Laureate Education Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2025
Laureate Education (NASDAQ: LAUR) reported strong Q2 2025 financial results and increased its full-year guidance. Q2 revenue grew 5% to $524.2 million (10% on organic constant currency basis), while operating income increased to $193.3 million from $166.6 million year-over-year. Q2 Adjusted EBITDA rose to $214.5 million from $186.9 million.
For the first half of 2025, the company saw new enrollments increase 7% and total enrollments rise 6% across its Mexico and Peru operations. The company maintains a strong balance sheet with $135.3 million in cash and $116.1 million in gross debt, resulting in a net cash position of $19.2 million.
Laureate updated its 2025 guidance, increasing revenue expectations to $1,615-1,630 million and Adjusted EBITDA to $489-496 million, reflecting improved foreign currency rates. The company also repurchased $71 million of common stock during H1 2025.
Laureate Education (NASDAQ: LAUR) ha comunicato solidi risultati finanziari per il secondo trimestre del 2025 e ha rivisto al rialzo le previsioni per l'intero anno. I ricavi del secondo trimestre sono aumentati del 5% raggiungendo 524,2 milioni di dollari (10% su base organica a valuta costante), mentre l'utile operativo è salito a 193,3 milioni di dollari rispetto ai 166,6 milioni dello stesso periodo dell'anno precedente. L'EBITDA rettificato del secondo trimestre è cresciuto a 214,5 milioni di dollari da 186,9 milioni.
Nel primo semestre del 2025, l'azienda ha registrato un aumento del 7% nelle nuove iscrizioni e una crescita totale delle iscrizioni del 6% nelle sue attività in Messico e Perù. La società mantiene un bilancio solido con 135,3 milioni di dollari in liquidità e 116,1 milioni di dollari di debito lordo, risultando in una posizione di cassa netta di 19,2 milioni di dollari.
Laureate ha aggiornato le previsioni per il 2025, aumentando le aspettative di ricavi a 1.615-1.630 milioni di dollari e l'EBITDA rettificato a 489-496 milioni di dollari, riflettendo il miglioramento dei tassi di cambio esteri. Inoltre, la società ha riacquistato 71 milioni di dollari di azioni ordinarie durante il primo semestre del 2025.
Laureate Education (NASDAQ: LAUR) reportó sólidos resultados financieros en el segundo trimestre de 2025 y elevó sus previsiones para todo el año. Los ingresos del segundo trimestre crecieron un 5% hasta 524,2 millones de dólares (10% en moneda constante y base orgánica), mientras que el ingreso operativo aumentó a 193,3 millones de dólares desde 166,6 millones interanual. El EBITDA ajustado del segundo trimestre subió a 214,5 millones de dólares desde 186,9 millones.
En la primera mitad de 2025, la compañía registró un incremento del 7% en nuevas inscripciones y un aumento total de inscripciones del 6% en sus operaciones en México y Perú. La empresa mantiene un balance sólido con 135,3 millones de dólares en efectivo y 116,1 millones de dólares en deuda bruta, resultando en una posición neta de efectivo de 19,2 millones.
Laureate actualizó su guía para 2025, aumentando las expectativas de ingresos a 1.615-1.630 millones de dólares y el EBITDA ajustado a 489-496 millones de dólares, reflejando mejores tipos de cambio. Además, la compañía recompró 71 millones de dólares en acciones comunes durante el primer semestre de 2025.
로리엇 에듀케이션(NASDAQ: LAUR)은 2025년 2분기 강력한 재무 실적을 발표하며 연간 가이던스를 상향 조정했습니다. 2분기 매출은 5% 증가한 5억 2,420만 달러(유기적 및 환율 고정 기준 10%)를 기록했으며, 영업이익은 전년 동기 대비 1억 9,330만 달러로 증가했습니다(이전 1억 6,660만 달러). 2분기 조정 EBITDA는 2억 1,450만 달러로, 이전 1억 8,690만 달러에서 상승했습니다.
2025년 상반기 동안, 멕시코 및 페루 사업에서 신규 등록이 7% 증가했고 전체 등록자는 6% 증가했습니다. 회사는 1억 3,530만 달러 현금과 1억 1,610만 달러 총 부채를 보유해 순현금 포지션은 1,920만 달러입니다.
로리엇은 2025년 가이던스를 업데이트하여 매출 예상치를 16억 1,500만~16억 3,000만 달러로, 조정 EBITDA를 4억 8,900만~4억 9,600만 달러로 상향 조정했으며, 이는 환율 개선을 반영한 것입니다. 또한 2025년 상반기 동안 7,100만 달러 상당의 보통주를 자사주 매입했습니다.
Laureate Education (NASDAQ : LAUR) a publié de solides résultats financiers pour le deuxième trimestre 2025 et a relevé ses prévisions annuelles. Le chiffre d'affaires du deuxième trimestre a augmenté de 5 % pour atteindre 524,2 millions de dollars (10 % en base organique et à taux de change constants), tandis que le résultat d'exploitation est passé à 193,3 millions de dollars contre 166,6 millions un an plus tôt. L'EBITDA ajusté du deuxième trimestre a progressé à 214,5 millions de dollars contre 186,9 millions.
Pour le premier semestre 2025, l'entreprise a enregistré une hausse de 7 % des nouvelles inscriptions et une augmentation globale des inscriptions de 6 % dans ses opérations au Mexique et au Pérou. La société conserve une solide situation financière avec 135,3 millions de dollars de trésorerie et 116,1 millions de dollars de dette brute, ce qui se traduit par une position nette de trésorerie de 19,2 millions de dollars.
Laureate a mis à jour ses prévisions pour 2025, augmentant ses attentes de chiffre d'affaires à 1 615-1 630 millions de dollars et d'EBITDA ajusté à 489-496 millions de dollars, reflétant l'amélioration des taux de change. L'entreprise a également racheté pour 71 millions de dollars d'actions ordinaires au cours du premier semestre 2025.
Laureate Education (NASDAQ: LAUR) meldete starke Finanzergebnisse für das zweite Quartal 2025 und erhöhte seine Jahresprognose. Der Umsatz im zweiten Quartal stieg um 5% auf 524,2 Millionen US-Dollar (10% auf organischer Basis bei konstanten Wechselkursen), während das Betriebsergebnis von 166,6 Millionen auf 193,3 Millionen US-Dollar im Jahresvergleich zunahm. Das bereinigte EBITDA im zweiten Quartal stieg von 186,9 Millionen auf 214,5 Millionen US-Dollar.
Im ersten Halbjahr 2025 verzeichnete das Unternehmen einen Zuwachs der Neueinschreibungen um 7% und einen Gesamtanstieg der Einschreibungen um 6% in seinen Geschäftsbereichen in Mexiko und Peru. Das Unternehmen verfügt über eine solide Bilanz mit 135,3 Millionen US-Dollar an liquiden Mitteln und 116,1 Millionen US-Dollar Bruttoverschuldung, was zu einer Nettoliquiditätsposition von 19,2 Millionen US-Dollar führt.
Laureate aktualisierte seine Prognose für 2025 und erhöhte die Umsatzerwartungen auf 1.615 bis 1.630 Millionen US-Dollar sowie das bereinigte EBITDA auf 489 bis 496 Millionen US-Dollar, was verbesserte Wechselkurse widerspiegelt. Zudem hat das Unternehmen im ersten Halbjahr 2025 Aktien im Wert von 71 Millionen US-Dollar zurückgekauft.
- Revenue grew 5% to $524.2 million in Q2 2025 (10% organic constant currency growth)
- Q2 2025 Adjusted EBITDA increased to $214.5 million from $186.9 million YoY
- New enrollments up 7% and total enrollments up 6% in H1 2025
- Strong balance sheet with $19.2 million net cash position
- Increased full-year 2025 guidance due to favorable currency rates
- Executed $71 million in share repurchases during H1 2025
- Net income decreased to $97.4 million in Q2 2025 from $128.4 million in Q2 2024
- H1 2025 revenue decreased 2% to $760.3 million on a reported basis
- Foreign currency exchange losses impacted net income negatively
- Academic calendar timing caused $18 million unfavorable revenue impact in H1 2025
Insights
Laureate Education shows strong enrollment growth and raised guidance, despite FX headwinds offsetting some operational gains.
Laureate Education's Q2 2025 results demonstrate solid operational performance with revenue increasing 5% to
The adjusted EBITDA for Q2 reached
While H1 reported revenue declined
Laureate's balance sheet remains exceptionally strong with
Most significantly, management has increased its full-year 2025 guidance, projecting revenue of
The company's strategic growth initiatives remain on track, including the opening of two new campuses in September, supporting the long-term enrollment growth trajectory while maintaining strong cash generation.
Company Increases Full-Year 2025 Guidance
MIAMI, July 31, 2025 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the second quarter and six months ended June 30, 2025.
Second Quarter 2025 Highlights (compared to second quarter 2024):
- On a reported basis, revenue increased
5% to$524.2 million . On an organic constant currency basis1, revenue increased10% and was favorably affected by approximately$8 million of intra-year academic calendar timing. - Operating income for the second quarter of 2025 was
$193.3 million , compared to operating income of$166.6 million for the second quarter of 2024. - Net income for the second quarter of 2025 was
$97.4 million , compared to net income of$128.4 million for the second quarter of 2024. - Adjusted EBITDA for the second quarter of 2025 was
$214.5 million , compared to Adjusted EBITDA of$186.9 million for the second quarter of 2024. Adjusted EBITDA in the second quarter of 2025 was favorably affected by approximately$7 million of intra-year academic calendar timing.
Six Months Ended June 30, 2025 Highlights (compared to six months ended June 30, 2024):
- New enrollments increased
7% . - Total enrollments increased
6% . - On a reported basis, revenue decreased
2% to$760.3 million . On an organic constant currency basis1, revenue increased6% . Revenue was unfavorably affected by approximately$18 million of intra-year academic calendar timing attributable to later semester start dates in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. - Operating income for the six months ended June 30, 2025 was
$180.1 million , compared to operating income of$177.7 million for the six months ended June 30, 2024. - Net income for the six months ended June 30, 2025 was
$77.9 million , compared to a net income of$117.5 million for the six months ended June 30, 2024. - Adjusted EBITDA for the six months ended June 30, 2025 was
$219.8 million , compared to Adjusted EBITDA of$217.5 million for six months ended June 30, 2024. Adjusted EBITDA in the six months ended June 30, 2025 was unfavorably affected by approximately$16 million of intra-year academic calendar timing attributable to later semester start dates in 2025 as compared to 2024. - Laureate expects that the intra-year academic calendar timing impacts on revenue and Adjusted EBITDA will be offset in the second half of the year.
1 Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures.
Eilif Serck-Hanssen, President and Chief Executive Officer, said “We are pleased with the solid operating results for the second quarter and are increasing our full year outlook following an improvement in foreign currency rates. Laureate remains on track with its strategic priorities, including the opening of two new campuses this September. Our balance sheet and cash flow generation are strong, and we remain committed to supporting our growth initiatives while returning excess capital to our shareholders.”
Second Quarter 2025 Results
For the second quarter of 2025, revenue on a reported basis was
Adjusted EBITDA for the second quarter of 2025 was
Six Months Ended June 30, 2025 Results
New enrollments for the six months ended June 30, 2025 increased
For the six months ended June 30, 2025, revenue on a reported basis was
Adjusted EBITDA for the six months ended June 30, 2025 was
Balance Sheet and Capital Structure
Laureate has a strong balance sheet position. As of June 30, 2025, Laureate had
Laureate repurchased approximately
As of June 30, 2025, Laureate had 147.4 million total shares outstanding.
Outlook for Fiscal 2025
Laureate is updating its 2025 outlook to reflect more favorable foreign currency rates, resulting in an approximately
On an as-reported basis, Laureate continues to expect an unfavorable translation impact from foreign currency versus 2024, albeit a smaller impact than previously anticipated.
Based on assumed foreign exchange rates2, Laureate now expects its full-year 2025 results to be as follows:
- Total enrollments still expected to be in the range of 491,000 to 495,000 students, reflecting growth of
4% -5% versus 2024; - Revenues now expected to be in the range of
$1,615 million to$1,630 million , reflecting growth of3% -4% on an as-reported basis and growth of6% -7% on an organic constant currency basis versus 2024, or7% -8% growth excluding the impact from campus consolidations; and - Adjusted EBITDA now expected to be in the range of
$489 million to$496 million , reflecting growth of9% -10% on an as-reported basis and11% -13% on an organic constant currency basis versus 2024.
Reconciliations of forward-looking non-GAAP measures, specifically the 2025 Adjusted EBITDA outlook, to the relevant forward-looking GAAP measures are not being provided, as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlooks and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA to projected net income without unreasonable effort.
Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.
2 Based on actual FX rates for January-July 2025, and assumed FX rates (local currency per U.S. Dollar) of MXN 19.13 and PEN 3.62 for August 2025 - December 2025. FX impact may change based on fluctuations in currency rates in future periods.
Conference Call
Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by registering at https://bit.ly/LAURQ22025 to receive dial-in information. The webcast of the conference call, including replays, and a copy of this press release and the related slides will be made available through the Investor Relations section of Laureate’s website at www.laureate.net.
Forward-Looking Statements
This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ‘‘forward-looking statements’’ within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. In particular, statements regarding the amount, timing, process, tax treatment and impact of any future dividends represent forward-looking statements. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 20, 2025, our subsequent Quarterly Reports on Form 10-Q filed, and to be filed, with the SEC and other filings made with the SEC. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.
Presentation of Non-GAAP Measures
In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate provides the non-GAAP measurements of Adjusted EBITDA, Adjusted net income, Adjusted earnings per share (Adjusted EPS), and total cash and cash equivalents, net of debt (or net cash). We have included the non-GAAP measures of Adjusted EBITDA and net cash because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We have included the non-GAAP measures of Adjusted net income and Adjusted EPS because management believes that these measures provide investors with better visibility into the Company’s underlying earnings as they exclude items that may not be indicative of our core operating results.
Adjusted EBITDA consists of net income (loss), before (income) loss from discontinued operations, net of tax, equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), (gain) loss on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, other (income) expense, net, interest expense, interest income, and loss on debt extinguishment, plus depreciation and amortization, share-based compensation expense, and loss on impairment of assets. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
We define Adjusted net income as net income (loss), before (income) loss from discontinued operations, plus discrete tax items, loss on debt extinguishment, loss (gain) on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, and loss on impairment of assets. We define Adjusted EPS as Adjusted net income divided by GAAP diluted weighted average shares outstanding. Adjusted net income and Adjusted EPS provide a useful indicator about Laureate’s earnings from core operations.
Total cash and cash equivalents, net of debt (or net cash) consists of total cash and cash equivalents, less total gross debt. Net cash provides a useful indicator about Laureate’s leverage and liquidity.
Free Cash Flow consists of operating cash flow minus capital expenditures (net of sales of PP&E). Free Cash Flow provides a useful indicator about Laureate’s ability to fund its operations and repay its debt.
Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures (net of sales of PP&E), plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows.
Laureate’s calculations of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total cash and cash equivalents, net of total debt (or net cash) are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA, Adjusted net income and Adjusted EPS are reconciled from their most directly comparable GAAP measures in the attached tables under “Non-GAAP Reconciliations.”
We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate organic constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period, and then exclude the impact of acquisitions and divestitures.
About Laureate Education, Inc.
Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling more than 470,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.
Key Metrics and Financial Tables
(Dollars in millions, except per share amounts, and may not sum due to rounding)
New and Total Enrollments by segment
| New Enrollments | Total Enrollments | ||||||||||||||||
| YTD 2Q 2025 | YTD 2Q 2024 | Change | As of 06/30/2025 | As of 06/30/2024 | Change | ||||||||||||
| Mexico | 65,600 | 61,700 | 6 | % | 237,600 | 223,000 | 7 | % | |||||||||
| Peru | 63,400 | 58,600 | 8 | % | 234,500 | 221,200 | 6 | % | |||||||||
| Laureate | 129,000 | 120,300 | 7 | % | 472,100 | 444,200 | 6 | % | |||||||||
Consolidated Statements of Operations
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
| IN MILLIONS (except per share amounts) | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||||
| Revenues | $ | 524.2 | $ | 499.2 | $ | 25.0 | $ | 760.3 | $ | 774.6 | $ | (14.3 | ) | ||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Direct costs | 317.4 | 319.0 | (1.6 | ) | 555.7 | 573.0 | (17.3 | ) | |||||||||||||||
| General and administrative expenses | 13.5 | 13.7 | (0.2 | ) | 24.5 | 23.9 | 0.6 | ||||||||||||||||
| Operating income | 193.3 | 166.6 | 26.7 | 180.1 | 177.7 | 2.4 | |||||||||||||||||
| Interest income | 1.4 | 2.0 | (0.6 | ) | 2.9 | 3.9 | (1.0 | ) | |||||||||||||||
| Interest expense | (3.1 | ) | (5.1 | ) | 2.0 | (5.5 | ) | (9.8 | ) | 4.3 | |||||||||||||
| Other income (expense), net | 0.8 | 0.1 | 0.7 | 0.8 | (0.4 | ) | 1.2 | ||||||||||||||||
| Foreign currency exchange (loss) gain, net | (25.6 | ) | 27.5 | (53.1 | ) | (28.8 | ) | 21.8 | (50.6 | ) | |||||||||||||
| Loss on disposal of subsidiaries, net | — | — | — | — | (3.1 | ) | 3.1 | ||||||||||||||||
| Income from continuing operations before income taxes | 166.8 | 191.0 | (24.2 | ) | 149.5 | 190.2 | (40.7 | ) | |||||||||||||||
| Income tax expense | (69.4 | ) | (63.1 | ) | (6.3 | ) | (71.9 | ) | (73.0 | ) | 1.1 | ||||||||||||
| Income from continuing operations | 97.4 | 128.0 | (30.6 | ) | 77.7 | 117.2 | (39.5 | ) | |||||||||||||||
| Income from discontinued operations, net of tax | — | 0.4 | (0.4 | ) | 0.2 | 0.3 | (0.1 | ) | |||||||||||||||
| Net income | 97.4 | 128.4 | (31.0 | ) | 77.9 | 117.5 | (39.6 | ) | |||||||||||||||
| Net income attributable to noncontrolling interests | (2.3 | ) | (0.2 | ) | (2.1 | ) | (2.3 | ) | (0.1 | ) | (2.2 | ) | |||||||||||
| Net income attributable to Laureate Education, Inc. | $ | 95.1 | $ | 128.1 | $ | (33.0 | ) | $ | 75.6 | $ | 117.4 | $ | (41.8 | ) | |||||||||
| Basic and diluted earnings per share: | |||||||||||||||||||||||
| Basic weighted average shares outstanding | 146.1 | 153.8 | (7.7 | ) | 149.1 | 155.4 | (6.3 | ) | |||||||||||||||
| Diluted weighted average shares outstanding | 146.8 | 154.4 | (7.6 | ) | 149.8 | 156.0 | (6.2 | ) | |||||||||||||||
| Basic earnings per share | $ | 0.65 | $ | 0.83 | $ | (0.18 | ) | $ | 0.51 | $ | 0.75 | $ | (0.24 | ) | |||||||||
| Diluted earnings per share | $ | 0.65 | $ | 0.83 | $ | (0.18 | ) | $ | 0.50 | $ | 0.75 | $ | (0.25 | ) | |||||||||
Revenue and Adjusted EBITDA by segment
IN MILLIONS
| % Change | $ Variance Components | ||||||||||||||||||||||||||||
| For the three months ended June 30, | 2025 | 2024 | Reported | Organic Constant Currency(1) | Total | Organic Constant Currency | Acq/Div. | FX | |||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Mexico | $ | 217.4 | $ | 218.6 | (1 | )% | 13 | % | $ | (1.2 | ) | $ | 29.3 | $ | — | $ | (30.5 | ) | |||||||||||
| Peru | 306.7 | 280.6 | 9 | % | 7 | % | 26.1 | 19.8 | — | 6.3 | |||||||||||||||||||
| Corporate & Eliminations | 0.1 | — | nm | nm | 0.1 | 0.1 | — | — | |||||||||||||||||||||
| Total Revenues | $ | 524.2 | $ | 499.2 | 5 | % | 10 | % | $ | 25.0 | $ | 49.2 | $ | — | $ | (24.2 | ) | ||||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||||||||
| Mexico | $ | 57.4 | $ | 48.2 | 19 | % | 37 | % | $ | 9.2 | $ | 17.9 | $ | — | $ | (8.7 | ) | ||||||||||||
| Peru | 167.2 | 150.3 | 11 | % | 9 | % | 16.9 | 13.5 | — | 3.4 | |||||||||||||||||||
| Corporate & Eliminations | (10.2 | ) | (11.6 | ) | 12 | % | 12 | % | 1.4 | 1.4 | — | — | |||||||||||||||||
| Total Adjusted EBITDA | $ | 214.5 | $ | 186.9 | 15 | % | 18 | % | $ | 27.6 | $ | 32.9 | $ | — | $ | (5.3 | ) | ||||||||||||
| % Change | $ Variance Components | ||||||||||||||||||||||||||||
| For the six months ended June 30, | 2025 | 2024 | Reported | Organic Constant Currency(1) | Total | Organic Constant Currency | Acq/Div. | FX | |||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Mexico | $ | 406.6 | $ | 432.7 | (6 | )% | 10 | % | $ | (26.1 | ) | $ | 42.7 | $ | — | $ | (68.8 | ) | |||||||||||
| Peru | 353.6 | 341.9 | 3 | % | 1 | % | 11.7 | 4.7 | — | 7.0 | |||||||||||||||||||
| Corporate & Eliminations | 0.1 | 0.1 | — | % | — | % | — | — | — | — | |||||||||||||||||||
| Total Revenues | $ | 760.3 | $ | 774.6 | (2 | )% | 6 | % | $ | (14.3 | ) | $ | 47.5 | $ | — | $ | (61.8 | ) | |||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||||||||
| Mexico | $ | 110.4 | $ | 108.1 | 2 | % | 20 | % | $ | 2.3 | $ | 22.0 | $ | — | $ | (19.7 | ) | ||||||||||||
| Peru | 128.4 | 129.6 | (1 | )% | (3 | )% | (1.2 | ) | (4.1 | ) | — | 2.9 | |||||||||||||||||
| Corporate & Eliminations | (18.9 | ) | (20.2 | ) | 6 | % | 6 | % | 1.3 | 1.3 | — | — | |||||||||||||||||
| Total Adjusted EBITDA | $ | 219.8 | $ | 217.5 | 1 | % | 9 | % | $ | 2.3 | $ | 19.1 | $ | — | $ | (16.8 | ) | ||||||||||||
nm - percentage changes not meaningful
(1) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” percentage changes are calculated by dividing the Organic Constant Currency amounts by the 2024 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.
Consolidated Balance Sheets
| IN MILLIONS | June 30, 2025 | December 31, 2024 | Change | ||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 135.3 | $ | 91.4 | $ | 43.9 | |||||
| Receivables (current), net | 145.9 | 91.8 | 54.1 | ||||||||
| Other current assets | 40.8 | 43.6 | (2.8 | ) | |||||||
| Property and equipment, net | 546.9 | 514.3 | 32.6 | ||||||||
| Operating lease right-of-use assets, net | 281.2 | 292.4 | (11.2 | ) | |||||||
| Goodwill and other intangible assets | 759.3 | 711.3 | 48.0 | ||||||||
| Deferred income taxes | 67.5 | 60.8 | 6.7 | ||||||||
| Other long-term assets | 47.3 | 45.6 | 1.7 | ||||||||
| Current and long-term assets held for sale | 11.7 | 11.0 | 0.7 | ||||||||
| Total assets | $ | 2,035.9 | $ | 1,862.1 | $ | 173.8 | |||||
| Liabilities and stockholders' equity | |||||||||||
| Accounts payable and accrued expenses | $ | 201.1 | $ | 187.6 | $ | 13.5 | |||||
| Deferred revenue and student deposits | 84.3 | 64.3 | 20.0 | ||||||||
| Total operating leases, including current portion | 334.4 | 327.1 | 7.3 | ||||||||
| Total long-term debt, including current portion | 114.5 | 100.3 | 14.2 | ||||||||
| Other liabilities | 238.2 | 214.5 | 23.7 | ||||||||
| Current and long-term liabilities held for sale | 10.6 | 9.7 | 0.9 | ||||||||
| Total liabilities | 983.2 | 903.5 | 79.7 | ||||||||
| Redeemable equity | 1.4 | 1.4 | — | ||||||||
| Total stockholders' equity | 1,051.4 | 957.1 | 94.3 | ||||||||
| Total liabilities and stockholders' equity | $ | 2,035.9 | $ | 1,862.1 | $ | 173.8 | |||||
Consolidated Statements of Cash Flows
| For the six months ended June 30, | |||||||||||
| IN MILLIONS | 2025 | 2024 | Change | ||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 77.9 | $ | 117.5 | $ | (39.6 | ) | ||||
| Depreciation and amortization | 33.7 | 35.5 | (1.8 | ) | |||||||
| (Gain) loss on lease terminations and disposals of subsidiaries and property and equipment, net | (0.3 | ) | 2.9 | (3.2 | ) | ||||||
| Deferred income taxes | (1.8 | ) | (0.2 | ) | (1.6 | ) | |||||
| Unrealized foreign currency exchange loss (gain) | 28.9 | (23.4 | ) | 52.3 | |||||||
| Income tax receivable/payable, net | 11.1 | (17.9 | ) | 29.0 | |||||||
| Working capital, excluding tax accounts | (58.0 | ) | (85.2 | ) | 27.2 | ||||||
| Other non-cash adjustments | 40.3 | 44.2 | (3.9 | ) | |||||||
| Net cash provided by operating activities | 131.8 | 73.4 | 58.4 | ||||||||
| Cash flows from investing activities | |||||||||||
| Purchase of property and equipment | (17.9 | ) | (26.6 | ) | 8.7 | ||||||
| Receipts from sales of property and equipment | 0.1 | 3.3 | (3.2 | ) | |||||||
| Net receipts from sales of discontinued operations | — | 0.8 | (0.8 | ) | |||||||
| Net cash used in investing activities | (17.7 | ) | (22.6 | ) | 4.9 | ||||||
| Cash flows from financing activities | |||||||||||
| Increase in long-term debt, net | 0.4 | 66.5 | (66.1 | ) | |||||||
| Payments to repurchase common stock and excise tax payments | (71.6 | ) | (71.4 | ) | (0.2 | ) | |||||
| Financing other, net | (2.7 | ) | (3.4 | ) | 0.7 | ||||||
| Net cash used in financing activities | (73.8 | ) | (8.3 | ) | (65.5 | ) | |||||
| Effects of exchange rate changes on Cash and cash equivalents and Restricted cash | 4.8 | (3.0 | ) | 7.8 | |||||||
| Change in cash included in current assets held for sale | (0.8 | ) | — | (0.8 | ) | ||||||
| Net change in Cash and cash equivalents and Restricted cash | 44.2 | 39.6 | 4.6 | ||||||||
| Cash and cash equivalents and Restricted cash at beginning of period | 97.9 | 96.9 | 1.0 | ||||||||
| Cash and cash equivalents and Restricted cash at end of period | $ | 142.1 | $ | 136.5 | $ | 5.6 | |||||
Non-GAAP Reconciliation (1 of 3)
The following table reconciles Net income to Adjusted EBITDA:
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
| IN MILLIONS | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||||
| Net income | $ | 97.4 | $ | 128.4 | $ | (31.0 | ) | $ | 77.9 | $ | 117.5 | $ | (39.6 | ) | |||||||||
| Plus: | |||||||||||||||||||||||
| Income from discontinued operations, net of tax | — | (0.4 | ) | 0.4 | (0.2 | ) | (0.3 | ) | 0.1 | ||||||||||||||
| Income from continuing operations | 97.4 | 128.0 | (30.6 | ) | 77.7 | 117.2 | (39.5 | ) | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Income tax expense | 69.4 | 63.1 | 6.3 | 71.9 | 73.0 | (1.1 | ) | ||||||||||||||||
| Income from continuing operations before income taxes | 166.8 | 191.0 | (24.2 | ) | 149.5 | 190.2 | (40.7 | ) | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Loss on disposal of subsidiaries, net | — | — | — | — | 3.1 | (3.1 | ) | ||||||||||||||||
| Foreign currency exchange loss (gain), net | 25.6 | (27.5 | ) | 53.1 | 28.8 | (21.8 | ) | 50.6 | |||||||||||||||
| Other (income) expense, net | (0.8 | ) | (0.1 | ) | (0.7 | ) | (0.8 | ) | 0.4 | (1.2 | ) | ||||||||||||
| Interest expense | 3.1 | 5.1 | (2.0 | ) | 5.5 | 9.8 | (4.3 | ) | |||||||||||||||
| Interest income | (1.4 | ) | (2.0 | ) | 0.6 | (2.9 | ) | (3.9 | ) | 1.0 | |||||||||||||
| Operating income | 193.3 | 166.6 | 26.7 | 180.1 | 177.7 | 2.4 | |||||||||||||||||
| Plus: | |||||||||||||||||||||||
| Depreciation and amortization | 17.7 | 17.4 | 0.3 | 33.7 | 35.5 | (1.8 | ) | ||||||||||||||||
| EBITDA | 211.0 | 184.0 | 27.0 | 213.8 | 213.2 | 0.6 | |||||||||||||||||
| Plus: | |||||||||||||||||||||||
| Share-based compensation expense (1) | 3.5 | 2.9 | 0.6 | 5.9 | 4.3 | 1.6 | |||||||||||||||||
| Adjusted EBITDA | $ | 214.5 | $ | 186.9 | $ | 27.6 | $ | 219.8 | $ | 217.5 | $ | 2.3 | |||||||||||
(1) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation."
Non-GAAP Reconciliations (2 of 3)
The following table reconciles Net income to Adjusted net income and Adjusted EPS:
| For the three months ended June 30, | |||||||||||||||
| 2025 | 2024 | ||||||||||||||
| IN MILLIONS, except per share amounts | (per share)(1) | (per share)(1) | |||||||||||||
| Net income | $ | 97.4 | $ | 0.65 | $ | 128.4 | $ | 0.83 | |||||||
| Plus: | |||||||||||||||
| Income from discontinued operations, net of tax | — | — | (0.4 | ) | — | ||||||||||
| Income from continuing operations | 97.4 | 0.65 | 128.0 | 0.83 | |||||||||||
| Plus: | |||||||||||||||
| Discrete tax items (2) | (4.7 | ) | (0.03 | ) | — | — | |||||||||
| Loss on debt extinguishment | — | — | — | — | |||||||||||
| Loss on disposal of subsidiaries, net | — | — | — | — | |||||||||||
| Foreign currency exchange loss (gain), net | 25.6 | 0.17 | (27.5 | ) | (0.18 | ) | |||||||||
| Loss on impairment of assets | — | — | — | — | |||||||||||
| Adjusted net income | $ | 118.3 | $ | 0.79 | $ | 100.5 | $ | 0.65 | |||||||
| Diluted weighted average shares outstanding | 146.8 | 154.4 | |||||||||||||
(1) Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests.
(2) Discrete tax items represent a non-recurring, non-cash income tax benefit of approximately
Non-GAAP Reconciliations (3 of 3)
The following table reconciles Net income to Adjusted net income and Adjusted EPS:
| For the six months ended June 30, | |||||||||||||||
| 2025 | 2024 | ||||||||||||||
| IN MILLIONS, except per share amounts | (per share)(1) | (per share)(1) | |||||||||||||
| Net income | $ | 77.9 | $ | 0.50 | $ | 117.5 | $ | 0.75 | |||||||
| Plus: | |||||||||||||||
| Income from discontinued operations, net of tax | (0.2 | ) | — | (0.3 | ) | — | |||||||||
| Income from continuing operations | 77.7 | 0.50 | 117.2 | 0.75 | |||||||||||
| Plus: | |||||||||||||||
| Discrete tax items (2) | (4.7 | ) | (0.03 | ) | — | — | |||||||||
| Loss on debt extinguishment | — | — | — | — | |||||||||||
| Loss on disposal of subsidiaries, net | — | — | 3.1 | 0.02 | |||||||||||
| Foreign currency exchange loss (gain), net | 28.8 | 0.19 | (21.8 | ) | (0.14 | ) | |||||||||
| Loss on impairment of assets | — | — | — | — | |||||||||||
| Adjusted net income | $ | 101.7 | $ | 0.66 | $ | 98.4 | $ | 0.63 | |||||||
| Diluted weighted average shares outstanding | 149.8 | 156.0 | |||||||||||||
(1) Per share amounts on a dilutive basis. Earnings per share is calculated based on income available to common shareholders, which excludes income attributable to noncontrolling interests.
(2) Discrete tax items represent a non-recurring, non-cash income tax benefit of approximately
Investor Relations Contact:
Media Contacts:
| Laureate Education | ||
| Adam Smith | ||
| adam.smith@laureate.net | ||
| U.S.: +1 (443) 255 0724 | ||
| Source: Laureate Education, Inc. |
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