Coursera revenue up 9.1% year‑over‑year

Online education is having a very specific kind of moment. The users are still showing up, the top line is still growing, and AI is making the whole category feel newly relevant. But the easy-money version of the story is gone. Coursera’s latest quarter — released April 23, 2026 — is a good example of that tension: real revenue growth, real user growth, and a much messier profit picture. (investor.coursera.com) ### What did Coursera actually report? Coursera posted Q1 revenue of $195.7 million, up 9.1% from $179.3 million a year earlier. Management framed that as a strong start to 2026 and kept its full-year revenue outlook at $805 million to $815 million. So this was not a collapse story. It was a “growth is intact, but not explosive” story. (investor.coursera.com)om? The consumer side did most of the visible work. Consumer revenue reached $129.5 million, up 10% year over year, which made this Coursera’s fourth straight quarter of double-digit consumer growth. Enterprise revenue was $66.2 million, up 7%. Basically, learners kept buying courses and subscriptions, while the business-facing side grew more slowly. (investor.coursera.com) ### Were people still signing up? Yes — in a big way. Coursera added 7.6 million new registered learners in the quarter, which it called a first-quarter record. That pushed cumulative registered learners to 205 million. That number matters because it shows the platform still has reach, and reach is the raw material for everything else — subscriptions, certificates, degrees, and AI-driven personalization. (investor.coursera.com) ### So why didn’t investors love it? Because growth alone was not the whole quarter. Net loss widened to $20.5 million from $7.8 million a year earlier. Non-GAAP net income fell to $12.4 million from $19.7 million. Adjusted EBITDA dropped to $13.5 million from $18.7 million, and free cash flow fell hard to $3.0 million from $25.3 million. That is the catch — the business grew, but profitability and cash generation moved the wrong way. (investor.coursera.com) ### Why did profits get hit so badly? A big piece was deal-related cost. Coursera disclosed merger and acquisition transaction costs and integration costs tied to its expected combination with Udemy. The shareholder materials show $6.2 million of M&A transaction costs and $3.8 million of integration-related costs in the quarter, while operating cash flow also absorbed $(investor.coursera.com)igger strategic bet later. (investor.coursera.com) ### Why does Udemy matter here? Because the quarter is not just about one earnings print. Coursera is already talking about integration planning for its expected combination with Udemy and pitching the tie-up as a way to build a broader skills platform for the AI era. Investors are now judging current growth and current margins through that lens — not as a finished picture, but as a transition period. (investor.coursera.com) ### Is 9.1% good or disappointing? Both, depending on what you expected. For a company at Coursera’s scale, 9.1% is real growth. But it is not the kind of number that buys endless patience if margins are slipping. The reaffirmed full-year outlook says management still sees a stable year ahead, yet the quarter also suggests this is a slower, more operational story now — less breakout growth, more execution risk. (investor.coursera.com) ### What’s the bottom line? Coursera showed that demand for online learning is still there. But the market is no longer grading edtech on user growth alone. Right now the company has to prove three things at once — that consumer momentum holds, that enterprise growth does not stall, and that the Udemy deal eventually produces more than it costs. (investor.coursera.com)