Coursera Subscribers Grow 44% as Enterprise Retention Falls
Jul 31, 2026
Coursera has established its first set of combined subscription measures following its May combination with Udemy.
The company reported 1.66 million paid subscribers at the end of the second quarter, up 44% from a year earlier.
Its enterprise results point to a tougher starting position. Net retention declined from 95% to 91%, while enterprise customer count fell 2% to 12,107.
The measures show where the combined business stands today: consumer subscriber growth and contraction within its existing enterprise accounts.
Coursera creates common measures
Coursera completed its all-stock combination with Udemy on May 11. Its second-quarter financial results include Udemy from that date.
For its key business measures, Coursera combined data from both platforms and recalculated the prior-year figures using the same definitions.
The work was necessary because Coursera and Udemy previously used different reporting methods. Their historical numbers couldn’t simply be added together.
Under the new definition, a paid subscriber is someone with at least one paid consumer subscription on either platform. Customers with more than one subscription are counted once.
Coursera reported 1.66 million paid subscribers as of June 30, compared with 1.15 million a year earlier.
The company doesn’t disclose subscriber retention or how many subscribers come from each platform.
Consumer subscriptions start with growth
The 44% increase gives Coursera a positive opening benchmark for the combined consumer business.
Consumer revenue increased 29% to $158.6 million, although the comparison includes Udemy only from May 11. The subscriber figures include both businesses across the full comparison periods.
Future results will offer a clearer view of how Coursera’s larger subscriber base is performing and how that growth translates into revenue.
Enterprise starts with contraction
Coursera’s combined enterprise measures show where more work is needed.
Net retention declined four percentage points to 91%. Enterprise customer count fell from 12,325 to 12,107.
Coursera reported enterprise revenue of $140 million, up 118%. As with consumer revenue, that comparison includes Udemy beginning May 11 but compares the result with Coursera’s standalone revenue from a year earlier.
The recalculated customer and retention figures give a better view of the direction of the combined enterprise business.
Integration work continues
Coursera reported $79.8 million in merger, integration and restructuring costs during the quarter.
The company now expects to achieve at least $85 million in annual run-rate net synergies by the end of 2026.
Total revenue reached $298.6 million, up 60%. Coursera reported a net loss of $80.4 million.
Those financial results include only part of a quarter with Udemy. The combined business measures provide a more useful starting point for the quarters ahead.
Insider Take
Coursera and Udemy entered this combination with separate platforms, customers and reporting methods. Coursera has already completed an important piece of the integration by creating common definitions and rebuilding the prior-year measures.
That gives subscription leaders something they often lack after two recurring-revenue businesses come together: a consistent starting point.
It also makes the unfinished work visible. Coursera must integrate the businesses without losing momentum among consumer subscribers and reverse the contraction in its enterprise accounts.
The value of these common measures will become clearer over time. Future results can now show whether Coursera is building a stronger combined subscription business or simply reporting a larger one.