Short answer
Coursera, Inc. (COUR) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $758M (+9.0% year over year) and net income of −$51M.
- Top risk flagged: Regulatory risk: potential impact from changes to U.S. Department of Education “Dear Colleague” Letter affecting degree programs
FY2025 key financial metrics · XBRL
- Revenue
- $758M
- +9.0% YoY
- Net income
- −$51M
- +35.9% YoY
- Operating margin
- -10.2%
- +6.1 pp YoY
- Gross margin
- 54.6%
- +1.1 pp YoY
- EPS (diluted)
- −$0.31
- +39.2% YoY
- ROE
- -8.0%
- +5.3 pp YoY
- Operating cash flow
- $109M
- +14.0% YoY
Source: XBRL data from the Coursera, Inc. (COUR) FY2025 10-K on SEC EDGAR. USD.
Coursera, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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