Coursera outlines $805M-$815M 2026 revenue target as Udemy merger and AI initiatives accelerate platform evolution

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• Traffic from AI platforms is described as early days with higher-intent traffic but no substantive data yet

  80% confidence

• Guidance for Udemy merger closing remains the second half of the year but acknowledged a wide range of possible outcomes

  80% confidence

• The company achieved record free cash flow of $78 million, up 32%

  80% confidence

• We do expect to continue to make improvements and progress on gross margin in the aggregate

  80% confidence

• Consumer segment growth is projected at more than 10% for 2026, with Enterprise expected to grow in the low single digits

  80% confidence

• Q4 delivered total revenue of $197 million, up 10% from the prior year period, driven by growth across both Consumer and Enterprise segments

  80% confidence

• The Udemy merger is an important step in accelerating Coursera's strategy and reinforcing the shift toward a leading technology platform for skills

  80% confidence

• The total number of paid Enterprise customers increased to 1,730, up 7% from a year ago, and net retention rate for paid enterprise customers was 93%

  80% confidence

• There is no change to Consumer pricing or Enterprise pricing from the platform fee

  80% confidence

• The platform fee is to enable us to invest in an ongoing way in continuing to improve the platform

  80% confidence

• For the full year, net income was $67 million or 8.8% of revenue and adjusted EBITDA was $64 million, representing an 8.4% margin

  80% confidence

• We won't be happy with our NRR number until it's frankly above 100%

  80% confidence

• The new 15% platform fee will gradually benefit margins, with initial expansion in the Consumer segment in the second half of 2026 and Enterprise margin improvement expected in 2027

  80% confidence

• Coursera delivered a strong fourth quarter with full-year revenue of $757 million, a 9% increase year-over-year

  80% confidence

• The platform fee is expected to provide a structural benefit to gross margin over time

  80% confidence

• Partner feedback on the Udemy merger has been generally positive with questions about integration

  80% confidence

• The platform offered more than 13,500 courses, expanding the catalog by over 45% year-over-year, the fastest pace in the past 5 years

  80% confidence

• We anticipate revenue to be in the range of $805 million to $815 million for full year 2026, representing growth of approximately 6% to 8% from the prior year

  80% confidence