Coursera, Inc(NYSE:COUR) 
Coursera, Inc. operates an educational content platform that connects learners, educators, and institutions worldwide. As of December 31, 2020, the company offered approximately 4,000 courses across a range of domains, including data science, technology, business, health, social sciences, and arts a...
Website: http://www.coursera.org
Founded: 2012
Full Time Employees: 1,401 (Dec 2022)
Founder: Andrew Ng
CEO: Jeff Maggioncalda
Sector: Consumer Defensive
Industry: Education & Training Services
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At a glance:
- Revenue Growth Moderating Amid Enterprise and Degree Momentum: Coursera’s growth has been driven by enterprise and degree-related offerings, while overall revenue growth has shown signs of moderating as comps normalize and consumer demand varies by segment.
- Profitability and Margin Expansion Remain Key Narrative: The company has emphasized improving operating efficiency, with investors focused on gross margin stability, sales and marketing leverage, and progress toward sustainable profitability.
- Consumer Segment Volatility Offsets More Predictable B2B Demand: Learner (consumer) trends can be more cyclical and promotion-sensitive, while enterprise and institutional partnerships tend to be steadier, shaping overall performance and guidance.
- Cash Flow and Liquidity: Path to Self-Funding in Focus: Market attention remains on cash burn versus improving cash generation, including the pace of operating cash flow improvement and balance sheet runway as the business scales.
- AI and Product Innovation as a Differentiator for Engagement and Retention: Coursera continues investing in AI-driven features and content discovery to improve learner outcomes and retention, with the strategic question being how effectively these innovations translate into monetization and reduced churn.
Bull Thesis:
- Growing Global Demand for Online Learning & Upskilling: The secular trend towards lifelong learning, skill-based education, and remote work continues to drive demand for accessible, high-quality online courses. Coursera, with its strong brand and university/industry partnerships, is well-positioned to capture a significant share of this expanding market globally, especially in emerging economies.
- Strong Growth in Enterprise & Government Segments: Coursera for Business, Government, and Campus offerings represent a higher-margin, more stable revenue stream compared to individual consumer enrollments. Continued expansion in these B2B/B2G segments demonstrates the value proposition for organizations seeking to upskill their workforce or educate their citizens, providing a more predictable and sticky revenue base.
- Expansion into High-Value Degrees & Professional Certificates: The increasing number of fully online bachelor's and master's degrees, along with professional certificates and 'stackable' credentials, elevates Coursera's offering beyond individual courses. These programs command higher prices, have longer engagement periods, and foster deeper relationships with learners and institutions, significantly improving lifetime value.
- AI Integration Enhancing Learning & Content Creation: Coursera's strategic focus on integrating AI tools, such as AI-powered coaches, personalized learning paths, and AI-assisted content creation for partners, has the potential to significantly improve learner outcomes, increase engagement, and reduce content development costs. This could create a more efficient, effective, and differentiated platform.
Bear Thesis:
- Intense Competition & Pricing Pressure: The online education market is highly fragmented and competitive, with players ranging from other MOOC providers (edX, Udemy) to specialized platforms, corporate learning solutions, and even direct university offerings. This intense competition can lead to pricing pressure, higher marketing spend, and difficulty in differentiating offerings, impacting profitability.
- Persistent Unprofitability & Negative Free Cash Flow: Despite revenue growth, Coursera has consistently reported net losses and negative free cash flow. The company's ability to achieve sustainable profitability remains a key concern for investors, requiring continued significant investment in marketing, technology, and content development that may outweigh revenue gains in the near to medium term.
- High Customer Acquisition Costs (CAC): Acquiring new individual learners, especially for lower-priced courses, can be expensive due to significant marketing and advertising spend. While the enterprise segment helps, the consumer segment's high CAC relative to its average revenue per user (ARPU) can hinder overall profitability and efficient growth, putting pressure on margins.
- Reliance on Partner Content & Potential for Disintermediation: Coursera's value proposition heavily relies on its partnerships with leading universities and companies for content. This creates a dependency where partners could potentially choose to offer their content directly, demand higher revenue shares, or partner with competitors, posing a risk to Coursera's content library, competitive moat, and revenue sharing agreements.
Main Competitors:
- edX ($2U) (Online courses, MicroMasters, XSeries, Boot Camps, Executive Education, Degrees), Directly competes by offering similar high-quality online courses, specializations, and degree programs from top universities and institutions. Both target individuals seeking academic and professional development, often with verified certificates and university credit options, and also pursue enterprise learning solutions.
- Udemy, Inc. ($UDMY) (Online courses (marketplace model)), Competes by offering a vast marketplace of user-generated courses across a wide range of topics, often at lower price points. While Coursera focuses on university/company-backed content, Udemy provides a more accessible platform for practical skills and niche subjects, appealing to learners seeking specific, affordable, and on-demand training.
- LinkedIn Learning ($MSFT) (Online courses, learning paths), Focuses on professional development and business skills, often integrated with LinkedIn profiles and premium subscriptions. It competes by offering high-quality, expert-led video courses tailored for career advancement, skill enhancement, and corporate training, leveraging LinkedIn's professional network and career insights.
- Pluralsight (Technology skill development platform), Specializes in technology and IT skills training, offering a comprehensive platform for developers, IT professionals, and data scientists. It competes by providing in-depth courses, skill assessments, and learning paths specifically designed for tech upskilling and reskilling, often targeting enterprise clients in addition to individual learners.
Moat:
Coursera operates in a highly competitive online education market. Its primary moat lies in its strong partnerships with top-tier universities and companies, allowing it to offer accredited degrees, professional certificates, and high-quality, branded content. Competitors like edX directly mirror this model, while others like Udemy and LinkedIn Learning compete for learner attention and budget through different content models (marketplace vs. professional development) or specialized niches (tech skills for Pluralsight). The competition revolves around content quality, accreditation, pricing, flexibility, and career outcomes, with platforms constantly innovating to attract both individual learners and enterprise clients.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 196,900,000 | 194,200,000 | 187,100,000 | 179,300,000 | 179,180,000 | 176,089,000 | 170,337,000 | 169,068,000 | 168,880,000 | 165,540,000 | 153,702,000 | 147,642,000 | 142,180,000 | 136,389,000 | 124,754,000 | 120,433,000 | 114,956,000 | 109,880,000 | 102,089,000 | 88,362,000 |
yoy | 9.89% | 10.29% | 9.84% | 6.05% | 6.10% | 6.37% | 10.82% | 14.51% | 18.78% | 21.37% | 23.20% | 22.59% | 23.68% | 24.13% | 22.20% | 36.30% | ||||
qoq | 1.39% | 3.79% | 4.35% | 0.07% | 1.76% | 3.38% | 0.75% | 0.11% | 2.02% | 7.70% | 4.10% | 3.84% | 4.25% | 9.33% | 3.59% | 4.76% | 4.62% | 7.63% | 15.53% | |
cost of revenue | 90,100,000 | 88,200,000 | 84,400,000 | 81,400,000 | 83,672,000 | 79,856,000 | 80,162,000 | 79,571,000 | 79,551,000 | 82,267,000 | 74,001,000 | 70,174,000 | 54,305,000 | 48,821,000 | 46,348,000 | 42,803,000 | 43,669,000 | 42,162,000 | 41,162,000 | 38,826,000 |
gross profit | 106,800,000 | 106,000,000 | 102,700,000 | 97,900,000 | 95,508,000 | 96,233,000 | 90,175,000 | 89,497,000 | 89,329,000 | 83,273,000 | 79,701,000 | 77,468,000 | 87,875,000 | 87,568,000 | 78,406,000 | 77,630,000 | 71,287,000 | 67,718,000 | 60,927,000 | 49,536,000 |
yoy | 11.82% | 10.15% | 13.89% | 9.39% | 6.92% | 15.56% | 13.14% | 15.53% | 1.65% | -4.90% | 1.65% | -0.21% | 23.27% | 29.31% | 28.69% | 56.71% | ||||
qoq | 0.75% | 3.21% | 4.90% | 2.50% | -0.75% | 6.72% | 0.76% | 0.19% | 7.27% | 4.48% | 2.88% | -11.84% | 0.35% | 11.69% | 1.00% | 8.90% | 5.27% | 11.15% | 23.00% | |
gross margin % | 54.24% | 54.58% | 54.89% | 54.60% | 53.30% | 54.65% | 52.94% | 52.94% | 52.89% | 50.30% | 51.85% | 52.47% | 61.81% | 64.20% | 62.85% | 64.46% | 62.01% | 61.63% | 59.68% | 56.06% |
operating expenses: | ||||||||||||||||||||
research and development | 32,800,000 | 30,000,000 | 29,300,000 | 29,500,000 | 32,122,000 | 31,615,000 | 33,701,000 | 34,610,000 | 37,366,000 | 37,616,000 | 41,286,000 | 43,809,000 | 42,835,000 | 39,415,000 | 44,929,000 | 37,955,000 | 38,331,000 | 33,935,000 | 41,004,000 | 22,140,000 |
sales and marketing | 67,900,000 | 67,400,000 | 63,600,000 | 56,800,000 | 60,227,000 | 59,027,000 | 58,069,000 | 57,585,000 | 58,106,000 | 59,792,000 | 52,001,000 | 52,872,000 | 61,919,000 | 58,504,000 | 55,586,000 | 51,667,000 | 57,594,000 | 45,268,000 | 43,862,000 | 32,613,000 |
general and administrative | 38,400,000 | 24,200,000 | 24,900,000 | 26,900,000 | 26,860,000 | 27,361,000 | 29,570,000 | 24,943,000 | 22,416,000 | 25,449,000 | 24,937,000 | 25,523,000 | 28,998,000 | 25,998,000 | 25,726,000 | 25,178,000 | 22,852,000 | 19,942,000 | 21,846,000 | 13,144,000 |
restructuring related charges | -900,000 | 6,797,000 | 44,000 | 2,101,000 | -147,000 | -5,659,000 | ||||||||||||||
total operating expenses | 139,100,000 | 121,600,000 | 117,800,000 | 112,300,000 | 126,006,000 | 118,003,000 | 121,384,000 | 119,239,000 | 117,888,000 | 122,857,000 | 118,077,000 | 116,545,000 | 143,901,000 | 123,917,000 | 126,241,000 | 114,800,000 | 118,777,000 | 99,145,000 | 106,712,000 | 67,897,000 |
income from operations | -32,300,000 | -15,600,000 | -15,100,000 | -14,400,000 | -30,498,000 | -21,770,000 | -31,209,000 | -29,742,000 | -28,559,000 | -39,584,000 | -38,376,000 | -39,077,000 | -56,026,000 | -36,349,000 | -47,835,000 | -37,170,000 | -47,490,000 | -31,427,000 | -45,785,000 | -18,361,000 |
yoy | 5.91% | -28.34% | -51.62% | -51.58% | 6.79% | -45.00% | -18.68% | -23.89% | -49.03% | 8.90% | -19.77% | 5.13% | 17.97% | 15.66% | 4.48% | 102.44% | ||||
qoq | 107.05% | 3.31% | 4.86% | -52.78% | 40.09% | -30.24% | 4.93% | 4.14% | -27.85% | 3.15% | -1.79% | -30.25% | 54.13% | -24.01% | 28.69% | -21.73% | 51.11% | -31.36% | 149.36% | |
operating margin % | -16.40% | -8.03% | -8.07% | -8.03% | -17.02% | -12.36% | -18.32% | -17.59% | -16.91% | -23.91% | -24.97% | -26.47% | -39.40% | -26.65% | -38.34% | -30.86% | -41.31% | -28.60% | -44.85% | -20.78% |
interest income | 7,900,000 | 8,300,000 | 8,000,000 | 7,800,000 | 8,489,000 | 9,368,000 | 9,286,000 | 9,583,000 | 9,298,000 | 8,857,000 | 8,240,000 | 8,037,000 | 5,671,000 | 2,301,000 | 837,000 | 335,000 | 93,000 | 62,000 | 85,000 | 80,000 |
other income | -400,000 | -500,000 | 100,000 | 300,000 | -21,750 | 219,000 | -21,000 | -285,000 | -8,000 | 102,000 | -1,173,000 | -95,000 | -286,000 | 42,000 | ||||||
income before income taxes | -24,800,000 | -7,800,000 | -7,000,000 | -6,300,000 | -23,930,000 | -12,183,000 | -21,944,000 | -20,444,000 | -19,049,000 | -31,052,000 | -30,144,000 | -30,938,000 | -50,182,000 | -35,024,000 | -48,171,000 | -37,260,000 | -47,492,000 | -31,651,000 | -45,658,000 | -18,288,000 |
income tax expense | 2,000,000 | 800,000 | 800,000 | 1,500,000 | -2,319,000 | 1,506,000 | 1,030,000 | 812,000 | 1,308,000 | 1,038,000 | 1,599,000 | 1,426,000 | 1,535,000 | 1,014,000 | 1,163,000 | 1,008,000 | 246,000 | 800,000 | 705,000 | 375,000 |
net income | -26,800,000 | -8,600,000 | -7,800,000 | -7,800,000 | -21,611,000 | -13,689,000 | -22,974,000 | -21,256,000 | -20,357,000 | -32,090,000 | -31,743,000 | -32,364,000 | -51,717,000 | -36,038,000 | -49,334,000 | -38,268,000 | -47,738,000 | -32,451,000 | -46,363,000 | -18,663,000 |
yoy | 24.01% | -37.18% | -66.05% | -63.30% | 6.16% | -57.34% | -27.62% | -34.32% | -60.64% | -10.96% | -35.66% | -15.43% | 8.34% | 11.05% | 6.41% | 105.05% | ||||
qoq | 211.63% | 10.26% | 0.00% | -63.91% | 57.87% | -40.42% | 8.08% | 4.42% | -36.56% | 1.09% | -1.92% | -37.42% | 43.51% | -26.95% | 28.92% | -19.84% | 47.11% | -30.01% | 148.42% | |
net income margin % | -13.61% | -4.43% | -4.17% | -4.35% | -12.06% | -7.77% | -13.49% | -12.57% | -12.05% | -19.39% | -20.65% | -21.92% | -36.37% | -26.42% | -39.55% | -31.78% | -41.53% | -29.53% | -45.41% | -21.12% |
net income per share | -0.16 | -0.05 | -0.05 | -0.05 | -0.14 | -0.09 | -0.15 | -0.14 | -0.13 | -0.21 | -0.21 | -0.22 | -0.36 | -0.25 | -0.34 | -0.27 | -0.35 | -0.23 | -0.35 | -0.45 |
weighted-average shares used for eps calculation | 163.8 | 164.6 | 162.5 | 160.7 | 157,370,977 | 157,609,988 | 156,292,508 | 156,379,409 | 150,957,814 | 150,853,611 | 150,262,064 | 148,974,454 | 145,263,726 | 146,020,571 | 144,782,220 | 143,026,907 | 113,587,523 | 138,846,394 | 131,804,121 | 41,218,355 |
other expense | 212,000 | -325,000 | -643,500 | -976,000 | -425,000 | -7,000 | ||||||||||||||
interest expense |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
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assets | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 792,600,000 | 797,700,000 | 775,100,000 | 748,000,000 | 726,125,000 | 719,439,000 | 708,761,000 | 725,363,000 | 656,321,000 | 507,157,000 | 361,201,000 | 267,774,000 | 320,817,000 | 424,796,000 | 380,005,000 | 361,315,000 | 580,658,000 | 801,074,000 | 749,649,000 | 158,072,000 |
accounts receivable | 65,400,000 | 58,700,000 | 67,200,000 | 59,900,000 | 59,685,000 | 47,572,000 | 57,734,000 | 58,254,000 | 67,418,000 | 62,104,000 | 73,209,000 | 68,199,000 | 53,734,000 | 54,567,000 | 57,418,000 | 54,185,000 | 34,396,000 | 35,964,000 | 51,757,000 | 35,582,000 |
deferred costs | 19,600,000 | 20,300,000 | 20,200,000 | 24,200,000 | 24,667,000 | 24,594,000 | 25,679,000 | 25,201,000 | 26,387,000 | 26,428,000 | 24,734,000 | 23,976,000 | 24,147,000 | 25,610,000 | 22,496,000 | 20,031,000 | 19,666,000 | 19,166,000 | 17,881,000 | 16,149,000 |
prepaid expenses and other current assets | 20,500,000 | 20,600,000 | 19,400,000 | 21,900,000 | 20,177,000 | 29,592,000 | 28,515,000 | 24,429,000 | 16,614,000 | 19,450,000 | 22,154,000 | 17,340,000 | 17,636,000 | 22,291,000 | 20,494,000 | 23,269,000 | 16,494,000 | 17,455,000 | 17,983,000 | 18,666,000 |
total current assets | 898,100,000 | 897,300,000 | 881,900,000 | 854,000,000 | 830,654,000 | 821,197,000 | 820,689,000 | 833,247,000 | 832,486,000 | 829,135,000 | 837,008,000 | 888,973,000 | 875,988,000 | 888,289,000 | 883,553,000 | 877,904,000 | 892,331,000 | 888,689,000 | 888,358,000 | 351,198,000 |
property, equipment, and software | 43,400,000 | 41,800,000 | 40,000,000 | 37,900,000 | 36,899,000 | 36,149,000 | 33,068,000 | 31,109,000 | 30,408,000 | 29,699,000 | 28,840,000 | 26,809,000 | 27,096,000 | 28,118,000 | 27,862,000 | 26,403,000 | ||||
intangible assets | 27,100,000 | 25,600,000 | 26,400,000 | 24,900,000 | 24,521,000 | 20,538,000 | 14,953,000 | 12,610,000 | 11,720,000 | 10,690,000 | 9,179,000 | 8,470,000 | 8,553,000 | 8,985,000 | 9,165,000 | 9,703,000 | 10,091,000 | 10,299,000 | 10,336,000 | 10,313,000 |
other assets | 31,400,000 | 30,600,000 | 31,600,000 | 31,600,000 | 35,233,000 | 32,474,000 | 33,662,000 | 36,131,000 | 41,180,000 | 38,846,000 | 36,484,000 | 31,394,000 | 26,355,000 | 18,014,000 | 18,239,000 | 15,743,000 | 13,381,000 | 11,223,000 | 10,383,000 | 9,407,000 |
total assets | 1,000,000,000 | 995,300,000 | 979,900,000 | 951,200,000 | 930,274,000 | 914,139,000 | 904,364,000 | 916,303,000 | 920,533,000 | 914,345,000 | 918,710,000 | 964,055,000 | 947,597,000 | 956,256,000 | 952,390,000 | 946,864,000 | 958,910,000 | 954,849,000 | 953,580,000 | 414,822,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
content liabilities | 100,000,000 | 103,800,000 | 102,000,000 | |||||||||||||||||
other accounts payable | 29,800,000 | 26,300,000 | 22,700,000 | 17,400,000 | 21,375,000 | 25,742,000 | 20,992,000 | 20,401,000 | 23,456,000 | 25,108,000 | 17,582,000 | 15,969,000 | 23,342,000 | 27,702,000 | 20,876,000 | 11,263,000 | 23,257,000 | 11,749,000 | 9,260,000 | 9,813,000 |
accrued compensation and benefits | 36,700,000 | 32,000,000 | 22,200,000 | 17,800,000 | 31,627,000 | 22,320,000 | 22,638,000 | 18,320,000 | 22,281,000 | 18,912,000 | 23,020,000 | 17,238,000 | 21,163,000 | 13,563,000 | 16,519,000 | 16,036,000 | 18,353,000 | 18,641,000 | 15,469,000 | 8,354,000 |
deferred revenue, current | 180,900,000 | 177,400,000 | 186,000,000 | 184,700,000 | 159,741,000 | 152,882,000 | 156,692,000 | 148,382,000 | 137,229,000 | 138,687,000 | 138,601,000 | 130,902,000 | 115,701,000 | 116,592,000 | 115,581,000 | 106,836,000 | 94,637,000 | 91,369,000 | 95,917,000 | 85,254,000 |
other current liabilities | 10,500,000 | 10,000,000 | 13,300,000 | 14,100,000 | 12,818,000 | 15,318,000 | 12,237,000 | 7,861,000 | 7,696,000 | 7,497,000 | 9,093,000 | 8,636,000 | 7,202,000 | 7,608,000 | 7,968,000 | 7,745,000 | 7,639,000 | 7,397,000 | 6,861,000 | 5,052,000 |
total current liabilities | 357,900,000 | 349,500,000 | 346,200,000 | 334,500,000 | 327,473,000 | 314,808,000 | 315,904,000 | 302,587,000 | 298,260,000 | 295,643,000 | 284,675,000 | 273,843,000 | 242,441,000 | 235,732,000 | 224,310,000 | 203,837,000 | 201,123,000 | 181,448,000 | 177,143,000 | 157,806,000 |
deferred revenue, non-current | 1,400,000 | 1,600,000 | 1,800,000 | 2,200,000 | 1,555,000 | 1,480,000 | 1,759,000 | 2,177,000 | 2,861,000 | 2,540,000 | 3,212,000 | 3,259,000 | 3,076,000 | 3,239,000 | 2,665,000 | 3,109,000 | 3,851,000 | 3,378,000 | 5,364,000 | 3,513,000 |
other liabilities | 5,000,000 | 4,700,000 | 4,900,000 | 900,000 | 805,000 | 1,597,000 | 1,527,000 | 2,425,000 | 3,179,000 | 1,668,000 | 1,692,000 | 1,730,000 | 1,714,000 | 887,000 | 913,000 | 955,000 | 559,000 | 573,000 | 593,000 | 623,000 |
total liabilities | 364,300,000 | 355,800,000 | 352,900,000 | 340,700,000 | 332,854,000 | 320,857,000 | 319,190,000 | 307,189,000 | 304,339,000 | 300,944,000 | 292,229,000 | 283,040,000 | 253,022,000 | 247,275,000 | 236,603,000 | 218,179,000 | 217,397,000 | 198,871,000 | 198,171,000 | 178,618,000 |
commitments and contingencies | ||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||
preferred stock, 0.00001 par value—10.0 shares authorized and no shares issued and outstanding as of december 31, 2025 and 2024 | ||||||||||||||||||||
common stock | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |||||
additional paid-in capital | 1,546,900,000 | 1,523,900,000 | 1,519,800,000 | 1,516,300,000 | 1,506,654,000 | 1,496,786,000 | 1,489,751,000 | 1,480,238,000 | 1,459,964,000 | 1,437,092,000 | 1,414,559,000 | 1,382,487,000 | 1,364,116,000 | 1,327,566,000 | 1,299,173,000 | 1,262,283,000 | 1,235,231,000 | 1,201,705,000 | 1,168,681,000 | 140,803,000 |
treasury stock | -17,000,000 | -37,800,000 | -49,029,000 | -64,910,000 | -79,672,000 | -69,193,000 | -63,154,000 | -63,154,000 | -59,230,000 | -4,701,000 | -4,701,000 | -4,701,000 | -4,701,000 | -4,701,000 | -4,701,000 | -4,701,000 | -4,701,000 | -4,701,000 | ||
accumulated deficit | -911,200,000 | -884,400,000 | -875,800,000 | -868,000,000 | -860,207,000 | -838,596,000 | -824,907,000 | -801,933,000 | -780,677,000 | -760,320,000 | -728,230,000 | -696,487,000 | -664,123,000 | -612,406,000 | -576,368,000 | -527,034,000 | -488,766,000 | -441,028,000 | -408,577,000 | -362,214,000 |
total stockholders’ equity | 635,700,000 | 639,500,000 | 627,000,000 | 610,500,000 | 597,420,000 | 593,282,000 | 585,174,000 | 609,114,000 | 616,194,000 | 613,401,000 | 626,481,000 | 681,015,000 | 694,575,000 | 708,981,000 | 715,787,000 | 728,685,000 | 741,513,000 | 755,978,000 | 755,409,000 | |
total liabilities and stockholders’ equity | 1,000,000,000 | 995,300,000 | 979,900,000 | 951,200,000 | 930,274,000 | 914,139,000 | 904,364,000 | 916,303,000 | 920,533,000 | 914,345,000 | 918,710,000 | 964,055,000 | 947,597,000 | 956,256,000 | 952,390,000 | 946,864,000 | ||||
preferred stock, 0.00001 par value—10.0 shares authorized and no shares issued and outstanding as of september 30, 2025 and december 31, 2024 | ||||||||||||||||||||
preferred stock, 0.00001 par value—10.0 shares authorized and no shares issued and outstanding as of june 30, 2025 and december 31, 2024 | ||||||||||||||||||||
operating lease right-of-use assets | 2,800,000 | 2,967,000 | 3,781,000 | 1,992,000 | 3,206,000 | 4,739,000 | 5,975,000 | 7,199,000 | 8,409,000 | 9,605,000 | 10,789,000 | 11,510,000 | 15,050,000 | 16,321,000 | 17,569,000 | 18,906,000 | 20,276,000 | |||
educator partners payable | 100,500,000 | 101,869,000 | 97,791,000 | 100,919,000 | 103,258,000 | 101,041,000 | 98,063,000 | 88,719,000 | 93,233,000 | 66,375,000 | 62,182,000 | 55,323,000 | 53,897,000 | 49,206,000 | 44,333,000 | 41,666,000 | 41,360,000 | |||
operating lease liabilities, non-current | 3,100,000 | 3,021,000 | 2,972,000 | 39,000 | 1,093,000 | 2,650,000 | 4,208,000 | 5,791,000 | 7,417,000 | 8,715,000 | 10,278,000 | 11,864,000 | 13,472,000 | 15,071,000 | 16,676,000 | |||||
preferred stock, 0.00001 par value—10.0 shares authorized and no shares issued and outstanding as of march 31, 2025 and december 31, 2024 | ||||||||||||||||||||
marketable securities | 65,746,000 | 213,996,000 | 355,710,000 | 511,684,000 | 459,654,000 | 361,025,000 | 403,140,000 | 419,104,000 | 241,117,000 | 15,030,000 | 51,088,000 | 122,729,000 | ||||||||
operating lease liabilities, current | 43,000 | 755,000 | 2,426,000 | 4,365,000 | 6,557,000 | 7,376,000 | 7,660,000 | 7,865,000 | 8,658,000 | 8,085,000 | 8,043,000 | 8,060,000 | 8,031,000 | 7,959,000 | 7,970,000 | 7,973,000 | ||||
preferred stock, 0.00001 par value—10,000,000 shares authorized as of december 31, 2024 and december 31, 2023; no shares issued and outstanding as of december 31, 2024 and december 31, 2023 | ||||||||||||||||||||
accumulated other comprehensive income | 59,000 | -252,000 | 1,000 | 5,000 | 23,000 | |||||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized and no shares issued and outstanding as of september 30, 2024 and december 31, 2023 | ||||||||||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized and no shares issued and outstanding as of june 30, 2024 and december 31, 2023 | ||||||||||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized and no shares issued and outstanding as of march 31, 2024 and december 31, 2023 | ||||||||||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized as of december 31, 2023 and december 31, 2022; no shares issued and outstanding as of december 31, 2023 and december 31, 2022 | ||||||||||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized and no shares issued and outstanding as of september 30, 2023 and december 31, 2022 | ||||||||||||||||||||
accumulated other comprehensive loss | -219,000 | -620,000 | -285,000 | -718,000 | -1,479,000 | -2,318,000 | -1,864,000 | |||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized and no shares issued and outstanding as of june 30, 2023 and december 31, 2022 | ||||||||||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized and no shares issued and outstanding as of march 31, 2023 and december 31, 2022 | ||||||||||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized as of december 31, 2022 and december 31, 2021; no shares issued and outstanding as of december 31, 2022 and december 31, 2021 | ||||||||||||||||||||
restricted cash | 2,061,000 | 2,061,000 | 2,061,000 | 2,061,000 | 2,548,000 | 2,548,000 | 2,548,000 | |||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized as of september 30, 2022 and december 31, 2021; no shares issued and outstanding as of september 30, 2022 and december 31, 2021 | ||||||||||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized as of june 30, 2022 and december 31, 2021; no shares issued and outstanding as of june 30, 2022 and december 31, 2021 | ||||||||||||||||||||
preferred stock, 0.00001 par value—10,000,000 shares authorized as of march 31, 2022 and december 31, 2021; no shares issued and outstanding as of march 31, 2022 and december 31, 2021 | ||||||||||||||||||||
property, equipment and software | 24,725,000 | 24,521,000 | 23,049,000 | 21,080,000 | ||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ equity | ||||||||||||||||||||
redeemable convertible preferred stock | ||||||||||||||||||||
0.00001 par value— 76,420,805 and zero shares authorized as of december 31, 2020 and 2021, respectively; 75,305,400 and zero shares issued and outstanding as of december 31, 2020 and 2021, respectively; and aggregate liquidation preference, 464,036 and zero as of december 31, 2020 and 2021, respectively | ||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||
preferred stock, 0.00001 par value— zero and 10,000,000 shares authorized as of december 31, 2020 and 2021, respectively; zero shares issued and outstanding as of december 31, 2020 and 2021 | ||||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ equity | 958,910,000 | 954,849,000 | 953,580,000 | |||||||||||||||||
0.00001 par value— 76,420,805 and zero shares authorized as of december 31, 2020 and september 30, 2021, respectively; 75,305,400 and zero shares issued and outstanding as of december 31, 2020 and september 30, 2021, respectively; and aggregate liquidation preference, 464,036 and zero as of december 31, 2020 and september 30, 2021, respectively | ||||||||||||||||||||
preferred stock, 0.00001 par value— zero and 10,000,000 shares authorized as of december 31, 2020 and september 30, 2021, respectively; zero shares issued and outstanding as of december 31, 2020 and september 30, 2021 | ||||||||||||||||||||
0.00001 par value— 76,420,805 and zero shares authorized as of december 31, 2020 and june 30, 2021, respectively; 75,305,400 and zero shares issued and outstanding as of december 31, 2020 and june 30, 2021, respectively; and aggregate liquidation preference, 464,036 and zero as of december 31, 2020 and june 30, 2021, respectively | ||||||||||||||||||||
preferred stock, 0.00001 par value— zero and 10,000,000 shares authorized as of december 31, 2020 and june 30, 2021, respectively; zero shares issued and outstanding as of december 31, 2020 and june 30, 2021 | ||||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ deficit | ||||||||||||||||||||
0.00001 par value— 76,420,805 shares authorized as of december 31, 2020 and march 31, 2021; 75,305,400 shares issued and outstanding as of december 31, 2020 and march 31, 2021; and aggregate liquidation preference, 464,036 as of december 31, 2020 and march 31, 2021 | 462,293,000 | |||||||||||||||||||
stockholders’ deficit: | ||||||||||||||||||||
total stockholders’ deficit | -226,089,000 | |||||||||||||||||||
total liabilities, redeemable convertible preferred stock, stockholders’ deficit | 414,822,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||
net loss | -26,800,000 | -8,600,000 | -7,800,000 | -7,800,000 | -21,611,000 | -13,689,000 | -22,974,000 | -21,256,000 | -20,357,000 | -32,090,000 | -31,743,000 | -32,364,000 | -51,717,000 | -36,038,000 | -49,334,000 | -38,268,000 | -47,738,000 | -32,451,000 | -46,363,000 | -18,663,000 |
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||
depreciation and amortization | 7,000,000 | 7,300,000 | 7,400,000 | 7,100,000 | 6,350,000 | 6,107,000 | 6,269,000 | 6,356,000 | 5,768,000 | 5,660,000 | 5,331,000 | 5,511,000 | 4,996,000 | 4,886,000 | 4,439,000 | 4,182,000 | 4,249,000 | 4,137,000 | 3,440,000 | 2,931,000 |
stock-based compensation expense | 24,100,000 | 23,000,000 | 23,800,000 | 24,200,000 | 24,944,000 | 25,267,000 | 30,016,000 | 27,857,000 | 27,667,000 | 27,853,000 | 29,308,000 | 24,742,000 | 34,932,000 | 26,370,000 | ||||||
impairment losses | 600,000 | 600,000 | ||||||||||||||||||
other | 0 | 0 | -100,000 | -200,000 | 370,000 | -458,000 | 241,000 | 635,000 | 803,000 | 491,000 | 106,000 | 96,000 | 18,000 | 577,000 | -1,626,000 | 2,119,000 | -705,000 | 152,000 | 7,000 | 98,000 |
changes in operating assets and liabilities: | ||||||||||||||||||||
accounts receivable | -6,700,000 | 8,400,000 | -7,300,000 | -100,000 | -12,109,000 | 10,589,000 | 274,000 | 8,456,000 | -5,731,000 | 10,654,000 | -5,101,000 | -14,585,000 | 461,000 | 2,369,000 | -3,431,000 | -19,997,000 | 1,363,000 | 15,641,000 | -16,182,000 | 5,041,000 |
prepaid expenses and other assets | 1,200,000 | 0 | 5,400,000 | 800,000 | 5,274,000 | 876,000 | -2,092,000 | -1,586,000 | 5,000 | -2,739,000 | -8,873,000 | -5,396,000 | 1,164,000 | -5,932,000 | -2,055,000 | -11,467,000 | -39,000 | -1,534,000 | -4,384,000 | 260,000 |
accounts payable and accrued expenses | -1,100,000 | 5,600,000 | 7,700,000 | -4,200,000 | 1,446,000 | 81,000 | -3,254,000 | -594,000 | 1,403,000 | 16,705,000 | -3,577,000 | 19,440,000 | -339,000 | 13,770,000 | 11,132,000 | -6,670,000 | ||||
accrued compensation and other liabilities | 4,300,000 | 6,300,000 | 3,500,000 | -12,400,000 | 6,058,000 | 2,830,000 | 8,204,000 | -4,954,000 | 5,076,000 | -4,262,000 | 4,735,000 | -2,476,000 | 7,907,000 | -3,347,000 | 664,000 | -1,815,000 | ||||
deferred revenue | 3,200,000 | -8,700,000 | 900,000 | 25,600,000 | 6,933,000 | -4,088,000 | 7,892,000 | 10,469,000 | -1,138,000 | -586,000 | 7,653,000 | 15,384,000 | -1,054,000 | 1,585,000 | 8,301,000 | 11,457,000 | 3,741,000 | -6,535,000 | 12,515,000 | 8,124,000 |
net cash from operating activities | 5,800,000 | 33,900,000 | 35,500,000 | 33,500,000 | 19,215,000 | 27,845,000 | 23,851,000 | 24,450,000 | 11,568,000 | 19,750,000 | -6,371,000 | 4,692,000 | -5,442,000 | 4,791,000 | 857,000 | -38,257,000 | 805,000 | 10,741,000 | -5,453,000 | -4,347,000 |
capital expenditures | -5,200,000 | -5,200,000 | -5,100,000 | -4,100,000 | -4,721,000 | -5,105,000 | -4,774,000 | -4,204,000 | -3,912,000 | -4,164,000 | -5,165,000 | -3,160,000 | -2,409,000 | -3,485,000 | -4,039,000 | -3,944,000 | -2,704,000 | -3,603,000 | -2,613,000 | -4,292,000 |
free cash flows | 600,000 | 28,700,000 | 30,400,000 | 29,400,000 | 14,494,000 | 22,740,000 | 19,077,000 | 20,246,000 | 7,656,000 | 15,586,000 | -11,536,000 | 1,532,000 | -7,851,000 | 1,306,000 | -3,182,000 | -42,201,000 | -1,899,000 | 7,138,000 | -8,066,000 | -8,639,000 |
cash flows from investing activities: | ||||||||||||||||||||
proceeds from maturities of marketable securities | 0 | 0 | 0 | 66,000,000 | 150,000,000 | 145,000,000 | 160,000,000 | 75,000,000 | 210,000,000 | 150,000,000 | 15,000,000 | 36,000,000 | 71,481,000 | 82,500,000 | ||||||
purchases of marketable securities | 0 | 0 | 0 | -121,756,000 | -306,131,000 | -107,087,000 | 0 | -180,552,000 | ||||||||||||
purchases of property, equipment, and software | -400,000 | -200,000 | -400,000 | -500,000 | -1,081,000 | -194,000 | -176,000 | -134,000 | -121,000 | -305,000 | -423,000 | -298,000 | -192,000 | -669,000 | -317,000 | -400,000 | -307,000 | |||
capitalized internal-use software costs | -4,800,000 | -5,000,000 | -4,700,000 | -3,600,000 | -3,640,000 | -4,911,000 | -4,598,000 | -4,070,000 | -3,791,000 | -3,859,000 | -4,742,000 | -2,862,000 | -2,217,000 | -2,816,000 | -3,722,000 | -3,544,000 | -2,378,000 | -3,114,000 | -2,613,000 | -3,985,000 |
purchase of minority interest | ||||||||||||||||||||
purchases of content assets | -2,600,000 | -2,100,000 | -1,800,000 | -4,100,000 | -7,113,000 | -5,995,000 | -2,034,000 | -2,153,000 | -1,967,000 | -2,077,000 | -676,000 | -624,000 | -82,000 | -341,000 | -337,000 | -617,000 | -419,000 | -238,000 | -361,000 | -170,000 |
net cash from investing activities | -7,800,000 | -7,300,000 | -6,900,000 | -8,200,000 | -11,834,000 | -11,100,000 | -6,808,000 | 59,643,000 | 144,121,000 | 137,058,000 | 154,159,000 | -50,540,000 | -98,622,000 | 39,087,000 | 10,624,000 | -185,113,000 | -229,881,000 | 32,159,000 | 68,075,000 | 78,038,000 |
cash flows from financing activities: | ||||||||||||||||||||
proceeds from exercise of stock options | 1,300,000 | 4,800,000 | 2,600,000 | 1,200,000 | 2,525,000 | 1,344,000 | 1,411,000 | 4,097,000 | 6,414,000 | 6,787,000 | 8,760,000 | 5,354,000 | 2,945,000 | 2,854,000 | 4,840,000 | 6,947,000 | 8,564,000 | |||
proceeds from employee stock purchase plan | 1,400,000 | 0 | 1,828,000 | 0 | 2,501,000 | 0 | 2,233,000 | 0 | ||||||||||||
payments for repurchases of common stock | 0 | 0 | -31,071,000 | -5,634,000 | 0 | -5,387,000 | ||||||||||||||
payments for tax withholding on vesting of restricted stock units | -5,800,000 | -8,700,000 | -6,900,000 | -6,200,000 | -5,001,000 | -6,946,000 | -7,799,000 | -13,514,000 | -13,827,000 | |||||||||||
net cash from financing activities | -3,100,000 | -3,900,000 | -1,500,000 | -5,000,000 | -648,000 | -5,602,000 | -33,643,000 | -15,051,000 | -6,525,000 | -12,427,000 | -52,595,000 | -7,682,000 | 85,000 | 913,000 | 7,209,000 | 4,027,000 | 8,173,000 | 8,525,000 | 528,955,000 | 4,503,000 |
net increase in cash, cash equivalents, and restricted cash | -5,100,000 | 22,700,000 | 27,100,000 | 20,300,000 | 6,733,000 | 11,143,000 | -16,600,000 | 69,042,000 | 149,164,000 | 144,381,000 | -103,979,000 | 44,791,000 | 18,690,000 | -219,343,000 | -220,903,000 | 51,425,000 | 591,577,000 | 78,194,000 | ||
cash, cash equivalents, and restricted cash—beginning of period | 0 | 0 | 0 | 728,400,000 | 0 | 0 | 0 | 658,086,000 | 0 | 0 | 0 | 322,878,000 | 0 | 0 | 0 | 582,719,000 | 0 | 0 | 0 | 82,426,000 |
cash, cash equivalents, and restricted cash—end of period | -5,100,000 | 22,700,000 | 27,100,000 | 748,700,000 | 6,733,000 | 11,143,000 | -16,600,000 | 727,128,000 | 149,164,000 | 144,381,000 | 95,193,000 | 269,348,000 | -103,979,000 | 44,791,000 | 18,690,000 | 363,376,000 | -220,903,000 | 51,425,000 | 591,577,000 | 160,620,000 |
supplemental disclosure of cash flow information: | ||||||||||||||||||||
cash paid for income taxes, net of refunds | 2,300,000 | 1,800,000 | 1,700,000 | 200,000 | 1,833,000 | 1,456,000 | 934,000 | 1,088,000 | 1,525,000 | |||||||||||
supplemental disclosure of noncash investing and financing activities: | ||||||||||||||||||||
stock-based compensation capitalized as internal-use software costs | 2,000,000 | 2,000,000 | 2,000,000 | 1,700,000 | 1,453,000 | 2,132,000 | 2,256,000 | 1,834,000 | 1,731,000 | 1,719,000 | 2,294,000 | 1,311,000 | 921,000 | 1,256,000 | 1,981,000 | 1,249,000 | 1,077,000 | 1,452,000 | 1,835,000 | 526,000 |
content assets, unpaid or acquired through non-cash consideration | 1,100,000 | -200,000 | ||||||||||||||||||
right-of-use asset obtained in exchange for operating lease liability | 0 | |||||||||||||||||||
impairment of long-lived assets | 300,000 | 218,000 | 1,569,000 | 740,000 | 535,000 | 0 | 1,029,000 | |||||||||||||
operating lease right-of-use assets | 200,000 | 814,000 | 1,249,000 | 1,214,000 | 1,533,000 | 1,237,000 | 1,224,000 | 1,210,000 | 1,197,000 | 1,184,000 | 1,148,000 | 1,236,000 | 1,271,000 | 1,249,000 | 1,336,000 | 1,371,000 | 1,345,000 | |||
operating lease liabilities | -663,000 | -1,736,000 | -1,939,000 | -2,231,000 | -1,873,000 | -1,841,000 | -1,763,000 | -2,376,000 | -1,053,000 | -1,652,000 | -1,579,000 | -1,557,000 | -1,535,000 | -1,610,000 | -1,609,000 | -1,582,000 | ||||
unpaid purchases of content assets | 900,000 | -1,353,000 | 1,032,000 | 1,476,000 | 1,077,000 | 168,000 | 10,000 | |||||||||||||
accretion of marketable securities | 0 | 0 | 0 | -235,000 | ||||||||||||||||
payment of deferred offering costs | 0 | 0 | 0 | -295,000 | 0 | -9,000 | -2,049,000 | -4,061,000 | ||||||||||||
unsettled repurchases of common stock | 405,000 | |||||||||||||||||||
amortization of marketable securities | ||||||||||||||||||||
proceeds from initial public offering, net of offering costs | 0 | |||||||||||||||||||
payment of tax withholding on vesting of restricted stock units | -13,036,000 | -5,093,000 | -1,941,000 | -2,227,000 | -2,625,000 | -3,180,000 | ||||||||||||||
cash paid for income taxes | 1,108,000 | 1,442,000 | 1,147,000 | 667,000 | 808,000 | 1,381,000 | 582,000 | 344,000 | 530,000 | |||||||||||
unpaid deferred offering costs | -35,000 | -9,000 | -1,843,000 | 2,182,000 | ||||||||||||||||
(amortization) accretion of marketable securities | -2,888,000 | |||||||||||||||||||
purchase of investment in private company | ||||||||||||||||||||
reconciliation of cash, cash equivalents, and restricted cash: | ||||||||||||||||||||
cash and cash equivalents | 145,956,000 | 93,427,000 | 267,774,000 | -103,979,000 | 44,791,000 | 18,690,000 | 361,315,000 | -220,416,000 | 51,425,000 | 591,577,000 | 158,072,000 | |||||||||
restricted cash, non-current | -1,000 | 192,000 | 1,574,000 | |||||||||||||||||
total cash, cash equivalents, and restricted cash | 144,381,000 | 95,193,000 | 269,348,000 | -103,979,000 | 44,791,000 | 18,690,000 | 363,376,000 | -220,903,000 | 51,425,000 | |||||||||||
restricted cash, current | ||||||||||||||||||||
adjustments to reconcile net loss to net cash from (used in) operating activities: | ||||||||||||||||||||
amortization or accretion of marketable securities | -5,016,000 | -1,941,000 | 26,000 | 510,000 | 510,000 | 128,000 | 54,000 | 142,000 | 177,000 | |||||||||||
net decrease in cash, cash equivalents, and restricted cash | -53,530,000 | |||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | ||||||||||||||||||||
proceeds from exercise of unvested options, net of repurchases | ||||||||||||||||||||
payment of holdback consideration related to asset acquisition | ||||||||||||||||||||
cash paid for interest | ||||||||||||||||||||
issuance of common stock in connection with content asset | ||||||||||||||||||||
restricted cash | 0 | 0 | 2,061,000 | -487,000 | 0 | 0 | 2,548,000 | |||||||||||||
stock-based compensation | 21,978,000 | 23,316,000 | 23,408,000 | 39,175,000 | 5,284,000 | |||||||||||||||
asset acquisition | ||||||||||||||||||||
purchases of property, equipment and software | -326,000 | -489,000 | ||||||||||||||||||
proceeds from exercise of stock options and warrants | 4,956,000 | 12,526,000 | ||||||||||||||||||
repayment of debt associated with asset acquisition | ||||||||||||||||||||
restricted cash in prepaid expenses and other current assets | ||||||||||||||||||||
supplemental disclosures of cash flow information: | ||||||||||||||||||||
supplemental disclosures of noncash investing and financing activities: | ||||||||||||||||||||
vesting of early exercised stock options | 14,000 | 21,000 | 21,000 | 21,000 | ||||||||||||||||
issuance of common stock in connection with settlement liability | ||||||||||||||||||||
issuance of common stock in connection with asset acquisition | ||||||||||||||||||||
unpaid proceeds from exercise of stock options | ||||||||||||||||||||
educator partners and other accounts payable | 5,216,000 | -2,242,000 | -3,032,000 | |||||||||||||||||
accrued and other liabilities | 2,927,000 | 8,677,000 | -4,330,000 | |||||||||||||||||
accrued tax withholding on vesting of restricted stock units | ||||||||||||||||||||
proceeds from initial public offering, net of underwriting discounts and commissions |