Coursera, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Coursera, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	184	294	415	524	636	695	758
Cost of revenue	89.6	139	166	192	306	323	344
Gross profit	94.8	155	249	331	330	371	413
Research and development	56.4	76.8	135	165	160	132	122
Selling and marketing	57	107	179	228	223	235	256
General and administrative	29.8	37.2	77.8	106	98.3	109	114
Operating expenses	143	221	393	509	475	485	491
Operating income	-48.4	-66.6	-143	-177	-146	-113	-77.4
Interest expense	0.63	0.01	0
Interest income	3.28	1.16	0.32	9.14	34.4	36.7	32
Other non-operating income	-0.26	0.12	-0.35	-2.4	0	-2	-0.5
Pre-tax income	-46	-65.3	-143	-171	-111	-78.5	-45.9
Income tax	0.72	1.52	2.13	4.72	5.4	1	5.1
Net income	-46.7	-66.8	-145	-175	-117	-79.5	-51
EBITDA	-43.1	-57	-128	-159	-123	-88.1	-48.6
EPS, basic	-1.45	-1.80	-1.28	-1.21	-0.77	-0.51	-0.31
EPS, diluted	-1.45	-1.80	-1.28	-1.21	-0.77	-0.51	-0.31
Shares, basic (weighted)	32.3	37.2	114	145	151	157	164
Shares, diluted (weighted)	32.3	37.2	114	145	151	157	164

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	56	79.9	581	321	656	726	793
Short-term investments		205	241	460	65.7	0	0
Receivables		40.7	34.4	53.7	67.4	59.7	65.4
Other current assets		15	16.5	17.6	16.6	20.2	20.5
Total current assets		355	892	876	832	831	898
Property, plant and equipment		18.6	24.7	27.1	30.4	36.9	43.4
Lease right-of-use assets		21.6	16.3	9.61	4.74	3
Goodwill							0
Intangible assets		10.6	10.1	8.55	11.7	24.5	27.1
Other non-current assets		9.17	15.4	26.4	41.2	38.2	31.4
Total assets		418	959	948	921	930	1,000
Accounts payable		39	49.2	66.4	101	104	100
Accrued liabilities		13	18.4	21.2	22.3	31.6	36.7
Deferred revenue		76.1	94.6	116	137	160	181
Total current liabilities		154	201	242	298	328	358
Lease liabilities		18.3	11.9	5.79	0.04	3	3.9
Other non-current liabilities		0.64	0.56	1.71	3.18	3.8	5
Total liabilities		177	217	253	304	333	364
Paid-in capital		126	1,235	1,364	1,460	1,507	1,547
Retained earnings		-344	-489	-664	-781	-860	-911
Treasury stock		-4.7	-4.7	-4.7	-63.2	-49.1	0
Other comprehensive income		0.02	-0.25	-0.72	0.06	0	0
Shareholders' equity	-187	-222	742	695	616	597	636
Total equity	-187	-222	742	695	616	597	636
Total liabilities and equity		418	959	948	921	930	1,000
Shares outstanding		40.3	142	148	155	160	168

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-46.7	-66.8	-145	-175	-117	-79.5	-51
Depreciation and amortization	5.28	9.59	14.8	18.5	22.3	25.1	28.8
Stock-based compensation	16.3	16.8	91.2	111	110	108	95.1
Deferred income tax		0	-0.91	-0.34	0.4	0.3	-0.1
Change in receivables	-6.16	-24.1	5.86	-20.6	-14.8	7.2	-5.7
Change in payables	6.62	25.7	16.3	17.9	34	-2.3	8
Cash from operations	-21.3	-15	1.75	-38.1	29.7	95.4	109
Capital expenditures	-4.41	-3.1	-1.55	-1.58	-1.1	-1.6	-1.5
Purchases of investments	-167	-218	-242	-594	-122	0	0
Sales and maturities of investments	115	130	205	375	530	66	0
Cash from investing	-64.9	-101	-51.6	-234	385	29.9	-30.2
Stock issued	8.29	10.1	31.8	17.6	27.3	9.4	9.9
Share buybacks			0	0	-58.5	-36.7	0
Cash from financing	113	139	550	12.2	-79.3	-55	-13.5
Net change in cash	27.2	22.6	500	-260	335	70.3	65
Free cash flow	-25.7	-18.1	0.19	-39.6	28.6	93.8	107
Interest paid	0.2	0.55	0	0
Income taxes paid	0.52	1.16	2.84	4.06	6.4	5.3	6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.9%	Gross profit / revenue.
Operating margin	-17.8%	Operating income / revenue.
EBITDA margin	-12.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-14.7%	Pre-tax income / revenue.
Net margin	-15.4%	Net income / revenue.
FCF margin	3.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.9%	Cash from operations / revenue.
Return on equity (ROE)	-11.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.0%	Net income / average total assets.
Return on invested capital (ROIC)	-42.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.6%	Research and development expense / revenue.
Stock-based pay / revenue	12.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	5.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	21.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	13.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	14.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	6.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	7.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	34.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.59x	Current assets / current liabilities.
Quick ratio	1.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.28x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	40.1%	Total liabilities / total assets.
Working capital	$453.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$548.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	16.1x	Revenue / average property, plant and equipment.
Receivables turnover	5.58x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
Days payables	114 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	3.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.79	Revenue / diluted weighted shares.
FCF per share	$0.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.15	Cash from operations / diluted weighted shares.
Book value per share	$4.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.00	Tangible book value / shares outstanding.
Cash per share	$3.58	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.34B	Share price x shares outstanding.
Enterprise value	$353.0M	Market cap + total debt - cash - short-term investments.
P/S	1.51x	Market cap / revenue.
P/B	1.14x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.44x	Market cap / tangible book value, when positive.
P/FCF	40.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	38.7x	Market cap / cash from operations, when positive.
EV/Sales	0.40x	Enterprise value / revenue.
EV/FCF	10.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	-10.2%	Net income / market cap (the inverse of P/E).

What was Coursera, Inc.'s revenue in fiscal 2025?

Coursera, Inc. reported revenue of $757.5M for fiscal 2025, 9% higher than the year before.

Was Coursera, Inc. profitable in fiscal 2025?

No. It reported a net loss of $51.0M.

How much free cash flow did Coursera, Inc. generate in fiscal 2025?

Cash from operations of $108.7M minus capital expenditures of $1.5M left free cash flow of $107.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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