Q4 2025 Coursera Inc Earnings Call Transcript

Feb 5, 2026 / 10:00 PM GMT

Transcript 8-K

Key Points

Positve

Coursera Inc (COUR) reported a strong fourth quarter with a 10% year-over-year revenue growth, driven by both consumer and enterprise segments.
The company achieved record free cash flow of $78 million, up 32% from the previous year.
Coursera Inc (COUR) expanded its annual adjusted EBITDA margin by 240 basis points to 8.4%, indicating improved financial leverage.
The company added 29 million new registered learners in 2025, growing its total cumulative learner base by 17% year over year.
Coursera Inc (COUR) announced a strategic agreement to combine with Udemy, aiming to accelerate its strategy and enhance its platform capabilities.

Negative

The enterprise segment showed slower growth with a 5% year-over-year increase, and the net retention rate for paid enterprise customers was 93%, indicating room for improvement.
There is a cautious outlook for the enterprise segment due to macroeconomic uncertainties, which may impact growth.
The company anticipates a 100 basis point headwind from its degrees product category, slightly offsetting consumer segment growth.
The introduction of a 15% platform fee may face pushback from content partners, although it is intended to support ongoing investment in platform capabilities.
The integration with Udemy poses potential challenges in terms of developing a cohesive content strategy and ensuring a smooth transition for both companies' stakeholders.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

COUR.N - Coursera Inc
Q4 2025 Coursera Inc Earnings Call
Feb 05, 2026 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by and welcome to Coursera's 4th quarter in full year 2025 earnings call. All participants are in listen-only mode and this call is being recorded. Following the prepared remarks, we will hold a question-and-answer session. To ask a question, please click the raise hand button and be prepared to unmute your line when prompted. I would now like to turn the call over to Cam Carey, Vice President of Investor relations. Mr. Carey, you may begin.

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Unidentified_2 [2]
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Good afternoon.

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