Revenue surged 59.6% year-over-year to $298.6M in Q2 2026, with gross margin expanding to 58.1%, but operating margin deteriorated to -28.4% due to integration costs and elevated SG&A of $134.6M.
Coursera, Inc. (COUR) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 885.4M | 757.5M | 694.67M | 635.76M | 523.76M | 415.29M | 293.51M | 184.41M |
| Revenue Growth % | 22.69% | 9.04% | 9.27% | 21.39% | 26.12% | 41.49% | 59.16% | - |
| Cost of Goods Sold | 390.6M | 344.1M | 323.26M | 305.99M | 192.28M | 165.82M | 138.85M | 89.59M |
| COGS % of Revenue | - | 45.43% | 46.53% | 48.13% | 36.71% | 39.93% | 47.31% | 48.58% |
| Gross Profit | 494.8M | 413.4M | 371.41M | 329.77M | 331.48M | 249.47M | 154.66M | 94.82M |
| Gross Margin % | 55.88% | 54.57% | 53.47% | 51.87% | 63.29% | 60.07% | 52.69% | 51.42% |
| Gross Profit Growth % | - | 11.3% | 12.63% | -0.52% | 32.87% | 61.3% | 63.11% | - |
| Operating Expenses | 652.7M | 491.7M | 484.63M | 475.37M | 508.86M | 392.53M | 221.25M | 143.22M |
| OpEx % of Revenue | - | 64.91% | 69.76% | 74.77% | 97.16% | 94.52% | 75.38% | 77.66% |
| Selling, General & Admin | 435.1M | 370.1M | 343.64M | 321.1M | 333.58M | 257.12M | 144.46M | 86.85M |
| SG&A % of Revenue | - | 48.86% | 49.47% | 50.51% | 63.69% | 61.91% | 49.22% | 47.1% |
| Research & Development | 137.8M | 121.6M | 132.05M | 160.08M | 165.13M | 135.41M | 76.78M | 56.36M |
| R&D % of Revenue | - | 16.05% | 19.01% | 25.18% | 31.53% | 32.61% | 26.16% | 30.56% |
| Other Operating Expenses | 1000K | 0 | 8.94M | -5.81M | 10.15M | -346K | 120K | -264K |
| Operating Income | -157.9M | -78.3M | -113.22M | -145.6M | -177.38M | -143.06M | -66.58M | -48.39M |
| Operating Margin % | -17.83% | -10.34% | -16.3% | -22.9% | -33.87% | -34.45% | -22.68% | -26.24% |
| Operating Income Growth % | - | 30.84% | 22.24% | 17.92% | -23.99% | -114.86% | -37.59% | - |
| EBITDA | -143.6M | -49.5M | -88.14M | -123.33M | -158.88M | -128.31M | -57M | -43.11M |
| EBITDA Margin % | -16.22% | -6.53% | -12.69% | -19.4% | -30.33% | -30.9% | -19.42% | -23.38% |
| EBITDA Growth % | -161.99% | 43.84% | 28.53% | 22.38% | -23.83% | -125.11% | -32.21% | - |
| D&A (Non-Cash Add-back) | 14.3M | 28.8M | 25.08M | 22.27M | 18.5M | 14.76M | 9.59M | 5.28M |
| EBIT | -142.6M | -45.9M | -104.28M | -151.4M | -167.23M | -143.09M | -65.29M | -45.38M |
| Net Interest Income | 31M | 32M | 36.73M | 34.43M | 9.14M | 320K | 1.16M | 2.66M |
| Interest Income | 31M | 32M | 36.73M | 34.43M | 9.14M | 320K | 1.18M | 3.28M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 625K |
| Other Income/Expense | 27.9M | 32.4M | 34.72M | 34.41M | 6.74M | -26K | 1.28M | 2.39M |
| Pretax Income | -130M | -45.9M | -78.5M | -111.18M | -170.64M | -143.09M | -65.3M | -46M |
| Pretax Margin % | -14.68% | -6.06% | -11.3% | -17.49% | -32.58% | -34.46% | -22.25% | -24.94% |
| Income Tax | 6.3M | 5.1M | 1.03M | 5.37M | 4.72M | 2.13M | 1.51M | 718K |
| Effective Tax Rate % | -4.85% | -11.11% | -1.31% | -4.83% | -2.77% | -1.49% | -2.32% | -1.56% |
| Net Income | -136.3M | -51M | -79.53M | -116.55M | -175.36M | -145.22M | -66.81M | -46.72M |
| Net Margin % | -15.39% | -6.73% | -11.45% | -18.33% | -33.48% | -34.97% | -22.76% | -25.33% |
| Net Income Growth % | -167.78% | 35.87% | 31.77% | 33.53% | -20.76% | -117.34% | -43.01% | - |
| Net Income (Continuing) | -136.3M | -51M | -79.53M | -116.55M | -175.36M | -145.22M | -66.81M | -46.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.68 | -0.31 | -0.51 | -0.77 | -1.21 | -1.28 | -0.50 | -1.13 |
| EPS Growth % | -119.21% | 39.22% | 33.77% | 36.36% | 5.47% | -156% | 55.75% | - |
| EPS (Basic) | - | -0.31 | -0.51 | -0.77 | -1.21 | -1.28 | -0.50 | -1.13 |
| Diluted Shares Outstanding | 201.2M | 163.8M | 157.37M | 150.96M | 145.26M | 113.59M | 132.63M | 41.22M |
| Basic Shares Outstanding | 201.2M | 163.8M | 157.37M | 150.96M | 145.26M | 113.59M | 132.63M | 41.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying COUR stock.
For fiscal year 2025, Coursera, Inc. (COUR) reported total revenue of $757.5M. This represents a 310.8% increase compared to $184.4M in 2019.
Coursera, Inc. (COUR) reported a net loss of $51.0M for the fiscal year ending 2025.
Coursera, Inc. (COUR) reported an operating income of $-78.3M, resulting in an operating profit margin of -10.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Coursera, Inc. (COUR) generated $413.4M in gross profit for the year, representing a gross profit margin of 54.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Integration and synergy execution risk
Metrics are mathematically derived from official filings.
Udemy Acquisition Reshapes Growth Trajectory
Revenue surged 59.6% year-over-year to $298.6M in Q2 2026, driven by the Udemy acquisition, according to the latest quarterly report. Organic growth appears to have been roughly 9%, based on prior quarters.
The 59.6% reported growth in Q2 2026 is almost entirely inorganic, reflecting the Udemy transaction. Excluding that, underlying growth appears to have been around 9%, consistent with the prior four quarters. This suggests the acquisition is the primary growth driver, and investors should monitor whether the combined entity can sustain or accelerate organic momentum.
Gross Margin Expansion Amid Integration
Gross margin improved to 58.1% in Q2 2026, up from 54.9% a year earlier, as reported in the income statement. This suggests the Udemy acquisition may bring scale benefits, though integration costs are pressuring operating margins.
The 320 basis point year-over-year gross margin improvement is notable, potentially reflecting a more favorable revenue mix or cost synergies from the Udemy deal. However, operating margin deteriorated sharply to -28.4% in Q2 2026, likely due to one-time acquisition and integration expenses. The structural gross margin remains near the 55% level, indicating limited pricing power relative to peers like Udemy (65.6%) and Perdoceo (71.7%).
Operating Leverage Elusive as Costs Surge
Operating income swung to -$84.7M in Q2 2026, a significant deterioration from -$15.1M in Q2 2025, based on reported figures. This suggests that SG&A and R&D costs are scaling faster than gross profit, undermining operating leverage.
While gross profit grew from $102.7M to $173.4M year-over-year, operating expenses more than doubled, with SG&A rising from $88.5M to $134.6M and R&D from $29.3M to $43.7M. This indicates that the Udemy integration is currently cost-heavy, and the company has not yet achieved the scale to offset fixed costs. Management's guidance for $85 million in annual run-rate synergies by end of 2026 suggests potential for improvement, but execution risk remains.
SBC Distorts Reported Losses
Stock-based compensation was $20.3M in Q1 2026, but reported as $0 in Q2 2026, according to the income statement. This anomaly suggests that reported net losses may be understated or that SBC is being capitalized or treated differently post-acquisition.
The sudden drop in SBC from $20-30M per quarter to zero in Q2 2026 is unusual and warrants scrutiny. If SBC is being excluded from reported expenses, the -$80.4M net loss may actually understate the economic cost to shareholders. Investors should adjust for SBC to assess true cash flow generation, especially as the company continues to operate at a net loss.
Sales and Marketing Remains Primary Cost
SG&A remains the largest operating expense at $134.6M in Q2 2026, representing 45% of revenue, as reported in the income statement. This highlights the ongoing challenge of acquiring learners and enterprise clients efficiently.
Despite the Udemy acquisition, SG&A as a percentage of revenue remains elevated, indicating that the combined entity has not yet achieved meaningful cost synergies. The company's persistent negative operating margins suggest that sales and marketing efficiency is a key area to monitor. If management can reduce SG&A intensity while maintaining growth, profitability could improve significantly.
Integration Risks Could Derail Profitability
The Udemy acquisition has yet to deliver operating leverage, with operating margin at -28.4% in Q2 2026, according to the income statement. If synergies fail to materialize, the company may face prolonged losses and shareholder dilution.
Short-sellers could argue that the acquisition is destroying value, as evidenced by the widening operating loss and the fact that revenue growth is purely inorganic. The company's net margin of -26.9% is far worse than peers like Strategic Education (10.0%) and Perdoceo (18.9%). Additionally, the raised guidance for Q3 2026 revenue of $364M-$372M implies a sequential decline from Q2's $298.6M, which may indicate integration challenges or seasonality. Investors should monitor whether the promised $85 million in synergies actually materialize by end of 2026.