Coursera (COUR) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 revenue of $197M (up 10% YoY) and full-year revenue of $757.5M (up 9% YoY), with Consumer segment revenue up 12% YoY.

• Record free cash flow of $78.5M in 2025, up 32% YoY, and net cash from operations of $109M.

• Adjusted EBITDA margin expanded by 240 bps YoY to 8.4%, with Adjusted EBITDA of $63.5M, up 53% YoY.

• Announced definitive merger agreement with Udemy in December 2025, pending regulatory and shareholder approval.

• Added 29M new registered learners in 2025 (up 17% YoY), reaching 197M total learners.

Financial highlights

• Q4 revenue: $197M, up 10% YoY; gross profit: $109M (55% margin, up 90 bps YoY).

• Full-year net income: $67M (8.8% of revenue); Non-GAAP net income: $66.8M, up 20% YoY.

• GAAP net loss for 2025 was $51M, a 36% improvement YoY.

• Ended 2025 with $793M in cash and no debt.

• Free cash flow of $78.5M in 2025, despite $3.8M in M&A-related cash payments.

Outlook and guidance

• Q1 2026 revenue expected at $193M–$197M; Adjusted EBITDA $11M–$15M.

• Full-year 2026 revenue guidance: $805M–$815M; Adjusted EBITDA $70M–$76M (approx. 9% margin).

• Consumer segment expected to grow >10% YoY; Enterprise segment growth in low single digits.

• Platform Fee to gradually benefit gross margin, with more impact in H2 2026 and Enterprise margin improvement in 2027.

• Anticipated $14M in Q1 2026 cash payments related to the Udemy transaction.