Coursera, Inc.

Q2 reported revenue was $299 million, up 60% year over year, with normalized revenue down 1% year over year. Gross profit was $186 million, up 77% year over year, and gross margin was 62%, up 620 basis points year over year as reported and about 200 basis points normalized. Net income was $40 million, or 13.5% of revenue, and adjusted EBITDA was nearly $43 million, or 14.3% of revenue. For Q3 2026, management expects revenue of $364 million to $372 million and adjusted EBITDA of $52 million to $56 million. For full-year 2026, revenue guidance is now $1.22 billion to $1.245 billion, and adjusted EBITDA margin is targeted at approximately 14%, with Q4 expected to be more than 16%.

Greg Hart framed the quarter as the beginning of Coursera’s “next chapter” after closing the Udemy transaction, emphasizing that the goal is not just scale but a stronger learning platform built around skills, proof, and outcomes. He repeatedly stressed that AI is changing the learning market and argued that Coursera should lead by moving from one-to-many content delivery to personalized, one-to-one learning experiences. His tone was upbeat and strategic, with a strong focus on integration speed, faster product cycles, and the potential for LearnVector to accelerate AI-native innovation.

Mike Foley highlighted that the first combined quarter was consistent with the June framework and in some areas progressed faster than expected. He cited gross profit of $186 million, 62% gross margin, operating expenses of $150 million, net income of $40 million, and adjusted EBITDA of nearly $43 million. He said free cash flow was a use of $33 million, including about $39 million of merger and integration costs and $18 million of other merger-related payments, and that the company ended with about $982 million of unrestricted cash, cash equivalents and marketable securities and no debt. He also said repurchases reached about $140 million under the $500 million authorization and that at least $85 million of annual run-rate net synergies is now expected by the end of 2026.

Analysts pressed on enterprise sales integration, consumer paid marketing, the LearnVector investment, related-party governance, and whether AI could change monetization or pricing. Management said the enterprise teams were only combined a few weeks ago, that roughly 80% of customers are non-overlapping, and that design partners are being enlisted for the next-gen platform. On LearnVector, they said Coursera owns roughly one-third, the transaction was handled by a special committee, the investment will not be consolidated, and the main idea is to amplify internally built AI work rather than replace it.