Coursera (COUR) Financials

$6.28 +0.25 (+4.15%)

Closing price 05/7/2026 03:59 PM Eastern

Extended Trading

$6.15 -0.13 (-2.09%)

As of 05/7/2026 07:48 PM Eastern

Annual Income Statements for Coursera

This table shows Coursera's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-47	-67	-145	-175	-117	-80	-51
Consolidated Net Income / (Loss)	-47	-67	-145	-175	-117	-80	-51
Net Income / (Loss) Continuing Operations	-47	-67	-145	-175	-117	-80	-51
Total Pre-Tax Income	-46	-65	-143	-171	-111	-79	-46
Total Operating Income	-48	-67	-143	-177	-146	-113	-77
Total Gross Profit	95	155	249	331	330	371	413
Total Revenue	184	294	415	524	636	695	758
Operating Revenue	184	294	415	524	636	695	758
Total Cost of Revenue	90	139	166	192	306	323	344
Operating Cost of Revenue	90	139	166	192	306	323	344
Total Operating Expenses	143	221	393	509	475	485	491
Selling, General & Admin Expense	30	37	78	106	98	109	114
Marketing Expense	57	107	179	228	223	235	256
Research & Development Expense	56	77	135	165	160	132	122
Restructuring Charge	-	0.00	0.00	10	-5.80	8.90	-0.90
Total Other Income / (Expense), net	2.39	1.28	-0.03	6.74	34	35	32
Interest & Investment Income	3.28	1.16	0.32	9.14	34	37	32
Other Income / (Expense), net	-0.26	0.12	-0.35	-2.40	0.00	-2.00	-0.50
Income Tax Expense	0.72	1.52	2.13	4.72	5.40	1.00	5.10
Basic Earnings per Share	($1.45)	($1.80)	($1.28)	($1.21)	($0.77)	($0.51)	($0.31)
Weighted Average Basic Shares Outstanding	32.28M	37.21M	113.59M	145.26M	151M	157.40M	163.80M
Diluted Earnings per Share	($1.45)	($1.80)	($1.28)	($1.21)	($0.77)	($0.51)	($0.31)
Weighted Average Diluted Shares Outstanding	32.28M	37.21M	113.59M	145.26M	151M	157.40M	163.80M
Weighted Average Basic & Diluted Shares Outstanding	32.28M	37.21M	113.59M	149.65M	156.95M	160.21M	168.20M

This table shows Coursera's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-32	-20	-21	-23	-14	-22	-7.80	-7.80	-8.60	-27	-21
Consolidated Net Income / (Loss)	-32	-20	-21	-23	-14	-22	-7.80	-7.80	-8.60	-27	-21
Net Income / (Loss) Continuing Operations	-32	-20	-21	-23	-14	-22	-7.80	-7.80	-8.60	-27	-21
Total Pre-Tax Income	-31	-19	-21	-22	-12	-24	-6.30	-7.00	-7.80	-25	-19
Total Operating Income	-40	-29	-30	-31	-22	-30	-14	-15	-16	-32	-25
Total Gross Profit	83	89	90	90	96	96	98	103	106	107	109
Total Revenue	166	169	169	170	176	179	179	187	194	197	196
Operating Revenue	166	169	169	170	176	179	179	187	194	197	196
Total Cost of Revenue	82	80	80	80	80	84	81	84	88	90	87
Operating Cost of Revenue	82	80	80	80	80	84	81	84	88	90	87
Total Operating Expenses	123	118	119	121	118	126	112	118	122	139	134
Selling, General & Admin Expense	25	22	25	30	27	27	27	25	24	38	33
Marketing Expense	60	58	58	58	59	60	57	64	67	68	69
Research & Development Expense	38	37	35	34	32	32	30	29	30	33	31
Restructuring Charge	0.00	-	2.10	0.00	0.00	6.80	-0.90	0.00	0.00	-	0.00
Total Other Income / (Expense), net	8.53	9.51	9.30	9.30	9.50	6.57	8.10	8.10	7.80	7.50	6.20
Interest & Investment Income	8.86	9.30	9.60	9.30	9.30	8.49	7.80	8.00	8.30	7.90	7.10
Other Income / (Expense), net	-0.33	0.21	-0.30	0.00	0.20	-1.92	0.30	0.10	-0.50	-0.40	-0.90
Income Tax Expense	1.04	1.31	0.80	1.00	1.50	-2.32	1.50	0.80	0.80	2.00	1.40
Basic Earnings per Share	($0.21)	($0.13)	($0.14)	($0.15)	($0.09)	($0.13)	($0.05)	($0.05)	($0.05)	($0.16)	($0.12)
Weighted Average Basic Shares Outstanding	150.85M	150.96M	156.40M	156.30M	157.60M	157.37M	160.70M	162.50M	164.60M	163.80M	168.70M
Diluted Earnings per Share	($0.21)	($0.13)	($0.14)	($0.15)	($0.09)	($0.13)	($0.05)	($0.05)	($0.05)	($0.16)	($0.12)
Weighted Average Diluted Shares Outstanding	150.85M	150.96M	156.40M	156.30M	157.60M	157.37M	160.70M	162.50M	164.60M	163.80M	168.70M
Weighted Average Basic & Diluted Shares Outstanding	152.55M	156.95M	156.11M	156.92M	158.40M	160.21M	161.40M	163.70M	166.40M	168.20M	169.30M

This table details how cash moves in and out of Coursera's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	27	23	500	-260	335	70	65
Net Cash From Operating Activities	-21	-15	1.75	-38	30	95	109
Net Cash From Continuing Operating Activities	-21	-15	1.75	-38	30	95	109
Net Income / (Loss) Continuing Operations	-47	-67	-145	-175	-117	-80	-51
Consolidated Net Income / (Loss)	-47	-67	-145	-175	-117	-80	-51
Depreciation Expense	5.28	9.59	15	19	22	25	29
Non-Cash Adjustments To Reconcile Net Income	16	22	96	123	100	111	99
Changes in Operating Assets and Liabilities, net	4.87	20	36	-3.14	24	39	32
Net Cash From Investing Activities	-65	-101	-52	-234	385	30	-30
Net Cash From Continuing Investing Activities	-65	-101	-52	-234	385	30	-30
Purchase of Property, Plant & Equipment	-4.41	-3.10	-1.55	-1.58	-16	-1.60	-20
Acquisitions	-3.35	0.00	0.00	0.00	-1.70	0.00	0.00
Purchase of Investments	-167	-218	-242	-594	-122	0.00	0.00
Sale and/or Maturity of Investments	115	130	205	375	530	66	0.00
Other Investing Activities, net	-5.52	-9.82	-13	-14	-5.30	-35	-11
Net Cash From Financing Activities	113	139	550	12	-79	-55	-14
Net Cash From Continuing Financing Activities	113	139	550	12	-79	-55	-14
Repurchase of Common Equity	-	-	0.00	0.00	-59	-37	0.00
Issuance of Common Equity	0.00	0.00	532	6.83	6.00	5.60	4.20
Other Financing Activities, net	8.79	9.40	18	5.41	-27	-24	-18
Cash Income Taxes Paid	0.52	1.16	2.84	4.06	6.40	5.30	6.00

This table details how cash moves in and out of Coursera's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	144	149	69	-17	11	6.73	20	27	23	-5.10	-2.70
Net Cash From Operating Activities	20	12	25	24	28	19	34	36	34	5.80	15
Net Cash From Continuing Operating Activities	20	12	25	24	28	19	34	36	34	5.80	15
Net Income / (Loss) Continuing Operations	-32	-20	-21	-23	-14	-22	-7.80	-7.80	-8.60	-27	-21
Consolidated Net Income / (Loss)	-32	-20	-21	-23	-14	-22	-7.80	-7.80	-8.60	-27	-21
Depreciation Expense	5.66	5.77	6.40	6.27	6.11	6.35	7.10	7.40	7.30	7.00	7.50
Non-Cash Adjustments To Reconcile Net Income	31	30	30	31	27	28	24	26	24	25	21
Changes in Operating Assets and Liabilities, net	18	-2.26	9.60	9.09	8.55	6.94	9.90	10	12	0.90	6.80
Net Cash From Investing Activities	137	144	60	-6.81	-11	-12	-8.20	-6.90	-7.30	-7.80	-12
Net Cash From Continuing Investing Activities	137	144	60	-6.81	-11	-12	-8.20	-6.90	-7.30	-7.80	-12
Purchase of Property, Plant & Equipment	-0.31	-0.12	-0.10	-0.18	-14	12	-0.50	-0.40	-0.20	-19	-0.20
Other Investing Activities, net	-7.64	-4.06	-6.30	-6.63	2.67	-24	-7.70	-6.50	-7.10	11	-11
Net Cash From Financing Activities	-12	-6.53	-15	-34	-5.60	-0.65	-5.00	-1.50	-3.90	-3.10	-5.70
Net Cash From Continuing Financing Activities	-12	-6.53	-15	-34	-5.60	-0.65	-5.00	-1.50	-3.90	-3.10	-5.70
Other Financing Activities, net	-7.04	-9.03	-9.40	-6.39	-5.60	-2.48	-5.00	-4.30	-3.90	-4.50	-5.70
Cash Income Taxes Paid	1.53	2.57	1.10	0.93	1.46	1.83	0.20	1.70	1.80	2.30	1.60

This table presents Coursera's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	418	959	948	921	930	1,000
Total Current Assets	355	892	876	832	831	898
Cash & Equivalents	80	581	321	656	726	793
Accounts Receivable	41	34	54	67	60	65
Prepaid Expenses	15	16	18	17	20	21
Other Current Assets	14	20	24	26	25	20
Plant, Property, & Equipment, net	19	25	27	30	37	43
Total Noncurrent Assets	44	42	45	58	63	59
Intangible Assets	11	10	8.55	12	25	27
Other Noncurrent Operating Assets	33	32	36	46	38	31
Total Liabilities & Shareholders' Equity	418	959	948	921	930	1,000
Total Liabilities	177	217	253	304	333	364
Total Current Liabilities	154	201	242	298	328	358
Accounts Payable	52	72	90	124	123	130
Current Deferred Revenue	76	95	116	137	160	181
Current Employee Benefit Liabilities	13	18	21	22	32	37
Other Current Liabilities	13	16	16	14	13	11
Total Noncurrent Liabilities	24	16	11	6.08	5.40	6.40
Noncurrent Deferred Revenue	4.56	3.85	3.08	2.86	1.60	1.40
Other Noncurrent Operating Liabilities	19	12	7.51	3.22	3.80	5.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-222	742	695	616	597	636
Total Preferred & Common Equity	-222	742	695	616	597	636
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-222	742	695	616	597	636
Common Stock	126	1,235	1,364	1,460	1,507	1,547
Retained Earnings	-344	-489	-664	-781	-860	-911

This table presents Coursera's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	956	964	919	914	916	904	914	951	980	995	1,001
Total Current Assets	888	889	837	829	833	821	821	854	882	897	893
Cash & Equivalents	425	268	361	507	725	709	719	748	775	798	790
Accounts Receivable	55	68	73	62	58	58	48	60	67	59	60
Prepaid Expenses	22	17	22	19	24	29	30	22	19	21	25
Other Current Assets	26	24	25	26	25	26	25	24	20	20	19
Plant, Property, & Equipment, net	28	27	29	30	31	33	36	38	40	42	46
Total Noncurrent Assets	40	48	53	56	52	51	57	59	58	56	62
Intangible Assets	8.99	8.47	9.18	11	13	15	21	25	26	26	31
Other Noncurrent Operating Assets	31	40	44	45	39	36	36	34	32	31	31
Total Liabilities & Shareholders' Equity	956	964	919	914	916	904	914	951	980	995	1,001
Total Liabilities	247	283	292	301	307	319	321	341	353	356	369
Total Current Liabilities	236	274	285	296	303	316	315	335	346	350	362
Accounts Payable	90	109	106	123	124	122	124	118	125	130	129
Current Deferred Revenue	117	131	139	139	148	157	153	185	186	177	200
Current Employee Benefit Liabilities	14	17	23	19	18	23	22	18	22	32	21
Other Current Liabilities	16	17	17	15	12	15	16	14	13	10	12
Total Noncurrent Liabilities	12	9.20	7.55	5.30	4.60	3.29	6.05	6.20	6.70	6.30	6.30
Noncurrent Deferred Revenue	3.24	3.26	3.21	2.54	2.18	1.76	1.48	2.20	1.80	1.60	1.50
Other Noncurrent Operating Liabilities	8.30	5.94	4.34	2.76	2.43	1.53	4.57	4.00	4.90	4.70	4.80
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	709	681	626	613	609	585	593	611	627	640	632
Total Preferred & Common Equity	709	681	626	613	609	585	593	611	627	640	632
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	709	681	626	613	609	585	593	611	627	640	632
Common Stock	1,328	1,382	1,415	1,437	1,480	1,490	1,497	1,516	1,520	1,524	1,564
Retained Earnings	-612	-696	-728	-760	-802	-825	-839	-868	-876	-884	-932

This table displays calculated financial ratios and metrics derived from Coursera's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	59.16%	41.49%	26.12%	21.39%	9.27%	9.04%
EBITDA Growth	0.00%	-27.83%	-125.30%	-26.55%	15.43%	34.10%	45.51%
EBIT Growth	0.00%	-36.59%	-115.77%	-25.36%	19.00%	20.87%	32.38%
NOPAT Growth	0.00%	-37.59%	-114.86%	-23.99%	17.92%	22.24%	31.63%
Net Income Growth	0.00%	-43.01%	-117.34%	-20.76%	33.53%	31.77%	35.85%
EPS Growth	0.00%	-24.14%	28.89%	5.47%	36.36%	33.77%	39.22%
Operating Cash Flow Growth	0.00%	29.73%	111.65%	-2,279.32%	177.89%	221.74%	13.94%
Free Cash Flow Firm Growth	0.00%	0.00%	-3,499.86%	-83.22%	30.87%	31.14%	53.95%
Invested Capital Growth	0.00%	0.00%	-79.11%	-7.02%	-23.26%	-21.57%	-21.91%
Revenue Q/Q Growth	0.00%	0.00%	8.26%	5.48%	4.38%	1.51%	2.40%
EBITDA Q/Q Growth	0.00%	0.00%	-18.47%	-6.29%	17.31%	-4.30%	0.70%
EBIT Q/Q Growth	0.00%	0.00%	-17.64%	-4.82%	15.89%	-3.66%	-0.35%
NOPAT Q/Q Growth	0.00%	0.00%	-17.49%	-5.06%	15.87%	-1.74%	-2.36%
Net Income Q/Q Growth	0.00%	0.00%	-16.93%	-2.32%	21.20%	-1.60%	-11.28%
EPS Q/Q Growth	0.00%	0.00%	26.44%	-9.01%	22.22%	0.00%	-10.71%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	110.52%	-19.64%	134.69%	8.72%	-10.95%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-16.81%	9.19%	5.16%	-24.36%
Invested Capital Q/Q Growth	0.00%	0.00%	-33.49%	-11.79%	1.74%	-2.02%	0.82%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	51.42%	52.69%	60.07%	63.29%	51.87%	53.47%	54.57%
EBITDA Margin	-24.13%	-19.38%	-30.86%	-30.96%	-21.57%	-13.01%	-6.48%
Operating Margin	-26.24%	-22.69%	-34.45%	-33.87%	-22.90%	-16.30%	-10.22%
EBIT Margin	-26.39%	-22.64%	-34.53%	-34.33%	-22.90%	-16.59%	-10.28%
Profit (Net Income) Margin	-25.33%	-22.76%	-34.97%	-33.48%	-18.33%	-11.45%	-6.73%
Tax Burden Percent	101.56%	102.32%	101.49%	102.77%	104.83%	101.31%	111.11%
Interest Burden Percent	94.54%	98.25%	99.78%	94.91%	76.35%	68.13%	58.92%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	-27.79%	-29.58%	-24.42%	-17.78%	-13.11%	-8.27%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-15.91%	-20.84%	-18.86%	-15.59%	-12.45%	-8.07%
Return on Assets (ROA)	0.00%	-16.00%	-21.10%	-18.40%	-12.48%	-8.59%	-5.28%
Return on Common Equity (ROCE)	0.00%	25.63%	-15.65%	-24.42%	-17.78%	-13.11%	-8.27%
Return on Equity Simple (ROE_SIMPLE)	0.00%	30.12%	-19.58%	-25.25%	-18.92%	-13.31%	0.00%
Net Operating Profit after Tax (NOPAT)	-34	-47	-100	-124	-102	-79	-54
NOPAT Margin	-18.37%	-15.88%	-24.11%	-23.71%	-16.03%	-11.41%	-7.15%
Net Nonoperating Expense Percent (NNEP)	0.00%	-14.17%	-8.14%	-6.39%	-1.95%	-0.04%	0.42%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-17.88%	-16.54%	-13.27%	-8.52%
Cost of Revenue to Revenue	48.58%	47.31%	39.93%	36.71%	48.13%	46.53%	45.43%
SG&A Expenses to Revenue	16.17%	12.68%	18.73%	20.22%	15.47%	15.65%	15.10%
R&D to Revenue	30.56%	26.16%	32.61%	31.53%	25.18%	19.01%	16.05%
Operating Expenses to Revenue	77.66%	75.38%	94.52%	97.16%	74.77%	69.76%	64.79%
Earnings before Interest and Taxes (EBIT)	-49	-66	-143	-180	-146	-115	-78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-44	-57	-128	-162	-137	-90	-49
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	4.63	2.50	4.80	2.25	1.93
Price to Tangible Book Value (P/TBV)	0.00	0.00	4.70	2.53	4.89	2.35	2.01
Price to Revenue (P/Rev)	2.81	1.77	8.27	3.31	4.65	1.94	1.62
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	2.37	6.30	1.82	3.51	0.89	0.57
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	1,497.27	0.00	75.33	6.50	3.98
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-1.19	-1.13	-1.12	-1.15	-1.19	-1.23
Leverage Ratio	0.00	1.74	1.40	1.33	1.43	1.53	1.57
Compound Leverage Factor	0.00	1.71	1.40	1.26	1.09	1.04	0.92
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	192.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-92.25%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	1.36	9.57	3.86	5.50	2.12	1.89
Noncontrolling Interest Sharing Ratio	0.00%	192.25%	47.08%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	2.31	4.44	3.61	2.79	2.54	2.51
Quick Ratio	0.00	2.12	4.26	3.44	2.65	2.40	2.40
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1.80	-65	-119	-82	-56	-26
Operating Cash Flow to CapEx	-483.76%	-483.74%	112.36%	-2,411.34%	2,584.05%	6,016.47%	554.59%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-34.13	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-41.19	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.70	0.60	0.55	0.68	0.75	0.78
Accounts Receivable Turnover	0.00	7.21	11.06	11.89	10.50	10.93	12.11
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	15.74	19.15	20.21	22.11	20.64	18.87
Accounts Payable Turnover	0.00	2.68	2.67	2.37	2.86	2.61	2.72
Days Sales Outstanding (DSO)	0.00	50.64	33.01	30.71	34.78	33.39	30.14
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	136.44	136.88	153.93	127.76	139.86	134.24
Cash Conversion Cycle (CCC)	0.00	-85.80	-103.87	-123.23	-92.98	-106.47	-104.10
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-45	-80	-86	-106	-129	-157
Invested Capital Turnover	0.00	-13.10	-6.64	-6.30	-6.63	-5.92	-5.30
Increase / (Decrease) in Invested Capital	0.00	-45	-35	-5.63	-20	-23	-28
Enterprise Value (EV)	0.00	696	2,614	954	2,233	620	432
Market Capitalization	519	519	3,436	1,734	2,955	1,346	1,225
Book Value per Share	$0.00	($5.96)	$5.27	$4.74	$4.04	$3.77	$3.82
Tangible Book Value per Share	$0.00	($6.25)	$5.20	$4.68	$3.96	$3.62	$3.66
Total Capital	0.00	240	742	695	616	597	636
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-285	-822	-780	-722	-726	-793
Capital Expenditures (CapEx)	4.41	3.10	1.55	1.58	1.15	1.59	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-84	-131	-147	-188	-223	-252
Debt-free Net Working Capital (DFNWC)	0.00	201	691	634	534	503	540
Net Working Capital (NWC)	0.00	201	691	634	534	503	540
Net Nonoperating Expense (NNE)	13	20	45	51	15	0.28	-3.18
Net Nonoperating Obligations (NNO)	0.00	-285	-822	-780	-722	-726	-793
Total Depreciation and Amortization (D&A)	4.16	9.58	15	18	8.46	25	29
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-28.57%	-31.44%	-28.05%	-29.55%	-32.09%	-33.32%
Debt-free Net Working Capital to Revenue	0.00%	68.63%	166.44%	120.96%	84.03%	72.43%	71.31%
Net Working Capital to Revenue	0.00%	68.63%	166.44%	120.96%	84.03%	72.43%	71.31%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.28)	($1.21)	($0.77)	($0.51)	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	143.30M	145.26M	150.96M	157.37M	163.80M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.28)	($1.21)	($0.77)	($0.51)	($0.31)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	143.30M	145.26M	150.96M	157.37M	163.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($1.28)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	113.59M	149.65M	156.95M	160.21M	168.20M
Normalized Net Operating Profit after Tax (NOPAT)	-34	-47	-100	-117	-106	-73	-55
Normalized NOPAT Margin	-18.37%	-15.88%	-24.11%	-22.35%	-16.67%	-10.51%	-7.24%
Pre Tax Income Margin	-24.94%	-22.25%	-34.46%	-32.58%	-17.49%	-11.30%	-6.06%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-77.85	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-54.20	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-84.91	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-61.26	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-50.15%	-46.15%	0.00%

This table displays calculated financial ratios and metrics derived from Coursera's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	168,200,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	168,200,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.37%	18.78%	14.51%	10.82%	6.37%	6.10%	6.03%	9.86%	10.28%	9.88%	9.15%
EBITDA Growth	-14.57%	54.38%	37.87%	33.35%	58.41%	-8.22%	70.46%	69.48%	43.23%	1.15%	-167.14%
EBIT Growth	-6.92%	49.25%	22.96%	18.64%	46.00%	-14.36%	53.16%	51.92%	25.12%	-0.93%	-85.82%
NOPAT Growth	-8.90%	49.03%	23.89%	18.68%	45.00%	-6.79%	51.68%	51.60%	28.11%	-5.90%	-75.69%
Net Income Growth	10.96%	60.64%	34.32%	27.63%	57.34%	-6.16%	63.38%	65.94%	37.23%	-24.07%	-162.82%
EPS Growth	16.00%	62.86%	36.36%	28.57%	57.14%	0.00%	64.29%	66.67%	44.44%	-23.08%	-140.00%
Operating Cash Flow Growth	312.23%	312.57%	421.10%	474.37%	40.99%	66.10%	36.73%	49.16%	21.51%	-69.79%	-56.42%
Free Cash Flow Firm Growth	136.69%	99.96%	-115.57%	398.34%	-1.16%	10,473.43%	465.78%	23.20%	557.01%	278.47%	-75.02%
Invested Capital Growth	-40.23%	-23.26%	-18.09%	-36.67%	-17.08%	-21.57%	-18.28%	-19.83%	-25.40%	-21.91%	-14.91%
Revenue Q/Q Growth	7.70%	2.02%	0.11%	0.75%	3.38%	1.76%	0.07%	4.35%	3.79%	1.39%	-0.61%
EBITDA Q/Q Growth	0.84%	35.13%	0.76%	-4.41%	38.13%	-68.80%	73.15%	-8.57%	-15.79%	-192.05%	27.24%
EBIT Q/Q Growth	-3.97%	28.97%	-5.93%	-4.01%	30.99%	-50.43%	56.51%	-6.38%	-7.33%	-103.11%	19.88%
NOPAT Q/Q Growth	-3.15%	27.85%	-4.14%	-4.93%	30.24%	-40.09%	52.78%	-4.86%	-3.31%	-107.05%	21.67%
Net Income Q/Q Growth	-1.09%	36.56%	-4.42%	-8.08%	40.42%	-57.87%	63.91%	0.00%	-10.26%	-211.63%	23.51%
EPS Q/Q Growth	0.00%	38.10%	-7.69%	-7.14%	40.00%	-44.44%	61.54%	0.00%	0.00%	-220.00%	25.00%
Operating Cash Flow Q/Q Growth	410.00%	-41.43%	111.36%	-2.45%	16.75%	-30.99%	74.34%	5.97%	-4.51%	-82.89%	151.72%
Free Cash Flow Firm Q/Q Growth	184.49%	-100.45%	-20,972.73%	475.35%	-72.01%	-53.15%	653.07%	24.81%	51.50%	-73.54%	-50.09%
Invested Capital Q/Q Growth	-19.16%	1.74%	-9.80%	-6.31%	-2.08%	-2.02%	-6.83%	-7.71%	-6.82%	0.82%	-0.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.30%	52.90%	52.94%	52.94%	54.65%	53.30%	54.60%	54.89%	54.58%	54.24%	55.49%
EBITDA Margin	-22.43%	-14.26%	-14.14%	-14.65%	-8.77%	-14.55%	-3.90%	-4.06%	-4.53%	-13.05%	-9.56%
Operating Margin	-23.91%	-16.91%	-17.59%	-18.32%	-12.36%	-17.02%	-8.03%	-8.07%	-8.03%	-16.40%	-12.93%
EBIT Margin	-24.11%	-16.79%	-17.76%	-18.33%	-12.24%	-18.09%	-7.86%	-8.02%	-8.29%	-16.61%	-13.39%
Profit (Net Income) Margin	-19.39%	-12.05%	-12.57%	-13.49%	-7.77%	-12.06%	-4.35%	-4.17%	-4.43%	-13.61%	-10.48%
Tax Burden Percent	103.34%	106.87%	103.97%	104.69%	112.36%	90.31%	123.81%	111.43%	110.26%	108.06%	107.33%
Interest Burden Percent	77.81%	67.20%	68.09%	70.27%	56.53%	73.81%	44.68%	46.67%	48.45%	75.84%	72.90%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-22.37%	-17.78%	-16.35%	-15.96%	-12.97%	-13.11%	-10.83%	-8.40%	-7.44%	-8.27%	-10.26%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-15.70%	-11.42%	-12.41%	-13.55%	-9.16%	-13.58%	-5.94%	-6.14%	-6.42%	-13.03%	-10.62%
Return on Assets (ROA)	-12.62%	-8.20%	-8.79%	-9.97%	-5.82%	-9.05%	-3.28%	-3.19%	-3.43%	-10.68%	-8.31%
Return on Common Equity (ROCE)	-22.37%	-17.78%	-16.35%	-15.96%	-12.97%	-13.11%	-10.83%	-8.40%	-7.44%	-8.27%	-10.26%
Return on Equity Simple (ROE_SIMPLE)	-24.11%	0.00%	-17.31%	-16.52%	-13.19%	0.00%	-10.82%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-28	-20	-21	-22	-15	-21	-10	-11	-11	-23	-18
NOPAT Margin	-16.74%	-11.84%	-12.31%	-12.83%	-8.65%	-11.91%	-5.62%	-5.65%	-5.62%	-11.48%	-9.05%
Net Nonoperating Expense Percent (NNEP)	-0.58%	-0.05%	-0.06%	-0.16%	0.22%	-0.04%	0.31%	0.37%	0.31%	-0.55%	-0.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.24%	-	-	-	-3.57%	-1.65%	-1.69%	-1.71%	-3.56%	-2.80%
Cost of Revenue to Revenue	49.70%	47.11%	47.06%	47.06%	45.35%	46.70%	45.40%	45.11%	45.42%	45.76%	44.51%
SG&A Expenses to Revenue	15.37%	13.27%	14.75%	17.36%	15.54%	14.99%	15.00%	13.31%	12.46%	19.50%	17.02%
R&D to Revenue	22.72%	22.13%	20.47%	19.78%	17.95%	17.93%	16.45%	15.66%	15.45%	16.66%	15.99%
Operating Expenses to Revenue	74.22%	69.81%	70.53%	71.26%	67.01%	70.32%	62.63%	62.96%	62.62%	70.65%	68.42%
Earnings before Interest and Taxes (EBIT)	-40	-28	-30	-31	-22	-32	-14	-15	-16	-33	-26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-37	-24	-24	-25	-15	-26	-7.00	-7.60	-8.80	-26	-19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.56	4.80	3.51	1.91	2.10	2.25	1.75	2.26	3.00	1.93	1.55
Price to Tangible Book Value (P/TBV)	4.64	4.89	3.59	1.96	2.18	2.35	1.82	2.35	3.12	2.01	1.63
Price to Revenue (P/Rev)	4.59	4.65	3.25	1.66	1.82	1.94	1.51	1.96	2.59	1.62	1.26
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	3.41	3.51	2.15	0.61	0.77	0.89	0.45	0.89	1.51	0.57	0.24
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	164.43	75.33	28.61	5.14	6.00	6.50	3.06	5.50	9.17	3.98	2.11
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.14	-1.15	-1.17	-1.18	-1.19	-1.19	-1.21	-1.22	-1.23	-1.23	-1.24
Leverage Ratio	1.41	1.43	1.46	1.50	1.52	1.53	1.53	1.55	1.55	1.57	1.57
Compound Leverage Factor	1.10	0.96	0.99	1.06	0.86	1.13	0.68	0.73	0.75	1.19	1.15
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	5.64	5.92	4.26	2.13	2.38	2.41	1.95	2.49	3.34	2.04	1.61
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.80	2.79	2.75	2.60	2.61	2.54	2.55	2.55	2.57	2.51	2.47
Quick Ratio	2.65	2.65	2.59	2.43	2.44	2.40	2.42	2.43	2.45	2.40	2.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.20	-0.01	-3.01	11	3.17	1.48	11	14	21	5.59	2.79
Operating Cash Flow to CapEx	6,475.41%	9,560.33%	18,246.27%	13,551.70%	202.17%	0.00%	6,700.00%	8,875.00%	16,950.00%	31.35%	7,300.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.68	0.70	0.74	0.75	0.75	0.75	0.77	0.77	0.78	0.79
Accounts Receivable Turnover	10.44	10.50	10.39	10.29	12.48	10.93	11.93	11.55	13.92	12.11	12.91
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	21.07	22.11	22.69	21.77	20.79	20.64	20.43	19.75	18.98	18.87	18.56
Accounts Payable Turnover	2.64	2.86	2.71	2.82	2.59	2.61	2.69	2.67	2.66	2.72	2.83
Days Sales Outstanding (DSO)	34.96	34.78	35.12	35.46	29.25	33.39	30.59	31.59	26.22	30.14	28.27
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	138.50	127.76	134.74	129.52	141.08	139.86	135.62	136.65	137.08	134.24	128.97
Cash Conversion Cycle (CCC)	-103.54	-92.98	-99.63	-94.06	-111.83	-106.47	-105.03	-105.05	-110.87	-104.10	-100.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-108	-106	-116	-124	-126	-129	-138	-148	-158	-157	-158
Invested Capital Turnover	-6.60	-6.63	-6.12	-6.30	-5.85	-5.92	-5.56	-5.31	-5.20	-5.30	-5.24
Increase / (Decrease) in Invested Capital	-31	-20	-18	-33	-18	-23	-21	-25	-32	-28	-21
Enterprise Value (EV)	2,077	2,233	1,413	409	526	620	319	639	1,119	432	189
Market Capitalization	2,798	2,955	2,139	1,118	1,246	1,346	1,067	1,414	1,917	1,225	979
Book Value per Share	$4.10	$4.04	$3.90	$3.75	$3.78	$3.77	$3.81	$3.88	$3.91	$3.82	$3.76
Tangible Book Value per Share	$4.03	$3.96	$3.81	$3.65	$3.65	$3.62	$3.66	$3.72	$3.75	$3.66	$3.57
Total Capital	613	616	609	585	593	597	611	627	640	636	632
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-721	-722	-725	-709	-719	-726	-748	-775	-798	-793	-790
Capital Expenditures (CapEx)	0.31	0.12	0.13	0.18	14	-12	0.50	0.40	0.20	19	0.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-188	-188	-195	-204	-213	-223	-229	-239	-250	-252	-259
Debt-free Net Working Capital (DFNWC)	533	534	531	505	506	503	520	536	548	540	531
Net Working Capital (NWC)	533	534	531	505	506	503	520	536	548	540	531
Net Nonoperating Expense (NNE)	4.38	0.37	0.44	1.13	-1.55	0.26	-2.28	-2.77	-2.32	4.19	2.79
Net Nonoperating Obligations (NNO)	-721	-722	-725	-709	-719	-726	-748	-775	-798	-793	-790
Total Depreciation and Amortization (D&A)	2.77	4.26	6.12	6.27	6.11	6.35	7.10	7.40	7.30	7.00	7.50
Debt-free, Cash-free Net Working Capital to Revenue	-30.81%	-29.55%	-29.63%	-30.27%	-31.13%	-32.09%	-32.42%	-33.17%	-33.78%	-33.32%	-33.44%
Debt-free Net Working Capital to Revenue	87.59%	84.03%	80.75%	74.91%	73.99%	72.43%	73.70%	74.23%	74.05%	71.31%	68.61%
Net Working Capital to Revenue	87.59%	84.03%	80.75%	74.91%	73.99%	72.43%	73.70%	74.23%	74.05%	71.31%	68.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.21)	($0.13)	($0.14)	($0.15)	($0.09)	($0.13)	($0.05)	($0.05)	($0.05)	($0.16)	($0.12)
Adjusted Weighted Average Basic Shares Outstanding	150.85M	150.96M	156.38M	156.29M	157.61M	157.37M	160.70M	162.50M	164.60M	163.80M	168.70M
Adjusted Diluted Earnings per Share	($0.21)	($0.13)	($0.14)	($0.15)	($0.09)	($0.13)	($0.05)	($0.05)	($0.05)	($0.16)	($0.12)
Adjusted Weighted Average Diluted Shares Outstanding	150.85M	150.96M	156.38M	156.29M	157.61M	157.37M	160.70M	162.50M	164.60M	163.80M	168.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	152.55M	156.95M	156.11M	156.92M	158.40M	160.21M	161.40M	163.70M	166.40M	168.20M	169.30M
Normalized Net Operating Profit after Tax (NOPAT)	-28	-20	-19	-22	-15	-17	-11	-11	-11	-23	-18
Normalized NOPAT Margin	-16.74%	-11.84%	-11.44%	-12.81%	-8.65%	-9.26%	-5.97%	-5.65%	-5.62%	-11.48%	-9.05%
Pre Tax Income Margin	-18.76%	-11.28%	-12.09%	-12.88%	-6.92%	-13.36%	-3.51%	-3.74%	-4.02%	-12.60%	-9.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-39.52%	-50.15%	-60.78%	-43.54%	-46.89%	-46.15%	-47.11%	-0.01%	-0.01%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends from Coursera's latest four years of quarterly results. The bullet list is organized with positive items first, then neutral items, and finally negative items.

Revenue growth: Operating revenue rose from about $136.4 million in 2022 Q3 to $196.9 million in 2025 Q4, with 2025 quarterly results reflecting continued growth (Q1 around $179.3M, Q2 about $187.1M, Q3 about $194.2M, Q4 about $196.9M).
Strong liquidity and balance sheet: Cash & equivalents were roughly $0.80 billion in 2025 Q3, with total assets near $0.995 billion and total equity around $0.64 billion. Liabilities are modest (approximately $0.36 billion), indicating solid liquidity and a comparatively conservative leverage profile for a growth company.
Operating cash flow remains positive across the year: Net cash from continuing operating activities was positive in all observed 2025 quarters, ranging from roughly $5.8 million in 2025 Q4 to about $35.5 million in 2025 Q2, signaling ongoing cash generation from core operations.
Free cash flow generation in mid-2025: With operating cash flow in the mid-$30 million range in Q2 and Q3 2025 and modest capital spending, free cash flow was solid in those quarters (roughly in the $30–35 million range when excluding investing outlays).
Gross margin trend: The gross margin has trended downward over the period—from about 62% in 2022 to the mid-50s% by 2025—though there is a mild improvement in 2025 versus 2024. This suggests margin pressure as growth scaled, even as revenue expanded.
Capital allocation signals: The company continued investing in property, plant & equipment (PPE) with notable outlays in late 2025 (around $18.5 million in Q4 2025), indicating ongoing growth initiatives and capacity expansion.
Earnings per share and share count: Earnings per share remain negative across the period (for example, Q4 2025 basic EPS around -$0.16) with a broadly similar weighted-average share count in the 160–168 million range, reflecting ongoing losses but a relatively stable share base.
Net income remains negative: The company reported ongoing quarterly net losses, including approximately -$26.8 million in 2025 Q4 and -$8.6 million in 2025 Q3, underscoring that profitability has not yet turned positive on a quarterly basis.
Margin pressure persists: The combination of higher operating expenses (notably marketing and R&D) and the material decline in gross margin indicates continued pressure on profitability margins as the business scales.
Financing cash outflows: Net cash from financing activities was negative in multiple 2025 quarters, reflecting ongoing cash outflows from financing activities despite solid operating cash flow in several quarters. This could constrain liquidity if operating cash flow slows.

05/08/26 02:54 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Coursera's Financials

When does Coursera's fiscal year end?

According to the most recent income statement we have on file, Coursera's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Coursera's net income changed over the last 6 years?

Coursera's net income were at -$51 million at the end of 2025, a 35.8% decrease from 2024, and a 9.2% increase since 2019. View Coursera's forecast to see where analysts expect Coursera to go next.

What is Coursera's operating income?

Coursera's total operating income in 2025 was -$77.40 million, based on the following breakdown:

Total Gross Profit: $413.40 million
Total Operating Expenses: $490.80 million

How has Coursera's revenue changed over the last 6 years?

Over the last 6 years, Coursera's total revenue changed from $184.41 million in 2019 to $757.50 million in 2025, a change of 310.8%.

How much debt does Coursera have?

Coursera's total liabilities were at $364.30 million at the end of 2025, a 9.4% increase from 2024, and a 105.6% increase since 2020.

How much cash does Coursera have?

In the past 5 years, Coursera's cash and equivalents has ranged from $79.88 million in 2020 to $792.60 million in 2025, and is currently $792.60 million as of their latest financial filing in 2025.

How has Coursera's book value per share changed over the last 6 years?

Over the last 6 years, Coursera's book value per share changed from 0.00 in 2019 to 3.82 in 2025, a change of 382.0%.

Related Companies

Financial statements for NYSE:COUR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Coursera (COUR) Financials

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Coursera (COUR) Financials

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