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Coursera
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Latest analysis
Updated Nov 5, 2026
Coursera Q3 2026: Udemy merger doubles reported revenue to $376.7M but organic growth is near-flat at 0.3%; goodwill impairment risk rising post-stock-price decline
The Udemy merger, closed May 11, 2026, accounts for $181.8 million of Q3 2026's $182.5 million revenue increase, making organic Coursera growth effectively flat at 0.3% — the defining fact obscured by headline 94% reported growth. Gross margin expanded 380 basis points to 58.4% driven by Udemy's more favorable content economics and subscription mix shift, while Adjusted EBITDA reached $61.5 million versus $15.6 million a year ago. The critical new risk is a disclosed post-quarter stock-price decline that could trigger a material non-cash goodwill impairment charge at Q4 2026 annual testing, with $182.7 million of goodwill on the balance sheet.
Tone: mixedRevenue
$757.5M
COUR 10-K · FY 2025
Revenue growth YoY
+9%
EBITDA margin
16.3%
Headquarters
Mountain View, CA
Profile
COUR 10-K Item 1 · Feb 23, 2026Coursera operates a global online learning platform connecting learners, content creators, universities, businesses, governments, and other institutions. The company offers educational content, professional credentials, and degree programs through Consumer and Enterprise segments. It partners with over 375 universities and industry organizations to deliver affordable, flexible skills training at scale.
Read filing description ↓ Collapse description ↑
Coursera is an online learning platform that aims to provide access to world-class, affordable, and relevant education and skills training by connecting learners, institutions, and content creators in our ecosystem. We deliver branded content and product capabilities through an integrated platform that encompasses our global reach, data, and technology, making it customizable and extensible for both individual learners and institutions. We partner with trusted content creators, such as university and industry partners, to provide high-quality adult education and training solutions to a wide range of individuals, businesses, organizations, and governments. We also sell directly to institutions, including employers, colleges and universities, organizations, and governments, enabling their employees, students, and citizens to gain critical skills aligned with job market needs. Coursera serves individual learners and institutional customers through two operating segments: Consumer and Enterprise. The Consumer segment focuses on attracting learners via branded content, institutional partnerships, and digital marketing, supported by personalized discovery and localized recommendations. The Enterprise segment engages employers, academic institutions, and government organizations through a direct sales team, as well as data-driven insights derived from activity on the Consumer platform. Recent innovations include generative AI-powered features such as Coach, Role Play, and Course Builder, as well as role-based solutions like Skills Tracks. As of December 31, 2025, the platform had approximately 197 million cumulative Registered Learners.
Primary products
- Guided Projects
- single course certifications
- professional certificates
- Coursera Plus
- industry micro-credentials
- accredited degree programs
Business segments
End markets
Geographies
Named customers
For the years ended December 31, 2025, 2024, and 2023, we did not have any customers that accounted for more than 10% of our revenue. As of December 31, 2025 and 2024, we had one customer that accounted for 12% of our net accounts receivable balance for both years, which was collected within typical business terms.
Named competitors
“The market for online learning solutions is less mature than the market for in-person learning and training.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue was $757.5 million for 2025, up 9% from $694.7 million in 2024, driven by growth in both the Consumer and Enterprise segments.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.