Oct 29, 2026 earnings call — Integration progress and Project Helix rollout
First full quarter combined: revenue $377 million and nearly $62 million adjusted EBITDA.
Revenue $0.4B (est $0.4B) · EPS $0.21 (est $0.18) · Next-quarter revenue outlook $0.4B–$0.4B
Key quotes
"Since May, we have simplified the combined organization, integrated our go-to-market teams and aligned around a unified product vision and road map."
"Project Helix is our adaptive AI-native skills platform that draws on the combined strengths of Coursera and Udemy to connect trusted learning to verified proof of skills."
"At the same time, our top line trajectory, particularly in consumer, remains below our growth ambition."
Analyst Q&A 6
Consumer demand: subscription vs one-off
Q (Ryan MacDonald · Needham & Company): The analyst asked where the softer consumer demand is — core subscription versus one-off Degrees transactions — and how the company is allocating investment across the three consumer components to fix the business.
A: Management said they are focused on moving the business toward subscription. They will combine offerings in Helix and make subscription the primary focus. Coursera Plus is growing while terminal individual-course subscriptions decline.
"For us, we continue to focus on the transition to an increasingly subscription business." — Gregory Hart (CEO)
Timing of merger dis-synergies
Q (Brian Peterson · Raymond James): The analyst asked about the dis-synergies the company had modeled: the timing, how they compared to expectations, and whether they are mostly a 2026 or 2027 issue.
A: Management said the original model assumed customers who buy both platforms. So far they have not seen revenue dis-synergies in practice. They see nothing really in 2026 and view the expected dis-synergies for 2027 as still theoretical.
"So far, frankly, we just haven't seen any revenue dis-synergies come through, even with renewals of those types of customers." — Michael Foley (CFO)
Free cash flow outlook next year
Q (Stephen Sheldon · William Blair): The analyst asked whether free cash flow conversion from EBITDA should remain healthy next year, given many moving pieces from the merger and other items.
A: Management said the purchase price adjustment around capitalized commissions makes free cash flow lower than adjusted EBITDA. They also expect some merger-related costs into at least the first half of next year and working capital effects from revenue headwinds. Overall, they expect free cash flow to be somewhat lower than EBITDA but still significantly cash generative.
"So essentially, bridging between EBITDA and free cash flow, we expect free cash flow to be somewhat lower." — Michael Foley (CFO)
AI impact and Helix investment size
Q (Nafeesa Gupta · BofA): The analyst asked whether AI is reducing demand for traditional skills training and whether investment in Helix will peak at launch or keep ramping as adoption grows.
A: Management said some skills that were very popular a few years ago are less popular now, but they still have demand. They are not very concerned about people learning skills directly from AI and emphasized their human-led pedagogy. They also said Helix investment is already included in current OpEx, they are not expanding the team, and they do not expect OpEx to increase due to Helix.
"I am not as concerned in the long run about people learning those skills directly from AI." — Gregory Hart (CEO)
Which project is top priority
Q (JPMorgan): The analyst asked which initiative (Project Helix, Ollie, LearnVector, etc.) the company is most focused on to drive growth.
A: Management said Project Helix is the top priority and the future of the business and platforms. They continue to invest in Coursera and Udemy now to improve experience and to build things that will be used in Helix.
"I mean that is the future of the business and the future of the 2 platforms." — Gregory Hart (CEO)
Enterprise segment trends and budgets
Q (Devin Au · KeyBanc): The analyst asked how different enterprise segments (business, campus, government) trended in the quarter and how conversations with business customers reflect R&D or L&D budget intentions for next year.
A: Management said Coursera for Campus and Coursera for Government are smaller parts of enterprise but grew at healthy rates. Enterprise remains the majority, and NRR rose slightly from 91% to 93% but is below their target. They said L&D budgets are pressured while AI investments increase, and larger enterprises show much higher NRR than smaller accounts.
"One, C for C, as we call it, Coursera for Campus, Coursera for Government, but both of those continue to be smaller parts of our enterprise business, but growing at nice healthy rates in both cases in the quarter." — Gregory Hart (CEO)