Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K _____________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR 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 ...

Core Insights - Corsera is positioned as a significant player in the digital education space, competing with various educational formats and platforms, and has a catalog of over 13,500 courses, growing at over 45% year-over-year [5][10] - The company is experiencing a surge in interest in AI-related courses, averaging 15 enrollments per minute in 2025 [6] - Corsera is in the process of merging with Udemy, which will diversify its content offerings and balance its consumer and enterprise revenue streams [15][10] Company Positioning - Corsera differentiates itself by offering high-quality content from renowned universities and industry partners, including Google, Microsoft, and IBM [5] - The merger with Udemy will combine Corsera's institutional focus with Udemy's extensive network of over 85,000 content creators, enhancing the breadth of available courses [8][10] Financial Performance - For 2025, the combined revenue of Corsera and Udemy is projected to be $1.5 billion, with a balanced revenue split of 50% from consumers and 50% from enterprises [15][16] - Corsera has reported a cash flow generation of over $78 million for fiscal year 2025, with an adjusted EBITDA margin of approximately 10% [37][41] Market Dynamics - Despite strong earnings, Corsera's stock price has declined over 20% in the past year, reflecting broader market concerns about digital education companies [42][44] - The company aims to improve its fundamentals and deliver consistent revenue growth, having achieved 9% year-over-year revenue growth in 2025 [46][48] AI Integration - Corsera is leveraging generative AI to enhance the learning experience, including features like AI-driven tutoring and course creation tools [52][56] - The company is committed to using AI to improve content delivery and learner engagement, while also ensuring that human instructors remain central to the educational experience [58][60] Corporate Structure - As a public benefit corporation, Corsera prioritizes the interests of various stakeholders, including employees and learners, alongside shareholder value [64][66] - The company's mission is closely tied to its business success, emphasizing the importance of improving educational outcomes for learners globally [67][68]

Coursera, Inc. (NYSE:COUR) is among the 15 Best Small Cap Stocks to Buy According to Wall Street. JPMorgan Lowers its Price Target on Coursera, Inc. (COUR) to $10 and Keeps an Overweight Rating On February 9, 2026, JPMorgan lowered its price target on Coursera, Inc. (NYSE:COUR) to $10 from $12 and kept an Overweight rating. The firm said the company reported upside to fourth-quarter estimates, though its preliminary 2026 guidance came in mixed. JPMorgan said it remains bullish, pointing to improving exec ...

Industry Overview - Educational technology (ed-tech) has been identified as a challenging sub-sector in Silicon Valley, facing difficulties in securing funding and generating investor enthusiasm [1] - Investors exhibit wariness towards the ed-tech space, which has been a long-standing issue [1] Analyst Background - Gary Alexander possesses extensive experience in covering technology companies on Wall Street and has worked in Silicon Valley, providing insights into current industry themes [1] - He has been a contributor to Seeking Alpha since 2017 and has been featured in various web publications, with his articles reaching popular trading apps like Robinhood [1]

Industry Overview - Educational technology (ed-tech) has been recognized as a challenging sub-sector in Silicon Valley, facing difficulties in securing funding and generating investor enthusiasm [1] - Investors exhibit wariness towards the ed-tech space, impacting its growth potential and investment opportunities [1] Analyst Insights - Gary Alexander, with extensive experience in technology companies and as an adviser to seed-round startups, provides insights into the themes shaping the ed-tech industry [1] - His contributions to Seeking Alpha since 2017 highlight his engagement with the investment community and his analysis of market trends [1]

Core Insights - Coursera reported an EPS of $0.06 for Q4 2025, which was in line with estimates, but lower than the $0.08 from the same quarter last year [1][3] - The company's revenue for Q4 2025 was $196.9 million, exceeding estimates of $191.8 million, and representing a 9.9% year-over-year increase [2][5] - Coursera's performance in generating sales was strong, indicated by a positive revenue surprise of 2.67% [2] Financial Metrics - The price-to-sales ratio for Coursera is approximately 1.36, suggesting investors are willing to pay $1.36 for every dollar of sales [4] - The enterprise value to sales ratio stands at 0.28, indicating a relatively low valuation compared to sales [4] - Coursera's current ratio is about 2.51, reflecting a strong liquidity position that allows it to cover short-term liabilities [4] - The enterprise value to operating cash flow ratio is around 1.69, suggesting a moderate valuation in relation to cash flow [4]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Insights - Coursera reported revenue of $196.9 million for the quarter ended December 2025, reflecting a year-over-year increase of 9.9% [1] - The earnings per share (EPS) was $0.06, down from $0.08 in the same quarter last year, indicating a decline in profitability [1] - The revenue exceeded the Zacks Consensus Estimate of $191.78 million by 2.67%, while the EPS fell short of the consensus estimate by 5.21% [1] Financial Performance Metrics - Paid Enterprise Customers totaled 1,730, slightly below the average estimate of 1,757 [4] - Total Registered Learners reached 197 million, just shy of the average estimate of 198.28 million [4] - Enterprise revenue was reported at $65.4 million, surpassing the average estimate of $63.16 million, marking a year-over-year increase of 5% [4] - Consumer revenue stood at $131.5 million, exceeding the average estimate of $128.43 million, with a significant year-over-year growth of 29.3% [4] - Gross Profit from Enterprise was $45.6 million, above the estimated $44.04 million [4] - Gross Profit from Consumer was $80.9 million, also exceeding the estimated $78.27 million [4] Stock Performance - Coursera's shares have declined by 17.9% over the past month, contrasting with a 0.5% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - Coursera reported quarterly earnings of $0.06 per share, matching the Zacks Consensus Estimate, but down from $0.08 per share a year ago, resulting in an earnings surprise of -5.21% [1] - The company posted revenues of $196.9 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 2.67% and up from $179.18 million year-over-year [2] - Coursera has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times during the same period [2] 分组2 - The stock has underperformed, losing about 17.5% since the beginning of the year, while the S&P 500 has gained 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.11 on revenues of $190.9 million, and for the current fiscal year, it is $0.47 on revenues of $798.29 million [7] - The Zacks Industry Rank indicates that the Technology Services sector is in the bottom 39% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenue of $757 million, a 9% increase year-over-year, significantly higher than the initial 4% growth outlook shared in April [8] - The company generated record free cash flow of $78 million, up 32% from the prior year [8] - Adjusted EBITDA margin expanded by 240 basis points year-over-year to 8.4% [9][42] Business Line Data and Key Metrics Changes - Consumer revenue in Q4 was $132 million, up 12% year-over-year, driven by enhanced marketing and subscription capabilities [47] - Enterprise revenue was $65.4 million, up 5% from a year ago, with a net retention rate for paid Enterprise customers at 93% [53] - The total number of registered learners increased by 29 million, growing the cumulative learner base by 17% year-over-year [14] Market Data and Key Metrics Changes - The company added 6.8 million new learners in Q4, the highest fourth quarter additions in its history [14] - The demand for career-focused learning remains strong, particularly for AI-related skills, with learners enrolling in the generative AI catalog at a rate of 15 enrollments per minute [17] Company Strategy and Development Direction - The company announced a strategic agreement to combine with Udemy, aiming to enhance its ability to invest, innovate, and execute at scale [10] - The focus is on evolving from a content catalog to a leading technology platform for skills, addressing the global skilling and talent transformation opportunity [12] - The introduction of a Platform Fee is intended to support ongoing investment in AI-native capabilities and enhance platform value [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver growth and improve operational efficiency, despite the challenges posed by rapid technological changes [36] - The outlook for 2026 anticipates revenue growth of approximately 6%-8%, with consumer segment growth expected to exceed 10% [59][60] Other Important Information - The company ended 2025 with approximately $793 million in unrestricted cash and cash equivalents, with no debt, positioning it well for future investments [46] - The anticipated transaction with Udemy is expected to generate annual run rate cost synergies of $115 million within 24 months of closing [58] Q&A Session Summary Question: Can you provide more details on the Platform Fee structure and its expected impact on gross margins? - Management clarified that the Platform Fee is designed to enable ongoing investment in the platform and is expected to provide a meaningful uplift in gross margins in the second half of 2026 [70][75] Question: What areas will see increased investment in the 2026 budget? - The company plans to invest more in sales and marketing for learner acquisition and in R&D for product development [77][78] Question: How is the company leveraging proprietary datasets for competitive advantage? - The company utilizes data to map skills needed for career advancement to relevant courses, enhancing learner outcomes and engagement [82][88] Question: What are the expectations for international growth and translation efforts? - The company will continue to expand translated courses and geo-based pricing to better serve international learners [94][97] Question: What is the timeline for the Udemy merger and any potential regulatory hurdles? - Management indicated that the merger is progressing through regulatory filings, with a tentative timeline for completion in the second half of the year [111] Question: What are the main drivers for growth in the consumer segment? - The consumer segment is expected to grow due to increased subscription uptake and effective marketing strategies [120][123]