Revenue growth has moderated to 9.1% year-over-year as of 2026Q1, while structural costs associated with partner revenue-sharing agreements keep gross margins anchored near the 55.5% level.
| Sales/Revenue | 773.9M | 757.5M | 694.67M | 635.76M | 523.76M | 415.29M | 293.51M | 184.41M |
| Revenue Growth % | 9.79% | 9.04% | 9.27% | 21.39% | 26.12% | 41.49% | 59.16% | - |
| Cost of Goods Sold | 349.8M | 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 | 424.1M | 413.4M | 371.41M | 329.77M | 331.48M | 249.47M | 154.66M | 94.82M |
| Gross Margin % | 54.8% | 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 | 512.4M | 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 | 389M | 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 | 123.4M | 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 | 0 | 0 | 8.94M | -5.81M | 10.15M | -346K | 120K | -264K |
| Operating Income | -88.3M | -78.3M | -113.22M | -145.6M | -177.38M | -143.06M | -66.58M | -48.39M |
| Operating Margin % | -11.41% | -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 | -66.6M | -49.5M | -88.14M | -123.33M | -158.88M | -128.31M | -57M | -43.11M |
| EBITDA Margin % | -8.61% | -6.53% | -12.69% | -19.4% | -30.33% | -30.9% | -19.42% | -23.38% |
| EBITDA Growth % | 7.51% | 43.84% | 28.53% | 22.38% | -23.83% | -125.11% | -32.21% | - |
| D&A (Non-Cash Add-back) | 21.7M | 28.8M | 25.08M | 22.27M | 18.5M | 14.76M | 9.59M | 5.28M |
| EBIT | -39.6M | -45.9M | -104.28M | -151.4M | -167.23M | -143.06M | -65.29M | -45.38M |
| Net Interest Income | 24.2M | 32M | 36.73M | 34.43M | 9.14M | 320K | 1.16M | 2.66M |
| Interest Income | 24.2M | 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 | 29.6M | 32.4M | 34.72M | 34.41M | 6.74M | -26K | 1.28M | 2.39M |
| Pretax Income | -58.7M | -45.9M | -78.5M | -111.18M | -170.64M | -143.09M | -65.3M | -46M |
| Pretax Margin % | -7.58% | -6.06% | -11.3% | -17.49% | -32.58% | -34.46% | -22.25% | -24.94% |
| Income Tax | 5M | 5.1M | 1.03M | 5.37M | 4.72M | 2.13M | 1.51M | 718K |
| Effective Tax Rate % | -8.52% | -11.11% | -1.31% | -4.83% | -2.77% | -1.49% | -2.32% | -1.56% |
| Net Income | -63.7M | -51M | -79.53M | -116.55M | -175.36M | -145.22M | -66.81M | -46.72M |
| Net Margin % | -8.23% | -6.73% | -11.45% | -18.33% | -33.48% | -34.97% | -22.76% | -25.33% |
| Net Income Growth % | 3.59% | 35.87% | 31.77% | 33.53% | -20.76% | -117.34% | -43.01% | - |
| Net Income (Continuing) | -63.7M | -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) | -0.38 | -0.31 | -0.51 | -0.77 | -1.21 | -1.28 | -0.50 | -1.13 |
| EPS Growth % | 10.94% | 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 | 168.7M | 163.8M | 157.37M | 150.96M | 145.26M | 113.59M | 132.63M | 41.22M |
| Basic Shares Outstanding | 168.7M | 163.8M | 157.37M | 150.96M | 145.26M | 113.59M | 132.63M | 41.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficit
According to the most recent quarterly filings, Coursera achieved a 9.1% year-over-year revenue growth rate, suggesting that while the company maintains a consistent top-line expansion, the double-digit growth rates observed in previous periods have moderated as the platform scales its diverse institutional and consumer offerings.
The revenue trajectory appears to be stabilizing in the high single digits, reflecting a transition from hyper-growth to a more mature phase of market penetration. Investors should monitor whether the current growth pace is sufficient to eventually absorb the company's significant fixed cost base.
As reported in financial statements, Coursera's gross margin has hovered near the 55% level, a figure that reflects the inherent costs of revenue-sharing agreements with academic partners and suggests limited near-term pricing power to significantly improve profitability without a fundamental shift in the underlying business model.
The stability of the gross margin indicates that the company's cost of revenue is tightly coupled with its partner payouts, leaving little room for margin expansion through operational efficiency alone. This structural reality implies that profitability will likely remain elusive until the company can achieve greater scale or shift its revenue mix toward higher-margin enterprise services.
Based on the provided income statement data, Sales and Marketing remains the primary driver of operating expenses, consistently consuming a large portion of gross profit and indicating that the company's path to profitability is heavily dependent on the efficiency of its customer acquisition funnel over time.
The persistent level of SG&A spending suggests that management continues to prioritize aggressive user acquisition and brand building over immediate bottom-line results. This strategy warrants further investigation into whether the lifetime value of acquired learners is growing fast enough to justify the current intensity of marketing investment.
Financial disclosures reveal that stock-based compensation remains a significant non-cash expense, often exceeding $20 million per quarter, which complicates the assessment of true operational performance and suggests that reported net losses may overstate the actual cash burn of the company's core business activities.
The reliance on stock-based compensation as a primary tool for talent retention creates a wedge between GAAP net income and cash flow generation. Analysts should adjust for these non-cash charges to better understand the underlying trajectory of the company's path toward sustainable, self-funded operations.
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.