Coursera, Inc. Earnings Summary — Q1 FY2026

• Revenue grew 9.1% year-over-year to $195.7 million, driven by the Consumer and Enterprise segments.
• GAAP net loss widened significantly to $20.5 million compared to $7.8 million in the prior year quarter.
• Operating expenses surged by 19% YoY, primarily due to a substantial increase in Sales and Marketing spend (up 22%).
• Net cash provided by operating activities dropped by 56% to $14.6 million from $33.5 million a year ago.
• The company maintains a strong liquidity position with $789.8 million in cash and cash equivalents and zero debt.
• Coursera and Udemy stockholders approved a merger agreement on April 9, 2026, which is currently awaiting regulatory approval.
• Deferred revenue grew to $201.6 million (current and non-current), indicating future revenue visibility.
• Remaining performance obligations (RPO) stood at $355.1 million, with 74% expected to be recognized within 12 months.

Management did not provide specific numerical revenue or EBITDA guidance for FY2026 in the 10-Q filing; however, they highlighted that most RPO would be recognized within the next 12 months and focus remains on merging with Udemy.

Deteriorating

While revenue continues to grow, the widening of GAAP losses and the sharp decline in operating cash flow compared to the prior year suggest rising customer acquisition costs or operational inefficiencies.

The outlook is heavily dependent on the successful regulatory clearance and integration of the Udemy merger, alongside the company's ability to scale its 'Professional Certificates' while managing high sales and marketing expenses.