Coursera, Inc. · NYSE:COUR
Coursera — Q3 2026 Earnings Presentation
29 slides from Coursera's earnings presentation, Oct 29, 2026
Slide 1: Shareholder Letter Q3 2026
coursera Shareholder Letter Q3 2026
Slide 2: Results Summary
Results Summary Q3 2026 Key Financial Measures Revenue $376.7M ↑ 94% Y/Y | ↓ (3)% Y/Y normalized Net income (loss) 1 $(25.6)M ↓ (198)% Y/Y (6.8)% Net loss margin, ↓ (240) bps Y/Y Adjusted EBITDA $61.5M ↑ 294% Y/Y 16.3% Adjusted EBITDA Margin, ↑ 830 bps Y/Y Net cash provided by operating activities 2
Slide 3: To our shareholders
To our shareholders, Q3 was our first full quarter as a combined company, giving us a clearer view of our progress and the work ahead. We reported revenue of $376.7 million, an increase of 94% year over year driven by the post-close inclusion of Udemy's operating results. On a normalized basis, reve
Slide 4: Advancing our financial commitments with discipline
Advancing our financial commitments with discipline For the fourth quarter, we expect revenue of $358 million to $366 million and Adjusted EBITDA of $55 million to $59 million, achieving our approximately 16% Q4 margin target. We are narrowing our full year 2026 revenue outlook within the prior rang
Slide 5: Platform innovation
Platform innovation As AI changes work and makes information more abundant, customers need trusted ways to build skills and verify that people can apply them. Project Helix, which we previewed at our FWD customer event in September, is being designed around that need. Drawing on the combined strengt
Slide 6: Previewed Project Helix
SPOTLIGHT Previewed Project Helix A New AI-Native Platform Connecting Skills Discovery and Personalized Learning to Verified Capability and Business Outcomes Targeting broad Enterprise availability in the first half of 2027
Slide 7: Ecosystem expansion
Ecosystem expansion Our unified platform is only as strong as the ecosystem behind it. As AI makes access to information more abundant, we believe trusted expertise becomes more essential. Our opportunity is to connect that expertise to the skills customers need, the context in which people work, an
Slide 8: Content engine
Content engine Our content strategy brings together the responsiveness of expert practitioners and the depth of university and industry expertise to address changing skill needs. Our 2026 Global Skills Report draws for the first time on learning signals from the combined Coursera and Udemy ecosystem
Slide 9: Q3 2026 financial results
Q3 2026 financial results $376.7M $(25.6)M 1 $61.5M Revenue Net loss Adjusted EBITDA ↑ 94% Y/Y | ↓ (3)% Y/Y normalized ↓ (17.0)M Y/Y 1 ↑ 294% Y/Y (6.8)% Net loss margin 1 16.3% Adjusted EBITDA Margin ↓(240) bps Y/Y 1 ↑ 830 bps Y/Y $15.5M 2 $4.6M 2 Net cash provided by operating Free Cash Flow activi
Slide 10: Gross profit and Operating expenses
Gross profit GAAP gross profit was $220.1 million, or 58.4% of revenue, up 380 basis points from the prior year period. Non-GAAP gross profit was $240.0 million, or 63.7% of revenue, up 810 basis points year over year as reported. The expansion reflects the contribution of Udemy’s higher-margin Ente
Slide 11: Net income (loss) and Adjusted EBITDA
Net income (loss) GAAP net loss was $(25.6) million, or (6.8)% of revenue, including $30.8 million of merger, integration, and restructuring related costs and $25.1 million of amortization of acquired intangible assets. Non-GAAP net income was $57.1 million, or 15.2% of revenue, reflecting higher gr
Slide 12: Cash flow and Capital allocation
Cash flow Net cash provided by operating activities was $15.5 million, and Free Cash Flow was $4.6 million. These results included approximately $28 million of cash payments related to merger, integration, and restructuring related costs, largely consistent with the one-time cash expenses outlined i
Slide 13: Operating segments
Operating segments We deliver skills development for individuals and organizations through two complementary platforms, Coursera and Udemy, which together serve a global ecosystem of learners, customers, instructors, and partners. As outlined during our supplemental post-merger modeling call in June
Slide 14: Enterprise performance and Consumer performance
Enterprise performance Enterprise revenue of $200.9 million was up 214% year over year as reported, reflecting the inclusion of Udemy, and up 2% on a normalized basis. Enterprise remains our most durable revenue source, supported by multi-year contracts even as growth moderates. We ended the quarter
Slide 15: Outlook
Outlook Our guidance is presented on an as-reported basis and incorporates Udemy’s operating results following the May 11, 2026 transaction close. Where noted, normalized figures include Udemy’s pre-close results and are provided solely for illustrative comparability. Q4 2026 Full year 2026 $358M to
Slide 16: Directional preview for full year 2027
Directional preview for full year 2027 Consistent with our usual cadence, we are not providing formal 2027 guidance at this time and expect to do so on our Q4 call, after completing our annual planning process. With integration progressing faster than planned and Project Helix beginning to roll out
Slide 17: Conference call details, Disclosure information, About Coursera
Conference call details As previously announced, Coursera will hold a conference call to discuss its third quarter 2026 performance today, October 29, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live, audio-only webcast of the conference call and earnings release materials will be av
Slide 18: Key business metrics
Key business metrics Combined metrics of Coursera and Udemy Unified reporting methodology Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net Retention Rate 95 % 93 % 94 % 93 % 91 % 93 % Enterprise Customers 12,325 12,338 12,312 12,214 12,107 11,897 Paid Subscribers (in thousands) 1,152 1,299 1,351 1,529 1,655
Slide 19: Non-GAAP financial measures
Non-GAAP financial measures In addition to financial information presented in accordance with GAAP, this document includes non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expenses, non-GAAP net income, non-GAAP net income per share, Adjusted EBITDA, Adjusted EBITDA Margin, an
Slide 20: Forward-looking statements
Forward-looking statements This document contains forward-looking statements that involve substantial risks and uncertainties. Any statements contained in this document that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward
Slide 21: Appendix
Appendix
Slide 22: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in millions, except per share amounts) Three Months Ended September 30, 2026 2025 Revenue $ 376.7 $ 194.2 Cost of revenue(1) 156.6 88.2 Gross profit 220.1 106.0 Operating expenses: Research and development(1) 52.1 30.0 Sales and marketing(1)
Slide 23: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) September 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 670.6 $ 792.6 Marketable securities 104.9 — Accounts receivable, net 140.0 65.4 Deferred costs, net 32.2 19.6 Prepaid expenses and other current asset
Slide 24: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Nine Months Ended September 30, 2026 2025 Cash flows from operating activities: Net loss $ (126.5) $ (24.2) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 64.6 21.8
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Unaudited (dollars in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Gross profit $ 220.1 $ 106.0 $ 502.1 $ 306.6 Amortization of acquired intangible assets 17.0 — 26.5 — Stock-based compensation expense 1.
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Unaudited (In millions, except percentages and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net loss $ (25.6) $ (8.6) $ (126.5) $ (24.2) Merger, integration, and restructuring related costs 30.8
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Unaudited (in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net cash provided by operating activities(3) $ 15.5 $ 33.9 $ 10.3 $ 102.9 Less: capitalized internal-use software costs (7.8) (5.0) (20.8) (13.3)
Slide 28: Supplemental Revenue Data
Supplemental Revenue Data The following table presents revenue disaggregated by product offering for each segment: Unaudited (in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Enterprise: Subscription $ 199.8 $ 63.6 $ 405.2 $ 189.2 Other 1.1 0.3 1.9 0.
Slide 29: coursera
coursera