cour-20260331


Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_________________________________________________________

FORM 10-Q

_________________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 001-40275

_________________________________________________________

COURSERA, INC.

(Exact Name of Registrant as Specified in its Charter)

_________________________________________________________


Delaware			45-3560292
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
2440 West El Camino Real, Suite 500 Mountain View, California			94040
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (650) 963-9884

_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common Stock, $0.00001 par value per share

COUR

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 23, 2026, the registrant had 169.3 million shares of common stock, $0.00001 par value per share, outstanding.


Table of Contents

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations and Comprehensive Loss	3
	Condensed Consolidated Statements of Stockholders’ Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32
PART II.	OTHER INFORMATION	33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	74
Item 5.	Other Information	75
Item 6.	Exhibits	75
Signatures		76


Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

COURSERA, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In millions, except par value amounts)

(Unaudited)


	March 31, 2026		December 31, 2025

Assets
Current assets:
Cash and cash equivalents	$	789.8	$	792.6

Accounts receivable, net	60.0		65.4
Deferred costs, net	19.0		19.6
Prepaid expenses and other current assets	24.6		20.5
Total current assets	893.4		898.1
Property, equipment, and software, net	45.5		43.4

Intangible assets, net	30.9		27.1
Other assets	30.7		31.4
Total assets	$	1,000.5	$	1,000.0
Liabilities and Stockholders’ Equity
Current liabilities:
Content liabilities	$	98.3	$	100.0
Other accounts payable and accrued expenses	31.0		29.8
Accrued compensation and benefits	21.4		36.7

Deferred revenue, current	200.1		180.9
Other current liabilities	11.6		10.5
Total current liabilities	362.4		357.9

Deferred revenue, non-current	1.5		1.4
Other liabilities	4.8		5.0
Total liabilities	368.7		364.3
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.00001 par value—10.0 shares authorized and no shares issued and outstanding as of March 31, 2026 and December 31, 2025	—		—
Common stock, $0.00001 par value—300.0 shares authorized as of March 31, 2026 and December 31, 2025; 169.3 shares issued and outstanding as of March 31, 2026, and 167.9 shares issued and outstanding as of December 31, 2025	—		—
Additional paid-in capital	1,563.5		1,546.9


Accumulated deficit	(931.7)		(911.2)
Total stockholders’ equity	631.8		635.7
Total liabilities and stockholders’ equity	$	1,000.5	$	1,000.0

See Notes to Condensed Consolidated Financial Statements.


Table of Contents

COURSERA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In millions, except per share amounts)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Revenue	$	195.7	$	179.3
Cost of revenue	87.1		81.4
Gross profit	108.6		97.9
Operating expenses:
Research and development	31.3		29.5
Sales and marketing	69.3		56.8
General and administrative	33.3		26.9
Restructuring related charges	—		(0.9)
Total operating expenses	133.9		112.3
Loss from operations	(25.3)