Coursera (COUR) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Business performance and growth drivers

• Growth accelerated from 6% at the end of 2024 to 10% in late 2025, with full-year 2025 growth at 9%, more than double initial guidance.

• Key drivers included improved execution, product-led growth, changes to the freemium model, geo-pricing, and accelerated content creation.

• Consumer segment led growth, exiting 2025 at 12% in Q4, while enterprise growth was more muted but expected to improve in 2026.

• Strategic focus on integrating Udemy, aiming for a balanced 50/50 revenue split between consumer and enterprise, and $1.5 billion in combined revenue.

• $115 million in annualized run rate cost savings targeted from the Udemy integration, mainly from sales, marketing, and G&A efficiencies.

Strategic priorities and Udemy integration

• Top priority is the successful close and integration with Udemy, aiming to accelerate innovation and revenue growth.

• Integration will not reduce R&D in the short term; focus is on leveraging combined teams and making the experience more AI-centric.

• The combination brings complementary content models: curated, rigorous content from universities and rapid, diverse content from Udemy’s experts.

• Combined learner base will approach 300 million globally, enhancing value for both consumers and enterprises.

• Revenue synergies are not yet modeled, but long-term catalysts include unified R&D and expanded skill-focused offerings.

AI, platform innovation, and differentiation

• AI is central to both the learning experience and internal operations, with rapid growth in GenAI course enrollments (doubled year-over-year to 15 per minute in 2025).

• Enterprises are shifting from broad L&D to functionally focused upskilling, supported by curated Skill Tracks and AI-assisted course creation.

• Differentiation comes from branded, trusted content and the ability to optimize courses using learner data, combined with Udemy’s rapid content updates.

• A new 15% platform fee was introduced to fund ongoing platform innovation, especially in AI-driven features.

• AI is used to reduce content creation costs, drive experimentation, and enhance efficiency across all functions.