Coursera Completes First Full Quarter After Udemy Close

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue reached $376.7 million as the combined company narrowed its 2026 outlook to $1.229 billion to $1.237 billion.

Coursera, Inc. (COUR), a global online learning platform, reported third-quarter revenue of $376.7 million, up 94% from $194.2 million a year earlier, the first full quarter after the May 11, 2026 close of its combination with Udemy.

The year-over-year increase accelerated from 60% in the second quarter, when revenue was $298.6 million, and 9% in the first quarter, when it was $195.7 million. The company said the step-up reflected a full quarter of combined results after the transaction.

GAAP gross profit was $220.1 million, for a 58.4% margin. Non-GAAP gross profit was $240.0 million, or 63.7% of revenue.

Enterprise was the larger of the two reportable segments. Enterprise revenue was $200.9 million, up 214% from $63.9 million a year earlier, with Enterprise gross profit of $163.4 million and an 81.3% margin. Consumer revenue was $175.8 million, up 35% from $130.3 million. Consumer subscription revenue was $130.6 million, transactional and other revenue $32.8 million, and Degrees $12.4 million. Consumer gross profit margin was 65.7%.

Combined Enterprise Customers were 11,897 as of September 30, 2026, down 4% from 12,338 a year earlier. Paid Subscribers were 1,687 thousand, up 30% from 1,299 thousand. Enterprise Net Retention Rate was 93%. The company said those metrics reflect a unified Coursera-Udemy reporting methodology after the close.

GAAP net loss was $25.6 million, or $0.10 a share, versus an $8.6 million loss, or $0.05 a share, a year earlier. The prior-quarter GAAP net loss was $80.4 million. Merger, integration, and restructuring related costs were $30.8 million in the third quarter. Non-GAAP net income was $57.1 million, or $0.21 a share. Adjusted EBITDA was $61.5 million, a 16.3% margin, compared with $42.7 million and a 14.3% margin in the second quarter.

Operating cash flow was $15.5 million. Free cash flow was $4.6 million, versus a $32.6 million outflow in the second quarter. The company said third-quarter operating cash flow included $6.7 million of merger and integration cash payments and $21.0 million of merger-related personnel and severance cash payments.

Coursera said it would achieve the $115 million annual run-rate net synergy target by year-end, within eight months of close versus the original 24-month timeline, with actions representing more than $150 million of annualized gross cost savings. After the second quarter it had said it now expected at least $85 million of annual run-rate net synergies by year-end.

The company previewed Project Helix, an AI-native skills platform it said is expected to be broadly available to Enterprise Customers in the first half of 2027. Chief Executive Greg Hart said the platform is designed to connect trusted learning to verified proof of skills.

Full-year 2026 revenue guidance was narrowed to $1.229 billion to $1.237 billion from the $1.220 billion to $1.245 billion range issued after the second quarter. Fourth-quarter 2026 revenue is expected in a range of $358 million to $366 million, with Adjusted EBITDA of $55 million to $59 million. The full-year Adjusted EBITDA margin target is approximately 14%. Guidance reflects the Udemy close and the expected pace of synergy realization during 2026, the company said.

Coursera repurchased about 18.1 million shares for $102 million in the third quarter, after $90 million of buybacks in the second quarter. Including purchases after quarter-end, more than $215 million had been repurchased since the May 2026 program under a $500 million authorization.