Key Highlights

  • Coursera (NYSE:COUR) traded at USD 3.58 on November 13, 2026, up 0.56%, near the bottom of its 52-week range of USD 3.45 to USD 8.89, with a Market Value of about USD 904 million.
  • Third-quarter 2026 Revenue rose 94% to USD 376.7 million after the Udemy Merger closed on May 11, but on a normalised combined basis revenue fell about 3%.
  • Adjusted EBITDA jumped to USD 61.5 million, a 16.3% margin, and the company now expects USD 115 million of annual net synergies by the end of 2026, far ahead of its original 24-month plan.
  • Cash of USD 670.6 million plus USD 104.9 million of marketable securities and no Debt fund a USD 500 million buyback program, with more than USD 215 million repurchased through October 28.

Growth Versus Integration

Coursera (NYSE:COUR) combined with Udemy to create a larger online learning platform for consumers and companies. The headline growth rate is a product of the merger. Enterprise revenue rose 214% on a reported basis to USD 200.9 million but only 2% on a normalised basis, while consumer revenue rose 35% reported to USD 175.8 million and fell 9% normalised. The consumer decline reflects weaker Demand for individual courses, as free AI tools compete for learners' time and budgets. Enterprise net retention held at 93%, and the number of enterprise customers fell 4% to 11,897. Gross Margin improved to 58.4% from 54.6%. The GAAP net loss widened to USD 25.6 million, or USD 0.10 per share, from USD 8.6 million, while non-GAAP Earnings Per Share doubled to USD 0.21. The screen's 159.29% change in earnings per share reflects the merger and cost savings more than underlying demand.

Synergies Are the Earnings Story

Integration is moving faster than planned. The company expects USD 115 million of annual run-rate net synergies by the end of 2026, about eight months after closing instead of 24, with more than USD 150 million of gross cost savings already in place, offset by about USD 35 million of lost revenue from overlapping products. These savings explain why adjusted EBITDA nearly quadrupled from USD 15.6 million a year earlier. Cash costs of the integration remain heavy for now: free Cash Flow was only USD 4.6 million after USD 6.7 million of merger costs and USD 21.0 million of severance payments, and Operating Cash Flow fell 54% to USD 15.5 million. Guidance calls for fourth-quarter revenue of USD 358 million to USD 366 million, adjusted EBITDA of USD 55 million to USD 59 million, and full-year 2026 revenue of USD 1.229 billion to USD 1.237 billion with an adjusted EBITDA margin of about 14%.

Buybacks, Valuation and What to Watch

With no debt and more than USD 775 million in cash and securities, the company has used its Balance Sheet to support the shares. It bought about 18.1 million shares for USD 102 million in the third quarter alone. At a market value of about USD 904 million, the stock trades only modestly above its cash and investments, which suggests investors place little value on the operating business. That discount reflects the normalised revenue decline: cost savings can lift margins for a year or two, but sustained value requires revenue to grow again. For Coursera (NYSE:COUR), the next markers are the fourth-quarter results, when 2027 guidance will be issued, and the broad enterprise release of its Project Helix AI learning platform in the first half of 2027. Investors should watch normalised revenue growth, enterprise retention and the pace of further buybacks.

Where Things Stand

Coursera (NYSE:COUR) reported 94% revenue growth from the Udemy merger, but combined revenue fell about 3%. Synergies are arriving early, with USD 115 million of net savings targeted by year end, and a debt-free balance sheet funds buybacks. Returning to organic growth is the key test for 2027.