Coursera’s Udemy deal accelerates shift towards enterprise learning

Coursera Inc.’s (NYSE: COUR) acquisition of Udemy Inc., completed in May, is set to materially reshape the online-learning group’s revenue mix as the combined business gains greater exposure to corporate training at a time when businesses are investing to close skills gaps created by AI.

Visible Alpha consensus points to revenue of about $1.2 billion in 2026 for the combined entity, up from $758 million in 2025. The increase is being driven in large part by the enterprise business, where Udemy has historically had a stronger presence. Enterprise revenue is forecast to reach $596 million in 2026, more than doubling from $255 million last year, lifting its share of group revenue to 48% from 34%. Consumer revenue is expected to rise to $639 million from $502 million in 2025.

Profitability is expected to improve alongside revenue. Consumer gross profit is expected to increase 32% year-on-year to $406 million in 2026, while enterprise gross profit is projected to surge 153% to $450 million.

The enlarged group is also expected to see a significant increase in its user and customer base. Total registered consumer learners, excluding degree programs, are projected to reach 260 million in 2026, with 69 million new registrations during the year. Total accounts are forecast to rise to 12.2 million, supported by 10,481 net additions.

The forecasts point to a marked change in Coursera’s business profile following the Udemy combination. As enterprise revenue becomes a larger contributor, the group is moving from a predominantly consumer-focused learning platform towards a broader corporate skills provider, giving greater exposure to the growing demand for workforce training and AI-related skills.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.