Coursera, Inc. 2025 Annual Report – Key Highlights for Investors

Overview

Coursera, Inc. has released its Form 10-K annual report for the fiscal year ended December 31, 2025. This comprehensive filing outlines the company’s performance, risk factors, and forward-looking statements, providing investors with valuable insights into the operational and financial health of the organization.

Key Financial and Corporate Highlights

• Public Float and Shares Outstanding: As of June 30, 2025, Coursera’s public float was approximately \$1.2 billion. As of February 13, 2026, the company had 168.2 million shares of common stock outstanding.
• Listing and Compliance: Coursera is listed on the New York Stock Exchange under the symbol “COUR.” The company is a large accelerated filer and is subject to all SEC reporting requirements, including Sarbanes-Oxley Act Section 404(b) auditor attestation on internal controls.
• Company Structure: Coursera is a Delaware public benefit corporation (PBC), with a stated mission to provide global access to flexible and affordable high-quality education. This status is also a potential risk factor, as detailed below.

Forward-Looking Statements – Strategic Priorities and Risks

The report contains numerous forward-looking statements about Coursera’s future operations, growth strategies, and the competitive landscape. These include:

• The anticipated benefits of Coursera’s solutions to learners and content creators.
• Plans to launch new content creator programs and expand product offerings, including artificial intelligence (AI)-powered features.
• Efforts to improve operational efficiency and scalability, drive profitability, and manage expense reduction initiatives.
• Commitment to ethical, transparent, and trustworthy deployment of AI technologies.
• Strategies for managing and expanding global content creator and partnership relationships, and adapting to changes in their financial terms.
• Expectations for future financial performance, including revenue, expenses, and cash sufficiency.
• Risk management around geopolitical, macroeconomic, and regulatory changes.
• Plans to defend, settle, or resolve ongoing and future legal proceedings.
• Potential impact of mergers and acquisitions (including the announced merger with Udemy, Inc.), which may significantly affect future results.

Risks and Potential Price-Sensitive Issues

Several factors identified in the report could be material to shareholders and potentially affect Coursera’s share price:

1. Growth Uncertainty: Coursera’s historical growth may not be indicative of future results, especially under current macroeconomic conditions (e.g., inflation, trade disputes, and geopolitical tensions, especially involving the U.S., Ukraine, and the Middle East). A prolonged downturn could reduce discretionary spending, impact demand, and increase attrition of learners and content creators.
2. Volatility in Operating Results: Revenue and operating results have fluctuated in the past and may continue to do so due to seasonal factors, changes in content creator agreements, sales and marketing spend, and international expansion challenges. Failure to meet market expectations could cause share price declines.
3. Regulatory and Compliance Risks: The company is subject to a broad array of regulations—including those related to higher education, data protection, intellectual property, antitrust, AI ethics, and foreign trade. New or changing regulations could materially impact operations and costs.
4. Business Model and Offering Evolution: Coursera’s offerings, including new AI features and content initiatives, are evolving, and the company’s limited operating history makes forecasting difficult. Strategic pivots may not deliver anticipated results, particularly if not well received by users or partners.
5. Competitive and Execution Risks: The company faces intense global competition and must attract and retain content creators, strategic partners, and key employees to maintain its growth trajectory.
6. Mergers and Acquisitions: The announced merger with Udemy, Inc. is highlighted as a potential factor with unpredictable impacts on future results and performance.
7. Public Benefit Corporation Status: Coursera’s PBC status may pose risks related to balancing commercial and public benefit objectives, which could impact financial performance or reputation. Required disclosures on public benefit performance may influence investor perceptions.

Other Notable Disclosures

• Information Accessibility: The company encourages investors to routinely check its investor relations website and SEC filings for material updates.
• Internal Controls: The company’s auditors have provided an attestation on the effectiveness of internal controls over financial reporting.

Conclusion

Coursera’s 2025 Form 10-K highlights both substantial opportunities and significant risks. Shareholders should pay close attention to macroeconomic and geopolitical factors, execution on strategic pivots (especially in AI and global partnerships), regulatory compliance, and the potential impact of the announced Udemy merger. These elements are likely to drive future performance and may be price-sensitive.

Disclaimer: This article is a summary and analysis based on Coursera, Inc.’s 2025 10-K filing. It is intended for informational purposes only and does not constitute investment advice. Investors should review the full SEC filings and consult their own advisors before making investment decisions. Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those discussed herein.

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