Monitor Q2 free cash flow for normalization after $13M in expected M&A payments; watch for integration updates on the Udemy deal and whether Consumer segment momentum can offset Enterprise softness. The reaffirmed guidance suggests confidence in second-half execution despite near-term margin pressure.
Price Chart
Executive Summary
Coursera reported Q1 2026 revenue of $195.7M (+9% YoY), missing consensus by $0.4M, with non-GAAP EPS of $0.07 (-27% YoY) missing estimates. Despite strong consumer growth and record new learners, profitability and cash flow declined sharply due to $11.1M in M&A-related cash outflows. The company reaffirmed full-year 2026 guidance and confirmed Udemy shareholder approval, with integration planning underway.
Key Financial Metrics
Key Facts
- Q1 2026 revenue: $195.7M (+9% YoY), missing $195.1M consensus
- Non-GAAP EPS: $0.07 (-27% YoY), missing $0.08 consensus
- GAAP net loss: $20.5M vs $7.8M in prior year
- Free cash flow: $3.0M vs $25.3M in prior year, impacted by $11.1M in M&A transaction costs
- Consumer revenue grew 10% YoY, marking fourth consecutive quarter of double-digit growth
- Added 7.6M new registered learners, a first-quarter record
- Udemy transaction approved by shareholders on April 9, 2026; regulatory approvals pending
Financial Impact
Revenue and earnings missed consensus, with free cash flow down 88% YoY due to one-time M&A costs. Full-year guidance reaffirmed.
Risk Factors
- Integration risk from Udemy merger could disrupt operations or fail to achieve $115M synergy target
- Enterprise segment growth slowed to 7% YoY with net retention rate declining to 90% from 91%
- High cash outflows from M&A and integration costs may pressure liquidity despite $790M cash balance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001651562-26-000023 |
| Document: cour-20260331xshareholde.htm | 0001651562-26-000023 |
| Document: cour-20260423.htm | 0001651562-26-000023 |
| Document: 0001651562-26-000023-index-headers.html | 0001651562-26-000023 |
| Document: 0001651562-26-000023-index.html | 0001651562-26-000023 |
| Document: 0001651562-26-000023.txt | 0001651562-26-000023 |
| 8-K Data (Synthetic) | 0001651562-26-000023 |
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