What changed in this filing

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Item 1. Financial Statements

2026-07-30 compared with 2026-04-30 · 198 added, 81 removed, 363 unchanged (43% of the section changed)

4 unchanged sentences

IN THOUSANDS, except per share amounts

For the three months ended March 31, 2026 2025

For the three months ended June 30, 2026 2025

(Unaudited) (Unaudited)

3 unchanged sentences

General and administrative expenses 14,244 13,468

Operating loss ( 27,527 ) ( 13,191 )

Operating income 223,422 193,337

Interest income 1,532 1,369

Interest expense ( 4,168 ) ( 3,145 )

Other income (expense), net 439 ( 15 )

Foreign currency exchange gain (loss), net 1,016 ( 3,199 )

Loss from continuing operations before income taxes and equity in net income of affiliates ( 27,305 ) ( 17,252 )

Income tax benefit (expense) 5,711 ( 2,517 )

Other income, net 22 804

Foreign currency exchange loss, net ( 2,038 ) ( 25,576 )

Income from continuing operations before income taxes 218,770 166,789

Income tax expense ( 81,667 ) ( 69,359 )

Income from continuing operations 137,103 97,430

Loss from discontinued operations, net of tax of $ 0 for both periods

Net income 137,103 97,426

Net income attributable to noncontrolling interests — ( 2,343 )

Net income attributable to Laureate Education, Inc.

$ 137,103 $ 95,083

Basic and diluted earnings (loss) per share:

Income from continuing operations $ 0.98 $ 0.65

Loss from discontinued operations — —

Basic and diluted earnings per share $ 0.98 $ 0.65

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC.

AND SUBSIDIARIES

Consolidated Statements of Operations

IN THOUSANDS, except per share amounts

For the six months ended June 30, 2026 2025

(Unaudited) (Unaudited)

Revenues $ 888,475 $ 760,318

Costs and expenses:

Direct costs 667,202 555,714

General and administrative expenses 25,378 24,458

Operating income 195,895 180,146

Interest income 3,438 2,888

Interest expense ( 7,307 ) ( 5,511 )

Other income, net 461 789

Foreign currency exchange loss, net ( 1,022 ) ( 28,775 )

Income from continuing operations before income taxes and equity in net income of affiliates 191,465 149,537

Income tax expense ( 75,956 ) ( 71,876 )

Equity in net income of affiliates, net of tax — 3

Loss from continuing operations ( 21,594 ) ( 19,766 )

Income from continuing operations 115,509 77,664

Income from discontinued operations, net of tax of $ 0 for both periods

Net loss ( 21,594 ) ( 19,553 )

Net loss attributable to noncontrolling interests — 57

Net loss attributable to Laureate Education, Inc.

Net income 115,509 77,873

Net income attributable to noncontrolling interests — ( 2,286 )

Net income attributable to Laureate Education, Inc.

$ 115,509 $ 75,587

Basic and diluted earnings (loss) per share:

Basic and diluted loss per share $ ( 0.15 ) $ ( 0.13 )

Basic earnings per share:

Income from continuing operations $ 0.82 $ 0.51

Income from discontinued operations — —

Basic earnings per share

$ 0.82 $ 0.51

Diluted earnings per share:

Income from continuing operations $ 0.82 $ 0.50

Income from discontinued operations — —

Diluted earnings per share $ 0.82 $ 0.50

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

Consolidated Statements of Comprehensive Income

For the three months ended March 31, 2026 2025

For the three months ended June 30, 2026 2025

(Unaudited) (Unaudited)

Net loss $ ( 21,594 ) $ ( 19,553 )

Other comprehensive income (loss):

Net income $ 137,103 $ 97,426

Other comprehensive income:

Foreign currency translation adjustment, net of tax of $ 0 for both periods

27,236 73,364

Total other comprehensive income 27,236 73,364

Comprehensive income 164,339 170,790

Net comprehensive income attributable to noncontrolling interests ( 1 ) ( 2,343 )

Comprehensive income attributable to Laureate Education, Inc.

$ 164,338 $ 168,447

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC.

AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the six months ended June 30, 2026 2025

(Unaudited) (Unaudited)

Net income $ 115,509 $ 77,873

Other comprehensive income:

Foreign currency translation adjustment, net of tax of $ 0 for both periods

15,377 82,697

Minimum pension liability adjustment, net of tax of $ 0 for both periods

Total other comprehensive (loss) income ( 11,811 ) 9,333

Comprehensive loss ( 33,405 ) ( 10,220 )

Net comprehensive loss attributable to noncontrolling interests 1 60

Comprehensive loss attributable to Laureate Education, Inc.

Total other comprehensive income 15,425 82,697

Comprehensive income 130,934 160,570

Net comprehensive income attributable to noncontrolling interests — ( 2,283 )

Comprehensive income attributable to Laureate Education, Inc.

$ 130,934 $ 158,287

58 unchanged sentences

Stockholders' equity:

Preferred stock, par value $ 0.001 per share – 50,000 shares authorized and no shares issued and outstanding as of March 31, 2026 and December 31, 2025

Common stock, par value $ 0.004 per share – 700,000 shares authorized, 139,978 shares issued and outstanding as of March 31, 2026 and 142,940 shares issued and outstanding as of December 31, 2025

Preferred stock, par value $ 0.001 per share – 50,000 shares authorized and no shares issued and outstanding as of June 30, 2026 and December 31, 2025

Common stock, par value $ 0.004 per share – 700,000 shares authorized, 137,749 shares issued and outstanding as of June 30, 2026 and 142,940 shares issued and outstanding as of December 31, 2025

Additional paid-in capital 1,039,885 1,075,460

10 unchanged sentences

Consolidated Statements of Cash Flows

For the three months ended March 31, 2026 2025

For the six months ended June 30, 2026 2025

Cash flows from operating activities (Unaudited) (Unaudited)

Net loss $ ( 21,594 ) $ ( 19,553 )

Net income $ 115,509 $ 77,873

Adjustments to reconcile net income to net cash provided by operating activities:

6 unchanged sentences

Deferred income taxes ( 4,596 ) ( 1,791 )

Unrealized foreign currency exchange (gain) loss ( 1,543 ) 2,932

Unrealized foreign currency exchange loss 651 28,866

Other, net ( 11,924 ) ( 7,069 )

13 unchanged sentences

Payments on debt ( 75,225 ) ( 85,617 )

Payment of dividend equivalent rights for vested share-based awards ( 97 ) ( 386 )

Payments of dividend equivalent rights for vested share-based awards ( 115 ) ( 455 )

Proceeds from exercise of stock options 82 128

40 unchanged sentences

We record refunds as a reduction of deferred revenue, as applicable.

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended March 31, 2026 and 2025:

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended June 30, 2026 and 2025:

Mexico Peru Corporate (1)

10 unchanged sentences

(1) Includes the elimination of inter-segment revenues.

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the six months ended June 30, 2026 and 2025:

Mexico Peru Corporate (1)

Tuition and educational services $ 672,238 $ 422,410 $ — $ 1,094,648 123 %

Other 79,182 45,290 28 124,500 14 %

Gross revenue 751,420 467,700 28 1,219,148 137 %

Discounts / waivers / scholarships ( 271,782 ) ( 58,891 ) — ( 330,673 ) ( 37 ) %

Total $ 479,638 $ 408,809 $ 28 $ 888,475 100 %

Tuition and educational services $ 550,293 $ 359,867 $ — $ 910,160 120 %

Other 67,250 33,449 104 100,803 13 %

Gross revenue 617,543 393,316 104 1,010,963 133 %

Discounts / waivers / scholarships ( 210,919 ) ( 39,726 ) — ( 250,645 ) ( 33 ) %

Total $ 406,624 $ 353,590 $ 104 $ 760,318 100 %

(1) Includes the elimination of inter-segment revenues.

Contract Balances

5 unchanged sentences

All of our contract assets are considered accounts receivable and are included within the Accounts and notes receivable balance in the accompanying Consolidated Balance Sheets.

Total accounts receivable from our contracts with students were $ 173,513 and $ 244,070 as of March 31, 2026 and December 31, 2025, respectively.

The decrease in the contract assets balance at March 31, 2026 compared to December 31, 2025 was primarily driven by enrollment cycles, in particular the repayment of outstanding amounts by students re-enrolling for the next academic session.

Total accounts receivable from our contracts with students were $ 285,853 and $ 244,070 as of June 30, 2026 and December 31, 2025, respectively.

The increase in the contract assets balance at June 30, 2026 compared to December 31, 2025 was primarily driven by enrollment cycles.

The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions.

All contract asset amounts are classified as current.

Contract liabilities in the amount of $ 130,353 and $ 80,161 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

The increase in the contract liability balance during the period ended March 31, 2026 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period.

Revenue recognized during the three months ended March 31, 2026 that was included in the contract liability balance at the beginning of the year was approximately $ 54,716 .

Contract liabilities in the amount of $ 121,193 and $ 80,161 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively.

The increase in the contract liability balance during the period ended June 30, 2026 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period.

Revenue recognized during the six months ended June 30, 2026 that was included in the contract liability balance at the beginning of the year was approximately $ 64,356 .

Business and Geographic Segment Information

6 unchanged sentences

The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand.

The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class,

global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions.

The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class, global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions.

The target demographics are primarily 18- to 24-year-olds in the countries in which we compete.

12 unchanged sentences

The chief operating decision maker uses Adjusted EBITDA to evaluate performance and to allocate resources for each segment in the annual budget and monthly forecasting process.

Adjusted EBITDA is defined as Loss from continuing operations before income taxes and equity in net income of affiliates, adding back the following items:

Gain on disposal of subsidiaries, net, Foreign currency exchange gain (loss), net, Other income (loss), net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense.

Adjusted EBITDA is defined as Income from continuing operations before income taxes and equity in net income of affiliates, adding back the following items:

Gain on disposal of subsidiaries, net, Foreign currency exchange loss, net, Other income, net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense.

The chief operating decision maker considers budget-to-actual variances for Adjusted EBITDA when making decisions about allocating resources to the segments.

4 unchanged sentences

We use total assets as the measure of assets for reportable segments.

The following table presents a reconciliation of Adjusted EBITDA of our reportable segments to Loss from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations:

For the three months ended March 31,

The following table presents a reconciliation of Adjusted EBITDA of our reportable segments to Income from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations:

For the three months ended For the six months ended

June 30, June 30,

2026 2025 2026 2025

Adjusted EBITDA of reportable segments:

6 unchanged sentences

Share-based compensation expense ( 4,123 ) ( 3,481 ) ( 6,739 ) ( 5,944 )

Operating loss ( 27,527 ) ( 13,191 )

Operating income 223,422 193,337 195,895 180,146

Interest income 1,532 1,369 3,438 2,888

Interest expense ( 4,168 ) ( 3,145 ) ( 7,307 ) ( 5,511 )

Other income (loss), net

Foreign currency gain (loss), net

1,016 ( 3,199 )

Loss from continuing operations before income taxes and equity in net income of affiliates

$ ( 27,305 ) $ ( 17,252 )

Other income, net 22 804 461 789

Foreign currency loss, net ( 2,038 ) ( 25,576 ) ( 1,022 ) ( 28,775 )

Income from continuing operations before income taxes and equity in net income of affiliates $ 218,770 $ 166,789 $ 191,465 $ 149,537

The following table presents significant segment expenses of our reportable segments:

For the three months ended March 31,

For the three months ended For the six months ended

June 30, June 30,

2026 2025 2026 2025

Revenues $ 268,996 $ 217,369 $ 479,638 $ 406,624

15 unchanged sentences

The following table presents other financial information of our reportable segments:

For the three months ended March 31,

For the three months ended For the six months ended

June 30, June 30,

2026 2025 2026 2025

Depreciation and amortization expense $ 14,532 $ 10,444 $ 28,878 $ 19,743

3 unchanged sentences

The following table presents the total assets of our reportable segments:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Mexico $ 1,555,988 $ 1,383,658

2 unchanged sentences

Total assets $ 2,423,491 $ 2,206,350

The change in the net carrying amount of Goodwill from December 31, 2025 through March 31, 2026 was composed of the following items:

The change in the net carrying amount of Goodwill from December 31, 2025 through June 30, 2026 was composed of the following items:

Mexico Peru Total

1 unchanged sentence

Currency translation adjustments 12,348 ( 1,344 ) 11,004

Balance at March 31, 2026 $ 557,415 $ 77,798 $ 635,213

Balance at June 30, 2026 $ 569,589 $ 78,715 $ 648,304

Outstanding long-term debt was as follows:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Senior long-term debt:

11 unchanged sentences

The Company maintains a revolving credit facility (the Revolving Credit Facility) under its credit agreement (the Amended Credit Agreement) that provides for $ 155,000 of revolving credit loans maturing September 18, 2028.

As of March 31, 2026 and December 31, 2025, the Senior Secured Credit Facility had a total outstanding balance of $ 75,000 and $ 0 , respectively.

The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the “Senior Secured Credit Facility.” As of June 30, 2026 and December 31, 2025, the Senior Secured Credit Facility had a total outstanding balance of $ 75,000 and $ 0 , respectively.

Peru Term Loan

On June 30, 2026, a Laureate subsidiary in Peru, Universidad Privada del Norte (UPN), entered into an agreement to borrow PEN 205,000 (approximately $ 60,000 at June 30, 2026).

The loan bears interest at a fixed rate of 6.45 % per annum and interest payments are due quarterly.

Quarterly principal payments in the amount of PEN 10,250 ($ 2,998 at June 30, 2026) are payable beginning in October 2028 through the loan’s maturity date in July 2033.

As of June 30, 2026, there was no balance outstanding on this loan as the proceeds were not received until early July 2026.

The terms of the loan specify that the proceeds may be used for financing or paying capital expenditures, as well as refinancing working capital lines of credit or other debt.

In July 2026, UPN used approximately $ 41,000 of the total proceeds to repay working capital lines of credit and expects to use the remaining loan proceeds to fund capital expenditures related to campus expansions.

As collateral for the loan, UPN pledged assets at four of its campus locations.

The loan carries certain quarterly financial covenants that become effective September 30, 2026.

Estimated Fair Value of Debt

As of March 31, 2026 and December 31, 2025, the estimated fair value of our debt approximated its carrying value.

As of June 30, 2026 and December 31, 2025, the estimated fair value of our debt approximated its carrying value.

Certain Covenants

As of March 31, 2026, our Amended Credit Agreement contained certain negative covenants including, among others:

As of June 30, 2026, our Amended Credit Agreement contained certain negative covenants including, among others:

(1) limitations on additional indebtedness;

4 unchanged sentences

The Amended Credit Agreement also provides that if less than 25 % of the Revolving Credit Facility is utilized as of that date, then such financial covenant shall not apply.

As of March 31, 2026, more than 25 % of the Revolving Credit Facility was utilized, and we were in compliance with the leverage ratio covenant.

As of June 30, 2026, more than 25 % of the Revolving Credit Facility was utilized, and we were in compliance with the leverage ratio covenant.

In addition, indebtedness at some of our locations contain financial maintenance covenants.

We were in compliance with these covenants as of March 31, 2026.

We were in compliance with these covenants as of June 30, 2026.

Commitments and Contingencies

4 unchanged sentences

Income Tax Contingencies

As of March 31, 2026 and December 31, 2025, Laureate had recorded cumulative liabilities for income tax contingencies of $ 77,693 and $ 78,979 , respectively.

As of June 30, 2026 and December 31, 2025, Laureate had recorded cumulative liabilities for income tax contingencies of $ 74,439 and $ 78,979 , respectively.

Non-Income Tax Loss Contingencies

1 unchanged sentence

Laureate intends to vigorously defend against these matters.

As of March 31, 2026 and December 31, 2025, approximately $ 12,500 and $ 12,800 , respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets.

As of June 30, 2026 and December 31, 2025, approximately $ 13,000 and $ 12,800 , respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets.

We have also identified certain loss contingencies that we have assessed as being reasonably possible of loss, but not probable of loss, and could have an adverse effect on the Company’s results of operations if the outcomes are unfavorable.

1 unchanged sentence

During the first quarter of 2021, one of our Peruvian institutions issued a bank guarantee in order to appeal a tax assessment received related to tax audits of 2014 and 2015.

As of March 31, 2026 and December 31, 2025, the total amount of the guarantee was approximately $ 7,800 and $ 8,100 , respectively.

As of June 30, 2026 and December 31, 2025, the total amount of the guarantee was approximately $ 7,900 and $ 8,100 , respectively.

During the second quarter of 2026, the Peruvian institution paid the related assessment and expects to obtain a release of the bank guarantee in the third quarter of 2026.

During the third quarter of 2025, one of our Mexican institutions issued a bank guarantee in order to appeal an assessment received related to a tax audit of 2017.

As of both March 31, 2026 and December 31, 2025, the total amount of the guarantee was approximately $ 12,500 .

As of June 30, 2026 and December 31, 2025, the total amount of the guarantee was approximately $ 12,800 and $ 12,500 , respectively.

Stockholders’ Equity

The components of net changes in stockholders’ equity for the three months ended March 31, 2026 are as follows:

The components of net changes in stockholders’ equity for the six months ended June 30, 2026 are as follows:

Laureate Education, Inc.

11 unchanged sentences

Balance at March 31, 2026 139,978 $ 560 $ 1,051,877 $ 312,988 $ ( 316,794 ) $ ( 576 ) $ 1,048,055

Non-cash share-based compensation — — 4,123 — — — 4,123

Purchase and retirement of common stock ( 2,237 ) ( 9 ) ( 16,814 ) ( 59,586 ) — — ( 76,409 )

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 8 — — — — — —

Reclassification of redeemable equity to non-redeemable equity — — 699 — — — 699

Net income — — — 137,103 — — 137,103

Foreign currency translation adjustment, net of tax of $ 0

— — — — 27,235 1 27,236

Balance at June 30, 2026 137,749 $ 551 $ 1,039,885 $ 390,505 $ ( 289,559 ) $ ( 575 ) $ 1,140,807

Stock Repurchases

1 unchanged sentence

On October 30, 2025, the Company announced that its Board of Directors had approved a $ 150,000 increase to the authorization for the Company’s stock repurchase program.

On February 19, 2026, the Company announced that its Board of Directors had approved an additional $ 150,000 increase to the existing authorization for the Company’s stock repurchase program, for a total authorization of $ 400,000 that has no fixed expiration date.

As of March 31, 2026, the Company had $ 75,795 of capacity remaining under its stock repurchase authorization.

As of June 30, 2026, the Company had $ 184 of capacity remaining under its stock repurchase authorization.

On July 30, 2026, the Company announced that its Board of Directors had approved an additional $ 150,000 increase to the existing authorization for the Company’s stock repurchase program, which has no fixed expiration date.

The Company intends to finance the repurchases with free cash flow, excess cash and liquidity on-hand, including available capacity under its Revolving Credit Facility.

5 unchanged sentences

Any remainder is allocated to retained earnings to the extent that positive retained earnings exist.

The components of net changes in stockholders’ equity for the three months ended March 31, 2025 are as follows:

The components of net changes in stockholders’ equity for the six months ended June 30, 2025 are as follows:

Laureate Education, Inc.

11 unchanged sentences

Balance at March 31, 2025 148,810 $ 596 $ 1,114,504 $ 246,273 $ ( 452,874 ) $ ( 2,464 ) $ 906,035

Non-cash share-based compensation — — 3,481 — — — 3,481

Purchase and retirement of common stock ( 1,489 ) ( 6 ) ( 11,153 ) ( 17,890 ) — — ( 29,049 )

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 42 — 86 — — — 86

Equitable adjustments to stock-based awards — — 8 — — — 8

Net income — — — 95,083 — 2,343 97,426

Foreign currency translation adjustment, net of tax of $ 0

— — — — 73,364 — 73,364

Balance at June 30, 2025 147,363 $ 590 $ 1,106,926 $ 323,466 $ ( 379,510 ) $ ( 121 ) $ 1,051,351

Share-based Compensation Expense

During the three months ended March 31, 2026 and 2025, the Company recorded share-based compensation expense for restricted stock unit awards of $ 2,616 and $ 2,463 , respectively.

During the three and six months ended June 30, 2026 and 2025, the Company recorded share-based compensation expense for restricted stock unit awards of $ 4,123 and $ 3,481 , respectively, and $ 6,739 and $ 5,944 , respectively.

Accumulated Other Comprehen sive Income (Loss)

3 unchanged sentences

The components of these balances were as follows:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Laureate Education, Inc.

6 unchanged sentences

Laureate’s income tax provisions for all periods consist of federal, state and foreign income taxes.

The tax provisions for the three months ended March 31, 2026 and 2025 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods.

The tax provisions for the six months ended June 30, 2026 and 2025 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods.

Laureate has operations in multiple countries at various statutory tax rates and other operations that are loss-making entities for which it is not ‘ more likely than not ’ that a tax benefit will be realized on the loss.

For the three months ended March 31, 2026, the Company recognized an income tax benefit of $ 5,711 , as compared to income tax expense of $( 2,517 ) in the prior-year period.

For the six months ended June 30, 2026, the Company recognized income tax expense of $ 75,956 , as compared to $ 71,876 in the prior-year period.

Earnings Per Share

3 unchanged sentences

The following tables summarize the computations of basic and diluted earnings per share:

For the three months ended March 31, 2026 2025

For the three months ended June 30, 2026 2025

Numerator used in basic and diluted earnings per common share for continuing operations:

Loss from continuing operations $ ( 21,594 ) $ ( 19,766 )

Loss attributable to noncontrolling interests — 57

Net loss from continuing operations for basic and diluted earnings per share $ ( 21,594 ) $ ( 19,709 )

Income from continuing operations $ 137,103 $ 97,430

Income attributable to noncontrolling interests — ( 2,343 )

Net income from continuing operations for basic and diluted earnings per share $ 137,103 $ 95,087

Numerator used in basic and diluted earnings per common share for discontinued operations:

Loss from discontinued operations, net of tax $ — $ ( 4 )

Denominator used in basic and diluted earnings per common share:

Basic weighted average shares outstanding 139,214 146,122

Dilutive effect of stock options 238 225

Dilutive effect of restricted stock units 487 426

Diluted weighted average shares outstanding 139,939 146,773

Basic and diluted earnings (loss) per share:

Income from continuing operations $ 0.98 $ 0.65

Loss from discontinued operations — —

Basic and diluted earnings per share $ 0.98 $ 0.65

For the six months ended June 30, 2026 2025

Numerator used in basic and diluted earnings per common share for continuing operations:

Income from continuing operations $ 115,509 $ 77,664

Income attributable to noncontrolling interests — ( 2,286 )

Net income from continuing operations for basic and diluted earnings per share $ 115,509 $ 75,378

Numerator used in basic and diluted earnings per common share for discontinued operations:

Net income from discontinued operations for basic and diluted earnings per share $ — $ 209

1 unchanged sentence

Basic and diluted weighted average shares outstanding 140,746 149,081

Basic and diluted earnings (loss) per share:

Loss from continuing operations $ ( 0.15 ) $ ( 0.13 )

Dilutive effect of stock options 242 225

Dilutive effect of restricted stock units 569 448

Diluted weighted average shares outstanding 141,557 149,754

Basic earnings per share:

Income from continuing operations $ 0.82 $ 0.51

Income from discontinued operations — —

Basic and diluted loss per share $ ( 0.15 ) $ ( 0.13 )

The following table summarizes the number of stock options and restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive:

For the three months ended March 31,

Stock options 294 316

Basic earnings per share $ 0.82 $ 0.51

Diluted earnings per share:

Income from continuing operations $ 0.82 $ 0.50

Income from discontinued operations — —

Diluted earnings per share $ 0.82 $ 0.50

The following table summarizes the number of restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive:

For the three months ended June 30, For the six months ended June 30,

2026 2025 2026 2025

Restricted stock units 91 17 73 8

7 unchanged sentences

Reconciliation of Cash and cash equivalents and Restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the March 31, 2025 balance.

The March 31, 2026 and March 31, 2025 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025:

March 31, 2026 March 31, 2025 December 31, 2025

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the June 30, 2025 balance.

The June 30, 2026 and June 30, 2025 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025:

June 30, 2026 June 30, 2025 December 31, 2025

Cash and cash equivalents $ 161,674 $ 135,348 $ 146,703

3 unchanged sentences

Supplemental Noncash Information

During the three months ended March 31, 2026, the Company recorded additional operating lease right-of-use assets and operating lease liabilities of approximately $ 134,000 that were predominantly related to the extension of leases for campus real estate in our Mexico segment.

During the first quarter of 2026, the Company recorded additional operating lease right-of-use assets and operating lease liabilities of approximately $ 134,000 that were predominantly related to the extension of leases for campus real estate in our Mexico segment.

Subsequent Events

As discussed in Note 7, Stockholders’ Equity, on July 30, 2026, the Company announced that its Board of Directors had approved an additional $ 150,000 increase to the existing authorization for the Company’s stock repurchase program, which has no fixed expiration date.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements