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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).

Rhea AI COUR FY2025

Revenue growth is steadily outrunning expense growth, turning Coursera into a cash-generating but still GAAP-loss-making platform.

Over three years, operating cash flow swung from -$38.1M to $108.7M even though GAAP earnings stayed negative, which means the business is becoming self-funding before it reaches reported profitability. With capex near maintenance levels, most cash generated is not being re-consumed by the platform itself.

The big improvement is not just top-line growth; operating margin tightened from -22.9% to -10.2% while revenue kept rising, so additional sales are carrying much less incremental overhead. That pattern fits cost discipline and fixed-cost absorption more than a simple gross-margin story, because gross margin improved only modestly.

The balance sheet is still liquidity-heavy: cash of $792.6M is more than twice total liabilities of $364.3M, and no long-term debt is reported. That matters because Coursera's remaining losses look like an earnings-shape issue rather than a near-term financing issue, even with a current ratio that has eased from earlier unusually high levels.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 40 / 100
Financial Profile 40/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Profitability
0

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
49

Coursera Inc's revenue grew 9.0% year-over-year to $757.5M, a solid pace of expansion. This earns a growth score of 49/100.

Leverage
90

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
47

Coursera Inc's current ratio of 2.51 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
55

Coursera Inc has a free cash flow margin of 14.1%, earning a moderate score of 55/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
0

Coursera Inc generates a -8.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -13.3% the prior year.

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

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Earnings & Revenue

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.

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 & Balance Sheet

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.

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.

Margins & Returns

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
-8.0%
YoY+5.3pp

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

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
$0
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 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 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 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 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 -4.2%-2.9pp -1.3%-0.1pp -1.2%+0.0pp -1.3%+2.3pp -3.6%-1.3pp -2.3%+1.6pp -3.9%-0.4pp -3.5%
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%

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Frequently Asked Questions

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.

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

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

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.

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

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.

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.

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.

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.

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.

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

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

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

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

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

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

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.

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.

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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

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.

Coursera Inc (COUR) scores 40 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.

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