How Coursera makes money

Period

FY2025

How does Coursera make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Coursera Inc. · FY2025 · year ended 2025-12-31

Revenue$758MNet loss$51M · 7%Cost of revenue$344M · 45%Gross profit$413M · 55%Operating expenses$492M · 65%Other income$32M · 4%R&D$122M · 16%SG&A$114M · 15%Selling & marketing$256M · 34%Income tax$5M · 1%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.