Coursera provides a massive online open network where individuals and enterprises can access high-quality courses, degrees, and professional certificates from world-class institutions.
Investors might view COUR as a high-growth turnaround play given its consistent revenue expansion over the last three years and rapidly improving net income trajectory. The massive cash hoard allows management to double down on market share capture in enterprise learning while potentially reaching profitability sooner than peers in the EdTech sector.
The stock carries elevated risk due to persistent operating losses and a reliance on aggressive marketing spend which limits near-term free cash flow generation. Without a clear path to consistent positive earnings, valuation multiples remain depressed, making it vulnerable to market corrections if growth decelerates or economic conditions tighten.
Coursera (NYSE:COUR) is a leading online learning platform connecting learners with top universities and organizations to offer professional certificates, degrees, and specializations. The company serves a global market across education, technology, and corporate training sectors, focusing on upskilling the workforce through digital content. Its revenue model relies primarily on subscription fees from individual learners and enterprise clients.
Despite a narrowing net loss from $-175.4M in 2022 to $-51.0M in 2025, Coursera continues to operate with significant cash burn, recording an operating profit of $-77.4M against revenue growth to $757.5M. The company maintains a robust balance sheet with $792.6M in cash and equivalents, providing ample liquidity to fund its expansion efforts and R&D spend of $121.6M without immediate dilution pressure.
The global EdTech industry is experiencing rapid digitization as institutions and corporations seek scalable solutions for workforce development and student access. However, the sector remains highly competitive with low barriers to entry for content creation, forcing players like Coursera to differentiate through network effects and exclusive partnerships.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $523.8M | $635.8M | $694.7M | $757.5M |
| Cost of Revenue | $192.3M | $306.0M | $323.3M | $344.1M |
| Gross Profit | $331.5M | $329.8M | $371.4M | $413.4M |
| Operating Expenses | $508.9M | $475.4M | $484.6M | $490.8M |
| Operating Income | $-177.4M | $-145.6M | $-113.2M | $-77.4M |
| R&D | $165.1M | $160.1M | $132.0M | $121.6M |
| G&A | $105.9M | $98.3M | $108.7M | $114.4M |
| Marketing | $227.7M | $222.8M | $234.9M | $255.7M |
| Stock-Based Comp | $110.8M | $109.6M | $108.1M | $95.1M |
| D&A | $18.5M | $22.3M | $25.1M | $28.8M |
| Amortization | $2.6M | — | — | — |
| Other OpEx | $10.1M | $-5.8M | $8.9M | $-900.0K |
| Non-Operating Income | $6.7M | $34.4M | $34.7M | $31.5M |
| Interest Income | $9.1M | $34.4M | $36.7M | $32.0M |
| Pre-Tax Income | $-170.6M | $-111.2M | $-78.5M | $-45.9M |
| Income Tax | $4.7M | $5.4M | $1.0M | $5.1M |
| Continuing Ops | $-175.4M | $-116.6M | $-79.5M | $-51.0M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-175.4M | $-116.6M | $-79.5M | $-51.0M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-175.4M | $-116.6M | $-79.5M | $-51.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $876.0M | $832.5M | $830.7M | $898.1M |
| Cash & Equivalents | $320.8M | $656.3M | $726.1M | $792.6M |
| Marketable Securities | $459.7M | $65.7M | $0 | — |
| Accounts Receivable | $53.7M | $67.4M | $59.7M | $65.4M |
| Prepaid Expenses | $17.6M | $16.6M | $20.2M | $20.5M |
| Other Current Assets | $24.1M | $26.4M | $24.7M | $19.6M |
| Long-Term Assets | $71.6M | $88.0M | $99.6M | $101.9M |
| PP&E (Net) | $27.1M | $30.4M | $36.9M | $43.4M |
| Intangibles | $8.6M | $11.7M | $24.5M | $27.1M |
| Operating Leases | $9.6M | $4.7M | $3.0M | — |
| Other LT Assets | $26.4M | $41.2M | $35.2M | $31.4M |
| Total Assets | $947.6M | $920.5M | $930.3M | $1.00B |
| Current Liabilities | $242.4M | $298.3M | $327.5M | $357.9M |
| Current Leases | $8.7M | $6.6M | $43.0K | $1.8M |
| Deferred Revenue | $115.7M | $137.2M | $159.7M | $180.9M |
| Other Current Liab | $118.1M | $154.5M | $167.7M | $175.2M |
| Long-Term Liabilities | $10.6M | $6.1M | $5.4M | $6.4M |
| LT Operating Leases | $5.8M | $39.0K | $3.0M | $3.9M |
| Other LT Liab | $1.7M | $3.2M | $805.0K | $1.1M |
| Total Liabilities | $253.0M | $304.3M | $332.9M | $364.3M |
| Shareholders' Equity | $694.6M | $616.2M | $597.4M | $635.7M |
| Paid-In Capital | $1.36B | $1.46B | $1.51B | $1.55B |
| Retained Earnings | $-664.1M | $-780.7M | $-860.2M | $-911.2M |
| AOCI | $-718.0K | $59.0K | $0 | — |
| Treasury Stock | $4.7M | $63.2M | $49.0M | $0 |
| Total L&E | $947.6M | $920.5M | $930.3M | $1.00B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-175.4M | $-116.6M | $-79.5M | $-51.0M |
| Non-Cash Adjustments | $62.7M | $63.9M | $160.1M | $130.7M |
| Working Capital Changes | $74.6M | $82.3M | $14.8M | $29.0M |
| Cash from Operations | $-38.1M | $29.6M | $95.4M | $108.7M |
| Cash from Investing | $-234.0M | $384.8M | $29.9M | $-30.2M |
| Share Buybacks | — | $58.5M | $36.7M | $0 |
| Cash from Financing | $12.2M | $-79.2M | $-54.9M | $-13.5M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-259.8M | $335.2M | $70.3M | $65.0M |
| Beginning Cash | $582.7M | $322.9M | $658.1M | $728.4M |
| Ending Cash | $322.9M | $658.1M | $728.4M | $793.4M |
Revenue is driven by three core segments: Individual Learners paying for subscriptions and certificates, Corporate Clients purchasing team-based learning solutions, and University Partnerships generating revenue through degree programs and specializations hosted on the platform.
The company faces significant profitability challenges as it continues heavy investments in marketing and R&D while operating with a substantial net loss. Competition from other EdTech giants, free content providers like YouTube or Khan Academy, and traditional universities launching their own platforms poses ongoing threats. Currency fluctuations and economic downturns could reduce discretionary spending on both individual subscriptions and corporate training budgets.
Coursera possesses a vast network of prestigious university partners and industry-leading organizations, ensuring high-quality content that drives user acquisition. The platform benefits from strong brand recognition in the EdTech space and deep integration with enterprise HR learning management systems to secure recurring B2B contracts.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.