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2U (TWOU)
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2U Income Statement 2023-2011 | TWOU
Brief overview of income trends at 2U
The overview follows changes across a five-year period. Revenue reported by 2U was 412 million dollars at the beginning of the period and 946 million dollars at the end. The cumulative result was +129.7%, corresponding to roughly 18.1% per year. Top-line growth remained consistently strong over the period.
EBITDA changed from −$13.8 million to −$110 million (−703.2%). EBITDA lagged revenue, showing weaker operating momentum. The EBITDA share of revenue changed from −3.3% to −11.7%. The business retained less EBITDA from each unit of revenue.
The net financial result changed from −$38.3 million to −$318 million. Larger losses indicate rising pressure on the business.
The five-year change in capitalization reached −99.2%: from $4.3 billion to $35.6 million. Investors remain cautious despite better financial results.
Financial takeaway
The financial trajectory is weak and requires a cautious interpretation. The strongest signals are revenue expansion. The overall view is constrained by declining capitalization, pressure on operating profitability and a low EBITDA margin. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement 2U
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
35.6 M | 734 M | 783 M | 2.66 B | 1.44 B | 4.27 B | 4.33 B | 1.7 B | 948 M | 593 M | - | - | - |
Shares |
80.9 M | 77.3 M | 74.6 M | 67.1 M | 61.4 M | 57.9 M | 52.3 M | 46.6 M | 42.4 M | 32.1 M | 7.43 M | 7.04 M | - |
Historical Prices |
0.44 | 9.49 | 10.5 | 39.6 | 23.5 | 73.7 | 82.8 | 36.5 | 22.4 | 18.5 | - | - | - |
Net Income |
-318 M | -322 M | -195 M | -216 M | -235 M | -38.3 M | -29.4 M | -20.7 M | -26.7 M | -29 M | -28 M | -23.1 M | -24.9 M |
Revenue |
946 M | 963 M | 946 M | 775 M | 575 M | 412 M | 287 M | 206 M | 150 M | 110 M | 83.1 M | 55.9 M | 29.7 M |
Gross Profit |
- | - | - | - | 413 M | 321 M | 229 M | 165 M | 118 M | 83.4 M | 60.4 M | 41 M | 17.4 M |
Operating Income |
-226 M | -258 M | -167 M | -179 M | -247 M | -46.5 M | -30.1 M | -21 M | -26.1 M | -27.9 M | -28 M | -23.1 M | - |
Interest Expense |
74.6 M | 62.2 M | 51.2 M | 27.3 M | 13.4 M | 108 K | 87 K | 35 K | 552 K | 119 K | -15 K | 73 K | - |
EBITDA |
-110 M | -130 M | -59 M | -82.5 M | -177 M | -13.8 M | -10.5 M | -11.3 M | -18.9 M | -22.3 M | -23.7 M | -20.2 M | -23.4 M |
Operating Expenses |
- | - | - | - | 589 M | 368 M | 260 M | 186 M | 144 M | 111 M | 88.4 M | 64 M | 42.3 M |
General and Administrative Expenses |
133 M | 159 M | 200 M | 167 M | 131 M | 83 M | 62.7 M | 46 M | 34.1 M | 23.4 M | 14.8 M | 10.3 M | 5.1 M |
Annual performance
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All numbers in USD currency
Quarterly Income Statement 2U
| 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
2.8 M | 83.4 M | 2.74 M | 81.5 M | 80.6 M | 79.3 M | 78.3 M | 77.7 M | 77.1 M | 76.3 M | 75.8 M | 74.7 M | 74.4 M | 73.7 M | 72.2 M | 68.6 M | 64.1 M | 63.6 M | 63.5 M | 63.4 M | 60.5 M | 58.1 M | 57.9 M | 57.7 M | 55 M | 52.7 M | 52.3 M | 49 M | 47.7 M | 47.2 M | 47.1 M | 46.9 M | 46.5 M | 46 M | 45.7 M | 41.6 M | 41.4 M | 41 M | 40.6 M | 40.3 M | 39.3 M | 7.7 M | 7.53 M | 7.42 M | 7.4 M | 7.39 M | - | - | - | - | - | - | - | - |
Net Income |
-452 M | -54.6 M | - | -47.4 M | -174 M | -54.1 M | - | -122 M | -62.9 M | -126 M | - | -60.1 M | -21.8 M | -45.6 M | -37.7 M | -52.6 M | -66.2 M | -60.1 M | -44.6 M | -141 M | -28 M | -21.6 M | 4.83 M | -9.94 M | -18.3 M | -14.9 M | 509 K | -14.7 M | -11.8 M | -3.44 M | -2.21 M | -6.76 M | -8.34 M | -3.38 M | -3.4 M | -8.24 M | -9.63 M | -5.47 M | -4.02 M | -7.34 M | -10.6 M | -7.05 M | -5.18 M | -10.1 M | -8.9 M | -3.75 M | - | - | - | - | - | - | - | - |
Revenue |
181 M | 198 M | - | 230 M | 222 M | 239 M | - | 232 M | 241 M | 253 M | - | 232 M | 237 M | 232 M | 215 M | 201 M | 183 M | 175 M | 163 M | 154 M | 135 M | 122 M | 115 M | 107 M | 97.4 M | 92.3 M | 86.7 M | 70.2 M | 65 M | 64.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
-432 M | -27.3 M | - | -26.9 M | -156 M | -20.2 M | - | -104 M | -48 M | -111 M | - | -43.5 M | -37.1 M | -37.1 M | -30.1 M | -45.9 M | -49.1 M | -53.9 M | -41.3 M | -135 M | -46 M | -24.4 M | 3.31 M | -11.9 M | -22 M | -16 M | 26 K | -15.8 M | -10.8 M | -3.64 M | -2.37 M | -6.8 M | -8.42 M | -3.45 M | -3.32 M | -7.88 M | -9.53 M | -5.37 M | -3.93 M | -7.19 M | -10.5 M | -6.27 M | -5.2 M | -10.1 M | -8.91 M | -3.76 M | - | - | - | - | - | - | - | - |
Interest Expense |
-1.43 M | 19.3 M | - | 19.2 M | 17.9 M | 18 M | - | 15.9 M | 13.9 M | 13.9 M | - | 16.9 M | 8.19 M | 7.88 M | 7.74 M | 7.56 M | 6.52 M | 5.49 M | 5.29 M | 5.65 M | 2.42 M | 55 K | 27 K | 27 K | 27 K | 27 K | 50 K | 36 K | 1 K | 26 K | - | 35 K | 9 K | 26 K | - | 127 K | 126 K | 126 K | 119 K | 176 K | 134 K | 784 K | -15 K | 1 K | -5 K | -8 K | - | - | - | - | - | - | - | - |
EBITDA |
-407 M | -2.64 M | - | 2.55 M | -129 M | 9.79 M | - | -74.9 M | -16.6 M | -77 M | - | -17.4 M | -10.7 M | -12.1 M | -30.1 M | -22 M | -25.1 M | -30.4 M | -41.3 M | -113 M | -31.4 M | -14.7 M | 3.31 M | -3.26 M | -14.6 M | -8.64 M | 26 K | -9.87 M | -3.34 M | 13 K | -2.37 M | 265 K | -3.89 M | -1.3 M | -3.32 M | -2.59 M | -6.14 M | -3.66 M | -3.93 M | -2.95 M | -7.85 M | -4.98 M | -5.2 M | -7.06 M | -6.97 M | -2.83 M | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
42 M | 39.7 M | - | 36.8 M | 32.7 M | 39.2 M | - | 39.4 M | 41.5 M | 51 M | - | 49.7 M | 47.5 M | 47.1 M | 46.3 M | 44 M | 39.6 M | 43.7 M | 37.5 M | 42 M | 28.4 M | 23 M | 19.7 M | 19 M | 22.5 M | 21.9 M | 17.8 M | 17.2 M | 13.9 M | 13.7 M | 13.1 M | 11.6 M | 10.9 M | 10.4 M | 10.1 M | 8.48 M | 8.87 M | 6.71 M | 5.97 M | 6.3 M | 5.71 M | 5.44 M | 4.05 M | 4.27 M | 3.65 M | 2.87 M | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company 2U (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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