Key Highlights

  • Coursera (NYSE:COUR) reported third-quarter 2026 Revenue of USD 376.7 million on October 29, 2026, up 94% from USD 194.2 million, after the Udemy Merger closed on May 11, 2026.
  • GAAP net loss was USD 25.6 million, or USD 0.10 per share, versus USD 8.6 million a year earlier, while adjusted EBITDA reached USD 61.5 million, a 16.3% margin.
  • Cash and equivalents were USD 670.6 million at September 30, 2026, plus USD 104.9 million of marketable securities; Operating Cash Flow was USD 15.5 million and free cash flow was USD 4.6 million.
  • Published market data lists the shares at USD 3.87, up 4.18% on 2.421 million shares, with a 159.08% one-year EPS change that could not be matched; the snapshot date is not shown.

Udemy Merger Doubles the Revenue Base

Coursera (NYSE:COUR) runs an online learning platform for consumers, businesses and universities. Its all-stock combination with Udemy closed on May 11, 2026, with each Udemy share converted into 0.800 Coursera shares; the company valued the consideration at USD 673.6 million. In its release on October 29, 2026, third-quarter revenue rose 94% to USD 376.7 million. Much of that is acquired revenue: the quarterly filing for the period ended June 30 showed unaudited pro forma second-quarter revenue of USD 381.4 million against USD 387.0 million a year earlier, as if the merger had closed on January 1, 2025.

GAAP Loss Versus USD 57.1 Million Non-GAAP Profit

The gap between measures is wide. Coursera (NYSE:COUR) posted a GAAP net loss of USD 25.6 million and non-GAAP Net Income of USD 57.1 million, or USD 0.21 per share. Merger, integration and restructuring costs were USD 79.8 million in the second quarter alone, which helps explain the GAAP drag. For the fourth quarter, the company guided to revenue of USD 358 million to USD 366 million and adjusted EBITDA of USD 55 million to USD 59 million. It narrowed full-year revenue guidance to USD 1.229 billion to USD 1.237 billion, with an adjusted EBITDA Margin near 14%.

Small-Cap Growth Math and Penny Stock Caveats

The 159.08% one-year EPS change on the screen could not be matched. GAAP loss per share widened, so it likely uses a non-GAAP or other basis, and a change from a small or negative base can look extreme. At USD 3.87 on published market data, Coursera (NYSE:COUR) is a penny stock by price, and its 264.4 million shares outstanding at July 29, 2026 imply roughly USD 1.0 billion of Equity value (own arithmetic, not a verified market cap). Thin-trading risk applies: a small number of trades can move the price, spreads can be wide and quoted moves can reverse, and nothing implies the 4.18% gain will continue. The Udemy deal also expanded the share count from 167.9 million issued at the end of 2025 to 274.5 million at June 30, 2026, so per-share results carry more dilution than before.

Where Things Stand

It depends on the base. The 94% growth is mostly the result of the Udemy merger, and the company's own pro forma comparison for the second quarter showed a slight decline, so organic growth looks flat to lower on that evidence. Coursera (NYSE:COUR) offsets that with USD 670.6 million of cash, positive free cash flow and a guided fourth-quarter revenue range that sits below the third quarter. The 4.18% screen move is unverified. The next checkpoints are fourth-quarter results and progress on merger cost savings, including whether the GAAP loss narrows as integration charges fade.