Coursera's growth has reaccelerated. Q2 2026 revenue rose 60% year over year, and adjusted EBITDA margin reached 14.3%, prompting management to raise full-year guidance to $1.220 billion to $1.245 billion. The same quarter, free cash flow was negative $33 million, and the company is still working through a pending, all-stock merger with Udemy that would combine two of the largest platforms in online learning.

One thing worth flagging: Coursera has not disclosed enough detail on paid subscribers, active institutional customers, churn, retention, or per-account revenue to independently verify how much of that growth is durable rather than a one-time reacceleration ahead of a merger close. Layered against a widening gap between adjusted profitability and actual cash generation, the disclosure gap is worth watching closely through the second half of 2026. This Dossier lays out what would resolve each question, and why neither is settled by the public record alone.

Dossiers are built from primary documents: SEC filings, earnings call and investor day transcripts, management presentations, press releases, and trade press. We also work the channels where product and operating problems surface before they reach an earnings call, including App Store, Google Play, and Trustpilot reviews, and structured sentiment research on Reddit Answers. Equity analyst commentary is used to map where the sell side disagrees and is treated as opinion, not evidence.

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