Coursera reported third quarter 2026 results that exceeded analyst expectations on both the top and bottom lines, driven by the first full quarter of integrated operations with Udemy. While reported revenue surged 94% year-over-year due to the acquisition, normalized revenue declined 3% as growth in the Consumer segment remains under pressure.
Key Highlights
- Accelerated Udemy integration is now expected to deliver the full $115 million annual run-rate net synergy target by year-end, roughly 16 months ahead of the original timeline.
- Adjusted EBITDA of $61.5 million (16.3% margin) significantly beat the guidance range of $52 million to $56 million, supported by aggressive gross cost savings now projected to exceed $150 million annually.
- The Consumer segment faced a 9% normalized revenue decline, as growth in subscriptions was more than offset by weakness in one-time purchases and transactional offerings.
- Enterprise revenue reached $200.9 million, representing a 2% increase on a normalized basis, with Net Retention Rate (NRR) improving sequentially to 93% from 91%.