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Coursera (COUR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Coursera (COUR) Q3 2026 earnings results →
Q3 2026 Revenue up 94% year over year to $377M · 7¢ of every $1 of revenue lost · operating margin -7.7%
Coursera made $377M in Q3 2026 (+94% Y/Y): Enterprise $201M, Consumer $176M. Operating margin -7.7%, net loss $25.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $376.7M in Q3 2026, up 94% year over year and up 26% from the previous quarter. Enterprise was the largest line at 53% of revenue. Enterprise added $137.0M year over year (up 214%), 75% of the total change.
Gross margin was 58.4%, up 3.8 points from Q3 2025. Operating costs exceeded revenue by $28.9M, an operating margin of -7.7%. Operating expenses grew 105% against revenue growth of 94%. The fastest-growing cost line was Sales & marketing (+92%). The quarter ended with a net loss of $25.6M, narrower than the previous quarter's $80.4M loss. Non-operating items added $5.9M, -26% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $15.5M (down 54% year over year). Non-cash charges added back $34.6M of depreciation and amortization and $23.1M of share-based compensation. Working capital and other items used $16.6M. After capitalized internal-use software costs ($7.8M) and purchases of content assets ($2.8M) and purchases of property, equipment, and software ($300K), free cash flow as the company reports it was $4.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $377M | +94% | -7.7% | −$25.6M | $15.5M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $299M | +60% | -28.4% | −$80.4M | −$19.8M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $196M | +9% | -12.9% | −$20.5M | $14.6M |
| Q4 2025 | 10-K | Feb 23, 2026 | $197M | +10% | -16.4% | −$26.8M | $5.8M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $194M | +10% | -8.0% | −$8.6M | $33.9M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $187M | +10% | -8.1% | −$7.8M | $35.5M |
| Q1 2025 | 10-Q | May 1, 2025 | $179M | +6% | -8.0% | −$7.8M | $33.5M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Coursera
Our mission is to provide universal access to world-class learning so that anyone, anywhere can transform their life through learning. We believe learning is a powerful source of human progress, transforming our world from illness to health, from poverty to prosperity, and from conflict to peace. As a global platform, Coursera unites educators, learners, and institutions, serving approximately 197 million learners from over 230 countries and territories as of December 31, 2025. Our content is created by a world-class ecosystem of expert instructors, including more than 200 universities and 175 industry leaders, who have developed a broad catalog of content and credentials, ranging from entry-level industry microcredentials to university degrees. These offerings are distributed globally through our platform, making high-quality, affordable education more accessible around the world.
In its own words, from its 10-K, filed Feb 23, 2026.
Coursera against its Services-Prepackaged Software peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +94% against the peers' median +19%. Operating margin: -7.7% against the peers' median 15.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| COUR Coursera | Q3 2026 | $377M | +94% | -7.7% |
| MSFT Microsoft | Q1 FY27 | $92.3B | +19% | 49.8% |
| ORCL Oracle | Q1 FY27 | $19.3B | +30% | 34.8% |
| CRM Salesforce | Q2 FY27 | $11.3B | +11% | 20.5% |
| ADBE Adobe | Q3 FY26 | $6.8B | +13% | 34.8% |
| XYZ Block | Q3 2026 | $6.7B | +10% | 6.4% |
| INTU Intuit | Q4 FY26 | $4.4B | +14% | 10.9% |
| NOW ServiceNow | Q3 2026 | $4.1B | +20% | 9.4% |
| SHOP Shopify | Q3 2026 | $3.7B | +32% | 15.2% |
Source: Coursera 10-Q on SEC EDGAR · CIK 1651562 · Services-Prepackaged Software
Guidance and outlook
13F: who owns COUR and who is buying
More on COUR
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results