FLYER · Market research · 29/09/2026

Edtech Revenue Check

What the products in G2's education category actually earn. Every figure is graded by how it was obtained, from audited filing down to aggregator guess, because the difference between those two is the whole story.

Key facts, origin and limits

Research note

Products checked: 71
Current audited figure: 19 of 71
No usable figure: 32 of 71
Biggest by revenue: Pearson, £3.6bn
Steepest fall: Chegg, −51% latest quarter

Written on 29/09/2026 in reply to: "nghiên cứu doanh thu thực tế của danh sách các sản phẩm trong list này https://www.g2.com/categories/education".

G2 could not be read directly. The category page returns HTTP 403 to curl, to headless Chrome and to a headed Chrome window; the site is behind bot protection. The list was therefore reconstructed from G2's own press material and from vendor announcements, and the section below says exactly which memberships are verified and which are not. Nothing here should be read as a transcription of G2's ranking.

Revenue was researched product by product from primary sources. Every figure carries a grade for how it was obtained. Aggregator estimates are shown nowhere as fact. Where nothing reliable exists, the table says so rather than filling the cell.

1What this list actually is

G2's education category holds 3,915 products. For the 2026 awards, 92 of them cleared the bar of at least ten reviews during calendar 2025, and G2 published the best fifty. Canvas LMS was placed first.

Two facts about that ranking matter before anyone reads revenue into it.

It ranks reviews, not money. The score combines review volume, review sentiment and market-presence signals. A product with many happy reviewers outranks a larger business with quieter customers.
It churns. Twenty-seven of the fifty were new entrants, so 54% of the list turned over in a single year. A ranking that replaces half its members annually is measuring attention, not durability.

Memberships verified from primary announcements: Canvas LMS at 1, ParentSquare at 7, Absorb LMS at 8, Speexx at 12, plus D2L Brightspace, Watermark, Vevox, Skillable, One to One Plus, DataCamp and PowerSchool somewhere in the fifty. The rest of the ranking could not be read. The research below therefore covers the products that dominate G2's education subcategories, which is the same question asked more usefully.

2How every number is graded

In this market the grade matters more than the number. Four classes are used throughout.

Grade	Means	Trust
A	Audited filing or company earnings release: a 10-K, 10-Q, 8-K exhibit, a Toronto or Oslo exchange release, an IRS Form 990	Use it
B	Company-disclosed in a press release or an executive statement. Usually a milestone, usually ARR, never audited	Use with the date attached
C	Credible journalism citing named sources, or court filings and foreign statutory accounts	Use, and say where it came from
D	Aggregator guess: Growjo, ZoomInfo, Owler, Latka, Craft, IncFact	Never used as fact here

Class D is refused because the estimates do not agree with each other. For Jenzabar they run $43M, $110M and $166M, a fourfold spread. For Edpuzzle they run $10M, $52M and $75M, a sevenfold spread. A number with a sevenfold error bar is not a number. Worse, several widely repeated "facts" in this market trace back to AI-generated content farms: the claim that Francisco Partners took a majority stake in Seesaw appears to be simply false, and Brightwheel's "$75M revenue" turns out to be tuition money flowing through the platform, not company revenue.

Three traps that inflate edtech revenue

Trap	Example found in this research
Payment volume is not revenue	Thinkific processed $71.4M of course sales in one quarter and earned $3.4M of commerce revenue on it. Kajabi advertises "$10B in creator earnings" and Hotmart the same for Teachable. That is the creators' money.
ARR is not annual revenue	They are different quantities and are never interchangeable. Docebo: ARR $255.1M against FY2025 revenue $242.7M. PowerSchool's $701.5M and D2L's $223.4M are ARR. DataCamp's "$100M" is an expectation for 2026, not a result.
A stale number is not a current one	Cornerstone's $740.9M is FY2020. Pluralsight's $391.9M is FY2020. Kajabi's $100M ARR is 2021. Absorb's $50M ARR is 2021. Teachable's $21M is FY2019. All are still quoted as if they were current.

3The scoreboard

Of 71 products researched, nineteen have a current audited revenue figure. Sixteen of those are comparable as learning businesses and are charted below. Two of the sixteen are segment figures rather than company totals, shown in a lighter bar: Wiley's Learning division and Scholastic's Education division, because the rest of each company is scholarly publishing and children's books.

Growth beside each bar is the latest reported year-on-year change. Udemy's figure is its final year as a standalone company before Coursera absorbed it in May 2026. Pearson is absent from the chart only because it reports in sterling: at £3,577M for FY2025 it is the largest business in this research by some distance. Workday and Blackbaud are also absent, since neither breaks education out.

Product	Status	Revenue	Period	Grade
Workday	NASDAQ: WDAY	$9,552M	FY ended 01/2026	A
Whole company. Workday Student is not broken out; the company discloses only that 200+ institutions are contracted and about 100 are live.
Blackbaud	NASDAQ: BLKB	$1,128M	FY2025	A
Whole company, one reportable segment. The K-12 vertical has no separate revenue line in any recent filing.

A auditedB company-disclosedC journalism or court filingD aggregator, never used— nothing exists

4Learning platforms and student systems

This is the heart of G2's education category and the emptiest part of the scoreboard. Of ten platforms, one still reports.

Product	Owner and status	Revenue	Period	Grade
D2L Brightspace	Public, TSX: DTOL	$217.5M	FY ended 01/2026	A
Canvas LMS	Instructure. KKR and Dragoneer took it private for about $4.8bn, closed 13/11/2024	$530.2M	FY2023, last full audited year	A
PowerSchool	Bain Capital took it private for about $5.6bn, closed 01/10/2024	$697.7M	FY2023, last full audited year	A
Blackboard	Anthology filed Chapter 11 on 29/09/2025 and emerged 27/02/2026 with about $1.6bn of debt eliminated, owned by Oaktree and Nexus	$240M	FY ended 06/2025, Teaching & Learning segment ($450M whole company)	C
Ellucian	Blackstone and Vista since 2021. Bought Anthology's enterprise business out of the bankruptcy	—	never disclosed	—
Jenzabar	Private, about 90% founder-controlled	—	estimates span 4x	—
Moodle	Moodle Pty Ltd, Australia. The LMS itself is free and open source	—	no product revenue exists	—
Infinite Campus	Bootstrapped, founder and employee owned	—	never disclosed	—
Skyward	Private, independent. 2,700+ districts	—	never disclosed	—
Workday Student	NASDAQ: WDAY	—	no vertical breakout	—

Read this row carefully Canvas and PowerSchool are the two largest names in the category, and the newest revenue anyone can verify for either is from 2023. Both were taken private within four months of each other in late 2024 and neither has reported since. Instructure has stated a target of $1bn revenue by 2028, but a target is not a result. Moodle is stranger still: the product most schools in the world can name has no revenue at all, because the LMS is free software and Moodle Pty Ltd earns from partner royalties, hosting and certification instead.

5Corporate learning

The same pattern, with two survivors that still publish.

Product	Owner and status	Revenue	Period	Grade
Skillsoft	Public, NYSE: SKIL. Sold Global Knowledge 07/2026	$512.7M	FY ended 01/2026	A
Docebo	Public, Nasdaq and TSX: DCBO	$242.7M	FY2025	A
Cornerstone OnDemand	Clearlake took it private for about $5.2bn, completed 15/10/2021	$740.9M	FY2020, ten months before the deal	A
Pluralsight	Vista took it private in 2021, wrote the equity to zero in 05/2024, and creditors led by Blue Owl and Ares now own it	$391.9M	FY2020, before both events	A
Absorb LMS	Welsh, Carson, Anderson & Stowe since 2021	$50M ARR	2021, at the acquisition	C
360Learning	Private, venture and growth backed	$60M ARR	stated 02/2024	B
TalentLMS	Epignosis, backed by Insight and PeakSpan	—	never disclosed	—
Litmos	Francisco Partners carved it out of SAP, closed 01/12/2022	—	no figure in any period, ever	—
LearnUpon	Summit Partners invested $56M in 2020	—	only a 2019 forecast of about €15M	—
Speexx	digital publishing AG, Munich. Ranked 12th on G2's list	—	German statutory accounts exist but are paywalled	—
Skillable	Quad Partners and Shamrock Capital	—	never disclosed	—

Cornerstone and Pluralsight are the clearest illustration of what private equity does to visibility. Between them they were earning over $1.1bn when they last reported. Both figures are from 2020. Pluralsight's owners have since lost the company to its lenders, and there is no public number describing what it earns today.

6Consumer learning

This is where the audited numbers live, and where the swings are violent.

Product	Owner and status	Revenue	Period	Direction	Grade
Duolingo	Nasdaq: DUOL	$1,037.6M	FY2025	+39%	A
Udemy	Absorbed by Coursera, deal closed 11/05/2026	$789.8M	FY2025, final standalone year	+0.4%, consumer segment −9%	A
Coursera	NYSE: COUR	$757.0M	FY2025	+9%, but −1% normalised in Q2 2026	A
Chegg	NYSE: CHGG. Strategic review ended 10/2025, stayed public	$376.9M	FY2025	−39%, then −51% in Q2 2026	A
Khan Academy	Nonprofit, 501(c)(3)	$117.5M	FY ended 06/2025	record year, 77% from donations	A
2U / edX	Chapter 11 in 07/2024, emerged creditor-owned 09/2024	$946.0M	FY2023, last audited	−2% then, nothing since	A
Babbel	Private. A 2021 Frankfurt listing was pulled	€253M	FY2023, German statutory accounts	+23%, net loss €32.6M	C
Codecademy	Skillsoft, bought for about $525M in 2022	—	never broken out	parent falling	—
Busuu	Chegg, bought for $436M in 2021	—	only a management target of about $48M	inside a line that fell 7%	—
DataCamp	Private. On G2's 2026 list	—	expects to cross $100M ARR in 2026	B2B about +30% claimed	B
Quizlet · MasterClass · Brilliant	All private	—	no disclosure of any kind	—	—

Chegg is the clearest AI casualty in this dataset A profitable homework-help subscription business lost 39% of its revenue in 2025 and 51% in the second quarter of 2026. Students stopped paying for answers that a free chatbot now produces. Nothing else in this research has fallen that fast, and the cause is not competition from another edtech company.

8Course creation and niche tools

Product	Owner and status	Revenue	Period	Grade
Thinkific	Public, TSX: THNC	$73.2M	FY2025. ARR $61.7M, a different quantity	A
Kajabi	Private, valued above $2bn in 2021	~$100M ARR	2021, five years stale	B
Teachable	Hotmart, bought for about $250M in 2020	$21M	FY2019, before the sale	C
Watermark	Main Capital agreed to acquire it on 16/09/2026. On G2's list	—	never disclosed	—
Vevox	Acquired by Wooclap on 15/09/2026. On G2's list	—	UK small-company accounts omit turnover	—
Top Hat · LearnWorlds · Edpuzzle · Wooclap · Gradelink · Alma · Classcraft	All private; Classcraft was absorbed into HMH and retired	—	no reliable figure for any of them	—

7K-12 classroom

Fourteen products checked, ten with no usable figure. This is the least transparent corner of the category.

Product	Owner and status	Revenue	Period	Grade
Blackbaud	NASDAQ: BLKB	$1,128M	FY2025, whole company; education not broken out	A
Kahoot!	Taken private by a Goldman Sachs-led consortium with General Atlantic and LEGO's KIRKBI for about $1.7bn, completed 2024	$146.0M	FY2022, last full audited year	A
Clever	Kahoot, bought for $435–500M in 2021	$64M	FY2022 invoiced revenue	A
GoGuardian	Sumeru Equity; Tiger Global put in $200M in 2021 at over $1bn	"north of $100M"	an executive quote from 08/2021	B
ParentSquare	Serent Capital. Bought Remind in 12/2023. Ranked 7th on G2's list	—	+440% over three years, Inc. 5000 rank 788	B
Curriculum Associates	Berkshire, Permira and Hellman & Friedman. i-Ready reaches about 14M students	—	estimates span $233M to $519M	—
Renaissance · Nearpod	Francisco Partners and Blackstone. Nearpod cost $650M in 2021	—	never disclosed, at any date	—
Seesaw · ClassDojo · Remind · Brightwheel · ClassLink · Securly	All private	—	no reliable figure for any of them	—

Three claims circulating about these companies are false or miscategorised The story that Francisco Partners took a majority stake in Seesaw traces to an AI content farm and contradicts Providence Equity's own announcement. Brightwheel's widely quoted "$75M revenue" is tuition money flowing through the platform, not company revenue. Kahoot's "FY2023 revenue above $170M" is guidance issued in February 2023, not a result; no public FY2023 figure exists.

9The incumbents the list leaves out

This section is the reason the whole exercise is worth doing. The companies that earn the most money in education are largely absent from a ranking built on software reviews, and every one of them still reports.

Company	Status	Revenue	Period	Direction	Digital
Pearson	LSE: PSON	£3,577M	FY2025	+4% underlying	not split out
Stride	NYSE: LRN, formerly K12 Inc	$2,518.1M	FY ended 06/2026	+4.7%	entirely online
McGraw Hill	NYSE: MH. Returned to the market on 24/07/2025; Platinum Equity still holds 86.4%	$2,102.8M	FY ended 03/2026	+0.1%	68.2%, $1,433.6M
Wiley	NYSE: WLY	$1,676.5M	FY ended 04/2026	flat; Learning −7%	Learning $547M
Scholastic	NASDAQ: SCHL	$1,581.9M	FY ended 05/2026	−3%	Education $267.6M
Cengage	Private, but publishes voluntary reports. Weighing an IPO of about $500M	$1,517.1M	FY ended 03/2026	+3.9%	about 79%, ~$1.2bn
Grand Canyon Education	NASDAQ: LOPE	$1,106.1M	FY2025	+7.1%	enrolment only
Nerdy / Varsity Tutors	NYSE: NRDY	$179.0M	FY2025	−5.9%, guidance cut	entirely digital
HMH	Veritas Capital, taken private for about $2.8bn in 04/2022	$1,050.8M	FY2021, last verifiable	nothing since	—
Udacity	Accenture, completed 20/05/2024, price undisclosed	—	never broken out	—	—

The "$1 billion" figure attached to the Udacity deal in press coverage is Accenture's three-year investment in its own learning platform, not the purchase price. The purchase price was never disclosed.

10What the numbers say

Half this market has no public revenue at all

Evidence quality	Products	Share
Current audited figure	19	27%
Audited, but from before a take-private	8	11%
Court filings or foreign statutory accounts	2	3%
A unit disclosed inside a parent's filing	2	3%
Stale ARR, or a growth rate with no base	8	11%
No usable figure whatsoever	32	45%
Total researched	71	100%

Private equity turned the lights off

Eight of the largest names went private and stopped reporting, and the newest verifiable figure for each is the one it filed before the deal.

Company	Buyer and date	Deal size	Last verifiable revenue
Instructure, maker of Canvas	KKR and Dragoneer, 11/2024	$4.8bn	$530.2M, FY2023
PowerSchool	Bain Capital, 10/2024	$5.6bn	$697.7M, FY2023
Cornerstone OnDemand	Clearlake, 10/2021	$5.2bn	$740.9M, FY2020
Pluralsight	Vista 2021, then creditors in 2024	$3.5bn	$391.9M, FY2020
HMH	Veritas Capital, 04/2022	$2.8bn	$1,050.8M, FY2021
Kahoot!	Goldman Sachs consortium, 2024	$1.7bn	$146.0M, FY2022
Ellucian	Blackstone and Vista, 09/2021	reported above $5bn	none, ever
Renaissance Learning	Francisco Partners 2018, Blackstone 2021	undisclosed	none, ever

The last two years were about debt, not growth

2U filed for Chapter 11 in July 2024 and emerged owned by its creditors. It had bought edX from Harvard and MIT for $800M three years earlier.
Anthology, which owned Blackboard, filed in September 2025 and emerged in February 2026 with roughly $1.6bn of debt eliminated, broken into pieces sold to Ellucian and Encoura.
Pluralsight's owner wrote its equity to zero in May 2024 and handed the company to its lenders.
Coursera absorbed Udemy in May 2026. The deal was announced at $2.5bn and closed at a fair value of $673.6M, because the acquirer's own shares fell in between.
In September 2026 alone, Wooclap bought Vevox and Main Capital agreed to buy Watermark. Both are on G2's current top fifty.

The money is not where the reviews are

Ranked by revenue, the top of this market is Pearson, Stride, McGraw Hill, Wiley, Scholastic and Cengage. Only one of them is a familiar name on a software review site. Meanwhile Canvas LMS, ranked first by G2, belongs to a company that has not published a revenue figure in two years.

The one large, fast-growing, profitable pure-play in the entire set is Duolingo, a consumer app, at $1.04bn and +39%. Even there the growth halved to +18% by mid-2026 and net income fell year on year.

11What this means for FLYER

Do not use this list to benchmark. It ranks review volume and sentiment across 3,915 products and replaced half its top fifty in a year. It is a buyer-attention index. The revenue leaders in education are mostly absent from it.
Chegg is the warning that matters most. Revenue down 39% in a year and 51% in a quarter, because students stopped paying for answers a free chatbot now gives them. Any FLYER revenue that rests on supplying explanations, practice or grading that a general model reproduces is exposed to the same curve. What a chatbot cannot supply is the official Cambridge exam format, the school relationship, the teacher's view of a real class, and the certificate at the end. That is where the defensible revenue sits.
Institutional platforms are a consolidation play, not a growth play. The large LMS and student-system businesses are real, but their recent returns came from leverage and mergers. Blackboard's segment shrank about 8% a year into bankruptcy. Building to be acquired in that market means competing on price with companies carrying billions in debt.
Consumer is where the growth is, and FLYER already sits there. Duolingo is the only pure-play growing fast and earning money. The comparison is instructive rather than flattering: it reached $1bn on a free-to-paid consumer funnel in a category with no institutional gatekeeper.
Discount every revenue claim you hear. Forty-five percent of the products researched publish nothing, and the aggregators filling that vacuum disagree by four to seven times. Several widely repeated figures turned out to be payment volume, funding totals, or fabrications from content farms. When a partner or competitor quotes their revenue, ask which filing it came from.
Know the real thresholds. $100M ARR is the line that separates a notable edtech product from a significant one, and most of G2's list sits below it. $1bn is where Pearson, Stride, McGraw Hill, Cengage, Wiley, Scholastic, Grand Canyon and Duolingo live. Nothing in between is crowded.

Method: 71 products researched from primary sources on 29/09/2026, each figure graded A to D by how it was obtained. Filings read include SEC 10-K, 10-Q and 8-K exhibits, Toronto and London exchange releases, Cengage's voluntary current reports, IRS Form 990 filings, German and UK statutory records, and Chapter 11 court filings reported by On EdTech. Aggregator estimates were collected for comparison and are used nowhere as fact. G2's own pages could not be read; list membership is sourced from G2's press material and vendor announcements. · Related: Learn from others · Event tracking on flyer.vn · Roadmap