Coursera, Inc. reported fourth‑quarter 2025 revenue of $196.9 million, a 10% year‑over‑year increase driven by a 12% rise in consumer‑segment sales and a 5% gain in enterprise revenue. Total annual revenue reached $757.5 million, up 9% from $693.5 million in 2024, reflecting sustained demand for its blended learning and certification programs across both consumer and corporate customers.
Gross profit climbed to $108.8 million in Q4, up 10% from $98.5 million in the prior year, and gross margin expanded to 55.3% from 54.2%. The margin lift was largely attributable to a favorable mix of higher‑margin content partnerships and improved revenue‑share terms in the consumer segment, while enterprise contracts continued to deliver strong pricing power. GAAP gross profit was $106.8 million, underscoring the company’s ability to manage cost of revenue as it scales.
Net loss widened to $26.8 million in Q4, an increase from the $21.6 million loss reported in Q4 2024, and the full‑year GAAP loss rose to $51.0 million from $79.5 million. The larger loss is driven by higher operating expenses related to AI‑powered product development and the rollout of a new 15% platform fee for new consumer and enterprise sales that began in January 2026. Non‑GAAP EPS of $0.06 matched consensus estimates, a result of disciplined cost control offsetting the loss increase.
Adjusted EBITDA improved to $11.2 million in Q4, up 5% from $10.7 million in the prior year, and reached $63.5 million for the year, a 9% increase. Adjusted EBITDA margin expanded to 5.7% from 5.2% in Q4 2024 and to 8.4% from 7.9% for the full year, reflecting stronger operating leverage as the company scales its AI‑enabled platform and benefits from higher‑margin content deals.
Management guided for Q1 2026 revenue of $193–$197 million and adjusted EBITDA of $11–$15 million, while full‑year 2026 revenue guidance of $805–$815 million and adjusted EBITDA of $70–$76 million signals confidence in continued growth. CEO Greg Hart emphasized that the company is “closing 2025 with strong execution across the business, delivering $757 million in revenue and expanding operating leverage as we strengthen Coursera’s foundation for long‑term growth.” CFO Michael Foley noted that the guidance reflects expectations “on a standalone basis and does not take into account the proposed transaction with Udemy,” highlighting the strategic importance of the pending merger. The company also reported 197 million registered learners, a 17% year‑over‑year increase, and an enterprise net retention rate of 93% from 87% a year ago.
Investors responded modestly positively to the results, with analysts noting the revenue beat and strong Q1 guidance as key drivers. The market reaction was tempered by the widened net loss and the uncertainty surrounding the Udemy merger, which adds both potential synergies and integration risks. Overall, the earnings release provides new insights into Coursera’s financial trajectory and strategic priorities.
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