Coursera, Inc. (COUR) FY2025 10-K Annual Report
Coursera, Inc. (COUR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Coursera, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Online learning platform connecting learners, institutions, and content creators with global, customizable educational content for individuals and enterprises
- • New strategic segment reporting structure introduced in 2025 dividing operations into Consumer and Enterprise segments
- • CEO transition in February 2025 with Gregory Hart appointed, coinciding with business model simplification and reporting shift
- • Revenue grew to $757.5M in 2025 from $694.7M in 2024; operating loss narrowed to $77.4M from $113.2M
- • Planned merger agreement with Udemy announced December 2025, valued by stock exchange ratio, pending 2026 closing and approvals
Management Discussion & Analysis
- • Revenue $757.5M, up 9% YoY from $694.7M
- • Gross profit $413.4M vs $371.4M, non-GAAP gross profit $421.6M vs $379.6M
- • Net loss $(51.0)M vs $(79.5)M; adjusted EBITDA $63.5M vs $41.5M
- • Consumer and Enterprise segments; no specific segment revenue disclosed
- • Operating cash flow $108.7M vs $95.4M; free cash flow $78.5M vs $59.3M; $40.5M termination fee potential linked to Udemy merger
- • Merger with Udemy pending regulatory approval, expected H2 2026; CEO and CFO leadership transitions in 2025-2026
Risk Factors
- • Regulatory risk: potential impact from changes to U.S. Department of Education “Dear Colleague” Letter affecting degree programs
- • Macroeconomic/geopolitical risk: 23% revenue exposure from top 5 content creators amid inflation, trade disputes, and anti-U.S. sentiment risks
- • Operational vulnerability: reliance on content creators for education content and credentialing programs with revenue share change in 2025/2026
- • Competitive risk: pressure from emerging generative AI and AI-driven advancements potentially disrupting online learning solutions and platform adoption
- • Financial risk: concentration risk with 23% of total revenue from top five content creators, risking material adverse effects if partnerships weaken
Coursera, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$758M
▲ +9.0% YoY
Net Income
-$51M
▲ +35.9% YoY
Gross Margin
54.6%
▲ +111bp YoY
Operating Margin
-10.2%
▲ +608bp YoY
Net Margin
-6.7%
▲ +472bp YoY
ROE
-8.0%
▲ +529bp YoY
Total Assets
$1.0B
▲ +7.5% YoY
EPS (Diluted)
$-0.31
▲ +39.2% YoY
Operating Cash Flow
$109M
▲ +14.0% YoY
Source: XBRL data from Coursera, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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