Coursera (COUR) Q2 2026 earnings summary

Executive summary

• Completed the Udemy transaction on May 11, 2026, creating a combined company focused on scale, data, and innovation for next-generation learning experiences.

• Q2 2026 revenue reached $299 million, up 60% year-over-year, reflecting Udemy's inclusion post-acquisition.

• Integration is progressing ahead of schedule, with at least $85 million in annual run rate net synergies expected by year-end 2026.

• Announced a $100 million strategic investment in LearnVector, an AI-native learning company led by Andrew Ng, to accelerate AI-driven personalized learning and product innovation.

• Repurchased $90 million of shares in Q2; total repurchases under $500 million authorization now $140 million.

Financial highlights

• Q2 non-GAAP gross profit was $185.8 million (up 77% YoY); non-GAAP gross margin expanded to 62.2%, up 620 basis points.

• Net income was $40.4 million (13.5% of revenue); adjusted EBITDA was $42.7 million (14.3% margin).

• Ended Q2 with $982 million in unrestricted cash equivalents and marketable securities, and no debt.

• Free cash flow was negative $32.6 million in Q2 due to $57 million in merger-related costs; excluding these, free cash flow would have been ~$25 million.

• GAAP net loss was $80.4 million (net loss margin of 26.9%).

Outlook and guidance

• Raised full-year 2026 revenue outlook to $1.22–$1.245 billion, up from June guidance.

• Targeting full-year adjusted EBITDA margin of ~14%, up 100 basis points from prior guidance; Q4 margin expected to exceed 16%.

• Q3 2026 revenue guidance: $364–$372 million; adjusted EBITDA: $52–$56 million.

• Guidance reflects Udemy integration and partial realization of synergies in 2026.