US Market News
1月前
Coursera Reports First Quarter 2026 Financial ResultsApril 23, 2026 4:10 PM
Business Wire
Delivered first quarter revenue of $196 million, up 9% year-over-year
Grew Consumer segment revenue by 10% year-over-year, the fourth consecutive quarter of double-digit growth
Added a first quarter record of 7.6 million new registered learners, bringing cumulative total registered learners to 205 million
Reaffirmed full year 2026 revenue outlook range of $805 to $815 million
Coursera, Inc. (NYSE: COUR), a leading global online learning platform, today announced financial results for its first quarter ended March 31, 2026. A shareholder letter containing additional discussion of the Company’s performance and outlook has been posted to the Investor Relations website at investor.coursera.com.
“Coursera delivered a strong start to 2026, including our fourth consecutive quarter of double-digit year-over-year Consumer revenue growth and a first quarter record of 7.6 million new registered learners. We have now surpassed more than 200 million cumulative learners, giving us both broad scale and deep insight into how the world learns and the skills employers value at a pivotal moment for global labor markets,” said Coursera CEO Greg Hart. “As we execute against our 2026 growth priorities and reaffirm our full year outlook, we are moving quickly on integration planning for our expected combination with Udemy. We see a significant opportunity to build a more comprehensive and adaptive skills platform designed for the AI era.”
Key Financial Results
($ millions, except per share data, unaudited)
Three Months Ended March 31,
2026
2025
YoY Change
GAAP Financial Measures
Revenue
$
195.7
$
179.3
9
%
Gross profit
$
108.6
$
97.9
11
%
Gross profit margin
55.5
%
54.6
%
90 bps
Net loss
$
(20.5
)
$
(7.8
)
(163
)%
Net loss per share
$
(0.12
)
$
(0.05
)
(150
)%
Net loss margin
(10.5
)%
(4.4
)%
(610) bps
Net cash provided by operating activities(1)
$
14.6
$
33.5
(56
)%
Non-GAAP Financial Measures
Gross profit
$
110.8
$
100.1
11
%
Gross profit margin
56.6
%
55.8
%
80 bps
Net income
$
12.4
$
19.7
(37
)%
Net income per share
$
0.07
$
0.12
(42
)%
Adjusted EBITDA
$
13.5
$
18.7
(28
)%
Adjusted EBITDA Margin
6.9
%
10.4
%
(350) bps
Free Cash Flow(1)
$
3.0
$
25.3
(88
)%
(1)
Net cash provided by operating activities includes restructuring related cash payments made during the three months ended March 31, 2026 and 2025 of $0 and $5.2 million and cash payments of M&A transaction costs of $11.1 million and $0.
For more information regarding the non-GAAP financial measures discussed in this press release, please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
Segment Results
($ millions, unaudited)
Three Months Ended March 31,
2026
2025
YoY Change
Consumer revenue
$
129.5
$
117.6
10
%
Consumer gross profit
$
81.8
$
72.4
13
%
Consumer gross profit margin
63.2
%
61.6
%
160 bps
Enterprise revenue
$
66.2
$
61.7
7
%
Enterprise gross profit
$
46.9
$
43.2
9
%
Enterprise gross profit margin
70.8
%
70.0
%
80 bps
Key Business Metrics
Three Months Ended March 31,
2026
2025
YoY Change
New Registered Learners (in millions)
7.6
7.1
Net Retention Rate for Paid Enterprise Customers
90
%
91
%
(1
)%
March 31,
2026
2025
YoY Change
Total Registered Learners (in millions)
205
175
17
%
Paid Enterprise Customers
1,729
1,651
5
%
For more information regarding the metrics discussed in this press release, please see “Key Business Metrics Definitions” below.
Financial Outlook
Provides second quarter 2026:
Revenue in the range of $196 to $200 million
Adjusted EBITDA in the range of $12 to $16 million
Reaffirms full year 2026:
Revenue in the range of $805 to $815 million
Adjusted EBITDA in the range of $70 to $76 million, representing an annual Adjusted EBITDA Margin target of approximately 9.0% at the midpoint of the full year ranges
Actual results may differ materially from Coursera’s Financial Outlook as a result of, among other things, the factors described under “Special Note on Forward-Looking Statements” below.
A reconciliation of our non-GAAP guidance measure (Adjusted EBITDA) to the corresponding GAAP guidance measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this press release.
Conference Call Details
As previously announced, Coursera will hold a conference call to discuss its first quarter 2026 performance today, April 23, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
A live, audio-only webcast of the conference call and earnings release materials will be available to the public on our investor relations page at investor.coursera.com. For those unable to listen to the broadcast live, an archived replay will be accessible in the same location for one year.
Transaction with Udemy
On December 17, 2025, Coursera and Udemy, Inc. (NASDAQ: UDMY) entered into a definitive merger agreement pursuant to which Coursera will combine with Udemy in an all-stock transaction. The transaction has been unanimously approved by the Boards of Directors of both Coursera and Udemy.
On April 9, 2026, the transaction was approved by Coursera and Udemy stockholders. The companies are advancing through the remaining regulatory approval processes and customary closing conditions.
Disclosure Information
In compliance with disclosure obligations under Regulation FD, Coursera announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via Coursera’s investor relations website.
About Coursera
Coursera was launched in 2012 by Andrew Ng and Daphne Koller with a mission to provide universal access to world-class learning. Today, it is one of the largest online learning platforms in the world, with 205 million registered learners as of March 31, 2026. Coursera partners with over 375 leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations — including generative AI-powered features like Coach, Role Play, and Course Builder, and role-based solutions like Skills Tracks — enable instructors, partners, and companies to deliver scalable, personalized, and verified learning. Institutions worldwide rely on Coursera to upskill and reskill their employees, students, and citizens in high-demand fields such as GenAI, data science, technology, and business, while learners globally turn to Coursera to master the skills they need to advance their careers. Coursera is a Delaware public benefit corporation and a B Corp.
Key Business Metrics Definitions
Registered Learners
We count the total number of registered learners at the end of each period. For purposes of determining our registered learner count, we treat each customer account that registers with a unique email as a registered learner and adjust for any spam, test accounts, and cancellations. Our registered learner count is not intended as a measure of active engagement. New registered learners are individuals that register in a particular period.
Paid Enterprise Customers
We count the total number of Paid Enterprise Customers that are active on our platform at the end of each period. For purposes of determining our customer count, we treat each customer account that has a corresponding contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. We define a “Paid Enterprise Customer” as a customer who purchases Coursera via our direct sales force. For purposes of determining our Paid Enterprise Customer count, we exclude our Enterprise customers who do not purchase Coursera via our direct sales force, including organizations engaging on our platform through our Coursera for Teams offering or through our channel partners.
Net Retention Rate (“NRR”) for Paid Enterprise Customers
We calculate annual recurring revenue (“ARR”) by annualizing each customer’s monthly recurring revenue (“MRR”) for the most recent month at period end. We calculate “Net Retention Rate” for a period by starting with the ARR from all Paid Enterprise Customers as of the 12 months prior to such period end, or Prior Period ARR. We then calculate the ARR from these same Paid Enterprise Customers as of the current period end, or “Current Period ARR.” Current Period ARR includes expansion within Paid Enterprise Customers and is net of contraction or attrition over the trailing 12 months but excludes revenue from new Paid Enterprise Customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at our Net Retention Rate for Paid Enterprise Customers.
Non-GAAP Financial Measures
In addition to financial information presented in accordance with GAAP, this press release includes non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP net income, non-GAAP net income per share, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow, each of which is a non-GAAP financial measure. These are key measures used by our management to help us analyze our financial results, establish budgets and operational goals for managing our business, evaluate our performance, and make strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, we believe these measures are useful for period-to-period comparisons of our business. We also believe that the presentation of these non-GAAP financial measures provides an additional tool for investors to use in comparing our core business and results of operations over multiple periods with other companies in our industry, many of which present similar non-GAAP financial measures to investors, and to analyze our cash performance. However, the non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. These non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered as a substitute for or in isolation from financial information presented in accordance with GAAP. These non-GAAP financial measures have limitations as analytical tools.
Non-GAAP Gross Profit, Non-GAAP Gross Profit Margin, Non-GAAP Net Income, and Non-GAAP Net Income Per Share
We define non-GAAP gross profit and non-GAAP net income as GAAP gross profit and GAAP net loss excluding: (1) stock-based compensation expense; (2) amortization of stock-based compensation expense capitalized as internal-use software costs; (3) payroll tax expense related to stock-based compensation; (4) merger and acquisition (“M&A”) related transaction costs; (5) integration related costs; (6) costs and settlement (gains) losses related to significant and non-recurring legal and regulatory matters, net of insurance recoveries; and (7) restructuring related charges. Non-GAAP gross profit margin reflects non-GAAP gross profit as a percentage of revenue. Non-GAAP net income per share is calculated by dividing non-GAAP net income by the diluted weighted average shares of common stock outstanding.
Adjusted EBITDA and Adjusted EBITDA Margin
We define Adjusted EBITDA as our GAAP net loss excluding: (1) depreciation and amortization; (2) interest income, net; (3) income tax expense; (4) other expense (income), net; (5) stock-based compensation expense; (6) payroll tax expense related to stock-based compensation; (7) M&A related transaction costs; (8) integration related costs; (9) costs and settlement (gains) losses related to significant and non-recurring legal and regulatory matters, net of insurance recoveries; and (10) restructuring related charges. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.
Free Cash Flow
We define Free Cash Flow as net cash provided by operating activities, less capitalized internal-use software costs, purchases of content assets, and purchases of property, equipment, and software as we consider these capital expenditures necessary to support our ongoing operations.
We believe the presentation of these adjusted operating results provides useful supplemental information to investors and facilitates the analysis and comparison of our operating results across reporting periods.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the Appendix.
Special Note on Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements contained in this press release that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as: “accelerate,” “anticipate,” “believe,” “can,” “continue,” “could,” “demand,” “design,” “estimate,” “expand,” “expect,” “intend,” “may,” “might,” “mission,” “need,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements include, but are not limited to, statements regarding the proposed combination with Udemy, including the expected timing and benefits of such business combination and the outlook for Coursera’s and Udemy’s results of operations and financial condition (including potential synergies) following the business combination; the expansion of our market opportunity; the global demand to embrace new skills; our progress in our growth initiatives; the opportunity to build a more comprehensive and adaptive skills platform designed for the AI era; our commitment to creating more personalized, engaging, and AI-native learning experiences; our initiatives to strengthen our position as a trusted source for verified learning; our mission to provide universal access to world-class learning; the demand for online learning; the strength of our customer and content creator relationships; the demand from learners to use our offerings to master career advancing skills; anticipated features and benefits of our offerings; the anticipated utility of our non-GAAP financial measures; anticipated growth rates; and our financial outlook, future financial and operational performance, and expectations, including our financial outlook for the second quarter of 2026 and full year 2026, among others. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: our ability to attract, engage, and retain learners; our ability to increase sales of our offerings; our limited operating history; the relative nascency of online learning solutions and generative AI; risks related to market acceptance and demand for our offerings; our ability to maintain and expand our existing content creator relationships and to develop new partnerships with universities, industry leaders, and subject matter experts; our dependence on the supply of content created by our partners; risks related to our AI innovations and AI generally; risks related to the business combination, including the effect of the announcement of the business combination on the ability of Coursera or Udemy to retain and hire key personnel and maintain relationships with customers, vendors and others with whom Coursera or Udemy do business, or on Coursera’s or Udemy’s operating results and business generally; risks that the business combination disrupts current plans and operations and the potential difficulties in attracting and retaining qualified personnel as a result of the business combination; the outcome of any legal proceedings related to the business combination; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, including the ability to secure regulatory approvals on the terms expected, at all or in a timely manner; the ability to successfully integrate Coursera’s and Udemy’s operations and business on a timely basis or otherwise in accordance with the standards and obligations applicable to the combined company as a public benefit corporation and as a B Corp.; Coursera’s and Udemy’s ability to implement our plans, forecasts and other expectations with respect to the combined company’s business after the completion of the transaction and realize expected synergies and other benefits of the combination within the expected timeframe or at all; the amount of the costs, fees, expenses and charges related to the proposed combination; fluctuations in the prices of Coursera or Udemy stock; potential business disruptions following the business combination; our ability to compete effectively; adverse impacts on our business and financial condition due to macroeconomic or market conditions; our ability to manage our growth; regulatory and/or policy matters or changes impacting us or our content creators; risks related to intellectual property; cybersecurity and privacy risks and regulations; potential disruptions to our platform; risks related to operations, regulatory, economic, and geopolitical conditions; current and future legal and regulatory matters; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; natural disasters, public health crises, or other catastrophic events; and our status as a certified B Corp, as well as the risks and uncertainties discussed in our most recently filed annual and quarterly reports on Forms 10-K and 10-Q and subsequent filings and as detailed from time to time in our SEC filings. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Such forward-looking statements relate only to events as of the date of this press release. We undertake no obligation to update any forward-looking statements except to the extent required by law.
Coursera Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except per share amounts)
Three Months Ended March 31,
2026
2025
Revenue
$
195.7
$
179.3
Cost of revenue(2)
87.1
81.4
Gross profit
108.6
97.9
Operating expenses:
Research and development(2)
31.3
29.5
Sales and marketing(2)
69.3
56.8
General and administrative(1)(2)
33.3
26.9
Restructuring related charges(2)
—
(0.9
)
Total operating expenses
133.9
112.3
Loss from operations
(25.3
)
(14.4
)
Other income, net:
Interest income, net
7.1
7.8
Other (expense) income, net
(0.9
)
0.3
Loss before income taxes
(19.1
)
(6.3
)
Income tax expense
1.4
1.5
Net loss
$
(20.5
)
$
(7.8
)
Net loss per share—basic and diluted
$
(0.12
)
$
(0.05
)
Weighted average shares used in computing net loss per share—basic and diluted
168.7
160.7
(1)
Includes $6.2 million of merger and acquisition related transaction costs and $3.8 million of integration related costs recorded in the three months ended March 31, 2026.
(2)
Includes stock-based compensation expense as follows:
Three Months Ended March 31,
2026
2025
Cost of revenue
$
0.6
$
0.7
Research and development
7.6
8.6
Sales and marketing
4.9
4.9
General and administrative
7.2
11.6
Restructuring related charges
—
(1.6
)
Total stock-based compensation expense
$
20.3
$
24.2
Coursera Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions)
March 31, 2026
December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$
789.8
$
792.6
Accounts receivable, net
60.0
65.4
Deferred costs, net
19.0
19.6
Prepaid expenses and other current assets
24.6
20.5
Total current assets
893.4
898.1
Property, equipment, and software, net
45.5
43.4
Intangible assets, net
30.9
27.1
Other assets
30.7
31.4
Total assets
$
1,000.5
$
1,000.0
Liabilities and Stockholders’ Equity
Current liabilities:
Content liabilities
$
98.3
$
100.0
Other accounts payable and accrued expenses
31.0
29.8
Accrued compensation and benefits
21.4
36.7
Deferred revenue, current
200.1
180.9
Other current liabilities
11.6
10.5
Total current liabilities
362.4
357.9
Deferred revenue, non-current
1.5
1.4
Other liabilities
4.8
5.0
Total liabilities
368.7
364.3
Stockholders’ equity:
Additional paid-in capital
1,563.5
1,546.9
Accumulated deficit
(931.7
)
(911.2
)
Total stockholders’ equity
631.8
635.7
Total liabilities and stockholders’ equity
$
1,000.5
$
1,000.0
Coursera Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Net loss
$
(20.5
)
$
(7.8
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
7.5
7.1
Stock-based compensation expense
20.3
24.2
Other
0.5
0.1
Changes in operating assets and liabilities:
Accounts receivable, net
5.4
(0.1
)
Prepaid expenses and other assets
(3.0
)
1.0
Accounts payable and accrued expenses
(0.7
)
(4.2
)
Accrued compensation and other liabilities
(14.2
)
(12.4
)
Deferred revenue
19.3
25.6
Net cash provided by operating activities
14.6
33.5
Cash flows from investing activities:
Purchases of content assets
(5.8
)
(4.1
)
Capitalized internal-use software costs
(5.6
)
(3.6
)
Purchases of property, equipment, and software
(0.2
)
(0.5
)
Net cash used in investing activities
(11.6
)
(8.2
)
Cash flows from financing activities:
Proceeds from exercise of stock options
0.2
1.2
Payments for tax withholding on vesting of restricted stock units
(5.9
)
(6.2
)
Net cash used in financing activities
(5.7
)
(5.0
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
(2.7
)
20.3
Cash, cash equivalents, and restricted cash—beginning of period
793.4
728.4
Cash, cash equivalents, and restricted cash—end of period
$
790.7
$
748.7
Coursera Inc.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)
(Dollars in millions, except per share amounts)
Three Months Ended March 31,
2026
2025
Gross profit
$
108.6
$
97.9
Stock-based compensation expense
0.6
0.7
Amortization of stock-based compensation capitalized as internal-use software costs
1.6
1.5
Non-GAAP gross profit
$
110.8
$
100.1
Gross profit margin
55.5
%
54.6
%
Non-GAAP gross profit margin
56.6
%
55.8
%
Three Months Ended March 31,
2026
2025
Net loss
$
(20.5
)
$
(7.8
)
Stock-based compensation expense
20.3
25.8
Amortization of stock-based compensation capitalized as internal-use software costs
1.6
1.5
Payroll tax expense related to stock-based compensation
0.7
0.9
M&A related transaction costs
6.2
—
Integration related costs
3.8
—
Significant and non-recurring legal and regulatory matters
0.3
0.2
Restructuring related charges
—
(0.9
)
Non-GAAP net income
$
12.4
$
19.7
Weighted-average shares used in computing net loss per share—basic
168.7
160.7
Effect of dilutive securities
1.5
4.0
Weighted-average shares used in computing non-GAAP net income per share—diluted
170.2
164.7
Net loss per share—basic and diluted
$
(0.12
)
$
(0.05
)
Non-GAAP net income per share—diluted
$
0.07
$
0.12
Three Months Ended March 31,
2026
2025
Net loss
$
(20.5
)
$
(7.8
)
Depreciation and amortization
7.5
7.1
Interest income, net
(7.1
)
(7.8
)
Income tax expense
1.4
1.5
Other expense (income), net
0.9
(0.3
)
Stock-based compensation expense
20.3
25.8
Payroll tax expense related to stock-based compensation
0.7
0.9
M&A related transaction costs
6.2
—
Integration related costs
3.8
—
Significant and non-recurring legal and regulatory matters
0.3
0.2
Restructuring related charges
—
(0.9
)
Adjusted EBITDA
$
13.5
$
18.7
Net loss margin
(10.5
)%
(4.4
)%
Adjusted EBITDA Margin
6.9
%
10.4
%
Three Months Ended March 31,
2026
2025
Net cash provided by operating activities(3)
$
14.6
$
33.5
Less: capitalized internal-use software costs
(5.6
)
(3.6
)
Less: purchases of content assets
(5.8
)
(4.1
)
Less: purchases of property, equipment, and software
(0.2
)
(0.5
)
Free Cash Flow
$
3.0
$
25.3
(3)
Net cash provided by operating activities includes restructuring related cash payments made during the three months ended March 31, 2026 and 2025 of $0 and $5.2 million and cash payments of M&A transaction costs of $11.1 million and $0.
Source Code: COUR-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20260423088787/en/
For investors: Cam Carey, ir@coursera.org
For media: Arunav Sinha, press@coursera.org
Original: Coursera Reports First Quarter 2026 Financial Results
US Market News
3月前
On International Women’s Day, New Coursera Report Reveals Global Progress Towards Narrowing GenAI Gender GapMarch 5, 2026 3:00 AM
Business Wire
New Coursera report shows year-over-year increase in women seeking to gain GenAI skills
Female share of GenAI enrollments on Coursera rises from 32% to 36% year-over-year
Among Enterprise learners, female enrollment share rises from 36% to 42%
Gender gap in GenAI learning widens in the US, Canada, UK; narrows in India and Latin America
As the world prepares to celebrate International Women’s Day, new data released today by Coursera (NYSE: COUR), a leading global online learning platform, highlights the progress being made to improve female access to key skills, including GenAI and Critical Thinking. Between 2024 and 2025, the female share of enrollments in Coursera’s 1,100+ GenAI courses rose from 32% to 36%.
One Year Later: The Gender Gap in GenAI builds on Coursera’s original Gender Gap in GenAI report, examining whether, and how, institutions are successfully narrowing gender gaps in the skill areas that will define tomorrow’s economy. It finds that women’s engagement with the technology is accelerating faster than that of their male peers.
“Research shows that GenAI will accelerate the global economy and transform work, with some estimates suggesting it could increase the world’s wealth by as much as USD$22.3 trillion by 2030,” said Dr. Alexandra Urban, report author and Learning Science Research Lead, Coursera. “If economic gains are to be shared equitably, institutions must equip people with the skills to use emerging technologies. When barriers are lowered and GenAI skills feel practical and attainable, women are eager to adopt them at scale.”
Though the global gap is narrowing, there are significant regional and local differences in uptake of GenAI skills by gender. Key regional trends include:
Latin American nations have recorded a doubling in its share of GenAI enrollments on Coursera from female learners year-over-year (YoY). Standouts include Peru (+14.5 percentage points YoY), Mexico (+5.3 percentage points), and Colombia (+4.5 percentage points).
Asia Pacific nations have also consistently narrowed GenAI gender gaps on Coursera. Uzbekistan is a global standout, with an 8.8 percentage point increase in their share of enrollments from female learners.
India, Coursera’s biggest market for GenAI enrollments globally, has recorded a 2.2 percentage point increase, while Vietnam, Indonesia, Thailand, and the Philippines have also increased their share of female enrollments in GenAI courses YoY.
However, in many of the Anglophone and economically developed countries, men’s enrollments are growing faster.
In the United States (-0.9 percentage points), Canada (-1.0 percentage point), the United Kingdom (-1.8 percentage points), Spain (-1.1 percentage points), and Germany (-0.2% percentage points), women represent a smaller share of total GenAI enrollments in 2025 than 2024.
Once the enrollment barrier is cleared, female learners often demonstrate higher levels of persistence in GenAI learning. Coursera finds that:
Across a meaningful minority of countries, women are more likely than men to complete GenAI courses once they enroll, demonstrating strong persistence and commitment to these pressing new skills.
Across the top five countries for GenAI enrollments, women are 1.5 times more likely to complete GenAI courses than their male counterparts, once enrolled.
These patterns suggest that the primary barrier for women in GenAI is often entry, not capability or motivation, especially in Latin America, Asia Pacific, and the Middle East. Once engaged, women frequently persist at equal or higher rates than men, reinforcing the importance of removing initial barriers to participation.
Coursera’s platform data indicates that courses which frame GenAI as an immediately useful tool for productivity and problem-solving receive higher shares of enrollments from female learners. Examples include:
Generative AI Content Creation from Adobe (49% female enrollments)
AI in Education: Leveraging ChatGPT for Teaching from Wharton & OpenAI (48.8% female enrollments)
Excel and Copilot Fundamentals from Microsoft (45.2% female enrollments)
The report also offers recommendations for institutions seeking to accelerate progress towards equitable access to skills. These include:
Design GenAI courses for beginners that feature real-world applications.
Ensure visible representation and inclusive pedagogy across educational modalities.
Expand access through policy, partnerships, and localization.
Reinforce participation through social validation and diverse role models.
Pair GenAI skills with durable human capabilities like critical thinking.
To learn more, download the One Year Later: The Gender Gap in GenAI report here.
About Coursera
Coursera was launched in 2012 by Andrew Ng and Daphne Koller with a mission to provide universal access to world-class learning. Today, it is one of the largest online learning platforms in the world, with 197 million registered learners as of December 31, 2025. Coursera partners with 375+ leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations — including generative AI-powered features like Coach, Role Play, and Course Builder, and role-based solutions like Skills Tracks — enable instructors, partners, and companies to deliver scalable, personalized, and verified learning. Institutions worldwide rely on Coursera to upskill and reskill their employees, students, and citizens in high-demand fields such as GenAI, data science, technology, and business, while learners globally turn to Coursera to master the skills they need to advance their careers. Coursera is a Delaware public benefit corporation and a B Corp.
Methodology
This analysis draws on de-identified, platform-level Coursera learner data globally, comparing year-over-year GenAI enrollments and completions from 2024 to 2025 across both consumer and enterprise learners. Learner gender was based primarily on self-reported profile information; where unavailable, gender was inferred from first names when possible. Records with unknown or non-binary gender were excluded from gender-share calculations. Enrollment counts and completion rates were calculated at scale, with completion defined as the number of learners who finished all graded assessments divided by the total number who enrolled. To ensure stability and reliability of results, course-level analyses were limited to offerings with adequate sample sizes (e.g., more than 3,000 enrollments per gender), and country-level analyses were restricted to geographies with sufficient enrollment volumes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260305320712/en/
For media: Arunav Sinha, press@coursera.org
Original: On International Women’s Day, New Coursera Report Reveals Global Progress Towards Narrowing GenAI Gender Gap
US Market News
3月前
4 in 5 Students Say AI Improved Their Academic Performance—But Only 20% of Universities Have a Formal AI PolicyFebruary 25, 2026 3:00 AM
Business Wire
New Coursera report shows half of U.S. higher education institutions are unprepared to manage AI
78% of U.S. students and educators say AI is having a positive impact on higher education
50% believe the U.S. higher education system is unprepared to manage AI
AI adoption is widespread among U.S. university students and educators, yet half believe higher education is not fully prepared to manage its impact, according to a new survey released today by Coursera (NYSE: COUR), a leading global online learning platform.
The AI in Higher Education Report, based on responses from more than 4,200 university students and educators across the United States, United Kingdom, India, Mexico, and Saudi Arabia, found that nearly all students and educators use AI to facilitate personalized training, provide real-time feedback, and increase productivity and efficiency.
“AI is delivering real benefits on campus, yet many institutions are still working to keep pace,” said Marni Baker Stein, Chief Content Officer at Coursera. “With only a small share of U.S. universities reporting a formal AI policy, there’s a clear need for stronger governance, faculty training, and thoughtful implementation. When we build confidence alongside capability, we can ensure AI truly expands opportunity for every learner.”
AI adoption on U.S. campuses shows that:
78% of educators and students feel positive about AI’s impact on higher education, compared to 81% globally
14% say it is having a negative impact, slightly higher than the 9% average across countries surveyed
7% of students report not using AI at all, compared to 3% globally
20% of educators report that their university has a formal AI policy in place
Half believe the higher education system is unprepared to handle AI
Globally, survey findings show:
70% believe AI will improve exam performance and the overall quality of higher education
63% of students say they use AI for less than half of their academic tasks, and only 5% use AI for more than 80% of their work
80% of students say AI has positively supported their learning experience
Academic Integrity and Governance
Concerns remain around academic integrity and degree credibility. Across markets, 65% believe unregulated AI could undermine degree credibility, and 37% worry it will increase plagiarism. Students report heightened concern about cheating, with 40% viewing AI-related cheating as a significant threat.
Confidence among educators also appears limited. Only 27% of educators say they feel confident identifying AI-generated content, and just 25% believe they and their peers have the skills needed to use AI effectively.
The report also highlights governance and literacy gaps. Globally, 56% of students and educators believe their higher education system is unprepared to manage AI. Just 28% of educators say AI literacy has been incorporated into the curriculum. Additionally, 24% of students surveyed admit to submitting AI-generated work without disclosure.
Additional Global Findings
95% of students and educators report using AI tools in their academic work
37% worry AI may reduce human interaction and erode interpersonal skills
53% of university students in India say AI positively impacts their studies
91% of students and educators in Saudi Arabia report a positive overall impact
69% of Mexican students say AI has improved their grades
As AI becomes embedded in higher education, institutions should prioritize faculty upskilling and clear governance, consistently and transparently communicated, to ensure responsible and effective adoption. Other report recommendations include:
Integrating AI literacy into professional development
Equipping educators with practical AI skills
Establishing transparent policies that guide appropriate use in teaching, assessment, and research
By grounding decisions in research, fostering human collaboration, and creating structured guidance for both faculty and students, universities can build confidence, protect academic standards, and harness AI to strengthen learning outcomes.
As a global online learning platform, Coursera offers a range of solutions to empower faculty as they navigate AI in the classroom, including Academic Integrity tools that have promoted robust learning across over 13 million course completions; and a range of courses from leading universities designed to support faculty engagement, including Generative AI for Educators & Teachers from Vanderbilt University and AI in Education: Leveraging ChatGPT for Teaching from The Wharton School, in collaboration with OpenAI.
To learn more, download the full report here.
About Coursera
Coursera was launched in 2012 by Andrew Ng and Daphne Koller with a mission to provide universal access to world-class learning. Today, it is one of the largest online learning platforms in the world, with 197 million registered learners as of December 31, 2025. Coursera partners with over 375+ leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations — including generative AI-powered features like Coach, Role Play, and Course Builder, and role-based solutions like Skills Tracks — enable instructors, partners, and companies to deliver scalable, personalized, and verified learning. Institutions worldwide rely on Coursera to upskill and reskill their employees, students, and citizens in high-demand fields such as GenAI, data science, technology, and business, while learners globally turn to Coursera to master the skills they need to advance their careers. Coursera is a Delaware public benefit corporation and a B Corp.
Methodology
This research was commissioned by Coursera and conducted by Censuswide. The survey included 4,261 university educators (professors, lecturers, and seminar or discussion leaders) and university students aged 18 and older across the United States, United Kingdom, India, Mexico, and Saudi Arabia.
Data was collected between October 15 and October 23, 2025 through an online survey. Percentages have been rounded to the nearest whole number for clarity.
Censuswide abides by and employs members of the Market Research Society and follows the MRS Code of Conduct and ESOMAR principles.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225650802/en/
For media: Arunav Sinha, press@coursera.org
Original: 4 in 5 Students Say AI Improved Their Academic Performance—But Only 20% of Universities Have a Formal AI Policy
US Market News
4月前
Coursera Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 5, 2026 4:10 PM
Business Wire
Delivered fourth quarter revenue of $197 million, up 10% year over year, driven by Consumer segment revenue growth of 12% year over year
Achieved full year 2025 revenue of $757 million, up 9% from the prior year
Generated full year 2025 net cash provided by operating activities of $109 million and Free Cash Flow of $78 million
Provides full year 2026 revenue guidance in the range of $805 to $815 million
Coursera, Inc. (NYSE: COUR), a leading global online learning platform, today announced financial results for its fourth quarter and full year ended December 31, 2025. A shareholder letter containing additional discussion of the Company’s performance and outlook has been posted to the Investor Relations website at investor.coursera.com.
“We closed 2025 with strong execution across the business, delivering $757 million in revenue and expanding operating leverage as we continue to strengthen Coursera’s foundation for long-term growth,” said Coursera CEO Greg Hart. “Throughout the year, we built new product, content, and go-to-market capabilities to enable faster innovation cycles and deliver more impactful, AI-powered experiences for learners and customers globally. The agreement we announced in December to combine with Udemy is a key part of this strategy, broadening our reach, enhancing the value of our complementary strengths, and positioning Coursera’s platform to transform how the global workforce discovers and masters new skills.”
Key Financial Results
($ millions, except per share data, unaudited)
Three Months Ended December 31,
2025
2024
YoY Change
GAAP Financial Measures
Revenue
$
196.9
$
179.2
10
%
Gross profit
$
106.8
$
95.5
12
%
Gross profit margin
54.2
%
53.3
%
90 bps
Net loss
$
(26.8
)
$
(21.6
)
(24
)%
Net loss per share
$
(0.16
)
$
(0.14
)
(14
)%
Net loss margin
(13.6
)%
(12.1
)%
(150) bps
Net cash provided by operating activities
$
5.8
$
19.2
(70
)%
Non-GAAP Financial Measures
Gross profit
$
108.8
$
97.5
12
%
Gross profit margin
55.3
%
54.4
%
90 bps
Net income
$
11.1
$
13.3
(17
)%
Net income per share
$
0.06
$
0.08
(25
)%
Adjusted EBITDA
$
11.2
$
9.5
18
%
Adjusted EBITDA Margin
5.7
%
5.3
%
40 bps
Free Cash Flow
$
(2.0
)
$
7.4
(127
)%
($ millions, except per share data, unaudited)
Year Ended December 31,
2025
2024
YoY Change
GAAP Financial Measures
Revenue
$
757.5
$
694.7
9
%
Gross profit
$
413.4
$
371.4
11
%
Gross profit margin
54.6
%
53.5
%
110 bps
Net loss
$
(51.0
)
$
(79.5
)
36
%
Net loss per share
$
(0.31
)
$
(0.51
)
39
%
Net loss margin
(6.7
)%
(11.4
)%
470 bps
Net cash provided by operating activities
$
108.7
$
95.4
14
%
Non-GAAP Financial Measures
Gross profit
$
421.6
$
379.6
11
%
Gross profit margin
55.7
%
54.6
%
110 bps
Net income
$
66.8
$
55.6
20
%
Net income per share
$
0.39
$
0.34
15
%
Adjusted EBITDA
$
63.5
$
41.5
53
%
Adjusted EBITDA Margin
8.4
%
6.0
%
240 bps
Free Cash Flow
$
78.5
$
59.3
32
%
For more information regarding the non-GAAP financial measures discussed in this press release, please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
Segment Results
($ millions, unaudited)
Three Months Ended December 31,
2025
2024
YoY Change
Consumer revenue
$
131.5
$
116.9
12
%
Consumer gross profit
$
80.9
$
70.1
15
%
Consumer gross profit margin
61.5
%
60.0
%
150 bps
Enterprise revenue
$
65.4
$
62.3
5
%
Enterprise gross profit
$
45.6
$
42.6
7
%
Enterprise gross profit margin
69.7
%
68.4
%
130 bps
($ millions, unaudited)
Year Ended December 31,
2025
2024
YoY Change
Consumer revenue
$
502.2
$
455.8
10
%
Consumer gross profit
$
308.3
$
272.0
13
%
Consumer gross profit margin
61.4
%
59.7
%
170 bps
Enterprise revenue
$
255.3
$
238.9
7
%
Enterprise gross profit
$
178.1
$
163.9
9
%
Enterprise gross profit margin
69.8
%
68.6
%
120 bps
Key Business Metrics
Three Months Ended December 31,
2025
2024
YoY Change
New Registered Learners (in millions)
6.8
6.1
Net Retention Rate for Paid Enterprise Customers
93 %
87 %
600 bps
December 31,
2025
2024
YoY Change
Total Registered Learners (in millions)
197
168
17 %
Paid Enterprise Customers
1,730
1,612
7 %
For more information regarding the metrics discussed in this press release, please see “Key Business Metrics Definitions” below.
Financial Outlook
First quarter 2026:
Revenue in the range of $193 to $197 million
Adjusted EBITDA in the range of $11 to $15 million
Full year 2026:
Revenue in the range of $805 to $815 million
Adjusted EBITDA in the range of $70 to $76 million, representing an annual Adjusted EBITDA Margin target of approximately 9.0% at the midpoint of the full year ranges
Coursera’s Financial Outlook for its first quarter and full year 2026 has been provided on a standalone basis. Actual results may differ materially from Coursera’s Financial Outlook as a result of, among other things, the factors described under “Special Note on Forward-Looking Statements” below.
A reconciliation of our non-GAAP guidance measure (Adjusted EBITDA) to the corresponding GAAP guidance measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this press release.
Conference Call Details
As previously announced, Coursera will hold a conference call to discuss its fourth quarter and full year 2025 performance today, February 5, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
A live, audio-only webcast of the conference call and earnings release materials will be available to the public on our Investor Relations page at investor.coursera.com. For those unable to listen to the broadcast live, an archived replay will be accessible in the same location for one year.
Transaction with Udemy
On December 17, 2025, Coursera and Udemy, Inc. (NASDAQ: UDMY) entered into a definitive merger agreement pursuant to which Coursera will combine with Udemy in an all-stock transaction. The transaction has been unanimously approved by the Boards of Directors of both Coursera and Udemy. The transaction is subject to the receipt of required regulatory approvals, approval by Coursera and Udemy shareholders, and the satisfaction of other customary closing conditions. In connection with the transaction, Insight Venture Partners and New Enterprise Associates, key shareholders of Udemy and Coursera, respectively, as well as Andrew Ng, the Chairman of the Board of Directors of Coursera, have entered into support agreements and agreed to vote in favor of the transaction. Coursera and Udemy are advancing through the regulatory and shareholder approval processes.
Please visit https://courseraandudemy.com for more information and updates about the transaction.
Disclosure Information
In compliance with disclosure obligations under Regulation FD, Coursera announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via Coursera’s investor relations website.
About Coursera
Coursera was launched in 2012 by Andrew Ng and Daphne Koller with a mission to provide universal access to world-class learning. Today, it is one of the largest online learning platforms in the world, with 197 million registered learners as of December 31, 2025. Coursera partners with over 375 leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations — including generative AI-powered features like Coach, Role Play, and Course Builder, and role-based solutions like Skills Tracks — enable instructors, partners, and companies to deliver scalable, personalized, and verified learning. Institutions worldwide rely on Coursera to upskill and reskill their employees, students, and citizens in high-demand fields such as GenAI, data science, technology, and business, while learners globally turn to Coursera to master the skills they need to advance their careers. Coursera is a Delaware public benefit corporation and a B Corp.
Key Business Metrics Definitions
Registered Learners
We count the total number of registered learners at the end of each period. For purposes of determining our registered learner count, we treat each customer account that registers with a unique email as a registered learner and adjust for any spam, test accounts, and cancellations. Our registered learner count is not intended as a measure of active engagement. New registered learners are individuals that register in a particular period.
Paid Enterprise Customers
We count the total number of Paid Enterprise Customers that are active on our platform at the end of each period. For purposes of determining our customer count, we treat each customer account that has a corresponding contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. We define a “Paid Enterprise Customer” as a customer who purchases Coursera via our direct sales force. For purposes of determining our Paid Enterprise Customer count, we exclude our Enterprise customers who do not purchase Coursera via our direct sales force, including organizations engaging on our platform through our Coursera for Teams offering or through our channel partners.
Net Retention Rate (“NRR”) for Paid Enterprise Customers
We calculate annual recurring revenue (“ARR”) by annualizing each customer’s monthly recurring revenue (“MRR”) for the most recent month at period end. We calculate “Net Retention Rate” for a period by starting with the ARR from all Paid Enterprise Customers as of the 12 months prior to such period end, or Prior Period ARR. We then calculate the ARR from these same Paid Enterprise Customers as of the current period end, or “Current Period ARR”. Current Period ARR includes expansion within Paid Enterprise Customers and is net of contraction or attrition over the trailing 12 months but excludes revenue from new Paid Enterprise Customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at our Net Retention Rate for Paid Enterprise Customers.
Non-GAAP Financial Measures
In addition to financial information presented in accordance with GAAP, this press release includes non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP net income, non-GAAP net income per share, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow, each of which is a non-GAAP financial measure. These are key measures used by our management to help us analyze our financial results, establish budgets and operational goals for managing our business, evaluate our performance, and make strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, we believe these measures are useful for period-to-period comparisons of our business. We also believe that the presentation of these non-GAAP financial measures provides an additional tool for investors to use in comparing our core business and results of operations over multiple periods with other companies in our industry, many of which present similar non-GAAP financial measures to investors, and to analyze our cash performance. However, the non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. These non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered as a substitute for or in isolation from financial information presented in accordance with GAAP. These non-GAAP financial measures have limitations as analytical tools.
Non-GAAP Gross Profit, Non-GAAP Gross Profit Margin, Non-GAAP Net Income, and Non-GAAP Net Income Per Share
We define non-GAAP gross profit and non-GAAP net income as GAAP gross profit and GAAP net loss excluding: (1) stock-based compensation expense; (2) amortization of stock-based compensation expense capitalized as internal-use software costs; (3) payroll tax expense related to stock-based compensation; (4) merger and acquisition (“M&A”) related transaction costs; (5) costs and settlement (gains) losses related to significant and non-recurring legal and regulatory matters, net of insurance recoveries; and (6) restructuring related charges. Non-GAAP gross profit margin reflects non-GAAP gross profit as a percentage of revenue. Non-GAAP net income per share is calculated by dividing non-GAAP net income by the diluted weighted average shares of common stock outstanding.
Adjusted EBITDA and Adjusted EBITDA Margin
We define Adjusted EBITDA as our GAAP net loss excluding: (1) depreciation and amortization; (2) interest income, net; (3) income tax expense; (4) other (income) expense, net; (5) stock-based compensation expense; (6) payroll tax expense related to stock-based compensation; (7) M&A related transaction costs; (8) costs and settlement (gains) losses related to significant and non-recurring legal and regulatory matters, net of insurance recoveries; and (9) restructuring related charges. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.
Free Cash Flow
We define Free Cash Flow as net cash provided by operating activities, less capitalized internal-use software costs, purchases of content assets, and purchases of property, equipment, and software as we consider these capital expenditures necessary to support our ongoing operations.
We believe the presentation of these adjusted operating results provides useful supplemental information to investors and facilitates the analysis and comparison of our operating results across reporting periods.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the Appendix.
Special Note on Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements contained in this press release that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as: “accelerate,” “anticipate,” “believe,” “can,” “continue,” “could,” “demand,” “design,” “estimate,” “expand,” “expect,” “intend,” “may,” “might,” “mission,” “need,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements include, but are not limited to, statements regarding the proposed combination with Udemy, including the expected timing and benefits of such business combination and the outlook for Coursera’s and Udemy’s results of operations and financial condition (including potential synergies) following the business combination; the expansion of our market opportunity; the global demand to embrace new skills; our progress in our growth initiatives; our commitment to creating more personalized, engaging, and AI-native learning experiences; our initiatives to strengthen our position as a trusted source for verified learning; our mission to provide universal access to world-class learning; the demand for online learning; the strength of our customer and content creator relationships; the demand from learners to use our offerings to master career advancing skills; anticipated features and benefits of our offerings; the anticipated utility of our non-GAAP financial measures; anticipated growth rates; and our financial outlook, future financial and operational performance, and expectations, including our financial outlook for the first quarter of 2026 and full year 2026; among others. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: our ability to attract, engage, and retain learners; our ability to increase sales of our offerings; our limited operating history; the relative nascency of online learning solutions and generative AI; risks related to market acceptance and demand for our offerings; our ability to maintain and expand our existing content creator relationships and to develop new partnerships with universities, industry leaders, and subject matter experts; our dependence on the supply of content created by our partners; risks related to our AI innovations and AI generally; risks related to the business combination, including the effect of the announcement of the business combination on the ability of Coursera or Udemy to retain and hire key personnel and maintain relationships with customers, vendors and others with whom Coursera or Udemy do business, or on Coursera’s or Udemy’s operating results and business generally; risks that the business combination disrupts current plans and operations and the potential difficulties in attracting and retaining qualified personnel as a result of the business combination; the outcome of any legal proceedings related to the business combination; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, including the ability to secure regulatory approvals on the terms expected, at all or in a timely manner; the ability to successfully integrate Coursera’s and Udemy’s operations and business on a timely basis or otherwise in accordance with the standards and obligations applicable to the combined company as a public benefit corporation and as a B Corp.; Coursera’s and Udemy’s ability to implement our plans, forecasts and other expectations with respect to the combined company’s business after the completion of the transaction and realize expected synergies and other benefits of the combination within the expected timeframe or at all; the amount of the costs, fees, expenses and charges related to the proposed combination; fluctuations in the prices of Coursera or Udemy stock; potential business disruptions following the business combination; our ability to compete effectively; adverse impacts on our business and financial condition due to macroeconomic or market conditions; our ability to manage our growth; regulatory and/or policy matters or changes impacting us or our content creators; risks related to intellectual property; cybersecurity and privacy risks and regulations; potential disruptions to our platform; risks related to operations, regulatory, economic, and geopolitical conditions; current and future legal and regulatory matters; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; natural disasters, public health crises, or other catastrophic events; and our status as a certified B Corp, as well as the risks and uncertainties discussed in our most recently filed annual and quarterly reports on Forms 10-K and 10-Q and subsequent filings and as detailed from time to time in our SEC filings. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Such forward-looking statements relate only to events as of the date of this press release. We undertake no obligation to update any forward-looking statements except to the extent required by law.
Coursera Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenue
$
196.9
$
179.2
$
757.5
$
694.7
Cost of revenue(2)
90.1
83.7
344.1
323.3
Gross profit
106.8
95.5
413.4
371.4
Operating expenses:
Research and development(2)
32.8
32.2
121.6
132.1
Sales and marketing(2)
67.9
60.2
255.7
234.9
General and administrative(1)(2)
38.4
26.8
114.4
108.7
Restructuring related charges(2)
—
6.8
(0.9
)
8.9
Total operating expenses
139.1
126.0
490.8
484.6
Loss from operations
(32.3
)
(30.5
)
(77.4
)
(113.2
)
Other income, net:
Interest income, net
7.9
8.5
32.0
36.7
Other (expense) income, net
(0.4
)
(1.9
)
(0.5
)
(2.0
)
Loss before income taxes
(24.8
)
(23.9
)
(45.9
)
(78.5
)
Income tax (benefit) expense
2.0
(2.3
)
5.1
1.0
Net loss
$
(26.8
)
$
(21.6
)
$
(51.0
)
$
(79.5
)
Net loss per share—basic and diluted
$
(0.16
)
$
(0.14
)
$
(0.31
)
$
(0.51
)
Weighted average shares used in computing net loss per share—basic and diluted
167.2
159.2
163.8
157.4
(1)
Includes $11.9 million of merger and acquisition related transaction costs recorded in the three months and year ended December 31, 2025.
(2)
Includes stock-based compensation expense as follows:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Cost of revenue
$
0.6
$
0.7
$
2.5
$
2.7
Research and development
8.8
9.8
34.8
41.8
Sales and marketing
5.1
5.9
20.8
28.1
General and administrative
9.6
8.6
38.6
35.5
Restructuring related charges
—
—
(1.6
)
—
Total stock-based compensation expense
$
24.1
$
25.0
$
95.1
$
108.1
Coursera Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions)
December 31, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
792.6
$
726.1
Accounts receivable, net
65.4
59.7
Deferred costs, net
19.6
24.7
Prepaid expenses and other current assets
20.5
20.2
Total current assets
898.1
830.7
Property, equipment, and software, net
43.4
36.9
Intangible assets, net
27.1
24.5
Other assets
31.4
38.2
Total assets
$
1,000.0
$
930.3
Liabilities and Stockholders’ Equity
Current liabilities:
Content liabilities(3)
$
100.0
$
104.1
Other accounts payable and accrued expenses(3)
29.8
19.2
Accrued compensation and benefits
36.7
31.6
Deferred revenue, current
180.9
159.7
Other current liabilities
10.5
12.9
Total current liabilities
357.9
327.5
Deferred revenue, non-current
1.4
1.6
Other liabilities
5.0
3.8
Total liabilities
364.3
332.9
Stockholders’ equity:
Additional paid-in capital
1,546.9
1,506.7
Treasury stock, at cost
—
(49.1
)
Accumulated deficit
(911.2
)
(860.2
)
Total stockholders’ equity
635.7
597.4
Total liabilities and stockholders’ equity
$
1,000.0
$
930.3
(3)
As of June 30, 2025, we updated the caption for “Educator partners payable” to “Content liabilities.” In conjunction with this update, $1.5 million and $2.2 million of unpaid purchases of content assets as of December 31, 2025 and December 31, 2024 are now reflected in “Content liabilities.” These amounts would have previously been reported in “Other accounts payable and accrued expenses.”
Coursera Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Year Ended December 31,
2025
2024
Cash flows from operating activities:
Net loss
$
(51.0
)
$
(79.5
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
28.8
25.1
Stock-based compensation expense
95.1
108.1
Impairment losses
3.7
2.2
Other
(0.3
)
0.6
Changes in operating assets and liabilities:
Accounts receivable, net
(5.7
)
7.2
Prepaid expenses and other assets
7.4
7.3
Accounts payable and accrued expenses
8.0
(2.3
)
Accrued compensation and other liabilities
1.7
5.5
Deferred revenue
21.0
21.2
Net cash provided by operating activities
108.7
95.4
Cash flows from investing activities:
Proceeds from maturities of marketable securities
—
66.0
Purchases of property, equipment, and software
(1.5
)
(1.6
)
Capitalized internal-use software costs
(18.1
)
(17.2
)
Purchases of content assets
(10.6
)
(17.3
)
Net cash provided by (used in) investing activities
(30.2
)
29.9
Cash flows from financing activities:
Proceeds from exercise of stock options
9.9
9.4
Proceeds from employee stock purchase plan
4.2
5.6
Payments for repurchases of common stock
—
(36.7
)
Payments for tax withholding on vesting of restricted stock units
(27.6
)
(33.3
)
Net cash used in financing activities
(13.5
)
(55.0
)
Net increase in cash, cash equivalents, and restricted cash
65.0
70.3
Cash, cash equivalents, and restricted cash—beginning of period
728.4
658.1
Cash, cash equivalents, and restricted cash—end of period
$
793.4
$
728.4
Coursera Inc.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)
(Dollars in millions, except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Gross profit
$
106.8
$
95.5
$
413.4
$
371.4
Stock-based compensation expense
0.6
0.7
2.5
2.7
Amortization of stock-based compensation capitalized as internal-use software costs
1.4
1.3
5.7
5.5
Non-GAAP gross profit
$
108.8
$
97.5
$
421.6
$
379.6
Gross profit margin
54.2
%
53.3
%
54.6
%
53.5
%
Non-GAAP gross profit margin
55.3
%
54.4
%
55.7
%
54.6
%
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Net loss
$
(26.8
)
$
(21.6
)
$
(51.0
)
$
(79.5
)
Stock-based compensation expense
24.1
25.0
96.7
108.1
Amortization of stock-based compensation capitalized as internal-use software costs
1.4
1.3
5.7
5.5
Payroll tax expense related to stock-based compensation
0.4
0.1
2.8
2.9
M&A related transaction costs
11.9
—
11.9
3.4
Significant and non-recurring legal and regulatory matters
0.1
1.7
1.6
6.3
Restructuring related charges
—
6.8
(0.9
)
8.9
Non-GAAP net income
$
11.1
$
13.3
$
66.8
$
55.6
Weighted-average shares used in computing net loss per share—basic
167.2
159.2
163.8
157.4
Effect of dilutive securities
4.2
3.8
5.9
7.1
Weighted-average shares used in computing non-GAAP net income per share—diluted
171.4
163.0
169.7
164.5
Net loss per share—basic and diluted
$
(0.16
)
$
(0.14
)
$
(0.31
)
$
(0.51
)
Non-GAAP net income per share—diluted
$
0.06
$
0.08
$
0.39
$
0.34
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Net loss
$
(26.8
)
$
(21.6
)
$
(51.0
)
$
(79.5
)
Depreciation and amortization
7.0
6.4
28.8
25.1
Interest income, net
(7.9
)
(8.5
)
(32.0
)
(36.7
)
Income tax (benefit) expense
2.0
(2.3
)
5.1
1.0
Other expense (income), net
0.4
1.9
0.5
2.0
Stock-based compensation expense
24.1
25.0
96.7
108.1
Payroll tax expense related to stock-based compensation
0.4
0.1
2.8
2.9
M&A related transaction costs
11.9
—
11.9
3.4
Significant and non-recurring legal and regulatory matters
0.1
1.7
1.6
6.3
Restructuring related charges
—
6.8
(0.9
)
8.9
Adjusted EBITDA
$
11.2
$
9.5
$
63.5
$
41.5
Net loss margin
(13.6
)%
(12.1
)%
(6.7
)%
(11.4
)%
Adjusted EBITDA Margin
5.7
%
5.3
%
8.4
%
6.0
%
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Net cash provided by operating activities(4)
$
5.8
$
19.2
$
108.7
$
95.4
Less: purchases of property, equipment, and software
(0.4
)
(1.1
)
(1.5
)
(1.6
)
Less: capitalized internal-use software costs
(4.8
)
(3.6
)
(18.1
)
(17.2
)
Less: purchases of content assets
(2.6
)
(7.1
)
(10.6
)
(17.3
)
Free Cash Flow
$
(2.0
)
$
7.4
$
78.5
$
59.3
(4)
The years ended December 31, 2025 and 2024 include $5.2 million and $4.8 million in cash payments for restructuring related charges and $3.8 million and $3.4 million in cash payments for M&A related transaction costs. Restructuring related cash payments made during the three months ended December 31, 2025 and 2024 were $0 and $2.7 million, respectively. Cash payments of M&A transaction costs made during the three months ended December 31, 2025 and 2024 were $3.8 million and $0, respectively. The three months ended December 31, 2025 also included $4.7 million of catch-up payments to a content creator partner.
Source Code: COUR-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20260205833497/en/
For investors: Cam Carey, ir@coursera.org
For media: Arunav Sinha, press@coursera.org
Original: Coursera Reports Fourth Quarter and Full Year 2025 Financial Results
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