Udemy Inc. reported financial results for the third quarter ended September 30, 2025. Revenue for the quarter was $195.7 million, compared to $195.4 million in the same period in 2024. Subscription revenue reached $143.9 million, an 8% increase from $133.7 million in the prior year period. Gross profit was $128.9 million, up 5% from $123.1 million, and gross margin improved to 66% from 63%, a 300 basis point increase. Udemy Business Net Dollar Retention Rate was 93%, while the Net Dollar Retention Rate for large Udemy Business customers was 97%. Net cash provided by operating activities was $15.7 million for the quarter, and free cash flow was $12.1 million. Year-to-date, net cash provided by operating activities totaled $72.1 million, with free cash flow at $58.2 million. The company repurchased approximately 4.1 million shares as part of its $50 million stock repurchase program. For the fourth quarter ending December 31, 2025, Udemy expects revenue between $191 million and $194 million. For the full year 2025, the company projects revenue between $787 million and $790 million and adjusted EBITDA between $92 million and $94 million. The weighted average share count is expected to be 148 million basic and 150 million diluted for both the quarter and the full year.