Coursera delivered Q4 2025 revenue of $196.9 million, beating Wall Street estimates of $191.79 million by 2.67%. Non-GAAP EPS came in at $0.06, matching consensus. Full-year revenue reached $757.5 million (+9% YoY) with record free cash flow of $78.5 million. The stock saw mixed after-hours movement following the February 5 announcement, closing at $5.98 on earnings day before recovering in subsequent sessions.
About Coursera
Coursera, Inc. (NYSE: COUR) is one of the world’s largest online learning platforms, headquartered in Mountain View, California. Founded in 2012 by Stanford University computer science professors Andrew Ng and Daphne Koller, the company went public in March 2021 at an IPO price of $33.00 per share. Coursera operates through two primary segments, Consumer and Enterprise, offering guided projects, courses, specializations, professional certificates, and bachelor’s and master’s degrees across business, computer science, technology, and data science domains.
As of early March 2026, Coursera carries a market capitalization of approximately $1.04 billion with a stock price around $6.16, trading on the New York Stock Exchange. The company employs approximately 1,307 people and is led by CEO Gregory Hart and interim CFO Michael Foley. Coursera’s platform now serves 197 million registered learners globally, partnering with over 375 universities and industry organizations.
The company’s trailing twelve-month GAAP P/E ratio is negative at approximately -20.7 due to GAAP net losses, while its forward P/E stands at 14.25. The current enterprise value is approximately $249 million, reflecting the company’s substantial $793 million cash position with zero debt.
Top Financial Highlights
- Q4 2025 total revenue reached $196.9 million, up 10% year over year from $179.2 million in Q4 2024
- Full year 2025 revenue hit $757.5 million, representing 9% growth from $694.7 million in 2024
- Non-GAAP EPS for Q4 was $0.06, matching analyst consensus estimates, compared to $0.08 in the year-ago quarter
- Q4 GAAP net loss was $(26.8) million (net loss per share of $(0.16)), compared to a net loss of $(21.6) million in Q4 2024
- Non-GAAP net income was $11.1 million for Q4 and $66.8 million for the full year
- Q4 gross profit (Non-GAAP) was $109 million, up 12% YoY, with a 55% gross margin, expanding 90 basis points
- Consumer segment revenue was $131.5 million in Q4, up 12% year over year, driven by subscription and course growth
- Enterprise segment revenue was $65.4 million in Q4, up 5% year over year, with paid enterprise customers growing to 1,730 (+7%)
- Full year adjusted EBITDA reached $63.5 million (8.4% margin), up 53% from $41.5 million (6.0%), representing 240 basis points of margin expansion
- Record full year free cash flow of $78.5 million, up 32% from $59.3 million in 2024
- Cash and cash equivalents totaled $793 million at year-end with zero debt
- Added 6.8 million new registered learners in Q4, the highest fourth-quarter additions in company history, bringing the total to 197 million
- Course catalog expanded to over 13,500 courses, a 45% year-over-year increase, the fastest growth pace in five years
- Full year 2026 revenue guidance set at $805 million to $815 million (6%-8% growth), with adjusted EBITDA of $70 million to $76 million (~9% margin)
- Coursera-Udemy merger announced December 2025 with expected annual run-rate cost synergies of $115 million within 24 months of closing
Beat or Miss?
Coursera beat revenue expectations while matching EPS consensus for Q4 2025. The revenue beat of 2.67% above the Zacks Consensus Estimate reflects continued strength in the Consumer segment.
| Metric | Reported | Analyst Estimate | Difference |
| Revenue | $196.9M | $191.79M | +$5.11M (+2.67% beat) |
| Non-GAAP EPS | $0.06 | $0.06 | In line (0% surprise) |
| Adjusted EBITDA | $11.2M | N/A | N/A |
| Consumer Revenue | $131.5M | N/A | +12% YoY |
| Enterprise Revenue | $65.4M | N/A | +5% YoY |
What Leadership Is Saying?
CEO Greg Hart on Strategy and Vision
“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. 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. Our merger announcement with Udemy in December is a significant aspect of this strategy, broadening our market access and amplifying the value of our complementary strengths, positioning Coursera to revolutionize how the global workforce acquires and masters new skills.”
CFO Michael Foley on Financial Performance
“We generated a record $78 million of free cash flow in 2025, a clear signal of the earnings potential in our model. This strong financial position gives us the capacity to invest in growth, move quickly in a fast-changing landscape, and create additional opportunities for shareholder returns. We began 2025 targeting 100 basis points of adjusted EBITDA margin expansion to 7%. We later raised that target to 8% as our execution and visibility improved, and ultimately exceeded both, delivering 240 basis points of year-over-year expansion.”
Historical Performance
The year-over-year comparison shows meaningful improvement in revenue growth, profitability trajectory, and cash generation. While GAAP net loss widened slightly in Q4 due to increased investment and M&A-related costs, the full-year trend demonstrates clear progress toward sustainable profitability.
Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $196.9M | $179.2M | +10% |
| Consumer Revenue | $131.5M | $116.9M | +12% |
| Enterprise Revenue | $65.4M | $62.3M | +5% |
| Gross Profit (GAAP) | $106.8M | $95.5M | +12% |
| Gross Margin (GAAP) | 54.20% | 53.30% | +90 bps |
| GAAP Net Loss | $(26.8)M | $(21.6)M | -24% (wider) |
| Non-GAAP Net Income | $11.1M | $13.3M | -17% |
| Adjusted EBITDA | $11.2M | $9.5M | +18% |
| Operating Cash Flow | $5.8M | $19.2M | -70% |
Full Year 2025 vs Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $757.5M | $694.7M | +9% |
| Gross Profit (GAAP) | $413.4M | $371.4M | +11% |
| Gross Margin (GAAP) | 54.60% | 53.50% | +110 bps |
| GAAP Net Loss | $(51.0)M | $(79.5)M | +36% (improved) |
| Non-GAAP Net Income | $66.8M | $55.6M | +20% |
| Adjusted EBITDA | $63.5M | $41.5M | +53% |
| Free Cash Flow | $78.5M | $59.3M | +32% |
| Operating Cash Flow | $108.7M | $95.4M | 14% |
Competitor Comparison
The online education industry presents a diverse competitive landscape. Below is a comparison of Coursera against its closest publicly traded peers, Udemy and Skillsoft, based on the most recent quarterly results available.
Q4 2025 Competitor Performance
| Category | Coursera (Q4 CY2025) | Udemy (Q4 CY2025) | Skillsoft (Q4 FY2025, ended Jan 2025) |
| Revenue | $196.9M | $194.0M | $133.8M |
| Revenue YoY Change | +10% | -3% | -2.8% |
| Gross Profit | $106.8M (GAAP) | $128.0M | N/A |
| Gross Margin | 54.2% (GAAP) | 66% | N/A |
| GAAP Net Income (Loss) | $(26.8)M | $(2.3)M | $(31.0)M |
| Adjusted EBITDA | $11.2M | $21.4M | $29.9M |
| Adjusted EBITDA Margin | 5.7% | 11.0% | 22.4% |
| Market Cap (approx.) | $1.04B | $696.2M | N/A |
Full Year Competitor Comparison
| Category | Coursera (FY 2025) | Udemy (FY 2025) | Skillsoft (FY 2025, ended Jan 2025) |
| Revenue | $757.5M | $789.8M | $531.0M |
| Revenue YoY Change | +9% | ~0% | -4% |
| Gross Profit | $413.4M | $518.4M | N/A |
| Gross Margin | 54.6% | 66% | N/A |
| Net Income (Loss) | $(51.0)M (GAAP) | $3.8M | $(122.0)M |
| Adjusted EBITDA | $63.5M | $95.3M | ~$109.1M |
Coursera stands out for its revenue growth momentum at +9% for the full year, while Udemy’s revenue was essentially flat and Skillsoft contracted by 4%. Udemy leads in gross margin at 66% compared to Coursera’s 54.6%, benefiting from its marketplace model. The pending Coursera-Udemy merger, announced in December 2025 as an all-stock transaction where Udemy stockholders receive 0.800 shares of Coursera stock for each Udemy share, would create a combined entity with approximately $1.5 billion in revenue and projected $115 million in annual cost synergies.
How the Market Reacted?
Coursera’s stock showed a measured response following the Q4 2025 earnings release on February 5, 2026. The stock closed at $5.98 on earnings day, a decline of 1.48% from the prior close of $6.07. Trading volume surged to over 10.1 million shares, more than double the average daily volume of 4.8 million, reflecting heightened investor attention. The following trading session on February 6 saw the stock dip further to $5.91 before beginning a recovery that pushed shares above $6.30 by February 24.
The muted immediate reaction, despite the revenue beat, appears to reflect investor caution around the pending Udemy merger, the GAAP net loss widening in Q4, and the enterprise segment’s slower growth trajectory at just 5% year over year. Analysts remain broadly positive, with 14 analysts carrying an average “Buy” rating and a 12-month price target of $11.07, implying approximately 80% upside from current levels. Since the beginning of 2026, Coursera shares have declined approximately 17.5% compared to the S&P 500’s modest gain, underscoring the broader sell-off in small-cap growth names.
