Coursera (COUR) Cash Flow: Operating & Free Cash Flow

Coursera Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Coursera, Inc. (COUR) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Operating Activities
Net Income	-51.00	-79.50	-116.55	-175.36	-145.22	-66.82	-46.72
Depreciation & Amortization	28.80	25.10	22.30	18.50	14.76	9.59	5.28
Deferred Income Tax	0.00	0.00	0.00	0.00	0.50	0.00	-1.12
Stock Based Compensation	95.10	108.10	109.60	110.79	91.18	16.81	16.32
Change in Working Capital	32.40	38.95	23.60	1.70	40.97	25.35	4.87
Change in Accounts Receivable	-5.70	7.20	-14.76	-20.60	5.86	-24.14	-6.16
Change in Inventory	0.00	0.00	0.00	0.00	-6.73	-15.20	-7.44
Change in Accounts Payable	8.00	-2.30	34.00	17.89	16.32	25.65	6.62
Change in Other Working Capital	7.40	7.30	-12.30	1.09	-6.73	39.04	11.84
Other Operating Activities	3.40	2.80	-12.30	1.09	0.05	0.09	0.04
Net Cash from Operating Activities	108.70	95.40	29.70	-38.05	1.75	-14.99	-21.33
Investing Activities
Capital Expenditures	-1.50	-1.60	-16.40	-13.88	-1.55	-11.92	-9.93
Acquisitions	0.00	0.00	-1.70	0.00	-12.09	8.82	-3.35
Purchases of Investments	0.00	-121.80	-121.80	-593.77	-241.76	-219.46	-166.93
Sales/Maturities of Investments	-28.70	66.00	530.00	375.00	204.98	129.93	115.32
Other Investing Activities	-28.70	-34.51	-18.90	-1.38	10.90	-8.82	-57.13
Net Cash from Investing Activities	-30.20	29.90	384.80	-234.02	-51.61	-101.44	-64.89
Financing Activities
Common Stock Issued	14.10	15.00	0.00	17.29	563.45	139.78	113.61
Common Stock Repurchased	-27.60	-70.00	-58.50	0.00	-7.17	0.00	0.00
Other Financing Activities	-27.60	-33.30	-54.10	-12.18	-6.12	-0.77	218.20
Net Cash from Financing Activities	-13.50	-55.00	-79.30	12.23	550.16	139.01	113.38
Summary
Net Change in Cash	65.00	70.30	335.20	-259.84	500.29	22.58	27.16
Cash at Beginning of Period	728.40	658.10	322.90	582.72	82.43	59.85	32.68
Cash at End of Period	793.40	728.40	658.10	322.88	582.72	82.43	59.85
Free Cash Flow	107.20	93.80	13.30	-51.93	0.19	-26.91	-31.27
Supplemental Disclosures
Income Taxes Paid	-	5.31	6.38	4.06	2.84	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Coursera Cash Flow

What is Coursera's free cash flow?

Coursera generated free cash flow of $107.20M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $108.70M minus $1.50M of capital expenditures. That was up 14.3% from $93.80M a year earlier. Free cash flow equaled 14.2% of revenue.

How much does Coursera spend on capital expenditures?

Coursera spent $1.50M on capital expenditures in fiscal 2025, compared with $1.60M a year earlier. That equals 1.4% of operating cash flow.

Does Coursera pay dividends or buy back shares?

Yes. In fiscal 2025 Coursera returned $27.60M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition