Key Highlights

  • Third-quarter 2026 Revenue at Coursera (NYSE:COUR) totaled USD 376.7 million on October 29, 2026, up 94% from USD 194.2 million, following the Udemy Merger that closed May 11, 2026.
  • The GAAP net loss was USD 25.6 million, or USD 0.10 per share, against USD 8.6 million a year earlier, while adjusted EBITDA hit USD 61.5 million, a 16.3% margin.
  • Cash and equivalents stood at USD 670.6 million at September 30, 2026, with USD 104.9 million more in marketable securities, and Operating Cash Flow of USD 15.5 million produced USD 4.6 million of free cash flow.
  • Published market data put the shares at USD 3.87, up 4.18% on 2.421 million shares, alongside a 159.08% one-year EPS change that could not be matched; the snapshot date is not shown.

Merger Doubles the Revenue Base

Coursera (NYSE:COUR) operates an online learning platform serving consumers, businesses and universities. The all-stock combination with Udemy closed May 11, 2026, with each Udemy share exchanged for 0.800 Coursera shares, a deal the company valued at USD 673.6 million. Third-quarter revenue reported October 29, 2026 surged 94% to USD 376.7 million, but much of that comes from acquired operations. Pro forma unaudited second-quarter revenue, shown as if the deal had closed January 1, 2025, was USD 381.4 million against USD 387.0 million a year earlier, a slight decline.

GAAP Loss Versus USD 57.1 Million of Non-GAAP Profit

The gap between the two measures is wide. The company posted a GAAP net loss of USD 25.6 million but non-GAAP Net Income of USD 57.1 million, or USD 0.21 per share. Merger, integration and restructuring costs totaled USD 79.8 million in the second quarter alone, which accounts for much of the GAAP drag. Investors reading the guidance should compare it with the third-quarter base rather than the year-earlier figure. Fourth-quarter guidance calls for revenue of USD 358 million to USD 366 million and adjusted EBITDA of USD 55 million to USD 59 million. Full-year revenue guidance was narrowed to USD 1.229 billion to USD 1.237 billion, with an adjusted EBITDA Margin near 14%.

Small-Cap Growth Math and Penny Stock Caveats

The 159.08% one-year EPS figure on the screen could not be matched. GAAP loss per share widened, which suggests a non-GAAP or other basis, and a move from a small or negative base can look extreme. At USD 3.87 on published market data, Coursera (NYSE:COUR) trades as a penny stock, and its 264.4 million shares outstanding at July 29, 2026 imply roughly USD 1.0 billion of Equity value by our arithmetic, not a verified market cap. Thin trading applies: a few orders can move the quote, spreads widen and gains reverse, so the 4.18% rise is not a signal of continuation. The merger lifted the share count from 167.9 million at the end of 2025 to 274.5 million at June 30, 2026, adding dilution to per-share results.

Where Things Stand

Depends on the base. Most of the 94% growth reflects the Udemy merger, and the company's own pro forma second-quarter comparison showed a slight decline, so organic growth looks flat to lower on that evidence. Coursera (NYSE:COUR) offsets that with USD 670.6 million of cash, positive free cash flow and a fourth-quarter revenue range set below the third quarter. The 4.18% screen move is unverified. Next checkpoints are fourth-quarter results and merger savings, including whether the GAAP loss narrows as integration charges fade. The revenue trend, rather than the headline growth rate, is the figure to follow.