Coursera, Inc. (COUR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de educación digital en rápida evolución, Coursera se erige como una plataforma transformadora que cierra la brecha entre los alumnos y el conocimiento académico de clase mundial. Al aprovechar un modelo de negocio sofisticado que conecta universidades, profesionales y estudiantes ansiosos en todo el mundo, Coursera ha revolucionado cómo las personas adquieren habilidades y credenciales en el siglo XXI. Desde estudiantes universitarios que buscan alternativas de aprendizaje asequible a profesionales que realizan un avance profesional, esta plataforma innovadora ofrece un ecosistema integral que democratiza la educación a través de soluciones de aprendizaje flexibles y basadas en tecnología.

Coursera, Inc. (Cour) - Modelo de negocios: asociaciones clave

Universidades e instituciones académicas en todo el mundo

A partir de 2024, Coursera se asocia con más de 275 universidades e instituciones a nivel mundial, incluyendo:

Región	Número de instituciones asociadas
Estados Unidos	180
Europa	45
Asia-Pacífico	35
América Latina	15

Creadores e instructores de contenido

Coursera colabora con más de 5,400 instructores expertos de las principales instituciones.

• Calificación de instructor promedio: 4.7/5
• Instructores de más de 190 países
• Más del 60% de los instructores de las 100 mejores universidades globales

Socios tecnológicos

Socio tecnológico	Colaboración específica
Servicios web de Amazon	Hosting de infraestructura en la nube
Google Cloud	Aprendizaje automático e integración de IA
Microsoft Azure	Soluciones de aprendizaje empresarial

Capacitación corporativa y clientes empresariales

Base de clientes empresariales: más de 2,100 organizaciones

• Fortune 500 Empresas: 50%
• Ingresos empresariales anuales: $ 270.4 millones (2023)
• Valor promedio de contrato empresarial: $ 95,000

Organizaciones de certificación profesional

Socio de certificación	Número de certificaciones
Google	8 certificados profesionales
IBM	6 certificados profesionales
Meta	4 certificados profesionales

Coursera, Inc. (Cour) - Modelo de negocios: actividades clave

Desarrollo de cursos y contenido en línea

A partir del cuarto trimestre de 2023, Coursera organizó 6.300 cursos activos de 275 socios universitarios e industriales. La plataforma desarrolló 2.200 nuevos cursos en 2023, con contenido que abarca 19 categorías de materias diferentes.

Métrico de contenido	2023 datos
Cursos activos totales	6,300
Socios universitarios	275
Nuevos cursos desarrollados	2,200

Mantenimiento de tecnología de plataforma

Coursera invirtió $ 103.5 millones en gastos de tecnología y desarrollo en 2023. La plataforma admite 77 millones de alumnos registrados en 220 países y territorios.

• Inversión tecnológica anual: $ 103.5 millones
• Base de usuarios globales: 77 millones de alumnos registrados
• Alcance geográfico: 220 países y territorios

Diseño curricular y curación

En 2023, Coursera lanzó 500 nuevos certificados profesionales en colaboración con líderes de la industria como Google, IBM y Meta. La plataforma curó el contenido en 14 dominios de habilidades.

Métrica de desarrollo curricular	2023 datos
Nuevos certificados profesionales	500
Socios de la industria para certificados	25
Dominio de habilidades	14

Optimización de la experiencia de aprendizaje

Coursera implementó algoritmos de aprendizaje automático que personalizan las recomendaciones del curso para el 62% de su base de usuarios. La plataforma alcanzó una tasa de finalización del curso del 73% en 2023.

• Cobertura de personalización: 62% de los usuarios
• Tasa de finalización del curso: 73%
• Sistema de recomendación impulsado por la IA: implementado

Gestión de la Asociación Corporativa y Académica

Coursera se dedicó a 3.400 clientes empresariales en 2023, incluido el 80% de las compañías Fortune 500. Las asociaciones académicas se expandieron a 275 instituciones a nivel mundial.

Métrico de asociación	2023 datos
Clientes empresariales	3,400
Compromiso de la empresa Fortune 500	80%
Instituciones académicas	275

Coursera, Inc. (Cour) - Modelo de negocios: recursos clave

Infraestructura de plataforma de aprendizaje digital

A partir del cuarto trimestre de 2023, la plataforma digital de Coursera admite 87 millones de usuarios registrados en 190 países. La infraestructura de la plataforma incluye:

• Arquitectura basada en la nube alojada en Amazon Web Services (AWS)
• Costo de infraestructura técnica: $ 42.3 millones en 2023
• Tiempo de actividad de la plataforma: 99.99% de confiabilidad

Componente de infraestructura	Especificación	Inversión anual
Infraestructura del servidor	Arquitectura de nube distribuida	$ 18.7 millones
Red de entrega de contenido	Distribución de contenido global	$ 12.5 millones
Sistemas de seguridad	Cifrado avanzado	$ 6.1 millones

Catálogo de cursos extensos

Métricas del catálogo de cursos a partir de 2024:

• Total de cursos: 7,250
• Certificados profesionales: 985
• Asociaciones universitarias: 275
• Idiomas compatibles: 16

AI avanzada y algoritmos de recomendación

Inversión y capacidades de IA:

• Inversión anual de I + D de IA: $ 37.6 millones
• Modelos de aprendizaje automático: 52 algoritmos de recomendación activa
• Precisión de personalización: 78.3% Tasa de coincidencia de contenido del usuario

Red global de instructores académicos y profesionales

Categoría de instructor	Número	Compensación promedio
Profesores universitarios	4,750	$ 12,500 por curso
Profesionales de la industria	3,200	$ 9,800 por curso

Datos de usuario y análisis de aprendizaje

Capacidades de análisis de datos:

• Procesamiento de datos anual: 2.7 petabytes
• Seguimiento de comportamiento de aprendizaje: 15 indicadores clave de rendimiento
• Cumplimiento de la privacidad de datos: GDPR, CCPA Certified

Coursera, Inc. (Cour) - Modelo de negocio: propuestas de valor

Opciones de aprendizaje en línea flexibles y accesibles

A partir del cuarto trimestre de 2023, Coursera ofrece más de 7,300 cursos en línea y más de 1,600 certificados profesionales en 220 países. La plataforma admite 16 idiomas y proporciona accesibilidad al aprendizaje móvil.

Métricas de accesibilidad de aprendizaje	2023 datos
Cursos totales en línea	7,300+
Certificados profesionales	1,600+
Países atendidos	220
Idiomas compatibles	16

Amplia gama de cursos de las mejores universidades

Coursera se asocia con más de 275 universidades y empresas principales, incluidas Stanford, Google, Yale e IBM.

• Los mejores socios de la Universidad: Stanford, Yale, Princeton
• Socios corporativos: Google, IBM, Meta
• Instituciones académicas a nivel mundial: 275+

Desarrollo y certificación de habilidades profesionales

En 2023, Coursera reportó 97 millones de alumnos registrados con 56 millones de inscripciones de cursos.

Métricas de participación del usuario	2023 estadísticas
Total de alumnos registrados	97 millones
Inscripciones de cursos	56 millones

Alternativa asequible a la educación tradicional

Los precios promedio del curso oscilan entre $ 39 y $ 79 por mes, significativamente más bajos que los programas de grado tradicionales.

Estructura de precios	Rango de costos
Suscripción mensual	$39 - $79
Certificado profesional	$39 - $199

Programas de aprendizaje a sí mismas y orientados a la carrera

Coursera ofrece más de 4,300 programas orientados a la carrera con un tiempo de finalización promedio de 3-6 meses.

• Programas orientados a la carrera: más de 4,300
• Tiempo de finalización promedio del programa: 3-6 meses
• Pistas de habilidad listas para el trabajo: más de 30 dominios

Coursera, Inc. (CoUT) - Modelo de negocios: relaciones con los clientes

Recomendaciones de aprendizaje personalizadas

A partir de 2024, Coursera utiliza algoritmos de recomendación impulsados ​​por la IA que analizan los patrones de aprendizaje de los usuarios. La plataforma procesa más de 77 millones de puntos de datos del alumno para generar sugerencias de cursos personalizadas.

Métrica de recomendación	Valor estadístico
Precisión de personalización	82.5%
Recomendaciones promedio por usuario	6.3 cursos
Tasa de participación del usuario	64.2%

Foros de discusión comunitaria

Coursera mantiene foros de discusión activos en su plataforma con métricas de participación específicas.

• Total de discusión activa hilos: 412,000
• Participantes mensuales del foro: 2.1 millones
• Tiempo de respuesta promedio: 12.4 horas

Seguimiento y soporte de progreso del usuario

La plataforma proporciona un monitoreo integral de progreso con análisis detallados.

Función de seguimiento de progreso	Métrico
Tasa de finalización del curso	46.7%
Progreso semanal de seguimiento de usuarios activos	1.8 millones
Paneles de rendimiento en tiempo real	93% de los cursos

Interacción del instructor directo

Coursera facilita los canales de comunicación directa entre alumnos e instructores.

• Total de instructores en la plataforma: 7.300
• Interacciones de instructor semanales promedio: 340,000
• Tasa de respuesta a las consultas de los estudiantes: 78.6%

Servicios de éxito del cliente y orientación profesional

Coursera brinda servicios de apoyo profesional integrales con resultados medibles.

Métrico de servicio profesional	Valor estadístico
Tasa de colocación profesional	62.3%
Usuarios de certificados profesionales	5.2 millones
Sesiones de asesoramiento profesional	214,000 anualmente

Coursera, Inc. (Cour) - Modelo de negocios: canales

Plataforma web

A partir del cuarto trimestre de 2023, la plataforma web de Coursera alojaba a 87 millones de alumnos registrados a nivel mundial. La plataforma ofrece más de 7,300 cursos de 275 socios universitarios e industriales.

Métrica de plataforma	2023 datos
Total de usuarios registrados	87 millones
Ofertas de cursos totales	7,300+
Instituciones asociadas	275

Aplicación móvil

La aplicación móvil de Coursera tenía 4.5 millones de descargas en 2023, con una calificación de 4.6/5 tanto en Apple App Store como en Google Play Store.

• Descargas de aplicaciones móviles: 4.5 millones
• Calificación de la tienda de aplicaciones: 4.6/5
• Disponible en plataformas iOS y Android

Marketing en redes sociales

La presencia en las redes sociales de Coursera incluye:

• LinkedIn: 2.3 millones de seguidores
• Twitter: 1.1 millones de seguidores
• Facebook: 1.5 millones de seguidores
• Instagram: 680,000 seguidores

Comunicación por correo electrónico

Coursera envía aproximadamente 68 millones de correos electrónicos de marketing mensualmente, con una tasa de apertura promedio de 22.3% y una tasa de clics del 3.4%.

Métrica de marketing por correo electrónico	2023 datos
Volumen de correo electrónico mensual	68 millones
Tarifa de apertura de correo electrónico	22.3%
Tasa de clics	3.4%

Referencias de asociación estratégica

Coursera tiene asociaciones estratégicas con 275 universidades y 200 socios de la industria, generando el 35% de las inscripciones de cursos totales a través de canales de referencia.

• Socios universitarios: 275
• Socios de la industria: 200
• Inscripción del canal de referencia: 35%

Coursera, Inc. (Cour) - Modelo de negocios: segmentos de clientes

Estudiantes universitarios

A partir de 2023, Coursera atiende a aproximadamente 108 millones de alumnos registrados a nivel mundial. Los estudiantes universitarios representan un segmento significativo con acceso a más de 7,000 cursos de 275 universidades y empresas principales.

Características de segmento	Datos estadísticos
Usuarios de estudiantes universitarios totales	42.3 millones
Tasa de finalización promedio del curso	46%
Rango de edad típico	18-24 años

Alumnos profesionales

Los alumnos profesionales constituyen un segmento crítico de clientes para el modelo de ingresos de Coursera.

• Usuarios profesionales totales: 27.5 millones
• Gasto anual promedio: $ 249 por usuario
• Dominios profesionales más populares: tecnología, negocios, ciencia de datos

Departamentos de capacitación corporativa

Coursera para negocios genera importantes ingresos empresariales.

Métricas de segmento corporativo	2023 datos
Total de clientes empresariales	2.100 empresas
Ingresos de la empresa anual	$ 370.2 millones
Valor de contrato promedio	$176,000

Cambiadores de carrera

Los programas de transformación profesional representan un segmento creciente para Coursera.

• Usuarios de transición de carrera total: 15.6 millones
• Transiciones profesionales exitosas: 62% de los usuarios
• La mayoría de las carreras profesionales transformadas: tecnología, marketing digital, análisis de datos

Entusiastas del aprendizaje de toda la vida

El segmento de aprendizaje continuo demuestra un crecimiento constante.

Métricas de aprendizaje de por vida	2023 estadísticas
Aprendedores totales de por vida	22.8 millones
Cursos promedio por año	3.7 cursos
Tasa de suscripción recurrente	68%

Coursera, Inc. (Cour) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para Coursera en 2023: $ 87.4 millones

Componente de infraestructura	Costo anual
Servicios de alojamiento en la nube	$ 42.6 millones
Mantenimiento del centro de datos	$ 22.3 millones
Infraestructura de ciberseguridad	$ 15.5 millones
Gestión de redes	$ 7 millones

Creación de contenido y licencias

Gastos totales relacionados con el contenido en 2023: $ 124.6 millones

• Costos de desarrollo del curso: $ 68.3 millones
• Tarifas de asociación universitaria: $ 36.2 millones
• Licencias de contenido: $ 20.1 millones

Marketing y adquisición de clientes

Gastos de marketing para 2023: $ 92.7 millones

Canal de marketing	Gastar
Publicidad digital	$ 45.3 millones
Marketing en redes sociales	$ 22.4 millones
Marketing de afiliados	$ 15.6 millones
Marketing de contenidos	$ 9.4 millones

Desarrollo e innovación de la plataforma

R&D y gastos de desarrollo de la plataforma en 2023: $ 103.5 millones

• Ingeniería de software: $ 62.7 millones
• Diseño de productos y UX: $ 24.8 millones
• AI y desarrollo de aprendizaje automático: $ 16 millones

Compensación y apoyo del instructor

Gastos totales relacionados con el instructor en 2023: $ 56.2 millones

Categoría de compensación	Cantidad
Pagos de curso directo	$ 34.6 millones
Recursos de apoyo del instructor	$ 12.4 millones
Capacitación y desarrollo	$ 9.2 millones

Estructura de costos totales para 2023: $ 464.4 millones

Coursera, Inc. (Cour) - Modelo de negocios: flujos de ingresos

Tarifas de suscripción al curso

Coursera ofrece suscripción de Coursera Plus a $ 59 por mes o $ 399 por año a partir de 2024. La suscripción proporciona acceso ilimitado al 90% de su catálogo de cursos.

Tipo de suscripción	Precio mensual	Precio anual
Coursera Plus	$59	$399

Compras de cursos individuales

Los precios de los cursos individuales varían de $ 39 a $ 199 dependiendo de la complejidad y la duración.

Tipo de curso	Gama de precios
Cursos para principiantes	$39 - $79
Cursos avanzados	$99 - $199

Licencias empresariales e institucionales

Los ingresos empresariales de Coursera en 2023 fueron de $ 215.3 millones, lo que representa un crecimiento anual del 23%.

• Recuento de clientes empresariales: 1.093 a partir del cuarto trimestre 2023
• Valor promedio de contrato empresarial: $ 58,000 anualmente

Programas de certificado profesional

Certificados profesionales con un precio de entre $ 39 y $ 99 por mes, con un tiempo de finalización promedio de 3-6 meses.

Programa certificado	Costo mensual	Tiempo de finalización estimado
Certificados de carrera de Google	$49	3-6 meses
Certificados profesionales de IBM	$59	4-6 meses

Soluciones de capacitación de la fuerza laboral

Los ingresos por capacitación de la fuerza laboral alcanzaron los $ 83.4 millones en el cuarto trimestre de 2023, con un aumento de 17% año tras año.

• Total de alumnos: 129 millones a partir del cuarto trimestre de 2023
• Países con alumnos: más de 190

Coursera, Inc. (COUR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why learners and enterprises choose Coursera, Inc. over other options. It boils down to scale, relevance, and increasingly, smart technology integration. Here's the quick math on the value propositions as of late 2025.

Universal access to world-class, career-relevant learning

Coursera, Inc. provides access to a massive, globally distributed catalog of learning assets. As of September 30, 2025, the platform hosted 191 million registered learners globally. This reach spans over 230 countries and territories. The content itself is curated from top sources, with Coursera partnering with over 375 leading university and industry partners. The catalog features more than 12,300+ total courses. To give you a sense of where the demand is, North America represents the largest regional learner base with 31.2 million learners, while India leads in total enrollments with 24.6 million learners. A significant majority, 85%, of these learners identify as career learners.

• Total registered learners as of September 30, 2025: 191 million.
• Total Courses offered: 12,300+.
• Percentage of learners reporting career benefits: 77%.
• Percentage of learners who are career learners: 85%.

Flexible, stackable credentials like Professional Certificates

The shift toward stackable credentials is a major draw. Coursera, Inc. now offers nearly 100 professional certificates, including new titles from Microsoft, AAPC, and EC-Council as of Q3 2025. The platform recorded 4.9 million enrollments in Professional Certificates, representing a 10% growth compared to 2023. Specifically, enrollments in Entry-Level Professional Certificates have surpassed 15.4 million in total. This flexibility is attracting diverse learners; for instance, the percentage of women pursuing Professional Certificates rose from 25% in 2019 to 40% in 2022.

Credential Type Metric	Value as of Late 2025 Data	Context/Period
Total Professional Certificate Enrollments	4.9 million	Growth of 10% vs. 2023
Entry-Level Professional Certificate Enrollments	Over 15.4 million	Total recorded
Total Professional Certificates Offered	Nearly 100	As of Q3 2025

AI-driven personalization and accessibility (e.g., course translations)

Artificial intelligence is baked into the platform experience now. Generative AI (GenAI) enrollments have surged, surpassing 8 million in total. The velocity of adoption is clear: GenAI courses averaged 12 enrollments per minute in 2025, a significant jump from 1 per minute in 2023. Platform innovations include Coursera Coach, Role Play, and Course Builder, plus the introduction of AI translations.

Enterprise upskilling solutions for workforce transformation

For businesses, Coursera, Inc. delivers measurable workforce transformation value. In the third quarter of 2025, the Enterprise segment generated $64 million in revenue. The gross profit margin for this segment was 70% in Q3 2025. Paid enterprise customers grew to 1,686 as of Q2 2025, up 12% year-over-year. Furthermore, the Net Retention Rate for these paid enterprise customers remained steady at 93%. Companies collaborating with Coursera report saving an average of $1.12 million in recruitment costs annually.

Affordable freemium model allowing users to audit courses for free

The entry point remains highly accessible. Learners can audit courses for free, which is a key component of the freemium structure. For those seeking full access, the Coursera Plus subscription is priced at $59 per month or $399 annually. This subscription, which grants access to over 11,000+ courses, now contributes more than half of the entire Consumer segment revenue.

Coursera, Inc. (COUR) - Canvas Business Model: Customer Relationships

You're looking at how Coursera, Inc. keeps its massive, diverse user base engaged and spending, which is key since the platform mixes individual learners with large institutional contracts. The relationship strategy clearly splits between the high-volume consumer side and the high-touch enterprise side.

For the individual learner, the relationship is almost entirely automated and self-service. This is where the Coursera Plus subscription model really shines for driving defintely sticky revenue. As of the third quarter of 2025, Coursera Plus now encompasses more than half of the Consumer segment revenue. This shift gives Coursera significant visibility into recurring revenue streams, which is a huge plus for financial planning. The platform supports this with a base of 191 million Paying Users as of Q3 2025, an increase of 28.9 million year-over-year.

The platform's self-service nature is reinforced by data-driven product improvements aimed at streamlining the learner journey. The success of this approach is reflected in outcomes. A recent report, based on feedback from over 52,000 learners across 179 countries, showed that 86% of learners join to build new skills and transform their careers. Furthermore, 91% of those surveyed reported achieving a positive career outcome after learning on the platform.

When you look at the B2B/B2G side, the relationship model flips to dedicated, high-touch engagement. Coursera deploys dedicated Enterprise sales and customer success teams to manage these accounts. In Q3 2025, the Enterprise segment brought in $63.9 million in revenue, marking a 6% increase year-over-year. The customer base grew by 10%, reaching 1,724 paid enterprise customers. However, you need to watch the Net Revenue Retention (NRR) metric, which softened to 89% in that same quarter, suggesting some existing enterprise clients are spending less or churning.

Community forums and peer-to-peer support are the glue that holds the self-service model together, even if they don't generate direct revenue. They reduce the load on direct support and increase course completion rates. The platform also uses its vast data set to iterate on the learning experience itself. Here's the quick math on the key customer metrics as of Q3 2025:

Metric Category	Specific Metric	Value (Q3 2025)
Individual Learners (Scale)	Total Paying Users	191 million
Individual Learners (Growth)	Year-over-Year Paying User Increase	28.9 million
Subscription Stickiness	Coursera Plus Share of Consumer Revenue	More than half
Enterprise Customers (Scale)	Total Paid Enterprise Customers	1,724
Enterprise Customers (Growth)	Year-over-Year Paid Customer Growth	10%
Enterprise Health	Enterprise Net Revenue Retention (NRR)	89%
Learner Success	Reported Positive Career Outcome Rate	91%

The reliance on Coursera Plus means that managing the subscription lifecycle-from acquisition to renewal-is paramount. The goal is to make the value proposition so clear that learners see the subscription as a non-negotiable tool for career advancement. The data showing 86% of learners join specifically to build skills supports this value-driven relationship. If onboarding takes 14+ days, churn risk rises.

The Enterprise team's relationship focus is on demonstrating clear Return on Investment (ROI) to justify the spend, especially when NRR is softening. They are using new enterprise SKUs, like Skills Tracks, to better address upskilling ROI directly, which is a clear action based on the 89% NRR figure.

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Channels

You're looking at how Coursera, Inc. gets its content and services in front of learners and institutions as of late 2025. The channels are a mix of direct digital reach and targeted enterprise sales motions, which is definitely showing in the latest numbers.

Core online learning platform (website and mobile app)

This is the foundation, the digital storefront where the vast majority of transactions and consumption happen. The platform's reach is substantial, evidenced by the total registered learner base. As of the third quarter of 2025, Coursera, Inc. reported a total registered learner base of 191 million, which marked an 18% increase from the prior year. The platform's ability to acquire new users remains strong, adding 7.7 million new registered learners in that single quarter. The mobile experience is a key part of this channel, with a significant portion of the user base relying on it for access.

• Total Registered Learners (as of Q3 2025): 191 million
• New Registered Learners (Q3 2025): 7.7 million
• Mobile Access: A substantial portion of the user base accesses courses via mobile devices.

Direct-to-Consumer (D2C) digital marketing and SEO

The Consumer segment is the primary engine for top-line growth, relying heavily on digital acquisition channels like search engine optimization (SEO) and targeted digital marketing to drive subscriptions. This channel's success is directly reflected in the segment's financial performance. For the third quarter of 2025, the Consumer segment generated $130.3 million in revenue, representing a strong 13% year-over-year growth. A critical component of this D2C channel is the subscription offering; Coursera Plus now accounts for more than half of the entire Consumer segment revenue. Management noted they will continue to invest in marketing channels that prove effective at driving Coursera Plus subscriptions.

Enterprise sales team for Coursera for Business and Government

The Enterprise segment utilizes a direct sales force to target corporate learning and public sector workforce development. This channel is more relationship-driven than the D2C path, though it faces some headwinds. In Q3 2025, the Enterprise segment revenue grew by 6% year-over-year, reaching $63.9 million. The number of paid enterprise customers stood at 1,724, a 10% year-over-year increase. However, the Net Retention Rate (NRR) for these customers was 89% as of Q3 2025, a metric the CEO admitted the company was not pleased with, suggesting challenges in expansion or retention within this base. Coursera for Government was specifically noted as being more challenged compared to the business and campus verticals.

University and institutional sales for Coursera for Campus (C4C)

Coursera for Campus (C4C) is a specialized focus within the broader enterprise effort, targeting higher education institutions for content integration and credit-bearing courses. This channel is strategically prioritized for growth. While the overall Enterprise segment grew at 6% in Q3 2025, C4C was explicitly stated to be expected to deliver the highest growth among all enterprise offerings. The strategy here centers on integrating Coursera content into existing university programs to drive higher completion rates and secure tuition revenue share, which is seen as a more scalable approach than the Degrees offering, which saw expected revenue decline for the full year 2025.

Partner networks (universities, companies) promoting content

The partner network acts as a crucial distribution and credibility channel, lending authority to the platform's offerings. As of early 2025 data, Coursera, Inc. maintained partnerships with approximately 200 universities and 150 industry leaders. These partnerships are vital for content creation and co-promotion, especially for high-demand areas like AI certifications. The growth in AI enrollments, which surged by 195% year-over-year to surpass 8 million in total, is partly fueled by the credibility and reach provided by these established institutional and corporate partners. The platform also boasts over 12,000 total courses available.

Here's a quick look at the segment revenue contribution for the third quarter of 2025:

Segment Channel	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth
Consumer (D2C Digital)	$130.3	13%
Enterprise (Business, Government, Campus)	$63.9	6%
Total Reported Revenue	$194.2	10%

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Customer Segments

You're looking at the core paying and non-paying groups Coursera, Inc. serves as of late 2025. The platform's scale is massive, with a total registered learner base reaching 191 million as of September 30, 2025. In the third quarter alone, the company added 7.7 million new registered learners.

Individual Learners (Consumer segment) seeking career advancement.

This segment is the engine driving recent acceleration. Career advancement is the top motivation, with 86% of learners joining to build new skills and transform their careers, according to a September 2025 report. Furthermore, 91% of learners reported achieving a positive career outcome after completing a course. The Consumer segment, which now includes Degrees, posted revenue of $130 million in Q3 2025, marking a 13% year-over-year growth. The Coursera Plus subscription offering is now a major driver, accounting for more than half of the entire Consumer segment revenue.

Key metrics for the Individual Learner segment:

• New registered learners added in Q3 2025: 7.7 million.
• Year-over-year Consumer revenue growth (Q3 2025): 13%.
• Total registered learners as of September 30, 2025: 191 million.

Businesses (Enterprise segment) needing workforce upskilling/reskilling.

The Enterprise segment includes Coursera for Business and Government. Management has noted a more muted corporate spend environment, which has impacted growth rates here compared to the Consumer side. For the third quarter of 2025, Enterprise segment revenue was $64 million, representing a 6% year-over-year growth. This growth rate decelerated from the 10% seen in Q2 2025. The total number of paid enterprise customers stood at 1,686 as of Q2 2025. The segment gross profit margin remained strong at 70% in Q3 2025.

Here's a quick comparison of the two primary revenue segments for Q3 2025:

Segment	Revenue (Q3 2025)	Year-over-Year Growth (Q3 2025)	Gross Profit Margin (Q3 2025)
Consumer	$130 million	13%	61%
Enterprise	$64 million	6%	70%

Governments and NGOs focused on public sector training.

This group is served under the Enterprise umbrella, specifically via Coursera for Government. While specific revenue for this sub-segment isn't broken out, growth in the Enterprise vertical is noted as being driven by both business and campus verticals. There is evidence of government-led initiatives driving demand, such as cybersecurity training in the Middle East & North Africa region, which saw a 17% enrollment increase in 2024. The overall Enterprise segment is being managed under new leadership to reignite more significant long-term growth.

Universities and Colleges utilizing C4C for blended learning.

Coursera for Campus (C4C) is a primary focus for 2025, positioned to deliver the highest growth among Enterprise offerings. The strategy involves integrating course content into existing university programs, aiming to capture a share of the $2 trillion higher education market. Credit-bearing courses within C4C see the highest completion rates across the entire platform. Adoption is leading in India, with European universities being slower to embrace the model.

Learners in emerging markets seeking affordable, localized content.

Emerging markets are key beneficiaries of platform innovations designed for accessibility. Generative AI (GenAI) enrollments have surged by 195% year-over-year, surpassing 8 million in total, with India leading all countries in GenAI course enrollments at over 1.3 million in 2024. Latin America saw a 425% increase in GenAI enrollments. The platform is actively using AI translations and AI dubbing, enabling over 120,000 learners to complete over 400,000 learning hours in multiple languages, specifically targeting Spanish-speaking markets.

Key statistics related to global reach and emerging skills:

• GenAI courses averaged 12 enrollments per minute across Coursera's 700 GenAI courses in 2025.
• Women represent 46% of the global learner base, with countries like Kazakhstan showing 56% female learners.
• Professional Certificate enrollments grew 37% in North America and 36% in the Middle East and North Africa over the past year.

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Cost Structure

You're looking at the expense side of the ledger for Coursera, Inc. as of late 2025, which is all about scaling efficiently while keeping those partner payouts in check. The cost structure is heavily influenced by how they pay their content creators, which is the primary variable cost.

Content costs: Revenue share payments to university and industry partners.

This is the biggest lever in the Cost of Revenue line. Coursera, Inc. manages this by favoring newer content arrangements that come with a lower revenue share percentage. For the three months ended March 31, 2025, content costs for the Enterprise segment were $18.5 million. This represented a content cost as a percentage of revenue of 30.0% for the Enterprise segment in that quarter. The Consumer segment shows similar dynamics; in Q3 2025, the Consumer segment gross profit margin hit 61.2%, up from 59.4% year-over-year, directly because newer content carries a lower revenue share.

Here's a quick look at the gross margin performance, which directly reflects content cost management:

Metric	Period	Value
Enterprise Segment Gross Profit Margin	Q3 2025	69.6%
Consumer Segment Gross Profit Margin	Q3 2025	61.2%
Overall GAAP Gross Margin	Q3 2025	56%
Enterprise Content Cost as % of Revenue	Q1 2025	30.0%

Technology and development expenses for platform maintenance and AI.

These fixed-like costs, along with Sales and Marketing and G&A, are what you watch to see if the company is gaining operating leverage. For the first quarter of 2025, the total GAAP operating expense was $112.3 million, which was 62.7% of revenue for that period. This was an improvement, down 780 basis points year-over-year, showing a clear focus on pacing investments against top-line growth. The push into generative AI, including partnerships like the one with Anthropic, is a key area for this spending bucket.

Sales and marketing costs to acquire Consumer and Enterprise customers.

Acquisition costs are necessary to fuel the growth seen in the Consumer segment, which saw revenue grow 13% year-over-year in Q3 2025. The Enterprise segment, however, saw its Net Retention Rate soften to 89% in Q3 2025, suggesting that the cost to maintain or grow those accounts might be under pressure or that spending is more muted. The company is trying to address this by launching new Enterprise SKUs like Skills Tracks to better demonstrate upskilling ROI.

General and administrative expenses (G&A) for a public company.

G&A covers the overhead of being a publicly traded entity, including finance, legal, and executive functions. While specific G&A dollar amounts aren't broken out in the immediate results, the overall cost control is evident when looking at the non-GAAP profitability metrics. The company reported an Adjusted EBITDA of $15.6 million for Q3 2025, which translates to an 8.0% Adjusted EBITDA Margin for that quarter.

Targeting Adjusted EBITDA margin of 8.0% for full-year 2025.

This is the key profitability goal you need to track. Coursera, Inc. has maintained its guidance for the full year 2025, targeting an annual Adjusted EBITDA Margin improvement of 200 basis points, landing at 8.0%. This target shows management's commitment to letting revenue growth flow through to profitability, especially as content costs are managed down. If onboarding takes 14+ days, churn risk rises, which would directly impact the revenue base against these fixed operating costs.

• Q3 2025 Adjusted EBITDA was $16 million (or $15.6 million).
• The Q3 2025 Adjusted EBITDA Margin was approximately 8.0%.
• Full year 2025 revenue is projected to be in the range of $750 million to $754 million.
• The company held approximately $798 million in unrestricted cash and cash equivalents as of September 30, 2025, with no debt.

Finance: draft 13-week cash view by Friday.

Coursera, Inc. (COUR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Coursera, Inc.'s (COUR) business model as of late 2025, which is showing a clear pivot toward subscription and enterprise growth while de-emphasizing one older revenue line. The overall expectation for the full fiscal year 2025 is a revenue range of $750 million to $754 million.

The primary engine for growth right now is the Consumer subscription revenue, largely driven by Coursera Plus. This subscription service is key because it provides more predictable, recurring revenue streams. In the third quarter of 2025, Coursera Plus had grown to account for more than half of the entire Consumer segment revenue.

The Consumer segment itself showed strong momentum, reporting revenue of $130.3 million in the third quarter of 2025, marking a 13% year-over-year growth. This segment's gross profit margin expanded to 61.2% in that same quarter. This revenue stream is a blend of subscriptions and direct purchases, which we can break down further:

• Coursera Plus subscriptions (key growth driver).
• Individual course/Specialization purchases.
• Professional Certificate fees.

The Enterprise segment, which covers B2B, B2G (Business-to-Government), and C4C (Consumer-for-Corporate) sales through annual contracts, is still a significant contributor, though its growth has moderated. For the third quarter of 2025, Enterprise segment revenue was $63.9 million, representing a 6% year-over-year increase. Management noted a muted corporate spend environment, reflected in the Net Retention Rate (NRR) for paid Enterprise Customers softening to 89%. The Enterprise segment gross profit margin for Q3 2025 was reported at 69.6%.

Here's a quick look at the segment performance as of the latest reported quarter:

Metric	Q3 2025 Value (Millions USD)	Year-over-Year Growth
Total Revenue	$194.2	10%
Consumer Segment Revenue	$130.3	13%
Enterprise Segment Revenue	$63.9	6%

Finally, you need to note the shift away from Degree program tuition revenue. Management explicitly indicated that the degrees product revenue is expected to decline in 2025 as the focus shifts to the Consumer and Enterprise growth opportunities. In fact, the company stopped reporting the number of Degrees students as a standalone metric because it no longer provides a meaningful indication for Consumer segment performance. The overall catalog supporting these revenue streams includes more than 12,000 courses and nearly 100 professional certificates as of late 2025.