On Feb 5, 2026, Coursera released its Q4 2025 results. It was the first report since announcing the Udemy merger, which Dhawal Shah, Class Central founder, recently analyzed (in 5000+ words!).
Coursera’s stock barely moved after the announcement and is currently at ~$6, down 87% from its opening day price in 2021. Here’s a quick review of its last 2025 quarter.
More Users, Struggling Segments
Coursera’s Q4 revenue was ~$197M, up 10% YoY, but growth has been flat since Q2.
Consumer revenue saw a significant growth drop. It made $131.5M and went up only 1% compared to Q3 and 12% growth YoY.
Enterprise revenue fared slightly better than Consumer in terms of growth. It made $65.4M and rose by 2.3% QoQ but just 5% yearly.
The net retention rate of Enterprise customers (NRR) is 93%, up from 89% in Q3. This means that it’s improving, but customers are still paying less than what they paid a year ago. The company acknowledged this, and said, “We won’t be happy with our NRR number until it’s above 100%.”
| Quarter | Consumer Revenue (in millions) | YoY Increase | Enterprise Revenue (in millions) | YoY Increase |
| Q1 2025 | 117.6 | 5% | 61.7 | 1.2% |
| Q2 2025 | 122.8 | 6.9% | 64.3 | 6.1% |
| Q3 2025 | 130.3 | 13% | 63.9 | 6% |
| Q4 2025 | 131.5 | 12.5% | 65.4 | 5% |
Coursera had 6.8 million new learners in Q4 2025 as opposed to ~6 million in Q4 2024 This brought its total registered learners to 197 million. While the learners grew by 17% YoY, the revenue only grew 9%. This means the revenue per user has decreased.
Enterprise customers were 1,730. The number only increased by six customers QoQ. It was 1,724 in Q3.
Coursera made a gross profit of $106.8 million (54% margin). The profit margin for consumers was 61.5% and for enterprise was 69.7%.
Mike Foley, Coursera CFO, stated in the earnings call: “Our fastest growing business, our consumer subscription, is our lower margin business and enterprise growing slower is our higher margin business.”
After operating expenses, Coursera reported a net loss of $26.8 million. The company has $793 million in cash.
Full Year and Q1 2026 Guidance
For 2026, the company has made a full year guidance of $805 to $815 million, and the first quarter guidance of $193 to $197 million.
The Consumer segment is projected to grow over 10% while Enterprise growth is “expected to be in the low single digits year over year.”
The CFO also said that the 15% platform fee that course creators will pay to Coursera starting 2026, will help in profit increase. In the merger analysis, Dhawal calculated it could lead to $30-35 million in revenue.
The company didn’t mention much about the Udemy merger, except that it will happen in the second half of 2026.
We’re also tracking Coursera’s annual performance, which we’ll update soon.
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