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Coursera’s Udemy Deal: Can $115 Million In Synergies Fix Enterprise Softness?

Coursera, an online education platform, reported first quarter 2026 revenue of $196 million, representing 9% year-over-year growth. This growth was primarily supported by the Consumer segment, which experienced double-digit expansion for the fourth consecutive quarter, driven by 7.6 million new registered learners—the highest influx in any first quarter—raising the cumulative learner base to over 200 million. The Consumer segment achieved $130 million in revenue, up 10%, and improved gross margin by 160 basis points to 63%, attributed to stronger engagement with Coursera-produced content and the early benefits of a platform fee introduced at the start of the year. The Enterprise segment, generating $66 million in revenue (a 7% increase), showed mixed demand conditions. Growth stemmed mainly from the Campus vertical and a significant government account expansion, whereas Coursera for Business—the largest Enterprise offering—continued to underperform relative to long-term expectations, with a net retention rate at 90%.