Laureate Education Reports Financial Results for The Third Quarter And Nine Months Ended September 30, 2026
Nine-month share repurchases totaled approximately $256 million, while net debt stood at $14.3 million at September 30.
Sentiment and the balance of points
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Rhea-AI Summary
Laureate Education (LAUR) reported third-quarter revenue of $485.1 million, reaffirmed its full-year outlook and increased its share repurchase authorization. Revenue rose 21% year over year, or 14% excluding currency fluctuations. Operating income reached $119.1 million versus $71.5 million, while net income rose to $101.2 million from $34.4 million, helped by a $25.4 million discrete tax benefit.
Nine-month revenue increased 18% to $1,373.6 million, with new enrollments up 9% and total enrollments up 6%. Laureate expects academic-calendar timing benefits to revenue and adjusted EBITDA to reverse in the fourth quarter. The $150 million authorization increase leaves up to approximately $225.2 million available, based on repurchases through September 30. Full-year revenue guidance remains $1,920 million–$1,930 million, with adjusted earnings per share of $2.04–$2.10.
How this balance works
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointShare repurchase authorization increased $150 million, leaving up to approximately $225.2 million after repurchases through September 30.
- Moderate pointShare repurchases totaled approximately $256 million in the nine months ended September 30, 2026. 5.1% of market cap
- Moderate pointThird-quarter revenue rose 21% to $485.1 million; growth excluding currency fluctuations was 14% year over year.
- Moderate pointThird-quarter operating income increased to $119.1 million from $71.5 million a year earlier.
- Moderate pointThird-quarter net income rose to $101.2 million from $34.4 million a year earlier.
- Moderate pointThird-quarter adjusted EBITDA, an adjusted earnings measure, rose 55% to $146.8 million, or 46% excluding currency fluctuations.
20 minor points
- Minor pointThird-quarter diluted earnings per share increased to $0.73 from $0.23 a year earlier.
- Minor pointNine-month revenue increased 18% to $1,373.6 million; growth excluding currency fluctuations was 8% year over year.
- Minor pointNine-month operating income increased to $315.0 million from $251.6 million a year earlier.
- Minor pointNine-month net income increased to $216.7 million from $112.3 million a year earlier.
- Minor pointNine-month diluted earnings per share increased to $1.54 from $0.74 a year earlier.
- Minor pointNine-month adjusted EBITDA increased to $395.1 million from $314.7 million a year earlier.
- Minor pointMexico nine-month new enrollments rose 8%; total enrollments increased 6% versus the prior-year period.
- Minor pointPeru nine-month new enrollments rose 10%; total enrollments increased 5% versus the prior-year period.
- Minor pointMexico third-quarter revenue rose 32% to $256.5 million, or 22% excluding currency fluctuations.
- Minor pointPeru third-quarter revenue rose 11% to $228.6 million, or 7% excluding currency fluctuations.
- Minor pointMexico third-quarter adjusted EBITDA rose 142% to $62.1 million, or 123% excluding currency fluctuations.
- Minor pointPeru third-quarter adjusted EBITDA rose 20% to $94.0 million, or 15% excluding currency fluctuations.
- Minor pointMexico nine-month revenue rose 22% to $736.1 million, or 9% excluding currency fluctuations.
- Minor pointPeru nine-month revenue rose 14% to $637.4 million, or 8% excluding currency fluctuations.
- Minor pointMexico nine-month adjusted EBITDA rose 28% to $174.1 million from $136.1 million.
- Minor pointA $25.4 million discrete tax benefit helped third-quarter and nine-month net income.
- Minor point. Forward-looking: it has not happened yet and may not happen.Reaffirmed 2026 revenue guidance targets $1,920 million–$1,930 million, up 13% reported and 6%–7% excluding currency fluctuations.
- Minor point. Forward-looking: it has not happened yet and may not happen.Reaffirmed 2026 adjusted EBITDA guidance targets $593 million–$599 million, up 14%–15% reported and 8%–9% excluding currency fluctuations.
- Minor point. Forward-looking: it has not happened yet and may not happen.Reaffirmed 2026 adjusted EPS guidance targets $2.04–$2.10, reflecting reported growth of 19%–22% versus 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.Reaffirmed 2026 total enrollment guidance targets 518,000–523,000 students, reflecting growth of 4%–5% versus 2025.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.Academic-calendar benefits are expected to reverse in fourth-quarter 2026: nine-month revenue gained approximately $20 million; adjusted EBITDA, approximately $17 million.
- Minor pointThird-quarter direct costs increased to $353.4 million from $316.5 million a year earlier.
- Minor pointNine-month direct costs increased to $1,020.6 million from $872.3 million a year earlier.
- Minor pointThird-quarter general and administrative expenses increased to $12.6 million from $12.2 million a year earlier.
- Minor pointNine-month general and administrative expenses increased to $37.9 million from $36.7 million a year earlier.
3 minor points
- Minor pointThird-quarter interest expense increased to $4.8 million from $2.6 million a year earlier.
- Minor pointNine-month interest expense increased to $12.1 million from $8.1 million a year earlier.
- Minor pointCorporate third-quarter adjusted EBITDA loss widened to $9.2 million from $8.9 million a year earlier.
News Explained
Laureate had repurchased approximately two hundred fifty-six million dollars of stock through September 30, while further purchases remain authorized, not committed.
Under the expanded buyback program, Laureate reports it had repurchased approximately
As of
Key Figures
- Q3 revenue
- $485.1 million; +21%
- Q3 2026 vs. Q3 2025, reported basis; calendar timing also favorably affected results.
- Q3 net income
- $101.2 million vs. $34.4 million
- Q3 2026 vs. Q3 2025; the quarter included a $25.4 million discrete tax benefit.
- Q3 Adjusted EBITDA
- $146.8 million vs. $94.8 million
- Q3 2026 vs. Q3 2025; favorably affected by academic-calendar timing.
- New enrollments
- +9%
- Nine months ended September 30, 2026 vs. the prior-year period.
- 2026 revenue outlook
- $1,920 million-$1,930 million
- Full-year guidance reaffirmed; 13% reported growth and 6%-7% constant-currency growth expected.
- 2026 Adjusted EBITDA outlook
- $593 million-$599 million
- Full-year guidance reaffirmed; 14%-15% reported growth and 8%-9% constant-currency growth expected.
- 2026 Adjusted EPS outlook
- $2.04-$2.10 per share
- Full-year guidance reaffirmed; 19%-22% reported growth expected.
- Repurchase authorization increase
- $150 million
- Additional increase approved by the board on October 29, 2026.
Previous Earnings Reports
-
Raised 2026 outlook and approved a $150M repurchase authorization after first-half buybacks.
-
Reported Q3 revenue of $400.2M and Adjusted EBITDA of $94.8M, providing the year-over-year baseline.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
constant currency financial
non-gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company Reaffirms Full-Year 2026 Guidance
Announces
MIAMI, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the third quarter and nine months ended September 30, 2026.
Third Quarter 2026 Highlights (compared to third quarter 2025):
- On a reported basis, revenue increased
21% to$485.1 million . On a constant currency basis1, revenue increased14% and was favorably affected by approximately$29 million of intra-year academic calendar timing attributable to semester start dates in 2026 as compared to 2025. - Operating income for the third quarter of 2026 was
$119.1 million , compared to operating income of$71.5 million for the third quarter of 2025. - Net income for the third quarter of 2026 was
$101.2 million , compared to net income of$34.4 million for the third quarter of 2025. The increase in net income compared to 2025 was mainly driven by higher operating income as well as a discrete tax benefit of$25.4 million that was recorded during the third quarter of 2026. - Adjusted EBITDA for the third quarter of 2026 was
$146.8 million , compared to Adjusted EBITDA of$94.8 million for the third quarter of 2025. Adjusted EBITDA in the third quarter of 2026 was favorably affected by approximately$26 million of intra-year academic calendar timing attributable to semester start dates in 2026 as compared to 2025.
Nine Months Ended September 30, 2026 Highlights (compared to nine months ended September 30, 2025):
- New enrollments increased
9% . - Total enrollments increased
6% . - On a reported basis, revenue increased
18% to$1,373.6 million . On a constant currency basis1, revenue increased8% and was favorably affected by approximately$20 million of intra-year academic calendar timing attributable to semester start dates in the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. - Operating income for the nine months ended September 30, 2026 was
$315.0 million , compared to operating income of$251.6 million for the nine months ended September 30, 2025. - Net income for the nine months ended September 30, 2026 was
$216.7 million , compared to net income of$112.3 million for the nine months ended September 30, 2025. The increase in net income was mainly driven by higher operating income as well as the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2025 period, in addition to a discrete tax benefit of$25.4 million that was recorded during the nine months ended September 30, 2026. - Adjusted EBITDA for the nine months ended September 30, 2026 was
$395.1 million , compared to Adjusted EBITDA of$314.7 million for the nine months ended September 30, 2025. Adjusted EBITDA for the nine months ended September 30, 2026 was favorably affected by approximately$17 million of intra-year academic calendar timing attributable to semester start dates in 2026 as compared to 2025. - Laureate expects that the intra-year academic calendar timing impacts on revenue and Adjusted EBITDA will be offset in the fourth quarter of 2026.
1 Constant currency results exclude the period-over-period impact from currency fluctuations.
Eilif Serck-Hanssen, President and Chief Executive Officer, said, “We are pleased to report strong new enrollment intakes in both of our markets. The primary intake in Mexico included a very successful launch of our new campus in Puebla, as well as further growth in existing campuses. During the secondary intake in Peru, we continued to leverage our fully online capabilities to meet growing demand for working adults as that market scales.”
Mr. Serck-Hanssen added, “Today we are announcing an additional
Third Quarter 2026 Results
For the third quarter of 2026, revenue on a reported basis was
Adjusted EBITDA for the third quarter of 2026 was
Nine Months Ended September 30, 2026 Results
New enrollments for the nine months ended September 30, 2026 increased
For the nine months ended September 30, 2026, revenue on a reported basis was
Adjusted EBITDA for the nine months ended September 30, 2026 was
Balance Sheet and Capital Structure
As of September 30, 2026, Laureate had
Laureate repurchased approximately
As of September 30, 2026, Laureate had 135.7 million total shares outstanding.
Outlook for Fiscal 2026
Laureate is reaffirming its 2026 outlook.
Based on assumed foreign exchange rates2, Laureate expects its full-year 2026 results to be as follows:
- Total enrollments are expected to be in the range of 518,000 to 523,000 students, reflecting growth of
4% -5% versus 2025; - Revenues are expected to be in the range of
$1,920 million to$1,930 million , reflecting growth of13% on an as-reported basis and growth of6% -7% on a constant currency basis versus 2025; - Adjusted EBITDA is expected to be in the range of
$593 million to$599 million , reflecting growth of14% -15% on an as-reported basis and8% -9% on a constant currency basis versus 2025; and - Adjusted EPS is expected to be in the range of
$2.04 -$2.10 per share3, reflecting growth of19% -22% on an as-reported basis versus 2025.
Reconciliations of forward-looking non-GAAP measures, specifically the outlook for 2026 Adjusted EBITDA and Adjusted EPS, 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, Laureate cannot reconcile projected Adjusted EBITDA and projected Adjusted EPS to projected net income and projected earnings per share, respectively, without unreasonable effort. Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.
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/LAURQ32026 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.
2 Based on actual FX rates for January-October 2026, and assumed FX rates (local currency per U.S. Dollar) of MXN 18.60 and PEN 3.45 for November 2026 - December 2026. FX impact may change based on fluctuations in currency rates in future periods.
3 Assumes diluted weighted average shares outstanding of approximately 139 million.
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, Adjusted EBITDA and Adjusted EPS), 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 19, 2026, 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 EPS, and total debt, net of cash and cash equivalents (or net debt). We have included the non-GAAP measures of Adjusted EBITDA and net debt 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 Laureate'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 debt, net of cash and cash equivalents, (or net debt) consists of total gross debt less total cash and cash equivalents. Net debt 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 debt, net of cash and cash equivalents (or net debt) 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 a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe that providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate 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.
About Laureate Education, Inc.
Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling more than 500,000 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 3Q 2026 | YTD 3Q 2025 | Change | As of 09/30/2026 | As of 09/30/2025 | Change | ||||||||
| Mexico | 171,000 | 158,000 | 8 | % | 292,500 | 277,000 | 6 | % | |||||
| Peru | 110,800 | 100,800 | 10 | % | 247,100 | 234,400 | 5 | % | |||||
| Laureate | 281,800 | 258,800 | 9 | % | 539,600 | 511,400 | 6 | % | |||||
Consolidated Statements of Operations
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
| IN MILLIONS (except per share amounts) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||
| Revenues | $ | 485.1 | $ | 400.2 | $ | 84.9 | $ | 1,373.6 | $ | 1,160.5 | $ | 213.1 | |||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Direct costs | 353.4 | 316.5 | 36.9 | 1,020.6 | 872.3 | 148.3 | |||||||||||||||||
| General and administrative expenses | 12.6 | 12.2 | 0.4 | 37.9 | 36.7 | 1.2 | |||||||||||||||||
| Operating income | 119.1 | 71.5 | 47.6 | 315.0 | 251.6 | 63.4 | |||||||||||||||||
| Interest income | 2.3 | 2.1 | 0.2 | 5.7 | 5.0 | 0.7 | |||||||||||||||||
| Interest expense | (4.8 | ) | (2.6 | ) | (2.2 | ) | (12.1 | ) | (8.1 | ) | (4.0 | ) | |||||||||||
| Other income, net | (0.1 | ) | 0.2 | (0.3 | ) | 0.4 | 1.0 | (0.6 | ) | ||||||||||||||
| Foreign currency exchange loss, net | 4.7 | (2.3 | ) | 7.0 | 3.7 | (31.1 | ) | 34.8 | |||||||||||||||
| Income from continuing operations before income taxes | 121.2 | 68.8 | 52.4 | 312.7 | 218.4 | 94.3 | |||||||||||||||||
| Income tax expense | (20.0 | ) | (34.5 | ) | 14.5 | (96.0 | ) | (106.3 | ) | 10.3 | |||||||||||||
| Income from continuing operations | 101.2 | 34.4 | 66.8 | 216.7 | 112.0 | 104.7 | |||||||||||||||||
| Income from discontinued operations, net of tax | — | — | — | — | 0.2 | (0.2 | ) | ||||||||||||||||
| Net income | 101.2 | 34.4 | 66.8 | 216.7 | 112.3 | 104.4 | |||||||||||||||||
| Net income attributable to noncontrolling interests | — | 0.1 | (0.1 | ) | — | (2.2 | ) | 2.2 | |||||||||||||||
| Net income attributable to Laureate Education, Inc. | $ | 101.2 | $ | 34.5 | $ | 66.7 | $ | 216.7 | $ | 110.1 | $ | 106.6 | |||||||||||
| Basic and diluted earnings per share: | |||||||||||||||||||
| Basic weighted average shares outstanding | 137.2 | 147.4 | (10.2 | ) | 139.5 | 148.5 | (9.0 | ) | |||||||||||
| Diluted weighted average shares outstanding | 138.0 | 148.2 | (10.2 | ) | 140.4 | 149.2 | (8.8 | ) | |||||||||||
| Basic earnings per share | $ | 0.74 | $ | 0.23 | $ | 0.51 | $ | 1.55 | $ | 0.74 | $ | 0.81 | |||||||
| Diluted earnings per share | $ | 0.73 | $ | 0.23 | $ | 0.50 | $ | 1.54 | $ | 0.74 | $ | 0.80 | |||||||
Revenue and Adjusted EBITDA by segment
IN MILLIONS
| % Change | $ Variance Components | |||||||||||||||||||||||
| For the three months ended September 30, | 2026 | 2025 | Reported | Constant Currency(1) | Total | Constant Currency | FX | |||||||||||||||||
| Revenues | ||||||||||||||||||||||||
| Mexico | $ | 256.5 | $ | 194.8 | 32 | % | 22 | % | $ | 61.7 | $ | 42.4 | $ | 19.3 | ||||||||||
| Peru | 228.6 | 205.3 | 11 | % | 7 | % | 23.3 | 13.4 | 9.9 | |||||||||||||||
| Corporate & Eliminations | — | — | nm | nm | — | — | — | |||||||||||||||||
| Total Revenues | $ | 485.1 | $ | 400.2 | 21 | % | 14 | % | $ | 84.9 | $ | 55.9 | $ | 29.2 | ||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||
| Mexico | $ | 62.1 | $ | 25.7 | 142 | % | 123 | % | $ | 36.4 | $ | 31.7 | $ | 4.7 | ||||||||||
| Peru | 94.0 | 78.1 | 20 | % | 15 | % | 15.9 | 11.8 | 4.1 | |||||||||||||||
| Corporate & Eliminations | (9.2 | ) | (8.9 | ) | (3 | )% | (3 | )% | (0.3 | ) | (0.3 | ) | — | |||||||||||
| Total Adjusted EBITDA | $ | 146.8 | $ | 94.8 | 55 | % | 46 | % | $ | 52.0 | $ | 43.2 | $ | 8.8 | ||||||||||
| % Change | $ Variance Components | |||||||||||||||||||||||
| For the nine months ended September 30, | 2026 | 2025 | Reported | Constant Currency(1) | Total | Constant Currency | FX | |||||||||||||||||
| Revenues | ||||||||||||||||||||||||
| Mexico | $ | 736.1 | $ | 601.5 | 22 | % | 9 | % | $ | 134.6 | $ | 55.8 | $ | 78.8 | ||||||||||
| Peru | 637.4 | 558.9 | 14 | % | 8 | % | 78.5 | 42.2 | 36.3 | |||||||||||||||
| Corporate & Eliminations | — | 0.1 | (100 | )% | (100 | )% | (0.1 | ) | (0.1 | ) | — | |||||||||||||
| Total Revenues | $ | 1,373.6 | $ | 1,160.5 | 18 | % | 8 | % | $ | 213.1 | $ | 98.0 | $ | 115.1 | ||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||
| Mexico | $ | 174.1 | $ | 136.1 | 28 | % | 14 | % | $ | 38.0 | $ | 19.1 | $ | 18.9 | ||||||||||
| Peru | 249.8 | 206.5 | 21 | % | 15 | % | 43.3 | 30.7 | 12.6 | |||||||||||||||
| Corporate & Eliminations | (28.9 | ) | (27.9 | ) | (4 | )% | (4 | )% | (1.0 | ) | (1.0 | ) | — | |||||||||||
| Total Adjusted EBITDA | $ | 395.1 | $ | 314.7 | 26 | % | 16 | % | $ | 80.4 | $ | 48.8 | $ | 31.5 | ||||||||||
| nm - percentage changes not meaningful (1) Constant Currency results exclude the period-over-period impact from currency fluctuations. 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 “Constant Currency” percentage changes are calculated by dividing the Constant Currency amounts by the 2025 Revenues and Adjusted EBITDA amounts. | ||||||||||||||||||||||||
Consolidated Balance Sheets
| IN MILLIONS | September 30, 2026 | December 31, 2025 | Change | ||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 189.9 | $ | 146.7 | $ | 43.2 | |||
| Receivables (current), net | 117.7 | 134.7 | (17.0 | ) | |||||
| Other current assets | 39.9 | 36.9 | 3.0 | ||||||
| Property and equipment, net | 658.0 | 628.6 | 29.4 | ||||||
| Operating lease right-of-use assets, net | 532.8 | 335.6 | 197.2 | ||||||
| Goodwill and other intangible assets | 808.2 | 803.5 | 4.7 | ||||||
| Deferred income taxes | 79.1 | 72.2 | 6.9 | ||||||
| Other long-term assets | 51.3 | 46.4 | 4.9 | ||||||
| Current and long-term assets held for sale | 0.8 | 1.7 | (0.9 | ) | |||||
| Total assets | $ | 2,477.6 | $ | 2,206.4 | $ | 271.2 | |||
| Liabilities and stockholders' equity | |||||||||
| Accounts payable and accrued expenses | $ | 258.2 | $ | 242.4 | $ | 15.8 | |||
| Deferred revenue and student deposits | 110.2 | 80.2 | 30.0 | ||||||
| Total operating leases, including current portion | 579.9 | 387.8 | 192.1 | ||||||
| Total long-term debt, including current portion | 202.7 | 127.7 | 75.0 | ||||||
| Other liabilities | 166.4 | 179.6 | (13.2 | ) | |||||
| Total liabilities | 1,317.4 | 1,017.6 | 299.8 | ||||||
| Redeemable equity | 0.7 | 1.4 | (0.7 | ) | |||||
| Total stockholders' equity | 1,159.5 | 1,187.4 | (27.9 | ) | |||||
| Total liabilities and stockholders' equity | $ | 2,477.6 | $ | 2,206.4 | $ | 271.2 | |||
Consolidated Statements of Cash Flows
| For the nine months ended September 30, | |||||||||||
| IN MILLIONS | 2026 | 2025 | Change | ||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 216.7 | $ | 112.3 | $ | 104.4 | |||||
| Depreciation and amortization | 69.4 | 53.3 | 16.1 | ||||||||
| Gain on lease terminations and disposals of subsidiaries and property and equipment, net | (1.2 | ) | (0.3 | ) | (0.9 | ) | |||||
| Deferred income taxes | (6.3 | ) | — | (6.3 | ) | ||||||
| Unrealized foreign currency exchange loss | (3.9 | ) | 30.9 | (34.8 | ) | ||||||
| Income tax receivable/payable, net | (26.4 | ) | 5.2 | (31.6 | ) | ||||||
| Working capital, excluding tax accounts | (1.5 | ) | (0.6 | ) | (0.9 | ) | |||||
| Other non-cash adjustments | 77.8 | 72.0 | 5.8 | ||||||||
| Net cash provided by operating activities | 324.6 | 272.8 | 51.8 | ||||||||
| Cash flows from investing activities | |||||||||||
| Purchase of property and equipment | (63.4 | ) | (36.1 | ) | (27.3 | ) | |||||
| Receipts from sales of property and equipment | 2.4 | 0.2 | 2.2 | ||||||||
| Net receipts from sales of discontinued operations | — | 0.1 | (0.1 | ) | |||||||
| Net cash used in investing activities | (61.0 | ) | (35.7 | ) | (25.3 | ) | |||||
| Cash flows from financing activities | |||||||||||
| Increase in long-term debt, net | 42.6 | (22.6 | ) | 65.2 | |||||||
| Payments to repurchase common stock and excise tax payments | (258.9 | ) | (71.6 | ) | (187.3 | ) | |||||
| Financing other, net | (5.2 | ) | (2.7 | ) | (2.5 | ) | |||||
| Net cash used in financing activities | (221.5 | ) | (96.9 | ) | (124.6 | ) | |||||
| Effects of exchange rate changes on Cash and cash equivalents and Restricted cash | (0.1 | ) | 8.1 | (8.2 | ) | ||||||
| Change in cash included in current assets held for sale | — | 0.3 | (0.3 | ) | |||||||
| Net change in Cash and cash equivalents and Restricted cash | 42.0 | 148.6 | (106.6 | ) | |||||||
| Cash and cash equivalents and Restricted cash at beginning of period | 152.1 | 97.9 | 54.2 | ||||||||
| Cash and cash equivalents and Restricted cash at end of period | $ | 194.0 | $ | 246.4 | $ | (52.4 | ) | ||||
Non-GAAP Reconciliation (1 of 3)
The following table reconciles Net income to Adjusted EBITDA:
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
| IN MILLIONS | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||
| Net income | $ | 101.2 | $ | 34.4 | $ | 66.8 | $ | 216.7 | $ | 112.3 | $ | 104.4 | |||||||||||
| Plus: | |||||||||||||||||||||||
| Loss from discontinued operations, net of tax | — | — | — | — | (0.2 | ) | 0.2 | ||||||||||||||||
| Income from continuing operations | 101.2 | 34.4 | 66.8 | 216.7 | 112.0 | 104.7 | |||||||||||||||||
| Plus: | |||||||||||||||||||||||
| Income tax expense | 20.0 | 34.5 | (14.5 | ) | 96.0 | 106.3 | (10.3 | ) | |||||||||||||||
| Income from continuing operations before income taxes | 121.2 | 68.8 | 52.4 | 312.7 | 218.4 | 94.3 | |||||||||||||||||
| Plus: | |||||||||||||||||||||||
| Foreign currency exchange (gain) loss, net | (4.7 | ) | 2.3 | (7.0 | ) | (3.7 | ) | 31.1 | (34.8 | ) | |||||||||||||
| Other expense (income), net | 0.1 | (0.2 | ) | 0.3 | (0.4 | ) | (1.0 | ) | 0.6 | ||||||||||||||
| Interest expense | 4.8 | 2.6 | 2.2 | 12.1 | 8.1 | 4.0 | |||||||||||||||||
| Interest income | (2.3 | ) | (2.1 | ) | (0.2 | ) | (5.7 | ) | (5.0 | ) | (0.7 | ) | |||||||||||
| Operating income | 119.1 | 71.5 | 47.6 | 315.0 | 251.6 | 63.4 | |||||||||||||||||
| Plus: | |||||||||||||||||||||||
| Depreciation and amortization | 23.8 | 19.6 | 4.2 | 69.4 | 53.3 | 16.1 | |||||||||||||||||
| EBITDA | 142.9 | 91.1 | 51.8 | 384.4 | 304.9 | 79.5 | |||||||||||||||||
| Plus: | |||||||||||||||||||||||
| Share-based compensation expense(1) | 3.9 | 3.8 | 0.1 | 10.6 | 9.7 | 0.9 | |||||||||||||||||
| Adjusted EBITDA | $ | 146.8 | $ | 94.8 | $ | 52.0 | $ | 395.1 | $ | 314.7 | $ | 80.4 | |||||||||||
| (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 September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| IN MILLIONS, except per share amounts | (per share)(1) | (per share)(1) | ||||||||||||
| Net income | $ | 101.2 | $ | 0.73 | $ | 34.4 | $ | 0.23 | ||||||
| Plus: | ||||||||||||||
| Income from discontinued operations, net of tax | — | — | — | — | ||||||||||
| Income from continuing operations | 101.2 | 0.73 | 34.4 | 0.23 | ||||||||||
| Plus: | ||||||||||||||
| Discrete tax items(2) | (24.8 | ) | (0.18 | ) | 1.8 | 0.01 | ||||||||
| Loss on debt extinguishment | — | — | — | — | ||||||||||
| Loss on disposal of subsidiaries, net | — | — | — | — | ||||||||||
| Foreign currency exchange loss, net | (4.7 | ) | (0.03 | ) | 2.3 | 0.02 | ||||||||
| Loss on impairment of assets | — | — | — | — | ||||||||||
| Adjusted net income | $ | 71.7 | $ | 0.52 | $ | 38.5 | $ | 0.26 | ||||||
| Diluted weighted average shares outstanding | 138.0 | 148.2 | ||||||||||||
| (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 for 2026 represent a non-recurring, non-cash income tax benefit of approximately Beginning in the fourth quarter of 2025, Laureate determined that the interest related to certain legacy tax liabilities, which is recorded as a component of income tax (benefit) expense and totaled | ||||||||||||||
Non-GAAP Reconciliations (3 of 3)
The following table reconciles Net income to Adjusted net income and Adjusted EPS:
| For the nine months ended September 30, | |||||||||||||||
| 2026 | 2025 | ||||||||||||||
| IN MILLIONS, except per share amounts | (per share)(1) | (per share)(1) | |||||||||||||
| Net income | $ | 216.7 | $ | 1.54 | $ | 112.3 | $ | 0.74 | |||||||
| Plus: | |||||||||||||||
| Loss from discontinued operations, net of tax | — | — | (0.2 | ) | — | ||||||||||
| Income from continuing operations | 216.7 | 1.54 | 112.0 | 0.74 | |||||||||||
| Plus: | |||||||||||||||
| Discrete tax items(2) | (25.4 | ) | (0.18 | ) | 0.8 | 0.01 | |||||||||
| Loss on debt extinguishment | — | — | — | — | |||||||||||
| Loss on disposal of subsidiaries, net | — | — | — | — | |||||||||||
| Foreign currency exchange loss, net | (3.7 | ) | (0.03 | ) | 31.1 | 0.21 | |||||||||
| Loss on impairment of assets | — | — | — | — | |||||||||||
| Adjusted net income | $ | 187.6 | $ | 1.33 | $ | 143.9 | $ | 0.96 | |||||||
| Diluted weighted average shares outstanding | 140.4 | 149.2 | |||||||||||||
| (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 for 2026 include a non-recurring, non-cash income tax benefit of approximately Beginning in the fourth quarter of 2025, Laureate determined that the interest related to certain legacy tax liabilities, which is recorded as a component of income tax (benefit) expense, should be excluded from Adjusted net income and treated as a discrete tax item as this provides a more useful indicator of Laureate's earnings from core operations. For comparability and to conform the prior year to the current presentation, Laureate has revised the 2025 amount for discrete tax items by | |||||||||||||||
Investor Relations Contact:
Media Contacts:
| Laureate Education | ||
| Adam Smith | ||
| adam.smith@laureate.net | ||
| U.S.: +1 (443) 255 0724 | ||
| Source: Laureate Education, Inc. |
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Laureate Education's third-quarter 2026 earnings?
Laureate reported $101.2 million in net income and diluted earnings per share of $0.73, versus $34.4 million and $0.23 a year earlier. Revenue increased 21% to $485.1 million. Academic-calendar timing favorably affected quarterly revenue by approximately $29 million and adjusted EBITDA by approximately $26 million.
How much stock can Laureate Education repurchase after its October 2026 authorization increase?
Laureate may repurchase up to approximately $225.2 million of common stock after the $150 million authorization increase, taking cumulative repurchases through September 30, 2026 into account. The program has no fixed expiration date.
What assumptions underpin Laureate Education's 2026 guidance?
The outlook uses actual January–October 2026 exchange rates and assumed November–December rates of MXN 18.60 and PEN 3.45 per U.S. dollar. Adjusted earnings-per-share guidance assumes diluted weighted average shares outstanding of approximately 139 million.
How much cash and debt did Laureate Education have at September 30, 2026?
Laureate had $189.9 million of cash and cash equivalents and $204.2 million of gross debt at September 30, 2026. Net debt was $14.3 million.