Coursera is an online learning platform that connects learners with courses, certificates, and degrees from universities and corporate partners like Google, IBM, Microsoft, and Stanford. Content spans business, technology, data science, and AI, and is delivered entirely online. Coursera earns revenue three ways: per-course sales, subscriptions (Coursera Plus, priced at ~$59/month or an annual equivalent), and annual enterprise contracts sold to businesses, universities, and government agencies. Consumer (~67% of revenue) and Enterprise (~33%) are its two reporting segments. The key economic driver is a revenue-share arrangement with content partners; Coursera keeps a portion and passes the remainder to the creator. Gross margins are higher in Enterprise (~70%) than Consumer (~62%), reflecting lower per-dollar content costs on multi-seat contracts. Starting in 2026, Coursera restructured this split by introducing a 15% platform fee applied before revenue-share calculations, which should improve margins gradually. Coursera had 197M registered learners and over 1,700 paid enterprise customers as of year-end 2025. In December 2025, Coursera announced an all-stock merger with Udemy, which would combine Coursera's consumer brand and credentialing depth with Udemy's larger enterprise base (~17,000 customers) and broader instructor-created catalog. The combined entity would have pro forma revenue of ~$1.5B, with projected cost synergies of $115M annually within 24 months of close.