-- 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
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--February 05, 2026--
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. $(UDMY)$ 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 Year Ended December
December 31, 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/
CONTACT:
For investors: Cam Carey, ir@coursera.org
For media: Arunav Sinha, press@coursera.org
(END) Dow Jones Newswires
February 05, 2026 16:10 ET (21:10 GMT)