Key Highlights

  • COUR shares trading down 16.63% to $3.89 today, from a prior close near $4.67.
  • Third quarter Revenue was $376.7 million, up 94% from $194.2 million a year earlier.
  • Net loss widened to $25.6 million from $8.6 million, while adjusted EBITDA rose to $61.5 million.
  • Fourth quarter revenue guidance of $358 million to $366 million sits below the third quarter total.
  • Enterprise revenue jumped 214% to $200.9 million, while paid subscribers rose 30% to about 1.69 million.

Third Quarter Results and a Lower Fourth Quarter Revenue Range Weigh on Coursera

Coursera (NYSE:COUR) shares are trading down 16.63% at $3.89 today, a day after the company released third quarter results on October 29. The prior close works out to roughly $4.67. The company's fourth quarter revenue guidance of $358 million to $366 million is lower than the $376.7 million reported for the third quarter.

Coursera runs an online learning platform offering courses, professional certificates, degrees and workforce upskilling programs for both enterprises and individual learners. It completed its Merger with Udemy on May 11, 2026, and Udemy's results are included from that date. The company is a Delaware public benefit corporation and holds certification as a benefit company.

Adjusted EBITDA Margin roughly doubled from a year earlier, yet shares still slid sharply, pointing to the revenue outlook and customer metrics as the focus. No other company announcement dated today was identified.

Merger Lifts Revenue 94% While the Net Loss Widens

Revenue of $376.7 million compared with $194.2 million a year earlier. Enterprise revenue rose 214% to $200.9 million with an 81.3% gross margin, while revenue from individual learners grew 35% to $175.8 million at a 65.7% gross margin.

Net loss was $25.6 million, or a negative 6.8% margin, against a loss of $8.6 million a year ago. Adjusted EBITDA reached $61.5 million, a 16.3% margin, up from $15.6 million and an 8.0% margin.

Gross margin on both segments stayed well above 65%, and the combined Business now reports more than $150 million in annualized gross cost savings from merger actions.

Enterprise Customer Count Slips and Free Cash Flow Falls as Guidance Narrows

Paid subscribers climbed 30% to about 1.69 million, but enterprise customers fell 4% to 11,897. Enterprise net retention was 93%, unchanged from a year earlier.

Free cash flow dropped to $4.6 million from $26.6 million. Operating Cash Flow of $15.5 million absorbed $6.7 million of merger and integration payments and $21.0 million of merger-related severance.

Coursera narrowed full-year 2026 revenue guidance to $1.229 billion to $1.237 billion and targeted an adjusted EBITDA margin of about 14%. The fourth quarter adjusted EBITDA range is $55 million to $59 million, below the $61.5 million posted in the third quarter.

Synergy Timeline, Project Helix and a $500 Million Buyback Frame the Next Update

Management said it expects to reach its $115 million annual run-rate net synergy target by year-end, about eight months after closing and far ahead of the original 24-month plan, and previewed an AI-native skills platform, Project Helix, due for broad enterprise availability in the first half of 2027. Coursera repurchased about 18.1 million shares for $102 million in the third quarter, with total purchases since the May announcement above $215 million under a $500 million authorization, and it held $670.6 million in cash plus $104.9 million in marketable securities at quarter end. The next checkpoints are synergy delivery, enterprise customer trends and fourth quarter revenue against the guided range.