COUR · Coursera, Inc.

Coursera's Q1 2026 results reflect continued momentum in its Consumer segment, which grew revenue 10% year-over-year to $129.5 million, driven by strong adoption of Coursera Plus and a record 7.6 million new registered learners. Total revenue reached $195.7 million, up 9% year-over-year, in line with expectations. Gross profit margin expanded 90 bps GAAP (80 bps non-GAAP) to 55.5% (56.6% non-GAAP), the highest in three years, benefiting from a new platform fee and increased engagement with Coursera-produced content. However, GAAP net loss widened to $20.5 million from $7.8 million, primarily due to $6.2 million in merger and acquisition transaction costs and $3.8 million in integration costs related to the proposed Udemy combination. Adjusted EBITDA declined 28% to $13.5 million, with margin contracting 350 bps to 6.9%, reflecting higher operating expenses and M&A costs. Management reaffirmed full-year 2026 revenue guidance of $805-$815 million and Adjusted EBITDA of $70-$76 million, implying an approximately 9% margin at the midpoint. For Q2, revenue is expected between $196-$200 million and Adjusted EBITDA between $12-$16 million. The proposed all-stock combination with Udemy, approved by stockholders on April 9, 2026, is progressing through regulatory approvals. Coursera's CEO highlighted the opportunity to build a more comprehensive skills platform for the AI era, with generative AI course enrollments accelerating to over 20 per minute in Q1. The company's strong start to 2026 and reaffirmed outlook suggest stable near-term performance, though the pending Udemy transaction introduces execution risk and integration uncertainty.