The beat on EPS and revenue is overshadowed by normalized revenue decline and a cautious Q4 outlook. Watch for Q4 2026 results to see if Consumer segment deceleration stabilizes and whether the accelerated synergy execution translates into sustained margin improvement. The 2027 directional preview suggests flat-to-declining revenue, which will test the market's patience with the post-merger thesis.
Price Chart
Executive Summary
Coursera reported Q3 2026 revenue of $376.7M (up 94% YoY as reported, but down ~3% on a normalized basis post-Udemy merger) and non-GAAP EPS of $0.21, beating the $0.18 consensus. The company narrowed its full-year 2026 revenue outlook to $1.229B-$1.237B and reiterated its ~14% Adjusted EBITDA margin target. Underlying organic growth remains weak, with normalized revenue declining and Consumer segment down 9% YoY on a normalized basis, offset by strong margin expansion from accelerated synergy execution.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $376.7M, up 94% YoY as reported, down ~3% on a normalized basis
- Non-GAAP EPS $0.21 vs consensus $0.18 (beat)
- GAAP net loss $(25.6)M, including $30.8M of merger, integration, and restructuring costs
- Adjusted EBITDA $61.5M (16.3% margin), up from $15.6M (8.0% margin) a year ago
- Enterprise revenue $200.9M (up 214% as reported, up 2% normalized); Consumer revenue $175.8M (up 35% as reported, down 9% normalized)
- Full year 2026 revenue outlook narrowed to $1.229B-$1.237B from prior $805M-$815M standalone range (now includes Udemy)
- Q4 2026 guidance: revenue $358M-$366M, Adjusted EBITDA $55M-$59M
- Repurchased 18.1M shares for $102M in Q3; cumulative repurchases of $215M under $500M authorization
- On track to deliver $115M annual run-rate net synergy target by year-end (8 months vs original 24-month plan)
- Project Helix AI-native skills platform previewed, targeting broad Enterprise availability in H1 2027
Financial Impact
Revenue of $376.7M beat consensus of $368.6M by ~2.2%; non-GAAP EPS of $0.21 beat consensus of $0.18 by ~16.7%
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Enterprise | $200.9M | +214.0% |
| Consumer | $175.8M | +35.0% |
Risk Factors
- Normalized revenue declining ~3% YoY indicates underlying organic weakness
- Consumer segment normalized revenue down 9% YoY with softening funnel indicators
- Q4 2026 revenue guidance midpoint of $362M implies sequential decline from Q3's $376.7M
- 2027 directional preview suggests flat-to-declining Enterprise and low double-digit Consumer decline
- Free cash flow of $4.6M in Q3 was down 83% YoY, pressured by merger-related cash costs
- Enterprise Customers declined 4% YoY to 11,897, with churn concentrated in smaller accounts
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001651562-26-000068 |
| Document: cour-20260930xshareholde.htm | 0001651562-26-000068 |
| Document: cour-20261029.htm | 0001651562-26-000068 |
| Document: 0001651562-26-000068-index-headers.html | 0001651562-26-000068 |
| Document: 0001651562-26-000068-index.html | 0001651562-26-000068 |
| Document: 0001651562-26-000068.txt | 0001651562-26-000068 |
| 8-K Data (Synthetic) | 0001651562-26-000068 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $4.29 | awaiting T+5 | awaiting T+5 | $3.47 (−19.11%) |
Oct 5, 2026 27d ago | SC 13G/A | $5.18 $5.07 | ▲ +2.12% | ▲ +2.55% | $3.47 (+33.01%) |
Oct 2, 2026 4w ago | Insider Cluster | $5.18 $5.07 | ▼ −2.12% | ▼ −2.55% | $3.47 (−33.01%) |
Sep 29, 2026 4w ago | Insider Buy | $4.96 $5.11 | ▲ +3.02% | ▲ +1.11% | $3.47 (−30.04%) |
Sep 21, 2026 5w ago | 8-K | $5.16 $4.64 | ▼ −10.08% | ▼ −9.06% | $3.47 (−32.75%) |
Aug 9, 2026 11w ago | Institutional Cluster | $5.76 $5.54 | ▼ −3.82% | ▼ −3.77% | $3.47 (−39.76%) |
Jun 11, 2026 20w ago | Institutional Cluster | $5.33 $5.30 | ▼ −0.56% | ▼ −1.00% | $3.47 (−34.90%) |
Jun 1, 2026 21w ago | Insider Cluster | $5.54 $5.34 | ▼ −3.61% | ▼ −0.65% | $3.47 (−37.36%) |
May 20, 2026 23w ago | Insider Cluster | $5.24 $5.39 | ▲ +2.86% | ▲ +1.01% | $3.47 (−33.78%) |
May 18, 2026 23w ago | 8-K | $5.73 $5.29 | ▼ −7.68% | ▼ −9.30% | $3.47 (−39.44%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers