Coursera (COUR) investor relations material

Executive summary

• Q3 2025 revenue reached $194.2 million, up 10% year-over-year, led by 13% growth in the Consumer segment and 6% in Enterprise, with 7.7 million new registered learners and 1,724 paid enterprise customers.

• Coursera Plus now represents over half of consumer segment revenue, driving predictable recurring revenue.

• Net loss narrowed to $8.6 million from $13.7 million a year ago; adjusted EBITDA was $16 million (8% of revenue), and free cash flow for Q3 was $27 million, up 59% year-over-year.

• Raised full-year 2025 revenue guidance to $750–$754 million (8–9% growth), doubling the growth rate projected in April.

• Leadership changes included a new CEO in February 2025 and a CFO transition in October 2025.

Financial highlights

• Q3 gross profit was $108 million (non-GAAP), up 10% year-over-year, with a 56% gross margin; GAAP gross profit was $106 million.

• Net income was $17 million (8.6% of revenue); adjusted EBITDA was $16 million (8% of revenue).

• Net cash from operating activities was $34 million for Q3 and $102.9 million for the nine months ended September 30, 2025.

• Free cash flow for the nine months was $80.5 million, up from $51.9 million a year ago.

• Consumer segment revenue grew 13% to $130.3 million; Enterprise segment revenue rose 6% to $63.9 million.

Outlook and guidance

• Q4 2025 revenue expected between $189–$193 million, representing 5–8% year-over-year growth.

• Full-year 2025 revenue guidance raised to $750–$754 million (8–9% growth); adjusted EBITDA margin target improved to 8%.

• Annual adjusted EBITDA margin improvement targeted at 200 basis points.

• Management expects continued growth in both Consumer and Enterprise segments, focusing on product innovation, international expansion, and AI-powered features.

• The company believes existing cash and cash equivalents, along with expected cash flows, are sufficient to meet operational needs for at least the next 12 months.