Coursera Inc Financials
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).
Coursera’s asset-light model is turning revenue growth into cash faster than its remaining accounting losses imply.
From FY2023 to FY2025, free cash flow rose from$28.6M to$107.2M even while net income stayed negative, because capex stayed minimal and operating losses narrowed. That cash-before-profit pattern means the business now looks more constrained by expense structure than by heavy reinvestment needs.
The margin story looks more like fixed-cost absorption and cost discipline than simple price-led expansion: gross margin reached
The balance sheet is acting as a strategic buffer, not a funding emergency: cash climbed to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Coursera Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Coursera Inc has an operating margin of -10.2%, meaning the company retains $-10 of operating profit per $100 of revenue. This results in a moderate score of 31/100, indicating healthy but not exceptional operating efficiency. This is up from -16.3% the prior year.
Coursera Inc's revenue grew 9.0% year-over-year to $757.5M, a solid pace of expansion. This earns a growth score of 63/100.
Coursera Inc has a moderate D/E ratio of 0.57. This balance of debt and equity financing earns a leverage score of 57/100.
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 69/100.
Coursera Inc converts 14.1% of revenue into free cash flow ($107.2M). This strong cash generation earns a score of 73/100.
Coursera Inc's ROE of -8.0% shows moderate profitability relative to equity, earning a score of 35/100. This is up from -13.3% the prior year.
Coursera Inc scores 2.75, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($364.3M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Coursera Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
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
Earnings & Revenue
Coursera Inc generated $757.5M in revenue in fiscal year 2025. This represents an increase of 9.0% from the prior year.
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.
Coursera Inc reported -$51.0M in net income in fiscal year 2025. This represents an increase of 35.8% from the prior year.
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 & Balance Sheet
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.
Coursera Inc held $792.6M in cash against $0 in long-term debt as of fiscal year 2025.
Coursera Inc had 168M shares outstanding in fiscal year 2025. This represents an increase of 5.0% from the prior year.
Margins & Returns
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.
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.
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.
Coursera Inc's ROE was -8.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.3 percentage points from the prior year.
Capital Allocation
Coursera Inc invested $121.6M in research and development in fiscal year 2025. This represents a decrease of 7.9% from the prior year.
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.
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 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $298.6M+52.6% | $195.7M-0.6% | $196.9M+1.4% | $194.2M+3.8% | $187.1M+4.4% | $179.3M+0.1% | $179.2M+1.8% | $176.1M |
| Cost of Revenue | $125.2M+43.7% | $87.1M-3.3% | $90.1M+2.2% | $88.2M+4.5% | $84.4M+3.7% | $81.4M-2.7% | $83.7M+4.8% | $79.9M |
| Gross Profit | $173.4M+59.7% | $108.6M+1.7% | $106.8M+0.8% | $106.0M+3.2% | $102.7M+4.9% | $97.9M+2.5% | $95.5M-0.7% | $96.2M |
| R&D Expenses | $43.7M+39.6% | $31.3M-4.6% | $32.8M+9.3% | $30.0M+2.4% | $29.3M-0.7% | $29.5M-8.4% | $32.2M+1.9% | $31.6M |
| SG&A Expenses | $30.6M-8.1% | $33.3M-13.3% | $38.4M+58.7% | $24.2M-2.8% | $24.9M-7.4% | $26.9M+0.4% | $26.8M-1.8% | $27.3M |
| Operating Income | -$84.7M-234.8% | -$25.3M+21.7% | -$32.3M-107.1% | -$15.6M-3.3% | -$15.1M-4.9% | -$14.4M+52.8% | -$30.5M-40.6% | -$21.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $2.1M+50.0% | $1.4M-30.0% | $2.0M+150.0% | $800K0.0% | $800K-46.7% | $1.5M+165.2% | -$2.3M-253.3% | $1.5M |
| Net Income | -$80.4M-292.2% | -$20.5M+23.5% | -$26.8M-211.6% | -$8.6M-10.3% | -$7.8M0.0% | -$7.8M+63.9% | -$21.6M-57.7% | -$13.7M |
| EPS (Diluted) | $-0.34-183.3% | $-0.12 | N/A | $-0.050.0% | $-0.050.0% | $-0.05 | N/A | $-0.09 |
COUR Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.9B+94.7% | $1.0B+0.1% | $1.0B+0.5% | $995.3M+1.6% | $979.9M+3.0% | $951.2M+2.2% | $930.3M+1.8% | $914.1M |
| Current Assets | $1.2B+36.7% | $893.4M-0.5% | $898.1M+0.1% | $897.3M+1.7% | $881.9M+3.3% | $854.0M+2.8% | $830.7M+1.2% | $821.2M |
| Cash & Equivalents | $871.7M+10.4% | $789.8M-0.4% | $792.6M-0.6% | $797.7M+2.9% | $775.1M+3.6% | $748.0M+3.0% | $726.1M+0.9% | $719.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $158.8M+164.7% | $60.0M-8.3% | $65.4M+11.4% | $58.7M-12.6% | $67.2M+12.2% | $59.9M+0.3% | $59.7M+25.5% | $47.6M |
| Goodwill | $182.7M | N/A | $0 | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $780.8M+111.8% | $368.7M+1.2% | $364.3M+2.4% | $355.8M+0.8% | $352.9M+3.6% | $340.7M+2.3% | $332.9M+3.8% | $320.9M |
| Current Liabilities | $768.1M+111.9% | $362.4M+1.3% | $357.9M+2.4% | $349.5M+1.0% | $346.2M+3.5% | $334.5M+2.1% | $327.5M+4.0% | $314.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.2B+84.7% | $631.8M-0.6% | $635.7M-0.6% | $639.5M+2.0% | $627.0M+2.7% | $610.5M+2.2% | $597.4M+0.7% | $593.3M |
| Retained Earnings | -$1.0B-8.6% | -$931.7M-2.2% | -$911.2M-3.0% | -$884.4M-1.0% | -$875.8M-0.9% | -$868.0M-0.9% | -$860.2M-2.6% | -$838.6M |
COUR Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.8M-235.6% | $14.6M+151.7% | $5.8M-82.9% | $33.9M-4.5% | $35.5M+6.0% | $33.5M+74.5% | $19.2M-31.2% | $27.9M |
| Capital Expenditures | $300K+50.0% | $200K-50.0% | $400K+100.0% | $200K-50.0% | $400K-20.0% | $500K-54.5% | $1.1M+450.0% | $200K |
| Free Cash Flow | -$20.1M-239.6% | $14.4M+166.7% | $5.4M-84.0% | $33.7M-4.0% | $35.1M+6.4% | $33.0M+82.3% | $18.1M-34.7% | $27.7M |
| Investing Cash Flow | $200.1M+1825.0% | -$11.6M-48.7% | -$7.8M-6.8% | -$7.3M-5.8% | -$6.9M+15.9% | -$8.2M+30.5% | -$11.8M-6.3% | -$11.1M |
| Financing Cash Flow | -$96.7M-1596.5% | -$5.7M-83.9% | -$3.1M+20.5% | -$3.9M-160.0% | -$1.5M+70.0% | -$5.0M-614.3% | -$700K+87.5% | -$5.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | $0 | $0 | $0 | $0 | $0 | $0 |
COUR Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.1%+2.6pp | 55.5%+1.2pp | 54.2%-0.3pp | 54.6%-0.3pp | 54.9%+0.3pp | 54.6%+1.3pp | 53.3%-1.3pp | 54.6% |
| Operating Margin | -28.4%-15.4pp | -12.9%+3.5pp | -16.4%-8.4pp | -8.0%+0.0pp | -8.1%-0.0pp | -8.0%+9.0pp | -17.0%-4.7pp | -12.3% |
| Net Margin | -26.9%-16.4pp | -10.5%+3.1pp | -13.6%-9.2pp | -4.4%-0.3pp | -4.2%+0.2pp | -4.3%+7.7pp | -12.0%-4.3pp | -7.8% |
| Return on Equity | -6.9%-3.7pp | -3.2%+1.0pp | -4.2%-2.9pp | -1.3%-0.1pp | -1.2%+0.0pp | -1.3%+2.3pp | -3.6%-1.3pp | -2.3% |
| Return on Assets | -4.1%-2.1pp | -2.1%+0.6pp | -2.7%-1.8pp | -0.9%-0.1pp | -0.8%+0.0pp | -0.8%+1.5pp | -2.3%-0.8pp | -1.5% |
| Current Ratio | 1.59-0.9 | 2.47-0.0 | 2.51-0.1 | 2.57+0.0 | 2.550.0 | 2.55+0.0 | 2.54-0.1 | 2.61 |
| Debt-to-Equity | 0.67+0.1 | 0.58+0.0 | 0.57+0.0 | 0.560.0 | 0.560.0 | 0.560.0 | 0.56+0.0 | 0.54 |
| FCF Margin | -6.7%-14.1pp | 7.4%+4.6pp | 2.7%-14.6pp | 17.3%-1.4pp | 18.8%+0.4pp | 18.4%+8.3pp | 10.1%-5.6pp | 15.7% |
Similar Companies
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 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 return on equity (ROE)?
Coursera Inc (COUR) has a return on equity of -8.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
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.
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 Altman Z-Score?
Coursera Inc (COUR) has an Altman Z-Score of 2.75, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Coursera Inc's Piotroski F-Score?
Coursera Inc (COUR) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 55 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.