Coursera, Inc. Earnings Recaps
Q3 2026
Oct 31, 2026
Coursera fell 25.5% after earnings as investors focused on management’s admission that top-line growth—particularly in consumer—remains below its ambition. Cost savings and margin expansion offer support, but the transcript also highlights the work still required to improve growth.
Key takeaways
- Q3 revenue was $377 million, and adjusted EBITDA was nearly $62 million.
- Reported adjusted EBITDA margin roughly doubled to approximately 16%, expanding by more than 800 basis points year over year.
- Management expects more than $150 million of annualized gross cost savings in place by year-end and said it remains on track to deliver the $115 million annual run-rate net synergy target eight months after close, versus an original 24-month plan.
- The CEO said the top-line trajectory, particularly in consumer, remains below the company’s growth ambition; improving it will require disciplined execution and products that create more customer value.
- Across the combined platforms, GenAI enrollments increased from 25 per minute in 2025 to more than 40 per minute in 2026, while critical-thinking enrollments grew more than 100% year over year.
Q2 2026
Jul 31, 2026
Coursera's shares dropped 9.9% following Q2 results as investors were disappointed by a cautious outlook and signs of deceleration despite revenue growth and synergy progress.
Key takeaways
- Reported Q2 revenue totaled $299 million, buoyed by Udemy acquisition completed in May.
- Paid subscribers rose 44% year-over-year to over 1.6 million, with 85% of revenue now recurring subscription streams.
- Full-year 2026 revenue guidance was raised to $1.22–$1.245 billion, supported by Enterprise and Consumer segments.
- Adjusted EBITDA margin target was increased by 100 basis points to approximately 14% for 2026, reflecting synergy-driven margin improvement and cost discipline.
- Market reaction suggests investor skepticism over the pace of integration benefits and underlying growth sustainability amid a competitive and evolving AI-driven market environment.
Q3 2025
Oct 24, 2025
Coursera's Q3 2025 results exceeded expectations, driven by robust revenue growth and improved operational efficiency, prompting a raised full-year revenue outlook.
Key takeaways
- Revenue reached $194 million, a 10% year-over-year increase, with Consumer revenue growing 13% driven by 7.7 million new registered learners.
- Free cash flow surged 59% to $27 million, reflecting solid operational discipline.
- Full-year revenue guidance raised to $750-$754 million, doubling growth expectations to 8-9%.
- Significant expansion in content offerings, with a 44% increase in course catalog and 100 new professional certificates highlighting focus on in-demand skills, particularly in generative AI.
- Recent leadership changes, including the appointment of Anthony Salcito as General Manager of the Enterprise segment, aim to bolster growth in corporate educational initiatives.