Coursera (COUR) financial statements
Coursera reported revenue of $758M in fiscal 2025, up 26.6% a year over 6 years.
Net income was -$51M and the operating margin -10.2%, against -26.2% in 2019.
Free cash flow was $107M.
The diluted share count rose 407% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Coursera's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $184M | $294M | $415M | $524M | $636M | $695M | $758M |
| Cost of revenue | $90M | $139M | $166M | $192M | $306M | $323M | $344M |
| Gross profit | $95M | $155M | $249M | $331M | $330M | $371M | $413M |
| Research and development | $56M | $77M | $135M | $165M | $160M | $132M | $122M |
| Selling, general and admin | $87M | $144M | $257M | $334M | $321M | $344M | $370M |
| Operating income | -$48M | -$67M | -$143M | -$177M | -$146M | -$113M | -$77M |
| Interest expense | $625,000 | $12,000 | $0 | — | — | — | — |
| Pre-tax income | -$46M | -$65M | -$143M | -$171M | -$111M | -$78M | -$46M |
| Income tax | $718,000 | $2M | $2M | $5M | $5M | $1M | $5M |
| Net income | -$47M | -$67M | -$145M | -$175M | -$117M | -$80M | -$51M |
| EPS (diluted) | -$1.45 | -$1.80 | -$1.28 | -$1.21 | -$0.77 | -$0.51 | -$0.31 |
| Diluted shares | 32M | 37M | 114M | 145M | 151M | 157M | 164M |
| Gross margin | 51.4% | 52.7% | 60.1% | 63.3% | 51.9% | 53.5% | 54.6% |
| Operating margin | -26.2% | -22.7% | -34.4% | -33.9% | -22.9% | -16.3% | -10.2% |
| Net margin | -25.3% | -22.8% | -35.0% | -33.5% | -18.3% | -11.4% | -6.7% |
Balance sheet
Fiscal years, from Coursera's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $56M | $285M | $822M | $780M | $722M | $726M | $793M |
| Receivables | — | $41M | $34M | $54M | $67M | $60M | $65M |
| Total current assets | — | $355M | $892M | $876M | $832M | $831M | $898M |
| Property, plant and equipment | — | $19M | $25M | $27M | $30M | $37M | $43M |
| Goodwill | — | — | — | — | — | — | $0 |
| Total assets | — | $418M | $959M | $948M | $921M | $930M | $1.0B |
| Total current liabilities | — | $154M | $201M | $242M | $298M | $328M | $358M |
| Total liabilities | — | $177M | $217M | $253M | $304M | $333M | $364M |
| Shareholders' equity | -$187M | -$222M | $742M | $695M | $616M | $597M | $636M |
| Net debt | -$56M | -$80M | -$581M | -$321M | -$656M | -$726M | -$793M |
Cash flow
Fiscal years, from Coursera's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$21M | -$15M | $2M | -$38M | $30M | $95M | $109M |
| Capital spending | $4M | $3M | $2M | $2M | $1M | $2M | $2M |
| Free cash flow | -$26M | -$18M | $192,000 | -$40M | $29M | $94M | $107M |
| Stock-based compensation | $16M | $17M | $91M | $111M | $110M | $108M | $95M |
| Share buybacks (net) | — | — | $0 | $0 | -$58M | -$37M | $0 |
| Free cash flow margin | -14.0% | -6.2% | 0.0% | -7.6% | 4.5% | 13.5% | 14.2% |
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Open COUR in InvestinglyQuestions
What was Coursera's revenue in 2025?
$758M in fiscal 2025, from its 10-K filing.
How much free cash flow does Coursera generate?
$107M in fiscal 2025 (operating cash flow minus capital spending).
From Coursera's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.