Coursera (COUR) investor relations material

Executive summary

• Completed an all-stock merger with Udemy on May 11, 2026, integrating Udemy as a wholly owned subsidiary and including its results from the closing date forward.

• Q2 2026 revenue reached $299 million, up 60% year-over-year, reflecting Udemy's inclusion and strong enterprise growth.

• Announced a $100 million strategic investment in Learn Vector, an AI-native learning company led by Andrew Ng, to accelerate AI-driven personalized learning.

• Integration is progressing ahead of schedule, with $85 million in annual run rate net synergies expected by year-end 2026.

• Initiated a workforce reduction plan in July 2026 to align cost structure and operational priorities, expecting $9–$11 million in related expenses.

Financial highlights

• Q2 gross profit was $186 million (non-GAAP), up 77% year-over-year; gross margin expanded to 62% (non-GAAP), up 620 basis points.

• GAAP gross profit was $173.4 million, with a gross margin of 58.1%.

• Net income (non-GAAP) was $40.4 million; GAAP net loss was $80.4 million (net loss margin of 26.9%).

• Adjusted EBITDA was $42.7 million (14.3% margin), up from $18.0 million (9.6% margin) YoY.

• Ended Q2 with $982 million in unrestricted cash equivalents and marketable securities, and no debt.

• Repurchased $90 million of shares in Q2; total repurchases under $500 million authorization now $140 million.

Outlook and guidance

• Raised full-year 2026 revenue outlook to $1.22–$1.245 billion, up from June guidance.

• Targeting full-year adjusted EBITDA margin of ~14%, up 100 basis points from prior guidance; Q4 margin expected to exceed 16%.

• Q3 2026 revenue guidance: $364–$372 million; adjusted EBITDA: $52–$56 million.

• Guidance reflects Udemy integration and partial realization of synergies in 2026.