Here are the 10-K annual reports from Coursera, Inc. (COUR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow COUR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full COUR filings page.
Coursera, Inc. filed an amended annual report to update Part III with detailed information on directors, executive officers, governance, and executive compensation for 2025, plus refreshed cover-page data, including 169.3 million shares outstanding and a non-affiliate market value of about $1.2 billion.
The company highlights a strategy shift under new CEO Gregory Hart, including reorganizing into Consumer and Enterprise segments and agreeing to acquire Udemy via a merger. For 2025, Coursera reports revenue of $757 million, Consumer revenue of $502 million, Adjusted EBITDA of $63 million (8.4% margin), and a net loss of $51.0 million.
Operating cash flow reached $108 million and free cash flow $78 million, both growing double digits year over year. Executive pay programs were redesigned to emphasize pay-for-performance, with 2025 bonuses paying out at 106.3% of target and performance stock units paying out at 110.66% of target based on revenue. Beginning in 2026, performance-based equity rises to 50% of executive awards, and the new CEO’s package is 99% variable, heavily weighted to options and performance-based stock options tied to ambitious stock-price thresholds.
Coursera, Inc. describes a large, fast-growing online learning platform anchored by its mission to provide universal access to world-class education. As of December 31, 2025, it served approximately 197 million registered learners across more than 230 countries and territories.
The company distributes content from over 200 universities and 175 industry partners, offering more than 17,000 courses, projects, Specializations, certificates, and 50+ fully online degrees. Its model spans direct-to-consumer offerings, the Coursera Plus subscription, and an Enterprise business with over 1,700 paid customers using Coursera for Business, Campus, and Government.
Coursersa highlights extensive use of AI across the platform, including Course Builder, Coach, Role Play, Skills Tracks, and multilingual translations, and notes that about 49% of 2025 revenue came from learners outside the U.S. The filing also outlines a pending stock-for-stock merger with Udemy, Inc., where each Udemy share is expected to convert into 0.800 Coursera share, subject to shareholder and regulatory approvals and a potential $40.5 million termination fee.