Coursera posts $299M in Q2 revenue as Udemy integration accelerates

Coursera reported Q2 revenue of $299 million, up 60% year over year in its first quarter as a combined company following the Udemy acquisition.

"The goal was never simply to become larger — it was to build a stronger, more capable company with the scale, data, and innovation capacity to create next-generation learning experiences," Greg Hart, president and chief executive officer at Coursera, said.

Non-GAAP gross profit rose 77% to $186 million, with gross margin expanding to 62.2% from 56% a year earlier. Adjusted EBITDA reached $42.7 million, or 14.3% of revenue, compared with 9.6% in the prior-year period. Enterprise revenue totaled $140 million, up 118% as reported, while consumer revenue reached $159 million, up 29%. On a normalized basis — including Udemy's pre-close results — total revenue declined 1%, with enterprise up 3% and consumer down 5%.

The company raised its full-year 2026 revenue forecast to $1.22 billion to $1.245 billion and increased its adjusted EBITDA margin target to approximately 14%, up 100 basis points from its June outlook. Coursera now expects at least $85 million in annual run-rate cost savings by the end of 2026, above its prior $80 million target.

The company ended the quarter with more than 1.65 million paid subscribers, a 44% increase from a year earlier, as subscription revenue accounted for more than 75% of consumer-segment revenue. Coursera said 85% of total revenue now comes from recurring subscription streams across its enterprise and consumer operations.

Coursera announced a $100 million strategic investment in LearnVector, an AI-native learning company founded by Chairman and Co-founder Andrew Ng. Coursera owns roughly one-third of the company, which will not be consolidated into its financial statements. The company plans to begin rolling out elements of a unified AI-native learning platform in the first half of 2027.

For the third quarter, Coursera projected revenue of $364 million to $372 million and adjusted EBITDA of $52 million to $56 million. The company repurchased about $90 million of shares during the quarter at an average price of $5.45 per share, part of a $500 million authorization.

The guidance raise signals management expects integration benefits to accelerate through the second half of the year. Investors will watch the Q3 earnings call for updates on the unified platform rollout and LearnVector commercial collaboration.

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