Coursera, Inc. (COUR): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of Coursera, Inc. (COUR) as of late 2025, trying to see past the stock ticker to the actual engine driving value. Honestly, the story right now is the massive Consumer segment, which has built a base of 191 million registered learners, fueling a $750 million to $754 million revenue outlook for the year. My take, based on a decade running analysis at BlackRock, is that their strategic bet on Enterprise growth and AI integration is what will push them toward that targeted 8.0% Adjusted EBITDA margin, supported by a healthy $798 million in unrestricted cash. To see exactly how this high-volume, high-margin model is structured across partnerships, resources, and revenue streams, check out the full Business Model Canvas breakdown below.

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

You're looking at the core of Coursera, Inc. (COUR)'s value creation engine-the Key Partnerships block. This is where the platform aggregates credibility and content breadth, which directly feeds into its value proposition and revenue streams. Honestly, without these anchors, the platform is just a collection of videos; with them, it's a global credentialing powerhouse.

As of late 2025, Coursera, Inc. (COUR) continues to rely heavily on its network to maintain relevance, especially with the rapid shift towards AI skills. The platform reported 191 million registered learners as of September 30, 2025, and trailing twelve-month revenue of $739.78 million as of December 4, 2025. These numbers are built on the strength of these alliances.

• Over 350 global university and industry content partners.
• Strategic AI content partnerships with Anthropic and OpenAI.
• Industry leaders like Google, IBM, and Microsoft for Professional Certificates.
• University partners like Duke and Heriot-Watt for degree programs.
• Content creators like Pearson and SkillShare for catalog expansion.

The sheer scale of the academic and corporate network is impressive, now standing at over 375 leading university and industry partners. This scale is critical for offering the breadth of content that keeps learners engaged, which currently includes over 7,000 courses.

The focus on high-demand, high-credibility content is clear in the specific alliances you mentioned. For instance, the partnership with Anthropic, a leading AI research company, resulted in new Specializations like 'Building with the Claude API' and 'Real-World AI for Everyone,' designed to teach practical skills for working with Claude. This directly addresses the urgent need for practical AI education, as only one-third of employees reported receiving AI training.

The Professional Certificates remain a massive draw, leveraging the brand equity of major tech firms. These industry giants provide content that aligns directly with job requirements. Here's a snapshot of the key industry players and the depth of their involvement:

Partner	Credential Focus Area Examples	Contextual Data Point
Google	Data Analytics, IT Support	Google Data Analytics Professional Certificate has a rating of 4.8.
IBM	Data Analyst, Generative AI Engineering	IBM Data Analyst Professional Certificate is a 4-month program at 4.7 rating.
Microsoft	Project Management, Power BI Data Analyst	Microsoft Power BI Data Analyst Certificate offers a 50% discount on the PL300 certification exam.

Degree programs, while fewer in number, represent high-value, high-commitment partnerships. Take the Master of Science in Computer Science with Heriot-Watt University. This degree is delivered in collaboration with Coursera, Inc. (COUR) and includes industry certifications from partners like Google, IBM, and Meta at no extra cost. The total indicative cost for this degree was listed at 8,995 British pounds for courses starting in 2025, with individual courses priced at 1,285 British pounds. Duke University is also actively contributing, launching new courses and specializations, including those focused on healthcare and coding, such as Practical Python.

Catalog expansion also involves specialized content providers. Coursera, Inc. (COUR) recently added Skillshare as a new industry partner, broadening the catalog into areas like creative technology. While Pearson wasn't explicitly detailed with recent numbers, the addition of partners like Skillshare shows the ongoing strategy to diversify content beyond core tech and academic subjects.

The value proposition for these partners is clear: access to a massive, engaged audience. For example, the platform saw 20 million new learners join in 2024 alone. Finance: draft the Q4 2025 partner engagement review by January 15th.

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

When we look at the core engine driving Coursera, Inc. in late 2025, it's all about the execution of these key activities. You can't just have content; you need innovation to keep it relevant and a sales motion that scales efficiently. Here's the quick math on how they're managing that right now.

Curating and Developing the Content Catalog

The foundation remains the breadth and depth of the content. As of the third quarter of 2025, Coursera, Inc. is maintaining a catalog of over 12,000 courses. This massive library is the primary asset they use to attract both individual learners and enterprise clients. They aren't just counting courses, though; they're also focusing on high-demand credentials, having added nearly 100 professional certificates recently, including new titles from major players like Microsoft and EC-Council.

Platform Innovation, Especially AI-Driven Features like Coursera Coach

Platform innovation is where the near-term value is being unlocked, particularly with generative AI. Coursera Coach is definitely the flagship here. It's not just a gimmick; the numbers show real impact. They've been rapidly iterating on this AI-powered tutor since its 2023 debut. This focus on AI-native experiences is a major Key Activity right now, helping them differentiate in a crowded space.

Here are some of the latest operational metrics showing that platform investment in action:

• Generative AI enrollments hit 14 per minute as of Q3 2025, up from 8 per minute the prior year.
• Since launch, Coach has supported over 2.4 million learners, exchanging more than 34 million messages by mid-2025.
• For learners using Coach for assistance, there's evidence of better outcomes: a 9.5% higher quiz pass rate on the first attempt.
• Learners using Coach also complete 11.6% more lessons per hour, showing better engagement.
• They are also pushing AI translations and dubbing, with 1.8 million enrollments in AI-translated content reported in 2024.

The platform is definitely getting smarter, which should help with retention defintely.

Managing and Scaling the Enterprise Sales and Deployment Process

The Enterprise segment is a critical, albeit more measured, part of the business. Managing the sales cycle for large organizations, which often involves complex procurement and deployment, is a distinct activity from the direct-to-consumer model. While the Consumer segment saw 13% year-over-year revenue growth in Q3 2025, the Enterprise segment grew more modestly at 6% year-over-year for the same period.

You need to watch the customer health metrics closely here. Here's a snapshot comparing the Enterprise segment's performance across the middle of 2025:

Metric	Q2 2025 (as of June 30)	Q3 2025 (as of Sept 30)
Enterprise Revenue	$64.3 million	$63.9 million
Paid Enterprise Customers	1,686	1,724
Customer Growth (YoY)	12%	10%
Net Retention Rate (NRR)	93%	89%
Segment Gross Margin	69.7%	70%

The slight dip in NRR to 89% in Q3 2025, compared to 93% in Q2 2025, is something Finance needs to track; if that trend continues, it signals near-term risk in expansion revenue from existing accounts.

Prioritizing Growth in the Coursera for Campus (C4C) Vertical

Within the Enterprise activities, the strategic prioritization of Coursera for Campus (C4C) is a major focus for 2025. Management has explicitly called C4C the expected driver of the highest growth among all enterprise offerings this year. The key insight here is that when universities integrate Coursera content for academic credit, engagement skyrockets. These credit-bearing courses reportedly see the highest completion rates across the entire platform, which is a powerful selling point for university administrators looking to prove ROI on digital tools.

Negotiating Content Revenue-Share Agreements with Partners

The final, crucial activity is managing the economics of the content itself. Coursera, Inc. constantly negotiates revenue-share agreements with its university and industry partners. This activity directly impacts the cost of goods sold and, consequently, profitability. We see this reflected in the gross margin expansion, which is explicitly attributed to increased learner engagement with content under arrangements that feature a lower revenue share.

For example, the Consumer segment gross profit margin improved by 160 basis points year-over-year to reach 61% in Q3 2025, driven by this shift toward lower-cost content engagement. Similarly, the Enterprise segment gross margin hit 70% in Q3 2025, also benefiting from these favorable content cost structures.

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

You're looking at the core assets that power Coursera, Inc.'s market position as of late 2025. Honestly, the scale here is what sets them apart from smaller players in the online education space. It's not just about the content; it's about the network effect built on top of that content.

The sheer size of the user base is a massive resource. As of September 30, 2025, Coursera, Inc. reported a massive registered learner base of 191 million individuals globally. This scale helps drive both the consumer subscription revenue, which saw a 13% year-over-year growth in Q3 2025, and the value proposition for enterprise clients looking for broad upskilling reach.

Underpinning this is the proprietary learning platform and its data engine. They've integrated generative AI deeply, with features like Coach, Role Play, and Course Builder designed to make learning more personalized and scalable. A key strategic asset here is the Skills Tracks solution, which leverages Coursera's Career Graph-a proprietary system using millions of labor market data points and a skills taxonomy-to map learning directly to specific occupations. This data-backed approach is crucial for enterprise sales, especially given that the World Economic Forum's Future of Jobs Report 2025 noted 63% of employers see skill gaps as the biggest barrier to transformation.

Financially, Coursera, Inc. maintains a healthy position to fund ongoing innovation. As of September 30, 2025, the balance sheet held approximately $798 million in unrestricted cash and cash equivalents, and importantly, they carried no debt. This strong liquidity, combined with generating $26.6 million in Free Cash Flow in Q3 2025 alone, gives them flexibility. Here's a quick look at some key Q3 2025 figures:

Metric	Amount (Sep 30, 2025)	Year-over-Year Change
Total Revenue (Q3)	$194.2 million	10% increase
Consumer Segment Revenue (Q3)	$130.3 million	13% increase
Net Cash from Operating Activities (Q3)	$33.9 million	22% increase
Free Cash Flow (Q3)	$26.6 million	59% increase

Brand equity is intrinsically tied to the partner network. Coursera, Inc. partners with over 375 leading university and industry entities. In September 2025, they announced six new world-class university partners, including Hult International Business School and the University of California Santa Barbara, pushing the total university count past 350 institutions. This trust factor is what allows them to command premium pricing for credentials.

The content library is extensive and rapidly evolving, particularly in high-demand areas like AI. Coursera, Inc. is actively shaping the GenAI learning landscape, being the first online learning platform directly embedded in OpenAI's ChatGPT app ecosystem and announcing a content partnership with Anthropic. The focus on high-quality, job-relevant content is clear:

• Learners attracted 7.7 million new registered users in Q3 2025.
• Partners added over 450+ new Generative AI courses since the start of 2024.
• Skills Tracks launched initially included Software and Product, IT, Data, and GenAI.
• Popular content includes Google's Data Analytics Professional Certificate, updated with AI skills.
• The platform offers credentials from over 200 leading universities and companies.

To be fair, the content depth is what keeps the flywheel turning. Finance: draft 13-week cash view by Friday.

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.