Operational efficiency is improving, evidenced by free cash flow margins that reached 18.8% in 2025Q2, supported by a minimal capital intensity reflected in a CapEx/Revenue ratio of just 0.1% in 2026Q1.
| Cash from Operations | 89.8M | 108.7M | 95.36M | 29.64M | -38.05M | 1.75M | -14.99M | -21.33M |
| Operating CF Margin % | - | 14.35% | 13.73% | 4.66% | -7.27% | 0.42% | -5.11% | -11.57% |
| Operating CF Growth % | -55.65% | 13.99% | 221.74% | 177.89% | -2279.32% | 111.65% | 29.73% | - |
| Net Income | -63.7M | -51M | -79.53M | -116.55M | -175.36M | -145.22M | -66.81M | -46.72M |
| Depreciation & Amortization | 29.2M | 28.8M | 25.08M | 22.27M | 18.5M | 14.76M | 9.59M | 5.28M |
| Stock-Based Compensation | 67.1M | 95.1M | 108.08M | 109.57M | 110.78M | 91.18M | 16.81M | 16.32M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 501K | -1K | -1.12M |
| Other Non-Cash Items | 34.7M | 3.4M | 2.78M | -9.25M | 6.32M | -448K | 86K | 38K |
| Working Capital Changes | 22.5M | 32.4M | 38.95M | 23.61M | 1.7M | 40.97M | 25.35M | 4.87M |
| Change in Receivables | -200K | -5.7M | 7.21M | -14.76M | -20.6M | 5.86M | -24.14M | -6.16M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -6.73M | -15.2M | -7.44M |
| Change in Payables | 11.5M | 8M | -2.32M | 33.97M | 17.89M | 16.32M | 25.65M | 6.62M |
| Cash from Investing | -33.6M | -30.2M | 29.9M | 384.8M | -234.02M | -51.61M | -101.44M | -64.89M |
| Capital Expenditures | -1.2M | -1.5M | -1.58M | -1.15M | -13.88M | -13.64M | -11.92M | -9.93M |
| CapEx % of Revenue | 0.16% | 0.2% | 0.23% | 0.18% | 2.65% | 3.29% | 4.06% | 5.39% |
| Acquisitions | 0 | 0 | 0 | -1.7M | 0 | -12.09M | 8.82M | -3.35M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -32.4M | -28.7M | -34.51M | -18.9M | -1.38M | 10.9M | -8.82M | -57.13M |
| Cash from Financing | -14.2M | -13.5M | -54.94M | -79.23M | 12.23M | 550.16M | 139.01M | 113.38M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 18.5M | 14.1M | -36.7M | -58.45M | 17.29M | 525.28M | 139.78M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -36.7M | -58.45M | 0 | 0 | 0 | 0 |
| Other Financing | -32.7M | -27.6M | -18.24M | -20.78M | -5.06M | 24.87M | -769K | 113.38M |
| Net Change in Cash | 42M | 65M | 70.32M | 335.21M | -259.84M | 500.29M | 22.58M | 27.16M |
| Free Cash Flow | 83.8M | 107.2M | 93.78M | 13.24M | -51.93M | -11.9M | -26.91M | -31.27M |
| FCF Margin % | 10.83% | 14.15% | 13.5% | 2.08% | -9.91% | -2.86% | -9.17% | -16.95% |
| FCF Growth % | -3.98% | 14.31% | 608.38% | 125.49% | -336.44% | 55.78% | 13.94% | - |
| FCF per Share | 0.50 | 0.65 | 0.60 | 0.09 | -0.36 | -0.10 | -0.20 | -0.76 |
| FCF Conversion (FCF/Net Income) | -1.32x | -2.13x | -1.20x | -0.25x | 0.22x | -0.01x | 0.22x | 0.46x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 550K | 197K |
| Taxes Paid | 3.5M | 0 | 5.31M | 6.38M | 4.06M | 2.84M | 1.16M | 523K |
Persistent Operating Margin Deficit
As reported in financial statements, Coursera consistently generates positive operating cash flow despite persistent net losses, with the OCF/NI ratio frequently exceeding -4.0 in recent quarters, indicating that non-cash charges like stock-based compensation are the primary drivers of the divergence between accounting and cash reality.
The consistent gap between net income and operating cash flow suggests that the company's reported losses are significantly impacted by non-cash expenses rather than operational cash burn. Investors should monitor whether this conversion quality remains sustainable as the company attempts to scale toward GAAP profitability.
Based on recent quarterly data, Coursera's free cash flow margins have shown a positive trend, peaking at 18.8% in 2025Q2, which suggests that the platform is beginning to capture operating leverage despite the ongoing challenges in achieving consistent bottom-line net income across its diverse business segments.
The trajectory of FCF margins appears to be decoupling from the volatility of net income, implying that the underlying business model is becoming more efficient at converting revenue into cash. This trend warrants further investigation to determine if it is driven by sustainable cost discipline or temporary fluctuations in working capital.
According to recent SEC filings, Coursera maintains an exceptionally low capital intensity, with CapEx/Revenue ratios frequently below 0.3% in recent quarters, demonstrating that the platform's digital-first infrastructure requires minimal ongoing investment to support its global user base and expanding institutional partner network.
The low level of capital expenditure relative to revenue suggests that the company is not burdened by heavy asset maintenance, which preserves cash for strategic growth or operational flexibility. This light asset footprint appears to be a key structural advantage in maintaining a fortress balance sheet.
As indicated by quarterly cash flow data, changes in working capital have been a significant contributor to cash flow variability, with swings as large as $11.6 million in 2025Q3, suggesting that the timing of institutional payments and subscription renewals creates lumpy cash inflows for the business.
The sensitivity of operating cash flow to working capital movements implies that the company's cash position is highly dependent on the efficiency of its collections process. Investors should monitor these fluctuations to distinguish between genuine operational improvements and timing-related shifts in cash receipts.
Based on reported figures, stock-based compensation consistently exceeds $20 million per quarter, a non-cash expense that effectively subsidizes the company's operating cash flow and masks the true economic cost of talent acquisition required to maintain the platform's competitive position in the ed-tech market.
The reliance on stock-based compensation as a primary adjustment to net income suggests that the company's cash flow profile may appear more robust than the underlying operational performance warrants. This practice warrants further investigation into the long-term dilution impact on shareholders versus the actual cash savings achieved.
Quick answers to the most common questions about buying COUR stock.
Coursera, Inc. (COUR) generated $108.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Coursera, Inc. (COUR) generated $107.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Coursera, Inc. (COUR) spent $1.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.