Coursera Reports First Quarter 2025 Financial Results

   -- Delivered first quarter revenue of $179 million 
 
   -- Reported net cash provided by operating activities of $34 million; Free 
      Cash Flow of $25 million 
 
   -- Welcomed a first quarter record of seven million new registered learners 
 
   -- Updated full year 2025 revenue expectations to midpoint of $725 million 
      following solid first quarter 
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--April 24, 2025-- 

Coursera, Inc. (NYSE: COUR) today announced financial results for its first quarter ended March 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.

"Stepping into the role of CEO of Coursera, a company at the forefront of transforming learning, has been thrilling. We welcomed more than seven million new learners, marking a first quarter record and underscoring the global demand for job-relevant skills and trusted education," said Coursera CEO Greg Hart. "I have spent the past several weeks working alongside our team to build on Coursera's strong foundation and accelerate our opportunities to create more valuable and engaging experiences for our learners, customers, and partners."

"We had a solid start to 2025. Our growth expectations for the full year have improved as we begin to implement new operating capabilities with a focused set of initiatives," said Ken Hahn, Coursera's CFO. "I am pleased with our capacity to invest in sustainable, long-term growth while demonstrating the scale and leverage in our business model, including generating over $25 million in Free Cash Flow."

Key Financial Results

 
($ millions, except 
per share data, 
unaudited)                 Three Months Ended March 31, 
                      -------------------------------------- 
                             2025                2024          YoY Change 
                      -------------------  -----------------  ------------ 
GAAP Financial 
Measures 
Revenue                $      179.3         $     169.1            6% 
Gross profit           $       97.9         $      89.5            9% 
Net loss               $       (7.8)        $     (21.3)         (63)% 
Net loss per share     $      (0.05)        $     (0.14) 
Net loss margin                (4.4)%             (12.6)%          820 bps 
Net cash provided by 
 operating 
 activities            $       33.5         $      24.5           37% 
 
 
Non-GAAP Financial 
Measures 
Gross profit           $      100.1         $      91.7            9% 
Net income             $       19.7         $      11.9           66% 
Net income per share   $       0.12         $      0.07 
Adjusted EBITDA        $       18.7         $       8.3          125% 
Adjusted EBITDA 
 Margin                        10.4%                4.9%           550 bps 
Free Cash Flow         $       25.3         $      18.1           40% 
 

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

Beginning with the first quarter of 2025, we have simplified our business model to better reflect our focus on serving learners at every stage of their journey, with a broad set of offerings that span from standalone courses to university degrees. Degrees will now be managed within, and incorporated into, the Consumer segment as another product category that supports our learners. This simplification has no impact on the reporting of the Enterprise segment or the consolidated results. A reclassification table of historical results for 2023 and 2024 is available in the appendix of today's accompanying shareholder letter, which is posted on the Investor Relations website.

 
($ millions, 
unaudited)                 Three Months Ended March 31, 
                      -------------------------------------- 
                             2025                2024          YoY Change 
                      -------------------  -----------------  ------------ 
Historical Segment 
Reporting 
Consumer revenue       $      102.1         $      96.8           5% 
Consumer gross 
 profit                $       56.9         $      51.8          10% 
Consumer gross 
 profit margin                 55.7%               53.5%           220 bps 
 
Enterprise revenue     $       61.7         $      57.5           7% 
Enterprise gross 
 profit                $       43.2         $      39.1          10% 
Enterprise gross 
 profit margin                 70.0%               68.0%           200 bps 
 
Degrees revenue        $       15.5         $      14.8           5% 
Degrees gross profit   $       15.5         $      14.8           5% 
Degrees gross profit 
 margin                       100.0%              100.0%             0 bps 
 
 
 
New Segment Reporting 
Consumer revenue                 $117.6      $111.6         5% 
Consumer gross profit            $ 72.4      $ 66.6         9% 
Consumer gross profit margin       61.6%       59.7%       190 bps 
 
Enterprise revenue               $ 61.7      $ 57.5         7% 
Enterprise gross profit          $ 43.2      $ 39.1        10% 
Enterprise gross profit margin     70.0%       68.0%       200 bps 
 
 
 
Key Business Metrics 
                             Three Months Ended March 31, 
                          ---------------------------------- 
                                2025              2024         YoY Change 
                          -----------------  ---------------  ------------ 
New Registered Learners 
 (in millions)                  7.1               6.6 
Net Retention Rate for 
 Paid Enterprise 
 Customers                       91%               94%           (3)% 
 
 
                                           March 31, 
                                          ------------ 
                                          2025   2024    YoY Change 
                                          -----  -----  ------------ 
Total Registered Learners (in millions)   175.3  148.5     18% 
Paid Enterprise Customers                 1,651  1,480     12% 
 

For more information regarding the metrics discussed in this press release, please see "Key Business Metrics Definitions" below. The number of Degrees students is no longer being reported, as the metric does not provide a meaningful indication for Consumer segment performance.

Financial Outlook

   -- Second quarter 2025: 
 
          -- Revenue in the range of $179 to $183 million 
 
          -- Adjusted EBITDA in the range of $11 to $15 million 
 
   -- Full year 2025: 
 
          -- Revenue in the range of $720 to $730 million 
 
          -- Annual Adjusted EBITDA Margin improvement of 100 basis points to 
             7.0% 

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 2025 performance today, April 24, 2025, 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.

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. It is now one of the largest online learning platforms in the world, with 175 million registered learners as of March 31, 2025. Coursera partners with over 350 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 enable instructors to deliver scalable, personalized, and verified learning experiences to their learners. Institutions worldwide rely on Coursera to upskill and reskill their employees, citizens, and students in high-demand fields such as GenAI, data science, technology, and business. Coursera is a Delaware public benefit corporation and a B Corp.

Key Business Metrics Definitions

Registered Learners

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