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# Coursera Revenue Jumps 94% On Udemy, But Underlying Sales Fell About 3%
- URL: https://www.bullished.co/coursera-revenue-jumps-94-on-udemy-but-underlying-sales-fell-about-3-a5ed2d5e/
- Published: 2026-10-29T20:25:28.000Z
- Updated: 2026-10-29T20:25:28.000Z
- Description: Consumer sales fell 9% on a normalized basis, and Coursera guided fourth-quarter revenue to $358 million to $366 million.
- Author: Matteo Parrino
- Tags: Earnings, COUR, Industry: Consumer Discretionary

Coursera's third-quarter revenue of [$376.7 million](https://www.sec.gov/Archives/edgar/data/0001651562/000165156226000068/cour-20260930xexx991.htm?ref=bullished.co) was up 94% from a year earlier as reported, but the jump comes from folding in Udemy. On a normalized basis, which treats Udemy as owned the whole time, revenue fell about 3%, the company said in an [8-K filed Thursday](https://www.sec.gov/Archives/edgar/data/0001651562/000165156226000068/cour-20261029.htm?ref=bullished.co).

## Enterprise holds, Consumer slips

Coursera runs an online learning platform selling courses, certificates and degrees to individuals, employers, colleges and governments. Its results include Udemy only from the May 11 close.

Enterprise revenue was $200.9 million, up 2% on a normalized basis. Consumer revenue was $175.8 million, down 9% normalized, as pressure in individual certificate subscriptions and Udemy's one-time offerings outweighed subscription growth, the company said in its [shareholder letter](https://www.sec.gov/Archives/edgar/data/0001651562/000165156226000068/cour-20260930xshareholde.htm?ref=bullished.co). Leading funnel indicators in Consumer "remain softer than we want," the letter said, and the outlook does not assume an immediate rebound.

Enterprise net retention was 93%, up from 91% last quarter. That means customers from a year earlier now spend about 93% as much, a level the company called still well below its long-term ambition. Enterprise Customers fell 4% to 11,897.

## Wider loss, richer adjusted profit

Coursera posted a net loss of $25.6 million, or $0.10 a share, against an $8.6 million loss a year earlier. The latest quarter carried $30.8 million of merger, integration and restructuring costs.

Adjusted EBITDA, which strips out items such as those costs and stock pay, rose to $61.5 million, a 16.3% margin. Operating cash flow fell to $15.5 million from $33.9 million, and free cash flow to $4.6 million from $26.6 million.

The company bought back about 18.1 million shares for $102 million in the quarter. Through October 28 it had repurchased more than $215 million under a $500 million authorization, and it held about $776 million in cash and securities with no debt.

## Fourth-quarter guide and synergies

For the fourth quarter, Coursera guided revenue of $358 million to $366 million and adjusted EBITDA of $55 million to $59 million. It expects Enterprise growth to be about flat and Consumer to slow further. It narrowed full-year revenue to $1.229 billion to $1.237 billion.

Management now expects to hit its $115 million annual net synergy target by year-end, eight months after close rather than the original 24 months. Chief Executive Greg Hart said the company is "on track to deliver our original 24-month synergy plan in just eight months."

Project Helix, an AI-native skills platform, is targeted for broad Enterprise availability in the first half of 2027.

Coursera said it will give formal 2027 guidance on its fourth-quarter call, with a starting assumption of a low double-digit normalized decline in Consumer.

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- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Coursera, Inc. (COUR)](https://www.sec.gov/Archives/edgar/data/0001651562/000165156226000068/cour-20261029.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit cour-20260930xexx991.htm — Coursera, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001651562/000165156226000068/cour-20260930xexx991.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit cour-20260930xshareholde.htm — Coursera, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001651562/000165156226000068/cour-20260930xshareholde.htm?ref=bullished.co) — SEC EDGAR