Source: Udemy Investors page The merger is complete. That too, months before its second-half 2026 target. After three failed attempts and five months of regulatory and shareholder review, Coursera and Udemy have finally combined. Now comes the restructuring, the platform integration, and some unanswered leadership questions. The all-stock deal was first announced on December 17, 2025, and approved by stockholders on April 9, 2026. Each Udemy share was exchanged for 0.8 shares of Coursera. Udemy

Coursera’s annual report gives us a deeper look into the company’s finances.

Subscriber growth and revenue are accelerating even as revenue per user declines. Udemy built its empire on a simple idea: anyone could create a course, and anyone could buy one. That marketplace model made Udemy famous and made millionaires out of its top instructors. Now the company is deliberately killing it. In Q3 2025 earnings call, Udemy’s CFO admitted they are “intentionally reducing” single course sales to push users toward subscriptions. The logic is straightforward: Udemy keeps 82.5%

Khan Academy has received $365M in donations and saw an important boost during the pandemic.