Coursera Inc Financials

COUR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Coursera Inc (COUR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 59/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Coursera Inc has an operating margin of -10.2%, meaning the company retains $-10 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -16.3% the prior year.

Growth

Coursera Inc's revenue grew 9.0% year-over-year to $757.5M, a solid pace of expansion. This earns a growth score of 54/100.

Leverage

Coursera Inc carries a low D/E ratio of 0.57, meaning only $0.57 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.51, Coursera Inc holds $2.51 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 80/100.

Cash Flow

Coursera Inc converts 14.1% of revenue into free cash flow ($107.2M). This strong cash generation earns a score of 71/100.

Piotroski F-Score Neutral

5/9

Coursera Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-2.13x

For every $1 of reported earnings, Coursera Inc generates $-2.13 in operating cash flow ($108.7M OCF vs -$51.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

Export CSV

Revenue

$757.5M

YoY+9.0%

5Y CAGR+20.9%

Coursera Inc generated $757.5M in revenue in fiscal year 2025. This represents an increase of 9.0% from the prior year.

EBITDA

-$48.6M

YoY+44.8%

Coursera Inc's EBITDA was -$48.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 44.8% from the prior year.

Free Cash Flow

$107.2M

YoY+14.3%

Coursera Inc generated $107.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 14.3% from the prior year.

Net Income

-$51.0M

YoY+35.8%

Coursera Inc reported -$51.0M in net income in fiscal year 2025. This represents an increase of 35.8% from the prior year.

EPS (Diluted)

$-0.31

YoY+39.2%

Coursera Inc earned $-0.31 per diluted share (EPS) in fiscal year 2025. This represents an increase of 39.2% from the prior year.

Cash & Debt

$792.6M

YoY+9.2%

5Y CAGR+58.2%

Coursera Inc held $792.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

168M

YoY+5.0%

Coursera Inc had 168M shares outstanding in fiscal year 2025. This represents an increase of 5.0% from the prior year.

Gross Margin

54.6%

YoY+1.1pp

5Y CAGR+1.9pp

Coursera Inc's gross margin was 54.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.1 percentage points from the prior year.

Operating Margin

-10.2%

YoY+6.1pp

5Y CAGR+12.5pp

Coursera Inc's operating margin was -10.2% in fiscal year 2025, reflecting core business profitability. This is up 6.1 percentage points from the prior year.

Net Margin

-6.7%

YoY+4.7pp

5Y CAGR+16.0pp

Coursera Inc's net profit margin was -6.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$121.6M

YoY-7.9%

5Y CAGR+9.6%

Coursera Inc invested $121.6M in research and development in fiscal year 2025. This represents a decrease of 7.9% from the prior year.

Share Buybacks

YoY-100.0%

Coursera Inc spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$1.5M

YoY-6.3%

5Y CAGR-13.5%

Coursera Inc invested $1.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 6.3% from the prior year.

COUR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$757.5M+9.0%	$694.7M+9.3%	$635.8M+21.4%	$523.8M+26.1%	$415.3M+41.5%	$293.5M
Cost of Revenue	$344.1M+6.4%	$323.3M+5.7%	$306.0M+59.1%	$192.3M+16.0%	$165.8M+19.4%	$138.8M
Gross Profit	$413.4M+11.3%	$371.4M+12.6%	$329.8M-0.5%	$331.5M+32.9%	$249.5M+61.3%	$154.7M
R&D Expenses	$121.6M-7.9%	$132.1M-17.5%	$160.1M-3.0%	$165.1M+22.0%	$135.4M+76.4%	$76.8M
SG&A Expenses	$114.4M+5.2%	$108.7M+10.6%	$98.3M-7.2%	$105.9M+36.1%	$77.8M+109.0%	$37.2M
Operating Income	-$77.4M+31.6%	-$113.2M+22.3%	-$145.6M+17.9%	-$177.4M-24.0%	-$143.1M-114.9%	-$66.6M
Interest Expense	N/A	N/A	N/A	N/A	$0-100.0%	$12K
Income Tax	$5.1M+410.0%	$1.0M-81.5%	$5.4M+14.4%	$4.7M+122.0%	$2.1M+40.3%	$1.5M
Net Income	-$51.0M+35.8%	-$79.5M+31.8%	-$116.6M+33.5%	-$175.4M-20.8%	-$145.2M-117.3%	-$66.8M
EPS (Diluted)	$-0.31+39.2%	$-0.51+33.8%	$-0.77+36.4%	$-1.21+5.5%	$-1.28	$-1.80

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$196.9M+1.4%	$194.2M+3.8%	$187.1M+4.4%	$179.3M+0.1%	$179.2M+1.8%	$176.1M+3.4%	$170.3M+0.7%	$169.1M
Cost of Revenue	$90.1M+2.2%	$88.2M+4.5%	$84.4M+3.7%	$81.4M-2.7%	$83.7M+4.8%	$79.9M-0.2%	$80.1M+0.6%	$79.6M
Gross Profit	$106.8M+0.8%	$106.0M+3.2%	$102.7M+4.9%	$97.9M+2.5%	$95.5M-0.7%	$96.2M+6.7%	$90.2M+0.8%	$89.5M
R&D Expenses	$32.8M+9.3%	$30.0M+2.4%	$29.3M-0.7%	$29.5M-8.4%	$32.2M+1.9%	$31.6M-6.2%	$33.7M-2.6%	$34.6M
SG&A Expenses	$38.4M+58.7%	$24.2M-2.8%	$24.9M-7.4%	$26.9M+0.4%	$26.8M-1.8%	$27.3M-7.8%	$29.6M+18.4%	$25.0M
Operating Income	-$32.3M-107.1%	-$15.6M-3.3%	-$15.1M-4.9%	-$14.4M+52.8%	-$30.5M-40.6%	-$21.7M+30.4%	-$31.2M-4.7%	-$29.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$2.0M+150.0%	$800K0.0%	$800K-46.7%	$1.5M+165.2%	-$2.3M-253.3%	$1.5M+50.0%	$1.0M+25.0%	$800K
Net Income	-$26.8M-211.6%	-$8.6M-10.3%	-$7.8M0.0%	-$7.8M+63.9%	-$21.6M-57.7%	-$13.7M+40.2%	-$22.9M-7.5%	-$21.3M
EPS (Diluted)	N/A	$-0.050.0%	$-0.050.0%	$-0.05	N/A	$-0.09+40.0%	$-0.15-7.1%	$-0.14

COUR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.0B+7.5%	$930.3M+1.1%	$920.5M-2.9%	$947.6M-1.2%	$958.9M+129.6%	$417.6M
Current Assets	$898.1M+8.1%	$830.7M-0.2%	$832.5M-5.0%	$876.0M-1.8%	$892.3M+151.3%	$355.1M
Cash & Equivalents	$792.6M+9.2%	$726.1M+10.6%	$656.3M+104.6%	$320.8M-44.7%	$580.7M+626.9%	$79.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$65.4M+9.5%	$59.7M-11.4%	$67.4M+25.5%	$53.7M+56.2%	$34.4M-15.5%	$40.7M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$364.3M+9.4%	$332.9M+9.4%	$304.3M+20.3%	$253.0M+16.4%	$217.4M-66.0%	$639.4M
Current Liabilities	$357.9M+9.3%	$327.5M+9.8%	$298.3M+23.0%	$242.4M+20.5%	$201.1M+30.9%	$153.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$635.7M+6.4%	$597.4M-3.1%	$616.2M-11.3%	$694.6M-6.3%	$741.5M+434.3%	-$221.8M
Retained Earnings	-$911.2M-5.9%	-$860.2M-10.2%	-$780.7M-17.6%	-$664.1M-35.9%	-$488.8M-42.3%	-$343.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.0B+0.5%	$995.3M+1.6%	$979.9M+3.0%	$951.2M+2.2%	$930.3M+1.8%	$914.1M+1.1%	$904.4M-1.3%	$916.3M
Current Assets	$898.1M+0.1%	$897.3M+1.7%	$881.9M+3.3%	$854.0M+2.8%	$830.7M+1.2%	$821.2M+0.1%	$820.7M-1.5%	$833.2M
Cash & Equivalents	$792.6M-0.6%	$797.7M+2.9%	$775.1M+3.6%	$748.0M+3.0%	$726.1M+0.9%	$719.4M+1.5%	$708.8M-2.3%	$725.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$65.4M+11.4%	$58.7M-12.6%	$67.2M+12.2%	$59.9M+0.3%	$59.7M+25.5%	$47.6M-17.6%	$57.7M-0.9%	$58.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$364.3M+2.4%	$355.8M+0.8%	$352.9M+3.6%	$340.7M+2.3%	$332.9M+3.8%	$320.9M+0.5%	$319.2M+3.9%	$307.2M
Current Liabilities	$357.9M+2.4%	$349.5M+1.0%	$346.2M+3.5%	$334.5M+2.1%	$327.5M+4.0%	$314.8M-0.3%	$315.9M+4.4%	$302.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$635.7M-0.6%	$639.5M+2.0%	$627.0M+2.7%	$610.5M+2.2%	$597.4M+0.7%	$593.3M+1.4%	$585.2M-3.9%	$609.1M
Retained Earnings	-$911.2M-3.0%	-$884.4M-1.0%	-$875.8M-0.9%	-$868.0M-0.9%	-$860.2M-2.6%	-$838.6M-1.7%	-$824.9M-2.9%	-$801.9M

COUR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$108.7M+13.9%	$95.4M+221.2%	$29.7M+178.1%	-$38.1M-2279.3%	$1.7M+111.6%	-$15.0M
Capital Expenditures	$1.5M-6.3%	$1.6M+45.5%	$1.1M-30.3%	$1.6M+1.5%	$1.6M-49.9%	$3.1M
Free Cash Flow	$107.2M+14.3%	$93.8M+228.0%	$28.6M+172.2%	-$39.6M-20740.1%	$192K+101.1%	-$18.1M
Investing Cash Flow	-$30.2M-201.0%	$29.9M-92.2%	$384.8M+264.4%	-$234.0M-353.5%	-$51.6M+49.1%	-$101.4M
Financing Cash Flow	-$13.5M+75.5%	-$55.0M+30.6%	-$79.3M-748.2%	$12.2M-97.8%	$550.2M+295.8%	$139.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$36.7M-37.3%	$58.5M	$0	$0	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$5.8M-82.9%	$33.9M-4.5%	$35.5M+6.0%	$33.5M+74.5%	$19.2M-31.2%	$27.9M+17.2%	$23.8M-2.9%	$24.5M
Capital Expenditures	$400K+100.0%	$200K-50.0%	$400K-20.0%	$500K-54.5%	$1.1M+450.0%	$200K0.0%	$200K+100.0%	$100K
Free Cash Flow	$5.4M-84.0%	$33.7M-4.0%	$35.1M+6.4%	$33.0M+82.3%	$18.1M-34.7%	$27.7M+17.4%	$23.6M-3.3%	$24.4M
Investing Cash Flow	-$7.8M-6.8%	-$7.3M-5.8%	-$6.9M+15.9%	-$8.2M+30.5%	-$11.8M-6.3%	-$11.1M-63.2%	-$6.8M-111.4%	$59.6M
Financing Cash Flow	-$3.1M+20.5%	-$3.9M-160.0%	-$1.5M+70.0%	-$5.0M-614.3%	-$700K+87.5%	-$5.6M+83.4%	-$33.7M-124.7%	-$15.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0	$0	$0	$0	$0-100.0%	$31.1M+455.4%	$5.6M

COUR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	54.6%+1.1pp	53.5%+1.6pp	51.9%-11.4pp	63.3%+3.2pp	60.1%+7.4pp	52.7%
Operating Margin	-10.2%+6.1pp	-16.3%+6.6pp	-22.9%+11.0pp	-33.9%+0.6pp	-34.4%-11.8pp	-22.7%
Net Margin	-6.7%+4.7pp	-11.4%+6.9pp	-18.3%+15.1pp	-33.5%+1.5pp	-35.0%-12.2pp	-22.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-5.1%+3.5pp	-8.6%+4.1pp	-12.7%+5.8pp	-18.5%-3.4pp	-15.1%+0.9pp	-16.0%
Current Ratio	2.51-0.0	2.54-0.3	2.79-0.8	3.61-0.8	4.44+2.1	2.31
Debt-to-Equity	0.57+0.0	0.56+0.1	0.49+0.1	0.36+0.1	0.29+3.2	-2.88
FCF Margin	14.1%+0.6pp	13.5%+9.0pp	4.5%+12.1pp	-7.6%-7.6pp	0.1%+6.2pp	-6.2%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	54.2%-0.3pp	54.6%-0.3pp	54.9%+0.3pp	54.6%+1.3pp	53.3%-1.3pp	54.6%+1.7pp	53.0%+0.0pp	52.9%
Operating Margin	-16.4%-8.4pp	-8.0%+0.0pp	-8.1%-0.0pp	-8.0%+9.0pp	-17.0%-4.7pp	-12.3%+6.0pp	-18.3%-0.7pp	-17.6%
Net Margin	-13.6%-9.2pp	-4.4%-0.3pp	-4.2%+0.2pp	-4.3%+7.7pp	-12.0%-4.3pp	-7.8%+5.7pp	-13.5%-0.9pp	-12.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.7%-1.8pp	-0.9%-0.1pp	-0.8%+0.0pp	-0.8%+1.5pp	-2.3%-0.8pp	-1.5%+1.0pp	-2.5%-0.2pp	-2.3%
Current Ratio	2.51-0.1	2.57+0.0	2.550.0	2.55+0.0	2.54-0.1	2.61+0.0	2.60-0.2	2.75
Debt-to-Equity	0.57+0.0	0.560.0	0.560.0	0.560.0	0.56+0.0	0.540.0	0.55+0.0	0.50
FCF Margin	2.7%-14.6pp	17.3%-1.4pp	18.8%+0.4pp	18.4%+8.3pp	10.1%-5.6pp	15.7%+1.9pp	13.9%-0.6pp	14.4%

Similar Companies

Universal Technical Institute UTI

$1.9B

Afya Limited AFYA

$1.2B

Udemy, Inc. UDMY

$682.0M

Youdao, Inc. DAO

$1.2B

KINDERCARE LEARNING COMPANIES KLC

$402.3M

Frequently Asked Questions

What is Coursera Inc's annual revenue?

Coursera Inc (COUR) reported $757.5M in total revenue for fiscal year 2025. This represents a 9.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Coursera Inc's revenue growing?

Coursera Inc (COUR) revenue grew by 9% year-over-year, from $694.7M to $757.5M in fiscal year 2025.

Is Coursera Inc profitable?

No, Coursera Inc (COUR) reported a net income of -$51.0M in fiscal year 2025, with a net profit margin of -6.7%.

What is Coursera Inc's earnings per share (EPS)?

Coursera Inc (COUR) reported diluted earnings per share of $-0.31 for fiscal year 2025. This represents a 39.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Coursera Inc's EBITDA?

Coursera Inc (COUR) had EBITDA of -$48.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Coursera Inc's gross margin?

Coursera Inc (COUR) had a gross margin of 54.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Coursera Inc's operating margin?

Coursera Inc (COUR) had an operating margin of -10.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Coursera Inc's net profit margin?

Coursera Inc (COUR) had a net profit margin of -6.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Coursera Inc's free cash flow?

Coursera Inc (COUR) generated $107.2M in free cash flow during fiscal year 2025. This represents a 14.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Coursera Inc's operating cash flow?

Coursera Inc (COUR) generated $108.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Coursera Inc's total assets?

Coursera Inc (COUR) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Coursera Inc's capital expenditures?

Coursera Inc (COUR) invested $1.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Coursera Inc spend on research and development?

Coursera Inc (COUR) invested $121.6M in research and development during fiscal year 2025.

How many shares does Coursera Inc have outstanding?

Coursera Inc (COUR) had 168M shares outstanding as of fiscal year 2025.

What is Coursera Inc's current ratio?

Coursera Inc (COUR) had a current ratio of 2.51 as of fiscal year 2025, which is generally considered healthy.

What is Coursera Inc's debt-to-equity ratio?

Coursera Inc (COUR) had a debt-to-equity ratio of 0.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Coursera Inc's return on assets (ROA)?

Coursera Inc (COUR) had a return on assets of -5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Coursera Inc's Piotroski F-Score?

Coursera Inc (COUR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Coursera Inc's earnings high quality?

Coursera Inc (COUR) has an earnings quality ratio of -2.13x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Coursera Inc?

Coursera Inc (COUR) scores 59 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.