Coursera (COUR) has just opened its Q1 2026 earnings season with a recent quarterly run rate that saw Q4 2025 revenue at about US$196.9 million and a basic EPS loss of US$0.16, set against trailing 12 month revenue of US$757.5 million and a total loss of US$51 million. Over the past six reported quarters, revenue has moved from US$176.1 million in Q3 2024 to US$196.9 million in Q4 2025. Quarterly basic EPS has stayed in loss making territory between US$0.05 and US$0.16, which keeps the focus squarely on how efficiently that revenue base is being converted and what it signals for future margins.

See our full analysis for Coursera.

With the latest numbers on the table, the next step is to see how this mix of growth and losses lines up against the main Coursera narratives investors have been following.

Losses widen again to US$26.8 million in Q4 2025

• Net income for Q4 2025 was a loss of US$26.8 million, compared with losses that ranged between US$7.8 million and US$21.6 million over the previous four quarters, while trailing 12 month losses sat at US$51 million.
• Bears argue that rising costs and competitive pressure could keep profitability out of reach, and the recent quarterly pattern keeps that concern in play:
  • The business has remained loss making each quarter, with basic EPS between a loss of US$0.05 and US$0.16 across the last six reported quarters, and analysts in the dataset do not expect profitability within the next three years.
  • Even with losses narrowing over the past five years at an average rate of 16.5% per year, the recent step up in quarterly loss size underlines why cautious investors focus on earnings risk rather than just revenue momentum.

Coursera's recent loss profile is exactly what critics point to when they worry about a longer wait for earnings stability, which is why some investors study the more cautious case in detail before committing fresh capital. 🐻 Coursera Bear Case

US$757.5 million in TTM revenue but only 4.9% growth

• On a trailing 12 month basis, Coursera generated US$757.5 million of revenue, with the dataset citing 4.9% annual revenue growth compared with an 11% figure for the broader US market used as a reference point.
• Bulls see this revenue base as the foundation for a stronger future, and the current numbers partly support and partly challenge that view:
  • The bullish narrative leans on catalysts such as AI powered personalization and global expansion. However, the 4.9% growth rate shows only modest top line progress so far relative to that thesis.
  • At the same time, the reduction in trailing 12 month losses from US$79.5 million to US$51 million in the last six data points is consistent with the idea that operating efficiency has been improving alongside revenue scale.

If you are weighing that optimistic angle against the recent growth pace, it can help to see how bullish investors connect these catalysts to the long term story for margins and scale. 🐂 Coursera Bull Case

P/S of 1.2x and DCF fair value of US$16.03

• The shares trade on a P/S of 1.2x against a current price of US$5.28, compared with 1.3x for the broader US Consumer Services group and 1.6x for peers, while the provided DCF fair value figure stands at US$16.03.
• Consensus style views in the data highlight a tension between this lower multiple and the ongoing losses:
  • On one hand, a price that is roughly 67% below the cited DCF fair value and below peer P/S levels suggests the market is applying a discount despite the five year trend of shrinking losses.
  • On the other hand, the same dataset flags that the company is not expected to be profitable within three years, so the lower multiple and valuation gap appear closely tied to the persistence of loss making results in the recent history.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Coursera on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of pressure and potential leaves you unsure, take a closer look at the numbers yourself and decide where you stand, starting with 2 key rewards and 1 important warning sign.

See What Else Is Out There

Coursera's persistent quarterly losses, modest 4.9% revenue growth and lack of near term profitability expectations highlight the earnings and risk trade off that investors face.

If this level of uncertainty feels uncomfortable, you may want to shift your focus toward companies with steadier profiles. You can start by checking out the 72 resilient stocks with low risk scores while the opportunity set is still fresh in your mind.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.