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Dec 31, 2025
Coursera Q4 2025 Earnings Report
Coursera reported strong fourth quarter and full year 2025 financial results, with revenue growth and expanded operating leverage, driven by consumer segment performance and strategic initiatives.
Key Takeaways
Coursera closed 2025 with strong execution, delivering $757 million in revenue for the full year and expanding operating leverage. Fourth quarter revenue reached $197 million, a 10% increase year-over-year, primarily driven by a 12% growth in the Consumer segment. The company also announced a definitive merger agreement with Udemy to broaden its reach and enhance its platform capabilities.
Fourth quarter revenue increased by 10% year-over-year to $196.9 million, exceeding previous year's $179.2 million.
Full year 2025 revenue reached $757.5 million, up 9% from the prior year, demonstrating consistent growth.
Net cash provided by operating activities for the full year was $108.7 million, a 14% increase from $95.4 million in 2024.
Coursera announced a definitive merger agreement with Udemy, aiming to combine strengths and transform the global workforce's skill development.
Revenue by Segment
Forward Guidance
Coursera provided financial outlook for the first quarter and full year 2026 on a standalone basis, anticipating continued revenue growth and improved Adjusted EBITDA margins.
Positive Outlook
- First quarter 2026 revenue is projected to be between $193 million and $197 million.
- First quarter 2026 Adjusted EBITDA is expected to be in the range of $11 million to $15 million.
- Full year 2026 revenue guidance is set between $805 million and $815 million.
- Full year 2026 Adjusted EBITDA is projected to be between $70 million and $76 million.
- Adjusted EBITDA Margin target for full year 2026 is approximately 9.0% at the midpoint of the guidance range.
Challenges Ahead
- The financial outlook is provided on a standalone basis and actual results may differ materially due to various factors.
- Reconciliation of non-GAAP guidance measures to GAAP is not available without unreasonable effort due to uncertainty regarding future expenses.
- Stock-based compensation expense and related charges are difficult to predict and subject to constant change.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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