Coursera Inc.: Cost synergies support margins; integration weighs on growth; Neutral

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Coursera Inc.: Cost synergies support margins; integration weighs on growth; Neutral

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Coursera Inc.

Cost synergies support margins;

integration weighs on growth; Neutral

Reiterate Rating: NEUTRAL | PO: 7.00 USD | Price: 5.68 USD

2Q26 to include Udemy; Consumer revenue pressured 29 June 2026

Coursera completed its merger with Udemy on May 11, 2026, creating a scaled online Equity

learning platform across Enterprise and Consumer. For 2Q26, we estimate revenue of

~$293mn and EBITDA of ~$32mn (~11% margin), reflecting Udemy’s partial-quarter

Key Changescontribution. In FY26, segment-wise, Enterprise should see a near-term uplift from the

addition of Udemy Business, while Consumer is facing pressure from transactional (US$) Previous Current

declines (particularly Udemy legacy), partly offset by ongoing strength in subscriptions. Price Obj. 8.00 7.00

Outlook implies soft topline; margins expand on synergies 2026E2027E RevRev (m)(m) 813.8871.3 1,236.11,482.4

Mgmt. guided FY26 reported revenue of $1.21-1.24bn (+60-64% y/y) and normalized 2028E Rev (m) 924.2 1,564.0

revenue of $1.49-1.52bn (‑4% to ‑2% y/y). Adjusted EBITDA margin is expected at ~13% 2026E EPS 0.42 0.62

for FY26 (exiting ~16% in 4Q), supported by synergies and a higher recurring revenue 2027E EPS 0.54 0.93

mix (>80% subscription). The company reiterated its $115mn run-rate net synergy 2028E EPS 0.61 1.13

target by FY27, with at least $80mn achieved by end-FY26 (~$30mn realized in-year).

However, integration-related revenue dis-synergies (particularly in Enterprise from Nafeesa Gupta

salesforce integration and customer overlap) are expected to increase in FY27. Research Analyst

BofAS

We expect revenue weakness to continue into FY27 +1nafeesa.gupta@bofa.com415 436 3558

We est.