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Most of Chegg’s revenue comes from Academic Services, where students pay for help understanding coursework, solving problems and improving their writing. Chegg Study Pack bundles Chegg Study, Chegg Writing and Chegg Math, combining step-by-step explanations from AI and subject experts with math, writing and citation tools.
Chegg also sells language-learning subscriptions with self-paced lessons and live tutor classes, and workforce-training programs to employers seeking to develop and retain staff. It is shifting toward a business focused on selling professional language learning, workplace readiness and AI-related skills training to businesses; student academic services remain its largest revenue source.
The business depends on turning visitors into paying subscribers and keeping them engaged, while replacing students who graduate. A significant share of revenue comes from U.S. college students. Search engines have been an important source of visitors, but Google’s AI Overview keeps users in search results, and free and paid AI tools compete with Chegg’s subscriptions. Its skills programs may require state licenses or approvals, and subscription billing must meet disclosure, consent and cancellation requirements.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Chegg’s results hinge on retaining paying academic subscribers against free AI alternatives such as OpenAI and specialized study competitors such as Course Hero and Quizlet.
Alphabet’s Google AI products give students alternatives to Chegg’s paid study, writing and math support, putting subscriber retention under pressure. Google earns most of its Services revenue from advertisers; watch its AI launches and pricing for changes in students’ reasons to pay Chegg.
Nerdy’s Varsity Tutors competes for students paying for learning support, the same spending Chegg seeks with its academic subscriptions. Nerdy sells memberships to learners and tutoring, essay review and self-study access to schools; its learner memberships are the closer comparison for willingness to pay for Chegg’s support.
Duolingo competes for language-learning subscription spending with Chegg’s platform, which offers self-paced lessons and live tutor classes in 14 languages. Duolingo’s app combines free access with paid subscriptions; its subscription revenue rose 44% in 2025, a concrete measure of demand for paid language learning.
Microsoft’s general-purpose AI gives students another way to get learning help instead of paying for Chegg’s specialized study, writing and math tools. Microsoft sells cloud-based AI, software and services to customers; watch its AI offerings for alternatives to the academic help Chegg charges students for.
Alphabet Inc. earningsGOOG
Alphabet’s report and product updates will show whether Google’s AI answers are becoming a stronger alternative to Chegg’s paid academic services.
Watch whether Google keeps placing AI answers prominently in search and how it develops AI products that students can use. Easier access to answers across more study tasks would give students more reason to stay on Google instead of visiting Chegg, and more reason not to pay for Chegg’s academic services. If those products and entry points do not expand, there is less evidence that the substitution threat is intensifying, but that would not prove Chegg is retaining subscribers. The takeaway is how strongly Google’s AI and search could challenge Chegg’s ability to reach students and keep them paying.
CHEGG, INC. earningsThis company
Chegg’s report will show whether its academic services are retaining paying students and whether Skilling can make up for weakness in that core business.
Read Academic Services revenue alongside any subscriber or traffic measures Chegg reports. A smaller revenue decline with those measures stabilizing would suggest that losses of paying students are easing; further weakness in both would point to continued pressure from lost traffic and other ways to get study help. Then compare Skilling revenue: growth there would show whether the newer business is beginning to share the load. Together, these figures show whether Chegg’s core learning service is stabilizing and whether Skilling can help fill the gap.
Duolingo, Inc. earningsDUOL
Duolingo’s report will show how demand for paid language learning is changing, a spending category that Chegg Skilling also seeks to win.
Look at Duolingo’s paid-subscription growth and, if reported, how learners move from its free lessons to paid plans. Stronger growth would show that learners are still willing to pay for language study, giving Chegg Skilling’s language courses a healthier demand backdrop—but it would not show that those learners choose Chegg. Slower growth would suggest a harder market for Chegg to expand in. The takeaway is whether spending on language learning can support Chegg Skilling’s growth.
Nerdy Inc. earningsNRDY
Nerdy’s report will show whether students are still paying for tutoring and study support, spending that Chegg Academic Services also competes for.
Focus on Nerdy’s learner memberships, not its services to schools. Stronger membership results would show that students are still paying for tutoring and self-study support, a constructive demand signal for Chegg Academic Services, but not proof that Chegg is retaining its own subscribers. Weaker results would suggest pressure on the same kind of student spending and make it harder for Chegg to stabilize revenue from paid academic support. The takeaway is whether the market for paid student help still has demand behind it.
