• Amazon for online university courses and professional certificates.
• Netflix for career development and academic learning.

Coursera primarily provides Online Education and Professional Development Services.

• Individual Courses: Provides access to a single online learning module on various subjects, often from top universities and companies.
• Specializations: Offers a series of related online courses culminating in a specific skill set or expertise within a field.
• Professional Certificates: Delivers job-ready training programs designed with industry leaders to prepare learners for in-demand roles.
• Degrees: Enables students to earn accredited bachelor's or master's degrees entirely online from renowned universities.
• Coursera for Enterprise (Business, Government, Campus): Offers tailored learning solutions for organizations to upskill their workforce, engage citizens, or supplement academic curricula.
• Guided Projects: Provides quick, interactive, and hands-on learning experiences focused on practical skill acquisition.

Coursera (symbol: COUR) primarily sells to individuals. For the year ended December 31, 2023, Coursera reported that its Consumer revenue (derived from individuals) constituted approximately 60% of its total revenue, while its Enterprise revenue (from businesses, governments, and academic institutions) was approximately 40%.

Given that Coursera primarily sells to individuals, here are the three main categories of customers it serves:

• Professional Development & Career Advancement Seekers: This category includes individuals who use Coursera to acquire new job-relevant skills, upskill for their current roles, reskill for career transitions, or earn professional certificates and specializations to advance their professional careers.
• Higher Education & Degree Seekers: These customers are individuals who enroll in full online bachelor's or master's degree programs that are offered by university partners through the Coursera platform.
• Personal Enrichment & Lifelong Learners: This group consists of individuals who engage with Coursera's content for personal growth, intellectual curiosity, to explore new hobbies and interests, or to gain knowledge on various subjects without a specific professional credential or degree objective.

• Amazon (AMZN)

Greg Hart, President, Chief Executive Officer, and Director

Greg Hart became President and CEO of Coursera and a member of the Board on February 3, 2025. He brings over 25 years of leadership in technology-driven innovation and operational excellence. Prior to Coursera, he spent 23 years at Amazon, where he served as Technical Advisor to Jeff Bezos and led the development of Amazon Alexa/Echo from its inception to launch. He also oversaw the global expansion of Prime Video. From 2020 to 2023, Mr. Hart was Chief Product Officer and then Chief Operating Officer at Compass, a real estate brokerage, and helped the company go public. He joined the Bose Corporation Board in December 2024.

Ken Hahn, Chief Financial Officer

Ken Hahn joined Coursera as Chief Financial Officer on June 3, 2020. He will transition from his role effective October 29, 2025, and will continue in an advisory capacity for 12 months to ensure a smooth transition. Mr. Hahn has over 20 years of experience in financial leadership, having served as CFO at companies such as Collective Health, iControl Networks (which was acquired by Comcast), QuinStreet, and Borland Software. He also previously worked at the Boston Consulting Group and PricewaterhouseCoopers. During his tenure at Coursera, he led the company's initial public offering (IPO) in 2021.

Shravan Goli, Chief Operating Officer

Shravan Goli serves as the Chief Operating Officer at Coursera, a role he assumed on October 1, 2022, after previously serving as the Chief Product Officer and Head of Consumer Revenue since 2018. He is responsible for overseeing the company's operations, strategic initiatives, and driving growth and operational efficiency. Mr. Goli has an extensive background in leadership, having held positions at NETGEAR, Dice.com, and Dictionary.com, with expertise spanning product management, marketing, and business development.

Mustafa Furniturewala, Chief Technology Officer

Mustafa Furniturewala is the Chief Technology Officer at Coursera, a position he assumed on April 1, 2024, after joining the company in 2014. He oversees Coursera's infrastructure, data, and information technology teams, ensuring the platform operates at scale and driving innovation in learning technology. Prior to his time at Coursera, Mr. Furniturewala held various engineering roles at Twitter, Evernote, and Citrix Systems.

Patrick Supanc, Chief Product Officer

Patrick Supanc joined Coursera as Chief Product Officer, effective June 2, 2025. He brings over two decades of global leadership experience at the intersection of education, technology, and commerce, leading Coursera's global product strategy and the development of innovative learning experiences. Previously, he spent nearly ten years at Amazon, where he contributed to scaling products such as Amazon Prime, Amazon Hub, and Kindle. His earlier experience includes leading digital learning initiatives at Pearson and Blackboard.

Key Risks to Coursera's Business

Coursera (COUR) faces several significant risks in the dynamic online education landscape:

1. Intense Competition: Coursera operates in a highly competitive market with numerous online learning platforms, including edX, Udemy, Udacity, and LinkedIn Learning, as well as university-led initiatives. To maintain its market position, Coursera must continually innovate, expand its course catalog, and differentiate its offerings to attract and retain learners amidst fierce competition.
2. Reliance on University and Industry Partnerships: A core component of Coursera's business model is its extensive network of partnerships with leading universities and companies that provide the content for its courses, Specializations, and degree programs. The company's ability to offer high-quality, in-demand, and accredited content is directly tied to the strength and breadth of these partnerships. Any disruption to these relationships or challenges in securing new, relevant content could negatively impact Coursera's value proposition and reputation.
3. Quality Control and Learner Experience: Maintaining a consistent and high-quality learner experience at scale is a persistent challenge for massive open online course (MOOC) providers. Issues such as the effectiveness of peer grading, the limited direct interaction with instructors, and the ongoing struggle with plagiarism can impact learner satisfaction and the perceived value of Coursera's certificates and credentials. Addressing these concerns is crucial for learner retention and the integrity of the platform's educational offerings.

The rapid advancement and widespread adoption of generative artificial intelligence (AI) tools pose a clear emerging threat to Coursera's business model.

AI-powered platforms and tools are increasingly capable of providing highly personalized learning paths, real-time adaptive content, and individualized AI tutors. This shift can offer learners more tailored and efficient educational experiences that may surpass the general course structures offered by Coursera's university and industry partners. Furthermore, generative AI can significantly reduce the cost and time required for creating high-quality educational content, potentially enabling new, agile competitors or allowing existing content creators to bypass traditional aggregation platforms. This could lead to a commoditization of course content and delivery, putting downward pressure on Coursera's pricing and value proposition, especially if learners can access equivalent or superior personalized learning experiences at a lower cost or for free through AI-first solutions.

1. Continued Growth in the Consumer Segment through Registered Learners and Coursera Plus Subscriptions: Coursera anticipates revenue growth from expanding its base of registered learners and the sustained adoption of its Coursera Plus subscription offering. In Q3 2024, the company welcomed 7.7 million new registered learners, contributing to a total base of 191 million, and noted strong reception to Coursera+, which now constitutes the majority of its consumer segment revenue. This growth is supported by a focus on broadening global reach, diversifying marketing channels, and integrating with new platforms like ChatGPT.
2. Expansion of Content Offerings, particularly Industry Micro-Credentials and Generative AI Courses: A key driver is the continuous introduction of new, high-quality, and job-relevant content. Coursera launched 10 new entry-level professional certificates and 20 new and upgraded generative AI certificates in Q3 2024. The platform now features over 500 generative AI courses and projects, with accelerating enrollments, demonstrating significant demand for these emerging skills. These specialized courses and micro-credentials are seen as strategic assets to drive consumer growth and create pathways into degree programs.
3. Growth in the Enterprise Segment (Coursera for Business, Campus, and Government): Coursera expects continued expansion in its Enterprise segment, which serves businesses, educational institutions, and government bodies. This segment saw a 10% year-over-year revenue increase in Q3 2024, with the total number of paid Enterprise Customers growing by 19%. Strategic partnerships with major industry players like Adobe, Amazon, IBM, and Microsoft are bolstering offerings that support specialized, industry-relevant skills. Improved Net Revenue Retention (NRR) rates also contribute to growth in this segment.
4. Acceleration of the Degrees Segment: The Degrees segment is projected to be a significant growth accelerator. Coursera anticipated its Degrees segment revenue growth would accelerate to over 25% year-over-year in 2024, driven by strong enrollment trends in programs designed for working adults. The company continues to expand its portfolio of degree programs, which currently includes 57 programs across various disciplines, catering to a growing preference for online higher education.
5. Leveraging AI-powered Innovations: Coursera is investing in and integrating AI to enhance the learning experience and platform capabilities. Innovations like Coursera Coach, which provides personalized learning support, and AI-powered translation initiatives are expected to create more valuable customer experiences and attract a broader global audience. These AI initiatives are part of a broader strategy to differentiate the platform and fuel long-term growth.

Share Repurchases

• Coursera's annual share buybacks were $36.705 million in 2024, a 37.21% decrease from the previous year.
• In 2023, the company's annual share buybacks amounted to $58.453 million.
• Payments for repurchases of common stock in the third quarter of 2025 were recorded as -$36.7 million.

Share Issuance

• As of February 15, 2024, Coursera had 156,946,046 shares of common stock outstanding.
• The number of outstanding shares was approximately 149,649,901 as of February 16, 2023.
• As of December 31, 2025, the company had 162,500,000 shares outstanding.

Capital Expenditures

• Coursera's capital expenditures primarily include investments in property, equipment, and software, capitalized internal-use software costs, and purchases of content assets.
• Consensus capital expenditures for Coursera averaged $1.49 million from fiscal years ending December 2020 to 2024, peaking at $1.585 million in December 2024.
• The company expects purchases of content assets during 2024 to increase relative to 2023.