2026, such Form S-4 became effective). In addition, the Company’s obligation to complete the Merger is also subject to the receipt by the Company of an opinion from its counsel to the effect that the Merger will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended. The foregoing description of the Merger Agreement and the Merger does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, filed as Exhibit 2.1 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 19, 2026. During the three months ended March 31, 2026, the Company recognized $2.3 million worth of acquisition-related expenses associated with the proposed merger in general and administrative expense in the accompanying condensed consolidated statements of operations. Aside from these amounts, the Merger did not impact the Company’s condensed consolidated financial statements.

Consolidated balance sheet components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated balance sheet components

5. Consolidated balance sheet components

Cash, cash equivalents, and marketable securities— The amortized cost, unrealized gains and losses, and estimated fair value of cash, cash equivalents, and marketable securities consisted of the following (in thousands):


As of March 31, 2026	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	104,416	$	—	$	—	$	104,416
Money market funds	142,402		—		—		142,402
Time deposits	5,745		—		—		5,745
Total cash and cash equivalents	252,563		—		—		252,563
Marketable securities:
U.S. government securities	105,352		13		(109)		105,256
Total cash, cash equivalents, and marketable securities	$	357,915	$	13	$	(109)	$	357,819


As of December 31, 2025	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	104,166	$	—	$	—	$	104,166
Money market funds	123,314		—		—		123,314
Time deposits	4,005		—		—		4,005
Total cash and cash equivalents	231,485		—		—		231,485
Marketable securities:
U.S. government securities	127,122		137		—		127,259
Total cash, cash equivalents, and marketable securities	$	358,607	$	137	$	—	$	358,744

Cash equivalents and marketable securities in an unrealized loss position consisted of the following (in thousands):


	March 31, 2026				December 31, 2025
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses(1)
Marketable securities:
U.S. government securities	$	59,137	$	109	$	108	$	—
Total securities in an unrealized loss position	$	59,137	$	109	$	108	$	—
(1) Gross unrealized losses as of December 31, 2025 were less than one thousand dollars and rounded to zero.

Realized gains and losses reclassified from accumulated other comprehensive loss to other expense, net were zero for the three months ended March 31, 2026 and 2025.

No securities had been in a continuous unrealized loss position for twelve months or longer as of March 31, 2026 or December 31, 2025. The Company does not intend to sell available-for-sale marketable debt securities in unrealized loss positions, and it is more likely than not that the Company will hold these securities until maturity or recovery of the cost basis. As of March 31, 2026 and December 31, 2025, the Company did not have an allowance for credit losses related to its available-for-sale debt securities due to a zero loss expectation for the portfolio which consists solely of U.S. government securities.

Contractual maturities of investments classified as marketable securities are as follows (in thousands):


	March 31,
	2026
Due within one year	$	86,611
Due in one to two years	18,645
Total	$	105,256

Property and equipment, net— Property and equipment, net consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Leasehold improvements	$	22,887	$	22,828
Computers and equipment	9,782		9,530
Furniture and fixtures	6,036		6,013
Purchased software	383		383
Construction in progress	—		5
Total property and equipment	39,088		38,759
Less accumulated depreciation and amortization	(32,693)		(32,065)
Property and equipment, net	$	6,395	$	6,694

Depreciation expense was $0.8 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively.

Capitalized software, net— Capitalized software, net consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Internal use software	$	128,070	$	123,089
Content assets	253		253
Total capitalized software	128,323		123,342
Less accumulated amortization	(99,550)		(94,378)
Capitalized software, net	$	28,773	$	28,964

Amortization expense of capitalized software was $5.1 million and $5.3 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):


Remainder of 2026	$	12,565
2027	10,962
2028	4,968
2029	278
Total expected amortization	$	28,773

Intangible assets, net and goodwill— As of March 31, 2026, intangible assets, net were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(4,219)	$	1,281
Assembled workforce	2 years	1,500		(750)		750
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	16,600	$	(14,569)	$	2,031

As of December 31, 2025, intangible assets, net were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(3,989)	$	1,511
Assembled workforce	2 years	1,500		(563)		937
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	16,600	$	(14,152)	$	2,448

Amortization expense of intangible assets was $0.4 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

The expected future amortization expense for intangible assets as of March 31, 2026 was as follows (in thousands):


Remainder of 2026	$	1,250
2027	781
Total expected amortization	$	2,031

Goodwill in the amount of $12.6 million was established as part of the acquisition of CUX, Inc. (d/b/a CorpU) on August 24, 2021, and allocated to the Enterprise segment. This amount represents the excess of the purchase price over the fair value of net assets acquired. There have been no adjustments to the carrying amount of goodwill as of March 31, 2026.

The Company tests for impairment at least annually, or whenever events or changes in circumstances occur that could impact the recoverability of these assets. No such triggering events were identified during the three month periods ended March 31, 2026 and 2025.

Accrued expenses and other current liabilities— Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Accrued expenses	$	33,814	$	17,314
Indirect tax reserves	6,219		4,279
Indirect tax payables	6,487		7,806
Other current liabilities	2,824		2,727
Accrued expenses and other current liabilities	$	49,344	$	32,126

Net loss per share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net loss per share

12. Net loss per share

The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(12,614)	$	(1,771)
Denominator:
Weighted-average shares used in computing net loss per share
Basic and diluted	145,236,191		148,027,183
Net loss per share:
Basic and diluted	$	(0.09)	$	(0.01)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share because the impact of including them would have been anti-dilutive:


	Three Months Ended March 31,
	2026	2025
RSUs, PSUs, and restricted stock	21,252,436	15,066,580
Stock options	926,557	1,178,205
Contingently issuable shares under ESPP	415,193	307,250
Total potentially dilutive securities	22,594,186	16,552,035

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of consolidation	Basis of consolidation and presentation— The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation, and all other normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the periods presented have been made. The Company does not consolidate certain variable interest entities related to its strategic investments because it does not control and is not considered the primary beneficiary of these entities.
Basis of presentation	Basis of consolidation and presentation— The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation, and all other normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the periods presented have been made. The Company does not consolidate certain variable interest entities related to its strategic investments because it does not control and is not considered the primary beneficiary of these entities.
Segment information	Segment information— On March 12, 2025, Hugo Sarrazin became the Company’s new Chief Executive Officer and chief operating decision maker (“CODM”). The Company defines its segments as those operations the CODM regularly reviews to allocate resources and assess performance. For the three months ended March 31, 2026 and 2025, the Company had two operating and reportable segments: Enterprise and Consumer. The Company continually monitors and reviews its segment reporting structure in accordance with Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, to determine whether any changes have occurred that would impact its reportable segments. For further information on the Company’s segment reporting, see Note 13 – Segment and geographic information.
Use of estimates	Use of estimates— The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the results of operations during the reporting periods. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, allowance for credit losses, capitalization of internally developed software and content assets and their associated useful lives, stock-based compensation, determination of the income tax valuation allowance and the potential outcome of uncertain tax positions, estimated service period for consumer single course purchases, recognition pattern of breakage revenue on Udemy credits, the period of benefit for deferred commissions, the fair value and associated useful lives of acquired intangible assets and goodwill, the valuation of marketable securities and privately-held strategic investments, including impairments, and the carrying value of our operating lease right-of-use (“ROU”) assets. Management periodically evaluates such estimates and assumptions for continued reasonableness. Actual results may ultimately differ from management’s estimates and such differences could be material to the Company’s financial position and results of operations.
Concentration of credit risk	Concentration of credit risk— Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable. For cash and restricted cash, the Company is exposed to credit risk in the event of default by the financial institutions to the extent the amounts recorded on the accompanying condensed consolidated balance sheets are in excess of federal insurance limits. The Company’s investments that are classified as cash equivalents and marketable securities consist of high-credit-quality instruments and fixed-income securities. The Company generally does not require collateral or other security in support of accounts receivable. To reduce credit risk, management performs ongoing evaluations of its customers’ financial condition and maintains an allowance based upon expected credit losses of outstanding receivables.
Net loss per share	Net loss per share— Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share, because potentially dilutive common shares are anti-dilutive.
Accounts receivable, net	Accounts receivable, net— Accounts receivable primarily represent amounts owed to the Company for Enterprise subscriptions. Also included in accounts receivable are amounts due from payment processors or mobile application store partners that settle over a period longer than five business days. Accounts receivable balances are recorded at the invoiced amount and are non-interest-bearing. Accounts receivable is presented net of allowance for credit losses in the accompanying condensed consolidated balance sheets. The Company maintains an allowance based upon expected credit losses of outstanding receivables. Management derives its estimate using a variety of factors, including historical collection and loss patterns; the current aging of receivables; geographic and other customer-specific credit risk factors; and reasonable and supportable forecasts of future economic conditions which inform adjustments to historical loss patterns. The provision for expected credit losses is recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. Accounts receivable deemed to be uncollectible are written off, net of expected or actual recoveries.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05 “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities,” which amends ASC 326-20 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The Company adopted ASU 2025-05, effective January 1, 2026, using the prospective transition approach, which did not have a material impact on the condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting-Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed information about the types of expenses (including employee compensation and depreciation and amortization) included within income statement expense captions. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all periods presented in the financial statements. The Company is currently assessing the potential impact of the new standard on the Company’s condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 provides updated guidance on the capitalization and subsequent measurement of costs incurred in connection with the implementation of internal-use software, including cloud computing arrangements. The amendment replaces former stage-based rules with a principles-based framework. Entities will now capitalize costs associated with internal-use software only when management has authorized and committed funding and it is probable that the project will be completed and the software will be used to perform the intended function. This ASU is effective for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832), to provide guidance on how business entities should recognize, measure, and present government grants received. The effective date for this standard is for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years. Early adoption is permitted. The amendments in this ASU may be applied using a modified prospective, modified retrospective, or retrospective approach. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Improvements to Interim Disclosure Requirements, to provide clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. The Company is currently evaluating the impact of this new standard on its condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Summary of significant accounting policies - Narrative (Details) - segment	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Number of reportable segments	2	2
Number of operating segments	2	2

Restructuring charges - Narrative (Details) $ in Thousands		3 Months Ended
Restructuring charges - Narrative (Details) $ in Thousands	Sep. 11, 2024 employee	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee	280
Restructuring and related cost, number of positions eliminated with no future service requirement percent	0.57
Restructuring and related cost, incurred to date				$ 18,300
Restructuring charges		$ 0	$ 1,469
Employee Severance
Restructuring Cost and Reserve [Line Items]
Cash payments and other settlements			$ (5,300)

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt	3 Months Ended
Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Debt	6. Debt In May 2025, the Company, as borrower, entered into a Credit Agreement with Citibank, as administrative agent, collateral agent and a lender, and certain other financial institutions, as lenders (the facility established thereby, the “Revolving Credit Facility”). The Revolving Credit Facility, which matures in May 2030, provides the Company with revolving commitments in an aggregate principal amount of $200.0 million, with a $10.0 million sublimit for the issuance of letters of credit and a $10.0 million sublimit for swingline borrowings. The Company, subject to the satisfaction of certain conditions, including obtaining commitments from new or existing lenders, may increase the commitments under the Revolving Credit Facility by an aggregate principal amount of up to the greater of $100.0 million or 100% of trailing twelve months adjusted EBITDA (calculated in accordance with the terms of the Revolving Credit Facility). The obligations of the Company under the Revolving Credit Facility are secured on a first priority basis by a lien on substantially all of the assets of the Company. Borrowings under the Revolving Credit Facility bear interest through maturity and, at the Company’s election, at a variable rate based upon either (i) an adjusted term SOFR rate (based on one-, three- or six-month interest periods), plus an applicable margin (“SOFR Borrowings”) or (ii) an alternative base rate, plus an applicable margin (“ABR Borrowings”). The applicable margin for SOFR Borrowings is between 2.0% and 2.5%, and the applicable margin for ABR Borrowings is between 1.0% to 1.5%, in each case depending on the Company’s consolidated net leverage ratio calculated in accordance with the terms of the Revolving Credit Facility. The Revolving Credit Facility bears a commitment fee on the daily undrawn amount of revolving commitments ranging from 0.25% to 0.35% per annum payable quarterly in arrears, depending on the Company’s consolidated total net leverage ratio. The Revolving Credit Facility contains customary affirmative and negative covenants, including negative covenants imposing limitations on, among others, incurring additional indebtedness, granting liens, making certain restricted payments (including stock repurchases or the payment of cash dividends), making investments and entering into certain transactions with affiliates. The Company is also subject to financial covenants to maintain a minimum consolidated interest coverage ratio of 3.0 to 1.0 and a maximum consolidated net leverage ratio of 3.5 to 1.0, in each case calculated in accordance with the terms of the Revolving Credit Facility. Noncompliance with these covenants, or the occurrence of certain other events specified in the Revolving Credit Facility, could result in an event of default under the Revolving Credit Facility. Upon the occurrence and during the continuance of an event of default, any outstanding principal, interest, and fees could become immediately due and payable. As of March 31, 2026, the Company was in compliance with all covenants under the Revolving Credit Facility. As of March 31, 2026, the Company had no outstanding borrowings under the Revolving Credit Facility. The Company incurred $1.4 million worth of debt issuance costs in connection with the Revolving Credit Facility. The Company recorded interest expense of $0.2 million during the three months ended March 31, 2026, of which $0.1 million was related to the amortization of capitalized debt issuance costs.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 04, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40956
Entity Registrant Name	Udemy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1779864
Entity Address, Address Line One	600 Harrison Street
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94107
City Area Code	415
Local Phone Number	813-1710
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	UDMY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		146,281,495
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Entity Central Index Key	0001607939
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (12,614)	$ (1,771)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	6,364	6,205
Amortization of deferred contract costs	17,375	15,620
Stock-based compensation	16,368	17,967
Allowance for credit losses	475	2,101
Net (accretion) amortization of marketable securities	83	(1,287)
Non-cash operating lease expense	1,138	915
Unrealized gain on strategic investments	(500)	0
Other	552	350
Changes in operating assets and liabilities:
Accounts receivable	(1,702)	(25,057)
Prepaid expenses and other assets	(5,094)	(4,106)
Deferred contract costs	(20,592)	(19,495)
Accounts payable, accrued expenses and other liabilities	14,197	(9,975)
Content costs payable	(4,961)	(3,121)
Operating lease liabilities	(1,305)	(949)
Deferred revenue	5,656	34,813
Net cash provided by operating activities	15,440	12,210
Cash flows from investing activities:
Purchases of marketable securities	(21,863)	(78,644)
Proceeds from maturities of marketable securities	43,550	76,350
Purchases of property and equipment	(548)	(2,381)
Capitalized software costs	(4,058)	(2,739)
Purchases of strategic investments	(8,000)	0
Net cash provided by (used in) investing activities	9,081	(7,414)
Cash flows from financing activities:
Net proceeds from exercise of stock options	0	41
Taxes paid related to net share settlement of equity awards	(2,802)	(5,948)
Repurchases of common stock and excise taxes paid	(117)	0
Net cash used in financing activities	(2,919)	(5,907)
Effect of foreign exchange rates on cash flows	97	36
Net increase (decrease) in cash, cash equivalents and restricted cash	21,699	(1,075)
Cash, cash equivalents and restricted cash—Beginning of period	231,869	191,807
Cash, cash equivalents and restricted cash—End of period	253,568	190,732
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	252,563	189,617
Restricted cash, current	101	0
Restricted cash, non-current	904	1,115
Total cash, cash equivalents and restricted cash	253,568	190,732
Supplemental disclosures of cash flow information:
Income taxes paid	1,936	813
Supplemental disclosure of non-cash investing and financing activities:
Stock-based compensation in capitalized costs	905	1,657
Net change in unrealized gain (loss) on marketable securities	(233)	(27)
Increase (decrease) in purchases of property and equipment included in liabilities	(76)	584
Operating lease right-of-use assets exchanged for operating lease liabilities	$ 795	$ 0

Consolidated balance sheet components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Cash, Cash Equivalents, and Marketable Securities

The amortized cost, unrealized gains and losses, and estimated fair value of cash, cash equivalents, and marketable securities consisted of the following (in thousands):


As of March 31, 2026	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	104,416	$	—	$	—	$	104,416
Money market funds	142,402		—		—		142,402
Time deposits	5,745		—		—		5,745
Total cash and cash equivalents	252,563		—		—		252,563
Marketable securities:
U.S. government securities	105,352		13		(109)		105,256
Total cash, cash equivalents, and marketable securities	$	357,915	$	13	$	(109)	$	357,819


As of December 31, 2025	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	104,166	$	—	$	—	$	104,166
Money market funds	123,314		—		—		123,314
Time deposits	4,005		—		—		4,005
Total cash and cash equivalents	231,485		—		—		231,485
Marketable securities:
U.S. government securities	127,122		137		—		127,259
Total cash, cash equivalents, and marketable securities	$	358,607	$	137	$	—	$	358,744

Cash equivalents and marketable securities in an unrealized loss position consisted of the following (in thousands):


	March 31, 2026				December 31, 2025
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses(1)
Marketable securities:
U.S. government securities	$	59,137	$	109	$	108	$	—
Total securities in an unrealized loss position	$	59,137	$	109	$	108	$	—
(1) Gross unrealized losses as of December 31, 2025 were less than one thousand dollars and rounded to zero.

Summary of Marketable Securities

Contractual maturities of investments classified as marketable securities are as follows (in thousands):


	March 31,
	2026
Due within one year	$	86,611
Due in one to two years	18,645
Total	$	105,256

Summary of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Leasehold improvements	$	22,887	$	22,828
Computers and equipment	9,782		9,530
Furniture and fixtures	6,036		6,013
Purchased software	383		383
Construction in progress	—		5
Total property and equipment	39,088		38,759
Less accumulated depreciation and amortization	(32,693)		(32,065)
Property and equipment, net	$	6,395	$	6,694

Summary of Capitalized Software, Net

Capitalized software, net consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Internal use software	$	128,070	$	123,089
Content assets	253		253
Total capitalized software	128,323		123,342
Less accumulated amortization	(99,550)		(94,378)
Capitalized software, net	$	28,773	$	28,964

Summary of Expected Amortization Expense

As of March 31, 2026, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):


Remainder of 2026	$	12,565
2027	10,962
2028	4,968
2029	278
Total expected amortization	$	28,773

The expected future amortization expense for intangible assets as of March 31, 2026 was as follows (in thousands):


Remainder of 2026	$	1,250
2027	781
Total expected amortization	$	2,031

Summary of Intangible Assets Acquired through Business Combination

As of March 31, 2026, intangible assets, net were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(4,219)	$	1,281
Assembled workforce	2 years	1,500		(750)		750
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	16,600	$	(14,569)	$	2,031

As of December 31, 2025, intangible assets, net were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(3,989)	$	1,511
Assembled workforce	2 years	1,500		(563)		937
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	16,600	$	(14,152)	$	2,448

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Accrued expenses	$	33,814	$	17,314
Indirect tax reserves	6,219		4,279
Indirect tax payables	6,487		7,806
Other current liabilities	2,824		2,727
Accrued expenses and other current liabilities	$	49,344	$	32,126

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	950,000,000	950,000,000
Common stock, shares issued (in shares)	145,937,121	145,050,642
Common stock, shares outstanding (in shares)	145,937,121	145,050,642

Net loss per share - Summary of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (12,614)	$ (1,771)
Weighted-average shares used in computing net loss per share
Basic (in shares)	145,236,191	148,027,183
Diluted (in shares)	145,236,191	148,027,183
Net loss per share:
Basic (in dollars per share)	$ (0.09)	$ (0.01)
Diluted (in dollars per share)	$ (0.09)	$ (0.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stockholders' equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)	42,405,583	34,589,026
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	926,557	940,908
RSU outstanding and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs outstanding and PSUs (in shares)	21,747,985	15,485,131
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	14,060,735	13,943,187
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	5,670,306	4,219,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Summary of Information Pertaining to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease costs	$ 1,356	$ 1,098
Variable lease costs	261	299
Short-term lease costs	126	255
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,462	$ 1,225

Consolidated balance sheet components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 33,814	$ 17,314
Indirect tax reserves	6,219	4,279
Indirect tax payables	6,487	7,806
Other current liabilities	2,824	2,727
Accrued expenses and other current liabilities	$ 49,344	$ 32,126

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	8. Commitments and contingencies Noncancellable purchase commitments— The Company has noncancellable contractual commitments with its cloud infrastructure provider, paid advertising and sponsorship vendors, and software subscriptions to support operations in the ordinary course of business. As of March 31, 2026, the Company had $22.2 million of future minimum payments under noncancellable purchase commitments with remaining terms in excess of one year, which are expected to be paid through 2028. Indemnification— The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain business partners, investors, contractors, and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party’s claims and related losses suffered or incurred by the indemnified party resulting from actual or threatened third-party claims because of the Company’s activities or, in some cases, non-compliance with certain representations and warranties made by the Company. In general, the Company does not record any liability for these indemnities in the accompanying condensed consolidated balance sheets as the amounts cannot be reasonably estimated and are not considered probable. The Company does, however, accrue for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. To date, losses recorded in the Company’s condensed consolidated statements of operations in connection with the indemnification provisions have not been material. Litigation— From time to time, in the ordinary course of business, the Company is subject to legal proceedings, claims, investigations, and other proceedings, including claims of alleged infringement of third-party patents and other intellectual property rights, and commercial, employment, and other matters. In accordance with generally accepted accounting principles, the Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least annually and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. The outcome of such litigation is not expected to have a material effect on the financial position, results of operation and cash flows of the Company. The Company has recorded an immaterial amount related to all outstanding litigation matters in the accrued expenses and other current liabilities caption of the accompanying condensed consolidated balance sheets as of March 31, 2026, and December 31, 2025.

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Summary of Information Pertaining to Operating Leases

The Company recognized the following amounts related to operating leases in its condensed consolidated statements of operations and cash flows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease costs	$	1,356	$	1,098
Variable lease costs	261		299
Short-term lease costs	126		255
Cash paid for amounts included in the measurement of operating lease liabilities	1,462		1,225

Summary of Future Minimum Lease Payments

Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year as of March 31, 2026, were as follows (in thousands):


Remainder of 2026	$	3,697
2027	3,559
2028	2,298
2029	1,166
Gross lease payments	10,720
Less imputed interest	(999)
Present value of operating lease liabilities	$	9,721

Investments and fair value measurements - Summary of the Changes in the Fair Value of Level 3 Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Ending balance	0
Strategic Investments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Purchases of strategic investments	8,000
Unrealized gain on strategic investments	500
Ending balance	$ 8,500

Debt (Details) - Line of Credit - USD ($)	1 Months Ended	3 Months Ended
Debt (Details) - Line of Credit - USD ($)	May 31, 2025	Mar. 31, 2026
Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs		$ 1,400,000
Interest expense		200,000
Amortization of capitalized debt issuance costs		100,000
Revolving Credit Facility \| Citibank
Debt Instrument [Line Items]
Aggregate principal amount	$ 200,000,000.0
Line of credit facility, accordion feature, increase limit	$ 100,000,000.0
Line of credit facility, accordion feature, increase limit percentage of twelve month adjusted EBITDA	100.00%
Long-term line of credit		$ 0
Revolving Credit Facility \| Citibank \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.25%
Debt instrument, covenant, consolidated interest coverage ratio	3.0
Revolving Credit Facility \| Citibank \| Minimum \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Revolving Credit Facility \| Citibank \| Minimum \| ABR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Revolving Credit Facility \| Citibank \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.35%
Debt instrument, covenant, consolidated net leverage ratio	3.5
Revolving Credit Facility \| Citibank \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Revolving Credit Facility \| Citibank \| Maximum \| ABR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Letter of Credit \| Citibank
Debt Instrument [Line Items]
Aggregate principal amount	$ 10,000,000.0
Swingline Borrowings \| Citibank
Debt Instrument [Line Items]
Aggregate principal amount	$ 10,000,000.0

Consolidated balance sheet components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 39,088	$ 38,759
Less accumulated depreciation and amortization	(32,693)	(32,065)
Property and equipment, net	6,395	6,694
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	22,887	22,828
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	9,782	9,530
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	6,036	6,013
Purchased software
Property, Plant and Equipment [Line Items]
Total property and equipment	383	383
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 0	$ 5

Stockholders' equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 16,368	$ 17,967
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,661	1,572
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,794	5,407
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,864	4,708
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,049	$ 6,280

Segment and geographic information - Summary of Long-lived Assets by Region (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total long-lived assets	$ 15,092	$ 15,734
United States
Segment Reporting Information [Line Items]
Total long-lived assets	9,928	9,758
Rest of world
Segment Reporting Information [Line Items]
Total long-lived assets	$ 5,164	$ 5,976

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,614)	$ (1,771)
Other comprehensive loss:
Foreign currency translation gain (loss), net of tax	98	23
Change in unrealized gain (loss) on marketable securities, net of tax	(233)	(27)
Total other comprehensive loss	(135)	(4)
Comprehensive loss	$ (12,749)	$ (1,775)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Related party transactions (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Related Party Transactions

The following tables summarize the Company’s related party transactions (in millions):


	Three Months Ended March 31,
	2026		2025
Revenue recognized from services provided to customers
Naspers and affiliates	$	0.4	$	0.4
Insight and affiliates	0.1		0.1
Companies affiliated with Board members	—		—

Expense recognized from services provided by vendors
Insight and affiliates	0.2		0.2


	March 31,		December 31,
	2026		2025
Amounts in accounts receivable
Naspers and affiliates	$	0.2	$	—
Insight and affiliates	—		0.1
Companies affiliated with Board members	0.1		0.1

Amounts in accounts payable and accrued expenses and other current liabilities
Insight and affiliates	0.3		—

Segment and geographic information - Summary of Revenue by Region, Percentage (Details) - Revenue Benchmark - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
United States
Segment Reporting Information [Line Items]
Concentration risk, percentage	36.00%	36.00%
Japan
Segment Reporting Information [Line Items]
Concentration risk, percentage	14.00%	12.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income taxes	9. Income taxes The provision for income taxes for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items, if any, that are taken into consideration in the relevant period. Each quarter, the Company updates the estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company records a cumulative adjustment to the provision. The Company had an effective tax rate of (19.44)% and (112.35)% for the three months ended March 31, 2026 and 2025, respectively. The difference between the 21% statutory federal tax rate and the effective tax rate was primarily a result of income earned in jurisdictions with higher statutory tax rates, foreign withholding taxes, and tax credits offset by change in valuation allowance. As of March 31, 2026 and December 31, 2025, the Company has provided a valuation allowance against U.S. federal and state deferred tax assets. Management continues to evaluate the realizability of deferred tax assets and the related valuation allowance. If management's assessment of the deferred tax assets or the corresponding valuation allowance were to change, the Company would record the related adjustment to income during the period in which management makes the determination. The Company recognizes interest and penalties associated with uncertain tax positions as part of the income tax provision. To date, the Company has not recognized any interest and penalties in its condensed consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company is subject to taxation in the U.S. and various foreign jurisdictions. Due to NOL carryforwards and tax credit carryforwards, the statutes of limitations remain open for tax years from inception of the Company through 2025. There are currently no income tax audits underway by U.S. federal or state tax authorities. In October 2023, the Company’s subsidiary, Udemy India LLP received a tax assessment from the India Income Tax Department, for the fiscal year ended March 31, 2022 and 2021. The assessment challenged the transfer pricing methodology used by Udemy India LLP. The Company believes the proposed adjustment is without merit and will vigorously defend its position; however, it could take a number of years to reach resolution of this matter.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Segment and geographic information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Financial Information by Each Reportable Segment

Financial information for each reportable segment was as follows (in thousands):


	Three Months Ended March 31, 2026
	Enterprise		Consumer		Total
Revenue	$	132,889	$	58,518	$	191,407
Content costs	(18,004)		(16,603)		(34,607)
Customer support	(11,501)		(1,828)		(13,329)
Other segment items (1)	(1,927)		(5,320)		(7,247)
Segment adjusted gross profit	$	101,457	$	34,767	$	136,224


	Three Months Ended March 31, 2025
	Enterprise		Consumer		Total
Revenue	$	127,748	$	72,552	$	200,300
Content costs	(20,371)		(24,806)		(45,177)
Customer support	(9,885)		(1,676)		(11,561)
Other segment items (1)	(1,508)		(5,669)		(7,177)
Segment adjusted gross profit	$	95,984	$	40,401	$	136,385

(1) Other segment items for each segment across all periods presented consisted of payment and mobile processing fees and costs associated with hosting digital content.

The following table provides a reconciliation from segment adjusted gross profit to net income (loss) before taxes (in thousands):


	Three Months Ended March 31,
	2026		2025
Segment adjusted gross profit	$	136,224	$	136,385
Other costs of revenue (1)	(6,957)		(6,942)
Sales and marketing	(89,606)		(82,500)
Research and development	(26,793)		(24,958)
General and administrative	(25,394)		(25,008)
Restructuring charges	—		(1,469)
Total other income, net	1,965		3,658
Net loss before taxes	$	(10,561)	$	(834)

Summary of Revenue by Region

The following table summarizes the revenue by region based on the billing address of the Company’s customers (in thousands):


	Three Months Ended March 31,
	2026		2025
North America	$	74,870	$	78,478
Europe, Middle East, Africa	55,654		60,261
Asia Pacific	48,421		47,894
Latin America	12,462		13,667
Total revenue	$	191,407	$	200,300

The following table presents the percentage of revenue recognized in countries that individually accounted for at least 10% of total revenue for the periods presented:


	Three Months Ended March 31,
	2026		2025
United States	36	%	36	%
Japan	14	%	12	%

Summary of Long-lived Assets by Region

The following table presents the Company’s long-lived assets, which consist of tangible property and equipment, net of depreciation, and operating lease ROU assets, by geographic region (in thousands):


	March 31,		December 31,
	2026		2025
United States	$	9,928	$	9,758
Rest of world	5,164		5,976
Total long-lived assets	$	15,092	$	15,734

Commitments and contingencies (Details) $ in Millions	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Future minimum payments	$ 22.2

Revenue recognition - Summary of Revenue by Product Offering (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 191,407	$ 200,300
Enterprise revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	132,889	127,748
Subscription
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	132,123	127,002
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	766	746
Consumer revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	58,518	72,552
Subscription
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	14,402	9,281
Transactional and other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 44,116	$ 63,271

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		147,484,280
Beginning balance at Dec. 31, 2024	$ 197,394	$ 1	$ 1,002,390	$ (11)	$ (804,986)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	19,661		19,661
Exercise of stock options (in shares)		148,557
Exercise of stock options	36		36
Vesting of restricted stock units (in shares)		1,554,329
Shares withheld related to net share settlement of equity awards (in shares)		(702,060)
Shares withheld related to net share settlement of equity awards	(5,957)		(5,957)
Other comprehensive loss	(4)			(4)
Net loss	(1,771)				(1,771)
Ending balance (in shares) at Mar. 31, 2025		148,485,106
Ending balance at Mar. 31, 2025	209,359	$ 1	1,016,130	(15)	(806,757)
Beginning balance (in shares) at Dec. 31, 2025		145,050,642
Beginning balance at Dec. 31, 2025	210,461	$ 1	1,011,477	162	(801,179)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	17,269		17,269
Exercise of stock options (in shares)		3,750
Vesting of restricted stock units (in shares)		1,453,518
Shares withheld related to net share settlement of equity awards (in shares)		(570,789)
Shares withheld related to net share settlement of equity awards	(2,803)		(2,803)
Other comprehensive loss	(135)			(135)
Net loss	(12,614)				(12,614)
Ending balance (in shares) at Mar. 31, 2026		145,937,121
Ending balance at Mar. 31, 2026	$ 212,178	$ 1	$ 1,025,943	$ 27	$ (813,793)

Consolidated balance sheet components - Summary of Expected Amortization Expense Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2026	$ 1,250
2027	781
Total expected amortization	$ 2,031	$ 2,448

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of Net Loss per Share

The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(12,614)	$	(1,771)
Denominator:
Weighted-average shares used in computing net loss per share
Basic and diluted	145,236,191		148,027,183
Net loss per share:
Basic and diluted	$	(0.09)	$	(0.01)

Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share

The following potentially dilutive securities were excluded from the computation of diluted net loss per share because the impact of including them would have been anti-dilutive:


	Three Months Ended March 31,
	2026	2025
RSUs, PSUs, and restricted stock	21,252,436	15,066,580
Stock options	926,557	1,178,205
Contingently issuable shares under ESPP	415,193	307,250
Total potentially dilutive securities	22,594,186	16,552,035