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  Title	Adtalem Global Education Second Quarter Fiscal Year 2026 Results; Raises Fiscal Year 2026 Adjusted Earnings Per Share Guidance
  ID	30392664
  External ID	211500559
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  Published Date	Jan. 28, 2026, 3:15 p.m.
  Summary	This is a paid press release. Contact the press release distributor directly with any inquiries. Adtalem Global Education Second Quarter Fiscal Year 2026 Results; Raises Fiscal Year 2026 Adjusted Earn
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  URL	https://finance.yahoo.com/news/adtalem-global-education-second-quarter-211500559.html
  Sentiment	Negative: 0.01064    Neutral: 0.08580    Positive: 0.90356
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  Content ID	37721042
  Key	03f4c094-8f2b-49c2-b649-39b691a8d5f4
  Content	This is a paid press release. Contact the press release distributor directly with any inquiries. Adtalem Global Education Second Quarter Fiscal Year 2026 Results; Raises Fiscal Year 2026 Adjusted Earnings Per Share Guidance Business Wire Wed, January 28, 2026 at 4:15 PM EST 11 min read ATGE Total enrollment up 6.3% YoY Revenue up 12.4% YoY Diluted earnings per share $2.11; Adjusted EPS $2.43, growth of 34.3% YoY Second quarter highlights Total student enrollment 97,010, up 6.3% year-over-year, achieved tenth straight quarter of growth Revenue $503.4 million, up 12.4% year-over-year Walden University achieved tenth straight quarter of total enrollment growth, up 13.0% year-over-year, highest total enrollment in university history Chamberlain University achieved fourteenth straight quarter of pre-licensure BSN total enrollment growth Sustaining momentum, GAAP net income $76.4 million; adjusted EBITDA $154.9 million, up 23.9% year-over-year Capital allocation Completed $150 million May 2025 Board-authorized share repurchase program on December 15, 2025 New $750 million Board-authorized share repurchase program through December 2028 Repurchased $165 million of shares in the second quarter Net leverage 0.9x as of Dec. 31, 2025 Fiscal Year 2026 Guidance Revenue $1,900 million to $1,940 million Adjusted earnings per share $7.80 to $8.00 Investor Day 2026 Company to host an Investor Day on Tues., Feb. 24, 2026 CHICAGO, January 28, 2026 --( BUSINESS WIRE )--Adtalem Global Education Inc. (NYSE: ATGE), the largest healthcare educator in the United States, today reported second quarter fiscal year 2026 results (ended Dec. 31, 2025). The Company continues to execute on its Growth with Purpose strategy, expanding its reach through an operational excellence foundation, leading the transformation of higher education by training the next generation of healthcare professionals at an industry-leading scale. "As America’s largest healthcare educator, we are uniquely positioned to address the growing healthcare workforce gaps at scale. Our second quarter results – our tenth consecutive quarter of enrollment growth, which was up 6.3% to 97,000 students – demonstrate our ability to meet this challenge head on," said Steve Beard, chairman and chief executive officer, Adtalem Global Education. "We are at the forefront, creating a future where barriers to education are removed and where students graduate with AI-fluency. We took significant steps forward this quarter further collaborating with health system partners, expanding our reach, and embedding AI within our programs. As we train more healthcare providers than ever before, we are also delivering strong shareholder returns and leveraged our financial strength to return $165 million of capital back to our owners." Financial Highlights Selected financial data for the three months ended Dec. 31, 2025: Story Continues Revenue of $503.4 million increased 12.4% compared with the prior year Operating income of $111.1 million, compared with $103.9 million in the prior year; adjusted operating income of $126.1 million, compared with $101.4 million in the prior year Net income of $76.4 million, compared with $75.9 million in the prior year; adjusted net income of $87.9 million, compared with $69.4 million in the prior year Diluted earnings per share of $2.11, compared with $1.98 in the prior year; adjusted earnings per share of $2.43, compared with $1.81 in the prior year Adjusted EBITDA of $154.9 million, compared with $125.0 million in the prior year; adjusted EBITDA margin of 30.8%, compared with 27.9% in the prior year Business Highlights Chamberlain University streamlined its scholarship offering with the launch of the Commitment to Completion Grant TM , and the RN to BSN Tuition Advantage Grant , reinforcing its commitment to expanding access to programs that offer students the skills, confidence, and credibility to excel and ultimately improve patient outcomes. Chamberlain University is addressing the country’s critical nursing shortage through its Bachelor of Science in Nursing (BSN) Online Option , which provides flexible, experiential learning to students in 38 states. Since launching four years ago, the program has grown to more than 4,200 currently enrolled students and partners with 79 clinical sites nationwide. Chamberlain University expanded its Masters Physician Assistant Studies (MPAS) program to its recently relocated Phoenix, Arizona campus. The inaugural cohort of MPAS students at its Chicago campus achieved overwhelmingly positive outcomes with a 96% Physician Assistant National Certifying Exam pass rate 2 , marking Chamberlain’s ongoing commitment to address local community healthcare practitioner shortages. Walden University is empowering students by launching seven new degree programs heading into the 2026 academic year; with >1,000 students currently enrolled, led by Masters in Applied Behavioral Analysis and Masters in Clinical Psychology . Adtalem is rolling out a new integrated alumni-focused CRM, further enhancing our ability to build a connected community with our approximately 385,000 alumni who are making an impact around the country. Segment Highlights Chamberlain $ in millions Three Months Ended December 31, 2025 2024 % Change Revenue $183.8 $181.0 1.6% Operating Income $32.0 $42.2 (24.2)% Adj. Operating Income $33.8 $42.3 (20.0)% Adj. EBITDA $45.2 $52.6 (14.0)% Total Students (1) 39,278 39,691 (1.0)% Total student enrollment decreased (1.0)% compared with the prior year, declines in post-licensure nursing partially offset by growth in pre-licensure nursing. Walden $ in millions Three Months Ended December 31, 2025 2024 % Change Revenue $217.6 $171.3 27.0% Operating Income $75.2 $48.9 53.8% Adj. Operating Income $78.5 $46.2 70.0% Adj. EBITDA $86.7 $52.1 66.5% Total Students (1) 52,435 46,399 13.0% Total student enrollment increased 13.0% compared with the prior year, driven by growth in healthcare and non-healthcare programs. Medical and Veterinary $ in millions Three Months Ended December 31, 2025 2024 % Change Revenue $102.0 $95.4 6.9% Operating Income $24.6 $21.5 14.6% Adj. Operating Income $25.0 $21.5 16.3% Adj. EBITDA $31.4 $26.7 17.6% Total Students (1) 5,297 5,174 2.4% Medical and Veterinary schools do not have a new enrollment period starting in the second quarter fiscal year 2026. Second quarter fiscal year 2026 enrollment period is the same as the first quarter fiscal year 2026 enrollment period and corresponding reported enrollment data. Fiscal Year 2026 Outlook Adtalem maintained its revenue guidance for fiscal year 2026, with revenue in the range of $1,900 million to $1,940 million, approximately 6% to 8.5% growth year-over-year. Adtalem raised its adjusted earnings per share from $7.60 to $7.90, or approximately 14% to 18.5% growth year-over-year, to be in the range of $7.80 to $8.00, or approximately 17% to 20% growth year-over-year. Investor Day 2026 Adtalem announced its upcoming Investor Day, scheduled for Feb. 24, 2026. Additional information can be found at investors.adtalem.com or to register for the event, click here . Conference Call and Webcast Information Adtalem will hold a conference call to discuss its second quarter fiscal year 2026 results today at 4:00 p.m. CT (5:00 p.m. ET). The call can be accessed by dialing +1 877-407-6184 (U.S. participants) or +1 201-389-0877 (international participants) and stating "Adtalem earnings call" or by using conference ID:13757746. The call will be simulcast through the Adtalem investor relations website at: https://investors.adtalem.com . Adtalem will archive a replay of the call for 30 days. To access the replay, dial +1 877-660-6853 (U.S.) or +1 201-612-7415 (international), conference ID: 13757746, or visit the Adtalem investor relations website. About Adtalem Global Education Adtalem Global Education is the largest provider of healthcare education in the U.S., shaping the future of healthcare by preparing a dynamic workforce with high-quality academic programs. We innovate education pathways, align with industry needs and empower individuals to reach their full potential. Our commitment to excellence and access is reflected in our expansive network of institutions, serving over 97,000 students and supported by a strong community of approximately 385,000 alumni and over 10,000 dedicated employees. Cautionary Disclosure Regarding Forward-Looking Statements Certain statements contained in this release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Adtalem’s future growth. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "future," "believe," "expect," "anticipate," "estimate," "plan," "intend," "may," "will," "would," "could," "can," "continue," "preliminary," "potential," "range," and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. Important factors that could cause actual results to differ materially from the expectations expressed or implied by our forward-looking statements are disclosed in Item 1A. "Risk Factors," of our Annual Report on Form 10-K. You should evaluate forward-looking statements in the context of these risks and uncertainties and are cautioned to not place undue reliance on such forward-looking statements. We caution you that these factors, performance or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. All forward-looking statements are based on information available to use as of the date any such statements are made, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of special items that may be incurred in the future, although these special items could be material to Adtalem's results in accordance with GAAP. Represents total students attending sessions during each institution’s most recent enrollment period in Q2 FY 2026 and Q2 FY 2025. Represents percent of candidates from the specified classes (Class of 2024 and 2025) that have passed PANCE as of the date the report was generated, Dec. 17, 2025. Adtalem Global Education Inc. Consolidated Balance Sheets (unaudited) (in thousands) December 31, June 30, 2025 2025 Assets: Current assets: Cash and cash equivalents $ 56,281 $ 199,601 Restricted cash 2,359 1,563 Accounts and financing receivables, net 162,848 146,189 Prepaid expenses and other current assets 81,494 68,837 Total current assets 302,982 416,190 Noncurrent assets: Property and equipment, net 266,036 256,131 Operating lease assets 189,483 191,194 Deferred income taxes — 32,956 Intangible assets, net 759,864 765,474 Goodwill 961,262 961,262 Other assets, net 135,086 129,145 Total noncurrent assets 2,311,731 2,336,162 Total assets $ 2,614,713 $ 2,752,352 Liabilities and shareholders' equity: Current liabilities: Accounts payable $ 103,103 $ 105,017 Accrued payroll and benefits 53,153 76,374 Accrued liabilities 72,283 77,286 Deferred revenue 180,429 214,091 Current operating lease liabilities 33,917 35,159 Total current liabilities 442,885 507,927 Noncurrent liabilities: Long-term debt 504,282 552,669 Long-term operating lease liabilities 191,353 186,172 Deferred income taxes 56,815 31,856 Other liabilities 40,582 40,103 Total noncurrent liabilities 793,032 810,800 Total liabilities 1,235,917 1,318,727 Commitments and contingencies Total shareholders' equity 1,378,796 1,433,625 Total liabilities and shareholders' equity $ 2,614,713 $ 2,752,352 Adtalem Global Education Inc. Consolidated Statements of Income (unaudited) (in thousands, except per share data) Three Months Ended Six Months Ended December 31, December 31, 2025 2024 2025 2024 Revenue $ 503,385 $ 447,729 $ 965,673 $ 865,129 Operating cost and expense: Cost of educational services 205,425 186,636 406,192 372,631 Student services and administrative expense 182,791 156,901 358,525 315,974 Restructuring expense 4,055 322 4,365 2,416 Total operating cost and expense 392,271 343,859 769,082 691,021 Operating income 111,114 103,870 196,591 174,108 Interest expense (10,917 ) (13,909 ) (22,007 ) (28,391 ) Other income, net 1,704 2,235 4,190 4,881 Income from continuing operations before income taxes 101,901 92,196 178,774 150,598 Provision for income taxes (25,730 ) (21,020 ) (41,541 ) (33,177 ) Income from continuing operations 76,171 71,176 137,233 117,421 Discontinued operations: Income from discontinued operations before income taxes 303 6,271 1,050 6,164 Provision for income taxes (98 ) (1,591 ) (75 ) (1,564 ) Income from discontinued operations 205 4,680 975 4,600 Net income and comprehensive income $ 76,376 $ 75,856 $ 138,208 $ 122,021 Earnings per share: Basic: Continuing operations $ 2.13 $ 1.90 $ 3.82 $ 3.12 Discontinued operations $ 0.01 $ 0.13 $ 0.03 $ 0.12 Total basic earnings per share $ 2.14 $ 2.03 $ 3.85 $ 3.25 Diluted: Continuing operations $ 2.10 $ 1.85 $ 3.75 $ 3.03 Discontinued operations $ 0.01 $ 0.12 $ 0.03 $ 0.12 Total diluted earnings per share $ 2.11 $ 1.98 $ 3.77 $ 3.15 Weighted-average shares outstanding: Basic shares 35,725 37,435 35,918 37,578 Diluted shares 36,230 38,401 36,644 38,755 Adtalem Global Education Inc. Consolidated Statements of Cash Flows (unaudited) (in thousands) Six Months Ended December 31, 2025 2024 Operating activities: Net income $ 138,208 $ 122,021 Income from discontinued operations (975 ) (4,600 ) Income from continuing operations 137,233 117,421 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 21,532 20,918 Amortization of operating lease assets 14,411 14,092 Depreciation 21,250 19,993 Amortization of acquired intangible assets 5,610 5,610 Amortization and write-off of debt discount and issuance costs 2,554 2,226 Provision for bad debts 31,431 28,719 Deferred income taxes 57,915 23,516 Loss on disposals and impairments of property and equipment 4 114 Gain on investments (810 ) (442 ) Changes in assets and liabilities: Accounts and financing receivables (46,725 ) (46,493 ) Prepaid expenses and other current assets (3,429 ) 6,829 Cloud computing implementation assets (7,131 ) (14,071 ) Accounts payable (1,478 ) (34,588 ) Accrued payroll and benefits (23,130 ) (20,311 ) Accrued liabilities (7,321 ) (29,066 ) Deferred revenue (30,918 ) (12,028 ) Operating lease liabilities (8,761 ) (10,594 ) Other assets and liabilities (2,124 ) (5,888 ) Net cash provided by operating activities-continuing operations 160,113 65,957 Net cash provided by operating activities-discontinued operations 180 4,340 Net cash provided by operating activities 160,293 70,297 Investing activities: Capital expenditures (30,647 ) (21,094 ) Proceeds from sales of marketable securities 2,105 2,426 Purchases of marketable securities (2,104 ) (1,548 ) Payment for investment in business (5,000 ) — Net cash used in investing activities (35,646 ) (20,216 ) Financing activities: Proceeds from exercise of stock options 131 9,833 Employee taxes paid on withholding shares (41,985 ) (12,198 ) Proceeds from stock issued under Colleague Stock Purchase Plan 815 567 Repurchases of common stock for treasury (172,362 ) (74,066 ) Borrowings under long-term debt obligations 227,000 9,873 Repayments under long-term debt obligations (277,000 ) (9,873 ) Payment of debt issuance costs (3,770 ) — Net cash used in financing activities (267,171 ) (75,864 ) Net decrease in cash, cash equivalents and restricted cash (142,524 ) (25,783 ) Cash, cash equivalents and restricted cash at beginning of period 201,164 221,202 Cash, cash equivalents and restricted cash at end of period $ 58,640 $ 195,419 Adtalem Global Education Inc. Segment Revenue (unaudited) (in thousands) Three Months Ended Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Revenue: Chamberlain $ 183,832 $ 180,986 $ 2,846 1.6 % $ 363,033 $ 348,916 $ 14,117 4.0 % Walden (1) 217,562 171,306 46,256 27.0 % 407,522 332,819 74,703 22.4 % Medical and Veterinary 101,991 95,437 6,554 6.9 % 195,118 183,394 11,724 6.4 % Total consolidated revenue (1) $ 503,385 $ 447,729 $ 55,656 12.4 % $ 965,673 $ 865,129 $ 100,544 11.6 % (1) Walden had $18.0 million of incremental revenue in the second quarter of fiscal year 2026 compared to the prior year period due to the shift of one academic week from the third quarter to the second quarter. Excluding the incremental revenue, Walden segment revenue would have increased 16.5%, or $28.2 million, to $199.5 million, and total consolidated revenue would have increased 8.4%, or $37.6 million, to $485.4 million in the second quarter of fiscal year 2026 compared to the prior year period. Adtalem Global Education Inc. Non-GAAP Financial Measures and Reconciliations We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non-GAAP reconciliation tables: Adjusted net income (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, write-off of debt discount and issuance costs, litigation reserve, debt modification costs, and income from discontinued operations. Adjusted earnings per share (most comparable GAAP measure: diluted earnings per share) – Measure of Adtalem’s diluted earnings per share adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, write-off of debt discount and issuance costs, litigation reserve, debt modification costs, and income from discontinued operations. Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for restructuring expense, amortization of acquired intangible assets, litigation reserve, strategic advisory costs, and debt modification costs. Adjusted EBITDA (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for income from discontinued operations, interest expense, other income, net, provision for income taxes, depreciation, amortization of acquired intangible assets, amortization of cloud computing implementation assets, stock-based compensation, restructuring expense, litigation reserve, strategic advisory costs, and debt modification costs. Provision for income taxes, interest expense, and other income, net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with adjusted operating income. Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations) – Defined as net cash provided by operating activities-continuing operations less capital expenditures. Net debt – Defined as long-term debt less cash and cash equivalents. Net leverage – Defined as net debt divided by adjusted EBITDA. A description of special items in our non-GAAP financial measures described above are as follows: Restructuring expense primarily related to workforce reductions, costs to exit certain course offerings, and prior real estate consolidations at Adtalem’s home office. We do not include normal, recurring, cash operating expenses in our restructuring expense. Amortization of acquired intangible assets. Amortization of cloud computing implementation assets. Strategic advisory costs related to expanding capabilities and bringing new capacities to market to further enhance our strategic position. We do not include normal, recurring, cash operating expenses in our strategic advisory costs. Reserves related to significant litigation. Write-off of debt discount and issuance costs related to prepayments of debt and the amendment of the revolving loan facility. Debt modification costs related to refinancing our Term Loan B loan. Income from discontinued operations includes expense from ongoing litigation costs and settlements related to divestitures and the earn-outs we received. Adtalem Global Education Inc. Adjusted Operating Income (unaudited) (in thousands) Three Months Ended Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Chamberlain: Operating income $ 31,998 $ 42,226 $ (10,228) (24.2) % $ 57,606 $ 68,200 $ (10,594) (15.5) % Restructuring expense 1,825 77 1,748 1,825 1,935 (110) Adjusted operating income $ 33,823 $ 42,303 $ (8,480) (20.0) % $ 59,431 $ 70,135 $ (10,704) (15.3) % Operating margin 17.4 % 23.3 % 15.9 % 19.5 % Adjusted operating margin 18.4 % 23.4 % 16.4 % 20.1 % Walden: Operating income $ 75,226 $ 48,898 $ 26,328 53.8 % $ 128,495 $ 88,735 $ 39,760 44.8 % Restructuring expense 429 — 429 429 — 429 Amortization of acquired intangible assets 2,805 2,805 — 5,610 5,610 — Litigation reserve — (5,550) 5,550 — (5,550) 5,550 Adjusted operating income $ 78,460 $ 46,153 $ 32,307 70.0 % $ 134,534 $ 88,795 $ 45,739 51.5 % Operating margin 34.6 % 28.5 % 31.5 % 26.7 % Adjusted operating margin 36.1 % 26.9 % 33.0 % 26.7 % Medical and Veterinary: Operating income $ 24,599 $ 21,463 $ 3,136 14.6 % $ 41,327 $ 36,134 $ 5,193 14.4 % Restructuring expense 436 56 380 480 115 365 Adjusted operating income $ 25,035 $ 21,519 $ 3,516 16.3 % $ 41,807 $ 36,249 $ 5,558 15.3 % Operating margin 24.1 % 22.5 % 21.2 % 19.7 % Adjusted operating margin 24.5 % 22.5 % 21.4 % 19.8 % Home Office: Operating loss $ (20,709) $ (8,717) $ (11,992) (137.6) % $ (30,837) $ (18,961) $ (11,876) (62.6) % Restructuring expense 1,365 189 1,176 1,631 366 1,265 Strategic advisory costs 8,110 — 8,110 9,794 — 9,794 Debt modification costs — — — — 712 (712) Adjusted operating loss $ (11,234) $ (8,528) $ (2,706) (31.7) % $ (19,412) $ (17,883) $ (1,529) (8.6) % Adtalem Global Education: Operating income (GAAP) $ 111,114 $ 103,870 $ 7,244 7.0 % $ 196,591 $ 174,108 $ 22,483 12.9 % Restructuring expense 4,055 322 3,733 4,365 2,416 1,949 Amortization of acquired intangible assets 2,805 2,805 — 5,610 5,610 — Litigation reserve — (5,550) 5,550 — (5,550) 5,550 Strategic advisory costs 8,110 — 8,110 9,794 — 9,794 Debt modification costs — — — — 712 (712) Adjusted operating income (non-GAAP) $ 126,084 $ 101,447 $ 24,637 24.3 % $ 216,360 $ 177,296 $ 39,064 22.0 % Operating margin (GAAP) 22.1 % 23.2 % 20.4 % 20.1 % Adjusted operating margin (non-GAAP) 25.0 % 22.7 % 22.4 % 20.5 % Adtalem Global Education Inc. Adjusted EBITDA (unaudited) (in thousands) Three Months Ended Six Months Ended December 31, December 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Chamberlain: Adjusted operating income (GAAP) $ 33,823 $ 42,303 $ (8,480) (20.0) % $ 59,431 $ 70,135 $ (10,704) (15.3) % Depreciation 5,706 5,466 240 11,081 10,834 247 Amortization of cloud computing implementation assets 2,020 815 1,205 3,547 1,467 2,080 Stock-based compensation 3,674 3,993 (319) 6,244 7,112 (868) Adjusted EBITDA (non-GAAP) $ 45,223 $ 52,577 $ (7,354) (14.0) % $ 80,303 $ 89,548 $ (9,245) (10.3) % Adjusted EBITDA margin (non-GAAP) 24.6 % 29.1 % 22.1 % 25.7 % Walden: Adjusted operating income (GAAP) $ 78,460 $ 46,153 $ 32,307 70.0 % $ 134,534 $ 88,795 $ 45,739 51.5 % Depreciation 2,074 1,795 279 4,014 3,477 537 Amortization of cloud computing implementation assets 1,901 778 1,123 3,105 1,479 1,626 Stock-based compensation 4,237 3,326 911 6,890 6,066 824 Adjusted EBITDA (non-GAAP) (1) $ 86,672 $ 52,052 $ 34,620 66.5 % $ 148,543 $ 99,817 $ 48,726 48.8 % Adjusted EBITDA margin (non-GAAP) (1) 39.8 % 30.4 % 36.5 % 30.0 % Medical and Veterinary: Adjusted operating income (GAAP) $ 25,035 $ 21,519 $ 3,516 16.3 % $ 41,807 $ 36,249 $ 5,558 15.3 % Depreciation 3,007 2,744 263 5,827 5,313 514 Amortization of cloud computing implementation assets 705 315 390 1,116 598 518 Stock-based compensation 2,682 2,158 524 4,092 3,765 327 Adjusted EBITDA (non-GAAP) $ 31,429 $ 26,736 $ 4,693 17.6 % $ 52,842 $ 45,925 $ 6,917 15.1 % Adjusted EBITDA margin (non-GAAP) 30.8 % 28.0 % 27.1 % 25.0 % Home Office: Adjusted operating loss $ (11,234) $ (8,528) $ (2,706) (31.7) % $ (19,412) $ (17,883) $ (1,529) (8.6) % Depreciation 167 185 (18) 328 369 (41) Stock-based compensation 2,646 1,990 656 4,306 3,975 331 Adjusted EBITDA $ (8,421) $ (6,353) $ (2,068) (32.6) % $ (14,778) $ (13,539) $ (1,239) (9.2) % Adtalem Global Education: Net income (GAAP) $ 76,376 $ 75,856 $ 520 0.7 % $ 138,208 $ 122,021 $ 16,187 13.3 % Income from discontinued operations (205) (4,680) 4,475 (975) (4,600) 3,625 Interest expense 10,917 13,909 (2,992) 22,007 28,391 (6,384) Other income, net (1,704) (2,235) 531 (4,190) (4,881) 691 Provision for income taxes 25,730 21,020 4,710 41,541 33,177 8,364 Depreciation and amortization 18,385 14,903 3,482 34,628 29,147 5,481 Stock-based compensation 13,239 11,467 1,772 21,532 20,918 614 Restructuring expense 4,055 322 3,733 4,365 2,416 1,949 Litigation reserve — (5,550) 5,550 — (5,550) 5,550 Strategic advisory costs 8,110 — 8,110 9,794 — 9,794 Debt modification costs — — — — 712 (712) Adjusted EBITDA (non-GAAP) (1) $ 154,903 $ 125,012 $ 29,891 23.9 % $ 266,910 $ 221,751 $ 45,159 20.4 % Adjusted EBITDA margin (non-GAAP) (1) 30.8 % 27.9 % 27.6 % 25.6 % (1) Walden had $18.0 million of incremental revenue in the second quarter of fiscal year 2026 compared to the prior year period due to the shift of one academic week from the third quarter to the second quarter. Excluding the incremental revenue, Walden adjusted EBITDA would have increased 31.9%, or $16.6 million, to $68.7 million, and total consolidated adjusted EBITDA would have increased 9.5%, or $11.9 million, to $136.9 million for the second quarter of fiscal year 2026. Excluding the incremental revenue, Walden adjusted EBITDA margin and consolidated adjusted EBITDA margin would have been 34.4% and 28.2%, respectively, for the second quarter of fiscal year 2026. Adtalem Global Education Inc. Adjusted Earnings (unaudited) (in thousands, except per share data) Three Months Ended Six Months Ended December 31, December 31, 2025 2024 2025 2024 Net income (GAAP) $ 76,376 $ 75,856 $ 138,208 $ 122,021 Restructuring expense 4,055 322 4,365 2,416 Amortization of acquired intangible assets 2,805 2,805 5,610 5,610 Strategic advisory costs 8,110 — 9,794 — Write-off of debt discount and issuance costs, litigation reserve, and debt modification costs 687 (5,550 ) 982 (4,838 ) Income tax impact on non-GAAP adjustments (1) (3,922 ) 645 (5,146 ) (687 ) Income from discontinued operations (205 ) (4,680 ) (975 ) (4,600 ) Adjusted net income (non-GAAP) $ 87,906 $ 69,398 $ 152,838 $ 119,922 (1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements. Three Months Ended Six Months Ended December 31, December 31, 2025 2024 2025 2024 Diluted earnings per share (GAAP) $ 2.11 $ 1.98 $ 3.77 $ 3.15 Effect on diluted earnings per share: Restructuring expense 0.11 0.01 0.12 0.06 Amortization of acquired intangible assets 0.08 0.07 0.15 0.14 Strategic advisory costs 0.22 - 0.27 - Write-off of debt discount and issuance costs, litigation reserve, and debt modification costs 0.02 (0.14 ) 0.03 (0.12 ) Income tax impact on non-GAAP adjustments (1) (0.11 ) 0.02 (0.14 ) (0.02 ) Income from discontinued operations (0.01 ) (0.12 ) (0.03 ) (0.12 ) Adjusted earnings per share (non-GAAP) $ 2.43 $ 1.81 $ 4.17 $ 3.09 Diluted shares 36,230 38,401 36,644 38,755 Note: May not sum due to rounding. (1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements. Adtalem Global Education Inc. Free Cash Flow (unaudited) (in thousands) Twelve Months Ended FY25 FY25 FY25 FY26 FY26 Q2 Q3 Q4 Q1 Q2 Net cash provided by operating activities-continuing operations (GAAP) $ 281,971 $ 335,069 $ 333,734 $ 374,796 $ 427,890 Capital expenditures (50,375) (47,914) (50,327) (55,936) (59,880) Free cash flow (non-GAAP) $ 231,596 $ 287,155 $ 283,407 $ 318,860 $ 368,010 Adtalem Global Education Inc. Net Leverage (unaudited) (in thousands) Twelve Months Ended December 31, 2025 Adtalem Global Education: Net income (GAAP) $ 253,252 Income from discontinued operations (763 ) Interest expense 45,934 Other income, net (8,599 ) Provision for income taxes 74,201 Depreciation and amortization 64,646 Stock-based compensation 42,204 Restructuring expense 5,263 Asset impairments 6,442 Strategic advisory costs 21,794 Loss on assets held for sale 490 Adjusted EBITDA (non-GAAP) $ 504,864 December 31, 2025 Long-term debt $ 508,283 Less: Cash and cash equivalents (56,281 ) Net debt (non-GAAP) $ 452,002 Net leverage (non-GAAP) 0.9 x View source version on businesswire.com: https://www.businesswire.com/news/home/20260126793472/en/ Contacts Investor Contact: Jay Spitzer Investor.Relations@Adtalem.com +1 312-906-6600 Media Contact: Maureen Bender AdtalemMedia@Adtalem.com +1 313-319-4732 View Comments Terms and Privacy Policy Your Privacy Choices More Info
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  Publisher URL	https://finance.yahoo.com
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  Trust Flow Score	83
  Citation Flow Score	57

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  Data Source Name	Yahoo Finance News (#2)
  Data Source Type	news
  Data Source URL	https://finance.yahoo.com/
  Description	Yahoo! Finance is a media property that is part of the Yahoo! network. It provides financial news, data and commentary including stock quotes, press releases, financial reports, and original content. It also offers some online tools for personal finance management.
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