Chegg第二季收入續跌51% 淨虧損大幅收窄至295萬美元

chgg-202606300001364954--12-312026Q2FALSEAccelerated Filer110.009297811Renee Budig123xbrli:sharesiso4217:USDiso4217:USDxbrli:shareschgg:segmentxbrli:pure00013649542026-01-012026-06-3000013649542026-08-0300013649542026-06-3000013649542025-12-3100013649542026-04-012026-06-3000013649542025-04-012025-06-3000013649542025-01-012025-06-300001364954us-gaap:CommonStockMember2026-03-310001364954us-gaap:AdditionalPaidInCapitalMember2026-03-310001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001364954us-gaap:RetainedEarningsMember2026-03-3100013649542026-03-310001364954us-gaap:CommonStockMember2026-04-012026-06-300001364954us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001364954us-gaap:RetainedEarningsMember2026-04-012026-06-300001364954us-gaap:CommonStockMember2026-06-300001364954us-gaap:AdditionalPaidInCapitalMember2026-06-300001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300001364954us-gaap:RetainedEarningsMember2026-06-300001364954us-gaap:CommonStockMember2025-03-310001364954us-gaap:AdditionalPaidInCapitalMember2025-03-310001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001364954us-gaap:RetainedEarningsMember2025-03-3100013649542025-03-310001364954us-gaap:CommonStockMember2025-04-012025-06-300001364954us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001364954us-gaap:RetainedEarningsMember2025-04-012025-06-300001364954us-gaap:CommonStockMember2025-06-300001364954us-gaap:AdditionalPaidInCapitalMember2025-06-300001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001364954us-gaap:RetainedEarningsMember2025-06-3000013649542025-06-300001364954us-gaap:CommonStockMember2025-12-310001364954us-gaap:AdditionalPaidInCapitalMember2025-12-310001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001364954us-gaap:RetainedEarningsMember2025-12-310001364954us-gaap:CommonStockMember2026-01-012026-06-300001364954us-gaap:AdditionalPaidInCapitalMember2026-01-012026-06-300001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-06-300001364954us-gaap:RetainedEarningsMember2026-01-012026-06-300001364954us-gaap:CommonStockMember2024-12-310001364954us-gaap:AdditionalPaidInCapitalMember2024-12-310001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001364954us-gaap:RetainedEarningsMember2024-12-3100013649542024-12-310001364954us-gaap:CommonStockMember2025-01-012025-06-300001364954us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001364954us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001364954us-gaap:RetainedEarningsMember2025-01-012025-06-300001364954chgg:CheggSkillingMember2026-04-012026-06-300001364954chgg:CheggSkillingMember2025-04-012025-06-300001364954chgg:AcademicServicesMember2026-04-012026-06-300001364954chgg:AcademicServicesMember2025-04-012025-06-300001364954chgg:CheggSkillingMember2026-01-012026-06-300001364954chgg:CheggSkillingMember2025-01-012025-06-300001364954chgg:AcademicServicesMember2026-01-012026-06-300001364954chgg:AcademicServicesMember2025-01-012025-06-300001364954us-gaap:StockCompensationPlanMember2026-04-012026-06-300001364954us-gaap:StockCompensationPlanMember2025-04-012025-06-300001364954us-gaap:StockCompensationPlanMember2026-01-012026-06-300001364954us-gaap:StockCompensationPlanMember2025-01-012025-06-300001364954us-gaap:ConvertibleDebtSecuritiesMember2026-04-012026-06-300001364954us-gaap:ConvertibleDebtSecuritiesMember2025-04-012025-06-300001364954us-gaap:ConvertibleDebtSecuritiesMember2026-01-012026-06-300001364954us-gaap:ConvertibleDebtSecuritiesMember2025-01-012025-06-300001364954us-gaap:CashMember2026-06-300001364954us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2026-06-300001364954us-gaap:CorporateBondSecuritiesMemberus-gaap:ShortTermInvestmentsus-gaap:FairValueInputsLevel2Member2026-06-300001364954us-gaap:CashMember2025-12-310001364954us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001364954us-gaap:CorporateBondSecuritiesMemberus-gaap:ShortTermInvestmentsus-gaap:FairValueInputsLevel2Member2025-12-310001364954us-gaap:CorporateBondSecuritiesMemberus-gaap:LongTermInvestmentsus-gaap:FairValueInputsLevel2Member2025-12-310001364954us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMember2026-06-300001364954us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2020-08-310001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2026-06-300001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Memberchgg:CappedCallMember2026-06-300001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2026-02-282026-02-280001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2026-02-012026-02-280001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2026-02-280001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2025-12-310001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2026-04-012026-06-300001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2025-04-012025-06-300001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2026-01-012026-06-300001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2025-01-012025-06-300001364954us-gaap:SeniorNotesMemberchgg:A0125ConvertibleSeniorNotesDue2025Member2026-04-012026-06-300001364954us-gaap:SeniorNotesMemberchgg:A0125ConvertibleSeniorNotesDue2025Member2025-04-012025-06-300001364954us-gaap:SeniorNotesMemberchgg:A0125ConvertibleSeniorNotesDue2025Member2026-01-012026-06-300001364954us-gaap:SeniorNotesMemberchgg:A0125ConvertibleSeniorNotesDue2025Member2025-01-012025-06-300001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Memberchgg:CappedCallMember2020-08-012020-08-310001364954us-gaap:SeniorNotesMemberchgg:A0ConvertibleSeniorNotesDue2026Member2020-08-012020-08-310001364954chgg:OpenMarketTransactionsMember2026-04-012026-06-300001364954us-gaap:CostOfRevenue2026-04-012026-06-300001364954us-gaap:CostOfRevenue2025-04-012025-06-300001364954us-gaap:CostOfRevenue2026-01-012026-06-300001364954us-gaap:CostOfRevenue2025-01-012025-06-300001364954us-gaap:ResearchAndDevelopmentExpense2026-04-012026-06-300001364954us-gaap:ResearchAndDevelopmentExpense2025-04-012025-06-300001364954us-gaap:ResearchAndDevelopmentExpense2026-01-012026-06-300001364954us-gaap:ResearchAndDevelopmentExpense2025-01-012025-06-300001364954us-gaap:SellingAndMarketingExpense2026-04-012026-06-300001364954us-gaap:SellingAndMarketingExpense2025-04-012025-06-300001364954us-gaap:SellingAndMarketingExpense2026-01-012026-06-300001364954us-gaap:SellingAndMarketingExpense2025-01-012025-06-300001364954us-gaap:GeneralAndAdministrativeExpense2026-04-012026-06-300001364954us-gaap:GeneralAndAdministrativeExpense2025-04-012025-06-300001364954us-gaap:GeneralAndAdministrativeExpense2026-01-012026-06-300001364954us-gaap:GeneralAndAdministrativeExpense2025-01-012025-06-300001364954chgg:RestrictedStockUnitsRSUsAndPerformanceShareUnitsPSUsMember2025-12-310001364954chgg:RestrictedStockUnitsRSUsAndPerformanceShareUnitsPSUsMember2026-01-012026-06-300001364954chgg:RestrictedStockUnitsRSUsAndPerformanceShareUnitsPSUsMember2026-06-300001364954chgg:October2025RestructuringPlanMember2025-10-012026-06-3000013649542025-10-012026-06-300001364954chgg:October2025RestructuringPlanMemberus-gaap:OneTimeTerminationBenefitsMember2025-12-310001364954chgg:October2025RestructuringPlanMemberus-gaap:OtherRestructuringMember2025-12-310001364954chgg:October2025RestructuringPlanMember2025-12-310001364954chgg:October2025RestructuringPlanMemberus-gaap:OneTimeTerminationBenefitsMember2026-01-012026-06-300001364954chgg:October2025RestructuringPlanMemberus-gaap:OtherRestructuringMember2026-01-012026-06-300001364954chgg:October2025RestructuringPlanMember2026-01-012026-06-300001364954chgg:October2025RestructuringPlanMemberus-gaap:OneTimeTerminationBenefitsMember2026-06-300001364954chgg:October2025RestructuringPlanMemberus-gaap:OtherRestructuringMember2026-06-300001364954chgg:October2025RestructuringPlanMember2026-06-300001364954chgg:May2025RestructuringPlanMember2025-05-012026-06-3000013649542025-05-012026-06-300001364954chgg:May2025RestructuringPlanMember2025-12-310001364954chgg:May2025RestructuringPlanMember2026-01-012026-06-300001364954chgg:May2025RestructuringPlanMember2026-06-300001364954chgg:November2024RestructuringPlanMember2024-11-012026-06-3000013649542024-11-012026-06-300001364954chgg:November2024RestructuringPlanMember2025-12-310001364954chgg:November2024RestructuringPlanMember2026-01-012026-06-300001364954chgg:November2024RestructuringPlanMember2026-06-300001364954chgg:June2024RestructuringPlanMember2024-06-012026-06-3000013649542024-06-012026-06-300001364954chgg:June2024RestructuringPlanMember2025-12-310001364954chgg:June2024RestructuringPlanMember2026-01-012026-06-300001364954chgg:June2024RestructuringPlanMember2026-06-300001364954chgg:ReportableSegmentMember2026-04-012026-06-300001364954chgg:ReportableSegmentMember2025-04-012025-06-300001364954chgg:ReportableSegmentMember2026-01-012026-06-300001364954chgg:ReportableSegmentMember2025-01-012025-06-300001364954country:US2026-04-012026-06-300001364954country:US2025-04-012025-06-300001364954country:US2026-01-012026-06-300001364954country:US2025-01-012025-06-300001364954us-gaap:NonUsMember2026-04-012026-06-300001364954us-gaap:NonUsMember2025-04-012025-06-300001364954us-gaap:NonUsMember2026-01-012026-06-300001364954us-gaap:NonUsMember2025-01-012025-06-300001364954country:US2026-06-300001364954country:US2025-12-310001364954country:IN2026-06-300001364954country:IN2025-12-310001364954us-gaap:NonUsMember2026-06-300001364954us-gaap:NonUsMember2025-12-310001364954chgg:ReneeBudigMember2026-04-012026-06-300001364954chgg:ReneeBudigMember2026-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________             
Commission file number 001-36180 

CHEGG, INC.
(Exact name of registrant as specified in its charter)

Delaware20-3237489
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

2261 Market Street STE 46218 
San Francisco, CA, 94114 
(Address of principal executive offices)
(408) 855-5700 
(Registrant’s telephone number, including area code)

Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.001 par value per shareCHGGThe New York Stock Exchange

•Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
•Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
•Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filerx
Non-accelerated filer ☐Smaller reporting companyx

Emerging growth company ☐

•If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
•Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x
•As of August 3, 2026, the Registrant had 111,027,482 outstanding shares of Common Stock.

 Table of Contents 

TABLE OF CONTENTS
  Page
PART I - FINANCIAL INFORMATION

Item 1.
Financial Statements (unaudited):
  4

Condensed Consolidated Balance Sheets - June 30, 2026 and December 31, 2025
4

Condensed Consolidated Statements of Operations - for the Three and Six Months Ended June 30, 2026 and 2025
5

Condensed Consolidated Statements of Comprehensive Loss - Three and Six Months Ended June 30, 2026 and 2025
6

Condensed Consolidated Statements of Stockholders' Equity - Three and Six Months Ended June 30, 2026 and 2025
7

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2026 and 2025
9

Notes to Condensed Consolidated Financial Statements
10

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
  21

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
30

Item 4.
Controls and Procedures
30

PART II - OTHER INFORMATION
  
Item 1. 
Legal Proceedings
  31

Item 1A. 
Risk Factors
  31

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
31

Item 5.
Other Information
32

Item 6. 
Exhibits
33

Signatures
  34

Unless the context requires otherwise, the words “we,” “us,” “our,” “Company” and “Chegg” refer to Chegg, Inc. and its subsidiaries taken as a whole.

Chegg, Chegg.com, Chegg Study, Chegg Study Pack, Chegg Writing, Chegg Math, and the Chegg “C” logo are some of our trademarks used in this Quarterly Report on Form 10-Q. Solely for convenience, our trademarks, trade names and service marks referred to in this Quarterly Report on Form 10-Q appear without the ®, ™ and SM symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and trade names. Other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.
2

 Table of Contents 

NOTE ABOUT FORWARD-LOOKING STATEMENTS 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations are forward-looking statements. The words “believe,” “may,” “will,” “would,” “could,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “endeavor,” “expect,” “plan to,” “if,” “future,” “likely,” “potentially,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as supplemented by the risks described under "Risk Factors" in Part II, Item 1A of this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should read this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect.

Our forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
3

 Table of Contents 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

CHEGG, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for number of shares and par value)
(unaudited)
June 30,
2026December 31,
2025
Assets
Current assets
Cash and cash equivalents$44,623 $31,146 
Short-term investments27,691 41,674 
Accounts receivable, net of allowance of $93 and $156 at June 30, 2026 and December 31, 2025, respectively
10,734 15,604 
Prepaid expenses11,352 16,331 
Other current assets14,301 16,857 
Total current assets108,701 121,612 
Long-term investments— 12,392 
Property and equipment, net94,948 115,168 
Intangible assets, net3,957 6,041 
Right of use assets11,505 13,188 
Other assets8,514 9,613 
Total assets$227,625 $278,014 
Liabilities and stockholders' equity
Current liabilities
Accounts payable$4,775 $3,258 
Deferred revenue26,570 29,675 
Accrued liabilities27,770 54,249 
Current portion of convertible senior notes, net33,845 53,765 
Total current liabilities92,960 140,947 
Long-term liabilities
Long-term operating lease liabilities12,600 15,205 
Other long-term liabilities3,451 2,239 
Total long-term liabilities16,051 17,444 
Total liabilities109,011 158,391 
Commitments and contingencies (Note 7)

Stockholders' equity:
Preferred stock, $0.001 par value per share, 10,000,000 shares authorized, no shares issued and outstanding
— — 
Common stock, $0.001 par value per share: 400,000,000 shares authorized; 110,913,557 and 110,985,562 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
111 111 
Additional paid-in capital1,148,192 1,145,371 
Accumulated other comprehensive loss(34,104)(32,997)
Accumulated deficit(995,585)(992,862)
Total stockholders' equity118,614 119,623 
Total liabilities and stockholders' equity$227,625 $278,014 
See Notes to Condensed Consolidated Financial Statements.
4

 Table of Contents 

CHEGG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)

Three Months Ended 
June 30,Six Months Ended 
June 30,
2026202520262025
Net revenues$51,849 $105,120 $115,111 $226,507 
Cost of revenues23,567 35,478 48,941 89,451 
Gross profit28,282 69,642 66,170 137,056 
Operating expenses:
Research and development7,398 28,717 16,537 58,145 
Sales and marketing9,468 17,417 20,074 43,031 
General and administrative14,591 59,966 33,771 99,340 
Impairment expense— — — 2,000 
Total operating expenses31,457 106,100 70,382 202,516 
Loss from operations(3,175)(36,458)(4,212)(65,460)
Interest expense, net and other income, net:
Interest expense, net(22)(41)(53)(508)
Other income, net638 2,059 1,794 15,056 
Total interest expense, net and other income, net616 2,018 1,741 14,548 
Loss before provision for income taxes(2,559)(34,440)(2,471)(50,912)
Provision for income taxes(392)(1,223)(252)(2,235)
Net loss$(2,951)$(35,663)$(2,723)$(53,147)
Net loss per share, basic and diluted$(0.03)$(0.33)$(0.02)$(0.50)

Weighted average shares used to compute net loss per share, basic and diluted111,422 106,908 111,573 106,039 

See Notes to Condensed Consolidated Financial Statements.

5

 Table of Contents 

CHEGG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(unaudited)

Three Months Ended 
June 30,Six Months Ended 
June 30,
2026202520262025
Net loss$(2,951)$(35,663)$(2,723)$(53,147)
Other comprehensive loss
Change in net unrealized gain (loss) on investments47 (35)(213)(558)
Change in foreign currency translation adjustments(230)(68)(894)(559)
Other comprehensive loss(183)(103)(1,107)(1,117)
Total comprehensive loss$(3,134)$(35,766)$(3,830)$(54,264)

See Notes to Condensed Consolidated Financial Statements.

6

 Table of Contents 

CHEGG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)

Three Months Ended June 30, 2026
Common Stock
SharesPar 
ValueAdditional Paid-In
CapitalAccumulated Other Comprehensive LossAccumulated
DeficitTotal Stockholders’ Equity
Balances at March 31, 2026111,842 $112 $1,147,586 $(33,921)$(992,634)$121,143 
Repurchases of common stock(1,447)(1)(1,720)— — (1,721)
Issuance of common stock upon issuance of ESPP
77 — 68 — — 68 
Net share settlement of equity awards442 — (178)— — (178)
Share-based compensation expense— — 2,436 — — 2,436 
Other comprehensive loss— — — (183)— (183)
Net loss— — — — (2,951)(2,951)
Balances at June 30, 2026110,914$111 $1,148,192 $(34,104)$(995,585)$118,614 

Three Months Ended June 30, 2025
Common Stock
SharesPar 
ValueAdditional Paid-In
CapitalAccumulated Other Comprehensive LossAccumulated
DeficitTotal Stockholders’ Equity
Balances at March 31, 2025105,377 $105 $1,125,738 $(33,247)$(906,925)$185,671 
Issuance of common stock upon issuance of ESPP558 1 388 — — 389 
Net share settlement of equity awards1,886 2 (568)— — (566)
Share-based compensation expense— — 8,128 — — 8,128 
Other comprehensive loss— — — (103)— (103)
Net loss— — — — (35,663)(35,663)
Balances at June 30, 2025107,821$108 $1,133,686 $(33,350)$(942,588)$157,856 

See Notes to Condensed Consolidated Financial Statements.

7

 Table of Contents 

Six Months Ended June 30, 2026
Common Stock
SharesPar 
ValueAdditional Paid-In
CapitalAccumulated Other Comprehensive LossAccumulated
DeficitTotal Stockholders’ Equity
Balances at December 31, 2025110,986 $111 $1,145,371 $(32,997)$(992,862)$119,623 
Repurchases of common stock(1,447)(1)(1,720)— — (1,721)
Issuance of common stock upon issuance of ESPP
77 — 68 — — 68 
Net share settlement of equity awards1,298 1 (775)— — (774)
Share-based compensation expense— — 5,248 — — 5,248 
Other comprehensive loss— — — (1,107)— (1,107)
Net loss— — — — (2,723)(2,723)
Balances at June 30, 2026110,914$111 $1,148,192 $(34,104)$(995,585)$118,614 

Six Months Ended June 30, 2025
Common Stock
SharesPar 
ValueAdditional Paid-In
CapitalAccumulated Other Comprehensive LossAccumulated
DeficitTotal Stockholders’ Equity
Balances at December 31, 2024104,880 $105 $1,114,550 $(32,233)$(889,441)$192,981 
Issuance of common stock upon issuance of ESPP558 1 388 — — 389 
Net share settlement of equity awards2,383 2 (1,037)— — (1,035)
Share-based compensation expense— — 19,785 — — 19,785 
Other comprehensive loss— — — (1,117)— (1,117)
Net loss— — — — (53,147)(53,147)
Balances at June 30, 2025107,821$108 $1,133,686 $(33,350)$(942,588)$157,856 

See Notes to Condensed Consolidated Financial Statements.

8

 Table of Contents 

CHEGG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

Six Months Ended 
June 30,
20262025
Cash flows from operating activities
Net loss$(2,723)$(53,147)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense5,035 19,169 
Depreciation and amortization expense26,992 48,320 
Deferred tax assets(11)149 
Operating lease expense, net of accretion1,076 2,019 
Amortization of debt issuance costs53 418 
Loss from write-offs of property and equipment48 558 
Gain on early extinguishment of debt(523)(7,360)
Realized gain on sale of investments(5)(752)
Impairment expense— 2,000 
Impairment of lease related assets— 3,004 
Impairment of equity investment— 6,000 
Litigation settlement (credits) charges(3,000)7,500 
Other non-cash items(298)325 
Change in assets and liabilities:
Accounts receivable4,816 6,114 
Prepaid expenses and other current assets7,572 (941)
Other assets260 928 
Accounts payable1,376 (6,038)
Deferred revenue(2,839)(5,945)
Accrued liabilities(22,846)(1,113)
Other liabilities(822)(1,522)
Net cash provided by operating activities14,161 19,686 
Cash flows from investing activities
Purchases of property and equipment(4,700)(15,895)
Purchases of investments— (793)
Maturities of investments20,031 107,710 
Proceeds from sale of investments5,679 181,158 
Net cash provided by investing activities21,010 272,180 
Cash flows from financing activities
Repayment of convertible senior notes    (19,450)(416,492)
Repurchase of common stock(1,721)— 
Payment of taxes related to the net share settlement of equity awards(774)(1,037)
Proceeds from common stock issued under stock plans68 391 
Net cash used in financing activities(21,877)(417,138)
Effect of exchange rate changes(451)491 
Net increase (decrease) in cash, cash equivalents and restricted cash12,843 (124,781)
Cash, cash equivalents and restricted cash, beginning of period33,411 164,359 
Cash, cash equivalents and restricted cash, end of period$46,254 $39,578 

Six Months Ended 
June 30,
20262025
Supplemental cash flow data:
Cash paid during the period for:
Interest$— $224 
Income taxes, net of refunds$(221)$1,072 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,355 $3,775 
Right of use assets obtained in exchange for lease obligations:
Operating leases$— $1,636 
Non-cash investing and financing activities:
Accrued purchases of long-lived assets$51 $3,050 

Six Months Ended 
June 30,
20262025
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$44,623 $36,825 
Restricted cash included in other current assets370 1,014 
Restricted cash included in other assets1,261 1,739 
Total cash, cash equivalents and restricted cash$46,254 $39,578 

See Notes to Condensed Consolidated Financial Statements. 
9

 Table of Contents 

CHEGG, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Background and Basis of Presentation

Company and Background

Chegg, Inc. (“we,” “us,” “our,” “Company” or “Chegg”) was incorporated as a Delaware corporation in July 2005. Chegg is a learning platform helping businesses bring new skills to their workforce and giving lifelong learners and students the skills and confidence to succeed. Focused on the large and growing skilling market, Chegg offers innovative tools for workplace readiness, professional upskilling, and language learning. Chegg also continues to offer students artificial intelligence (AI)-driven, personalized support. Chegg remains committed to its mission of improving learning outcomes and career opportunities for millions of people around the world.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements include the results of Chegg, Inc. and its wholly-owned subsidiaries. Significant intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2026, our results of operations, results of comprehensive loss, and stockholders' equity for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. Our results of operations, results of comprehensive loss, stockholders' equity, and cash flows for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year.

We have a single operating and reportable segment and operating unit structure. The condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the Annual Report on Form 10-K) filed with the SEC. 

There have been no material changes to our significant accounting policies as compared to the significant accounting policies described in our Annual Report on Form 10-K. 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States (U.S. GAAP) requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as the disclosure of contingent liabilities. Significant estimates, assumptions, and judgments are used for, but not limited to: revenue recognition, share-based compensation expense, accounting for income taxes, useful lives assigned to long-lived assets for depreciation and amortization, impairment of goodwill, intangible assets and long-lived assets, and internal-use software and website development costs. We base our estimates on historical experience, knowledge of current business conditions, and various other factors we believe to be reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ from these estimates, and such differences could be material to our financial position and results of operations. There have been no material changes in our use of estimates during the six months ended June 30, 2026 as compared to the use of estimates disclosed in Part II, Item 8 “Consolidated Financial Statements and Supplementary Data” contained in our Annual Report on Form 10-K for the year ended December 31, 2025.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-12, Codification Improvements. ASU 2025-12 makes incremental improvements to the Accounting Standards Codification (ASC) and U.S. GAAP. Early adoption is permitted and the guidance may be applied either prospectively or retrospectively to the beginning of the earliest comparative period presented. The guidance is effective for annual reporting 
10

 Table of Contents 

periods beginning after December 15, 2026 and interim reporting periods within those annual periods. We did not early adopt ASU 2025-12 and we are currently in the process of evaluating the impact of this guidance.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting - Narrow Scope Improvements. ASU 2025-11 improves the guidance in ASC 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. Early adoption is permitted and the guidance may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. We did not early adopt ASU 2025-11 and we are currently in the process of evaluating the impact of this guidance.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software. ASU 2025-06 modernizes the accounting for software costs that are accounted for under ASC 350-40 and 350-50 by removing references to prescriptive and sequential software development stages and requiring capitalization of software costs to begin when management has authorized and committed to funding the project and it is probable that the project will be completed and used as intended. Early adoption is permitted and the guidance may be applied on either a prospective, retrospective or modified basis. The guidance is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods. We did not early adopt ASU 2025-06 and we are currently in the process of evaluating the impact of this guidance.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. ASU 2024-03 requires disclosure of specified information about certain costs and expenses in the notes to financial statements. Early adoption is permitted, and the guidance will be applied prospectively with the option to apply retrospectively. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. We did not early adopt ASU 2024-03 and we are currently in the process of evaluating the impact of this guidance.

Recently Adopted Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses. ASU 2025-05 introduces a practical expedient for estimating expected credit losses on current accounts receivable and contract assets arising from transactions accounted for under ASC 606. Early adoption is permitted, and the guidance will be applied on a prospective basis. The guidance is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. We adopted ASU 2025-05 on January 1, 2026 and elected the practical expedient, which did not significantly impact our financial statements.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options. ASU 2024-04 improves the relevance and consistency in application of the induced conversion guidance requirements in ASC 470-20 for convertible debt instruments with cash conversion features and debt instruments that are not currently convertible, when the face value of the debt is settled in cash. Early adoption is permitted, and the guidance can be applied on either a prospective or retrospective basis. The guidance is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. We adopted ASU 2024-04 on January 1, 2026 on a prospective basis and applied the guidance to applicable transactions occurring after the adoption date including the partial repurchase of our convertible senior notes in February 2026. The adoption of this guidance did not have an effect on our financial position, results of operations or cash flows as the partial repurchase of the convertible senior notes should not be accounted for as an induced conversion as they did not contain a substantive conversion option as of the date of the repurchase.

11

 Table of Contents 

Note 2. Revenues

Revenue Recognition

The following tables present our total net revenues for the periods shown disaggregated for our Chegg Skilling and Academic Services product lines (in thousands, except percentages):

Three Months Ended 
June 30,Change
20262025$%
Chegg Skilling$17,534 $17,217 $317 2 %
Academic Services34,315 87,903 (53,588)(61)
Total net revenues$51,849 $105,120 $(53,271)(51)

Six Months Ended 
June 30,Change
20262025$%
Chegg Skilling$35,112 $33,352 $1,760 5 %
Academic Services79,999 193,155 (113,156)(59)
Total net revenues$115,111 $226,507 $(111,396)(49)

During the three and six months ended June 30, 2026, we recognized revenues of $17.1 million and $24.7 million, respectively, that were included in our deferred revenue balance at the beginning of each respective reporting period. During the three and six months ended June 30, 2025, we recognized revenues of $27.1 million and $34.2 million, respectively, that were included in our deferred revenue balance at the beginning of each respective reporting period.

Contract Balances

The following table presents our accounts receivable, net, contract assets and deferred revenue balances (in thousands, except percentages):

Change
June 30,
2026December 31, 2025$%

Accounts receivable, net$10,734 $15,604 $(4,870)(31)%
Contract assets6,361 6,536 (175)(3)
Deferred revenue26,570 29,675 (3,105)(10)

During the six months ended June 30, 2026, our accounts receivable, net balance decreased by $4.9 million, or 31%, primarily due to cash collections and lower bookings. During the six months ended June 30, 2026, our contract assets balance remained relatively flat. During the six months ended June 30, 2026, our deferred revenue balance decreased by $3.1 million, or 10%, primarily due to lower bookings. 

12

 Table of Contents 

Note 3. Net Loss Per Share

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

Three Months Ended 
June 30,Six Months Ended 
June 30,
2026202520262025
Numerator:
Net loss
$(2,951)$(35,663)$(2,723)$(53,147)
Denominator:
Weighted average shares used to compute net loss per share, basic and diluted
111,422 106,908 111,573 106,039 

Net loss per share, basic and diluted
$(0.03)$(0.33)$(0.02)$(0.50)

During the three and six months ended June 30, 2026 and 2025, basic and diluted net loss per share was the same, as the inclusion of all potential common shares outstanding would have been anti-dilutive.

The following table presents potential weighted-average shares of common stock outstanding that were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive (in thousands):

Three Months Ended 
June 30,Six Months Ended 
June 30,
2026202520262025
Shares related to stock plan activity4,936 9,420 3,692 9,737 
Shares related to convertible senior notes315 583 359 3,585 
Total common stock equivalents5,251 10,003 4,051 13,322 

Note 4. Cash and Cash Equivalents, Investments and Fair Value Measurements

The following tables present our cash and cash equivalents, and investments’ fair value level classification, adjusted cost, unrealized gain, unrealized loss and fair value as of June 30, 2026 and December 31, 2025 (in thousands):

June 30, 2026
Fair Value LevelAdjusted CostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents:
Cash$15,938 $— $— $15,938 
Money market fundsLevel 128,685 — — 28,685 
Total cash and cash equivalents$44,623 $— $— $44,623 
Short-term investments:
Corporate debt securitiesLevel 2$27,677 $15 $(1)$27,691 

13

 Table of Contents 

December 31, 2025
Fair Value LevelAdjusted CostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents:
Cash$16,942 $— $— $16,942 
Money market fundsLevel 114,204 — — 14,204 
Total cash and cash equivalents$31,146 $— $— $31,146 
Short-term investments:
Corporate debt securitiesLevel 2$41,549 $125 $— $41,674 
Long-term investments:
Corporate debt securitiesLevel 2$12,290 $102 $— $12,392 

During the three and six months ended June 30, 2026 and 2025, we did not recognize any losses on our investments due to credit related factors and our realized gains and losses on investments were not significant.

The following table presents our cash equivalents and investments' adjusted cost and fair value by contractual maturity as of June 30, 2026 (in thousands):

Adjusted CostFair Value
Due within one year$27,677 $27,691 

Investments not due at a single maturity date28,685 28,685 
Total$56,362 $56,376 

Investments not due at a single maturity date in the preceding table consisted of money market funds.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

We report our financial instruments at fair value with the exception of the 2026 notes. The estimated fair value was determined based on the trading price as of the last day of trading for the period and we consider it to be a Level 2 measurement due to the limited trading activity. The estimated fair value of the 2026 notes as of June 30, 2026 and December 31, 2025 was $32.6 million and $45.0 million, respectively. For further information on the 2026 notes, refer to Note 6, “Convertible Senior Notes.”

Note 5. Balance Sheet Details

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

June 30,
2026December 31, 2025
Taxes payable$8,958 $11,331 
Current operating lease liabilities4,274 4,279 
Restructuring liability1,186 15,592 
Litigation settlement liabilities1,000 8,190 
Other12,352 14,857 
Accrued liabilities$27,770 $54,249 

14

 Table of Contents 

Note 6. Convertible Senior Notes

In August 2020, we issued $1.0 billion in aggregate principal amount of 0% convertible senior notes due in 2026 (2026 notes). The 2026 notes bear no interest and will mature on September 1, 2026, unless repurchased, redeemed or converted in accordance with their terms prior to such date. As of June 30, 2026, the total principal amount of 2026 notes outstanding was $33.9 million and 9,297,800 shares remained underlying the 2026 notes. 

Each $1,000 principal amount of the 2026 notes will initially be convertible into 9.2978 shares of our common stock. This is equivalent to an initial conversion price of approximately $107.55 per share, which is subject to adjustment in certain circumstances. Prior to the close of business on the business day immediately preceding June 1, 2026 for the 2026 notes, the notes are convertible at the option of holders only upon satisfaction of certain circumstances. On or after June 1, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of the circumstances. Upon conversion, the notes may be settled in shares of our common stock, cash or a combination of cash and shares of our common stock, at our election. As of June 30, 2026, the 2026 notes were classified as a current liability on our condensed consolidated balance sheets as they are convertible at the option of the holders at any time beginning June 1, 2026. We expect to settle any 2026 notes conversion requests in shares of our common stock.

In February 2026, in connection with our securities repurchase program, we extinguished $20.0 million aggregate principal amount of the 2026 notes in privately-negotiated transactions for a total consideration of $19.4 million, which was paid to the holders in cash. We also incurred an immaterial amount of fees resulting in a total reacquisition price of $19.5 million. The carrying amount of the extinguished notes was $20.0 million resulting in a $0.5 million gain on early extinguishment of debt. We elected to reacquire and not cancel the extinguished 2026 notes and left the associated capped call transactions outstanding.

The following table presents the net carrying amount of the 2026 notes (in thousands): 

June 30, 2026December 31, 2025
Principal33,860 $53,860 
Unamortized issuance costs(15)(95)
Net carrying amount$33,845 $53,765 

The following table presents the total interest expense recognized related to the notes (in thousands):

Three Months Ended 
June 30,Six Months Ended 
June 30,
2026202520262025
2026 notes:
Contractual interest expense$— $— $— $— 
Amortization of issuance costs22 41 53 110 
Total 2026 notes interest expense$22 $41 $53 $110 
2025 notes:
Contractual interest expense$— $— $— $90 
Amortization of issuance costs— — — 308 
Total 2025 notes interest expense$— $— $— $398 

Capped Call Transactions

Concurrently with the offering of the 2026 notes, we used $103.4 million of the net proceeds to enter into privately negotiated capped call transactions which are expected to reduce or offset potential dilution to holders of our common stock upon conversion of the notes or offset the potential cash payments we would be required to make in excess of the principal amount of any converted notes. The capped call transactions automatically exercise upon conversion of the notes and as of June 30, 2026, cover 9,297,800 shares of our common stock for the 2026 notes. These are intended to effectively increase the overall conversion price from $107.55 to $156.44 per share for the 2026 notes. The effective increase in conversion price as a result of the capped call transactions serves to reduce potential dilution to holders of our common stock and/or offset the cash 
15

 Table of Contents 

payments we are required to make in excess of the principal amount of any converted notes. As these transactions meet certain accounting criteria, they are recorded in stockholders’ equity as a reduction of additional paid-in capital on our condensed consolidated balance sheets and are not accounted for as derivatives. The fair value of the capped call instrument is not remeasured each reporting period. The cost of the capped call is not expected to be deductible for tax purposes.

Note 7. Commitments and Contingencies

We may from time to time be involved in certain legal proceedings and regulatory compliance matters in the ordinary course of business, including claims of alleged infringement of trademarks, patents, copyrights, and other intellectual property rights; employment claims; and contractual and related disputes brought through private actions, class actions, administrative proceedings, regulatory actions or other litigation. We may also, from time to time, be involved in various legal or government claims, demands, disputes, investigations, or requests for information. Such matters may include, but not be limited to, claims, disputes, or investigations related to warranty, refund, breach of contract, employment, intellectual property, government regulation, or compliance or other matters.

On February 24, 2025, we filed a complaint in the U.S. District Court for the District of Columbia against Google, asserting federal antitrust claims and common-law unjust enrichment claims, in connection with Google's expansion of its AI Overview ("AIO") search experience, and seeking damages, restitution, disgorgement, and injunctive relief. Google moved to dismiss the amended complaint on July 25, 2025. Given the nature of the case, including that the proceedings are in their early stages, we are unable to predict the ultimate outcome of the case.

On December 22, 2022, JPMorgan Chase Bank, N.A. (JPMC) asserted a demand for repayment by the Company of certain investment proceeds received by the Company in its capacity as an investor in TAPD, Inc. (more commonly known as “Frank”) pursuant to certain provisions in the existing Support Agreement between JPMC and the Company that was entered into in connection with JPMC's acquisition of Frank. JPMC alleged fraud on the part of certain former Frank executives regarding the quantity and quality of its customer accounts. On June 25, 2026, the Company entered into a settlement agreement with JPMC resolving all of JPMC's claims against the Company related to Frank. 

As of June 30, 2026, accrued liabilities and other long-term liabilities on our condensed consolidated balance sheets included $2.0 million related to litigation settlement liabilities. We are not aware of any other pending legal matters or claims, individually or in the aggregate, which are expected to have a material adverse impact on our consolidated financial position, results of operations, or cash flows. Our analysis of whether a claim will proceed to litigation cannot be predicted with certainty, nor can the results of litigation be predicted with certainty. Nevertheless, defending any of these actions, regardless of the outcome, may be costly, time consuming, distract management personnel and have a negative effect on our business. In the ordinary course of business and for certain of the above matters, we are actively pursuing all avenues and strategies to resolve these matters, including available legal remedies, remediation and settlement negotiations with the parties. An adverse outcome in any of these actions, including a judgment or settlement, may cause a material adverse effect on our future business, operating results or financial condition.

Note 8. Guarantees and Indemnifications

We have agreed to indemnify our directors and officers for certain events or occurrences, subject to certain limits, while such persons are or were serving at our request in such capacity. We may terminate the indemnification agreements with these persons upon termination of employment, but termination will not affect claims for indemnification related to events occurring prior to the effective date of termination. We have a directors’ and officers’ insurance policy that covers our potential exposure up to the limits of our insurance coverage. In addition, we also have other indemnification agreements with various vendors against certain claims, liabilities, losses, and damages. The maximum amount of potential future indemnification is unlimited.

We believe the fair value of these indemnification agreements is immaterial. We have not recorded any liabilities for these agreements as of June 30, 2026.

16

 Table of Contents 

Note 9. Stockholders' Equity

Share Repurchases

During the three months ended June 30, 2026, we repurchased 1,447,194 shares of our common stock for $1.7 million in open mar