Chegg, Inc. Q3 2026 Earnings Recap

Shares fell 2.6% after earnings, a roughly flat reaction. Chegg reported $46.5 million in Q3 revenue, while its traditional academic services business continues to wind down; the new employability platform is early, with traction so far measured in site visits and pilot programs.

Key Takeaways

• Q3 revenue was $46.5 million and adjusted EBITDA was $5.4 million; Chegg ended the quarter with $43.6 million in cash and no debt.
• Chegg said its balance-sheet reset is complete and described a shift toward employability, including internships.com, which launched in September.
• Internships.com has had over 100,000 visitors, and Chegg has signed pilot programs with four colleges since September. The company plans to add 70,000 early-career listings.
• The legacy academic services business continues to wind down, a trend management said it had anticipated as AI affected the business.
• Chegg has signed 11 new distribution partners for its skills business since the start of the year and said its language learning product is returning to growth.