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Coursera cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$15.2M in Q3 2026 · $14.9M over twelve months

Operating cash flow$15.5M
Capital spending−$300K
Free cash flow+$15.2M
Cash conversion cycle-35 days

Analysis

In Q3 2026, Coursera generated $15.5M of operating cash flow and spent $300K on capital projects, leaving free cash flow of $15.2M. That is $18.5M less than in Q3 2025 ($33.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $16.1M; the largest uses were buybacks ($191M), taxes on employees’ shares ($31.6M), capital spending ($1.2M); besides operations, cash came from other investing ($76.3M), other financing ($4.1M); the cash balance fell by $125M.

Operating cash flow was $15.5M against net income of −$25.6M. The largest differences: deferred revenue −$39.7M, depreciation & amortization +$34.6M, stock-based pay +$23.1M.

Its cash conversion cycle was -35 days (receivables 36 + inventory 0 − payables 71): suppliers fund its working capital.

Free cash flow

Coursera: free cash flow by quarterCoursera: free cash flow by quarter$18.1MQ4 2024$33.0MQ1 2025$35.1MQ2 2025$33.7MQ3 2025$5.4MQ4 2025$14.4MQ1 2026−$20.1MQ2 2026$15.2MQ3 2026
Operating cash flow less capital spending.
Coursera: operating cash flow against capital spendingCoursera: operating cash flow against capital spendingOperating cash flowCapital spending$19.2M$1.1MQ4 2024$33.5M$500KQ1 2025$35.5M$400KQ2 2025$33.9M$200KQ3 2025$5.8M$400KQ4 2025$14.6M$200KQ1 2026−$19.8M$300KQ2 2026$15.5M$300KQ3 2026
Latest (Q3 2026): Operating cash flow $15.5M, Capital spending $300K.

Capital allocation, year by year

Coursera: where the cash came from (up) and went (down), by fiscal yearCoursera: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksFY2021: Operating cash flow $1.7MFY2021: Shares issued $607MFY2021: Capital spending −$1.6M$609MFY2021FY2022: Operating cash flow −$38.1MFY2022: Shares issued $17.6MFY2022: Capital spending −$1.6M$17.6MFY2022FY2023: Operating cash flow $29.7MFY2023: Shares issued $27.3MFY2023: Capital spending −$1.1MFY2023: Buybacks −$58.5M$57.0MFY2023FY2024: Operating cash flow $95.4MFY2024: Shares issued $9.4MFY2024: Capital spending −$1.6MFY2024: Buybacks −$36.7M$105MFY2024FY2025: Operating cash flow $109MFY2025: Shares issued $9.9MFY2025: Capital spending −$1.5M$119MFY2025
Over these 5 years operating cash flow totalled $197M; the largest uses were buybacks ($95.2M) and operating cash flow ($38.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$776M
Debtnone
Net cash$776M

Coursera funds itself: free cash flow was $14.9M over the last twelve months, with $776M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Coursera: sources (+) and uses (−) of cash, Q3 2026Coursera: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$201MOther investing−$105MBuybacks−$103MOperating cash flow$15.5MTaxes on employees’ shares−$7.5MCapital spending−$300KShares issued$200KExchange rates−$100K
Coursera: sources (+) and uses (−) of cash, TTM to Q3 2026Coursera: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$191MCash drawn (+) / kept (−)$125MOther investing$76.3MTaxes on employees’ shares−$31.6MOperating cash flow$16.1MOther financing$4.1MShares issued$2.0MCapital spending−$1.2MNot reconciled−$400K

From profit to cash

Coursera: net income to operating cash flow, Q3 2026Coursera: net income to operating cash flow, Q3 2026Net income−$25.6MDepreciation & amortization$34.6MStock-based pay$23.1MOther non-cash$300KReceivables$18.1MPayables$8.0MDeferred revenue−$39.7MPrepaid and other assets−$7.4MOperating cash flow$15.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202636—71-35
Q2 202633—80-47
Q1 202629—102-74
Q4 202529—104-75
Q3 202530—107-78
Q2 202531—109-78
Q1 202530—113-83
Q4 202428—111-83

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$15.5M−$300K−$103M$200K$201M$15.2M
Q2 2026−$19.8M−$300K—$300K−$83.3M−$20.1M
Q1 2026$14.6M−$200K—$200K$2.7M$14.4M
Q4 2025$5.8M−$400K—$1.3M$5.1M$5.4M
Q3 2025$33.9M−$200K—$4.8M−$22.7M$33.7M
Q2 2025$35.5M−$400K—$2.6M−$27.1M$35.1M
Q1 2025$33.5M−$500K—$1.2M−$20.3M$33.0M
Q4 2024$19.2M−$1.1M—$2.5M−$6.7M$18.1M

Coursera: income statement and cash flow

Coursera, Q3 2026: revenue $377M (+94% year over year), operating margin -7.7%. The chart follows the revenue to costs, profit and cash.

Coursera: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.