Universal Technical Institute Reports Fiscal Year 2025 Fourth Quarter and Year-End Results
Universal Technical Institute (NYSE: UTI) reported fiscal 2025 results with $835.6M revenue (up 14.0% YoY), $63.0M net income (up 50.0% YoY), and $126.5M adjusted EBITDA (up 22.9% YoY). Full-year average full-time active students rose to 24,618 and total new student starts were 29,793 (up 10.8%).
The company expects fiscal 2026 revenue of $905–$915M, baseline adjusted EBITDA above $150M, reported adjusted EBITDA of $114–$119M reflecting ~$40M growth investments, and plans to open 2–5 campuses and launch ~20 new programs annually. Available liquidity was $254.5M and total debt was $87.1M at Sept 30, 2025.
Universal Technical Institute (NYSE: UTI) ha riportato i risultati fiscali 2025 con ricavi di 835,6 milioni di dollari (in crescita del 14,0% su base annua), utile netto di 63,0 milioni di dollari (in aumento del 50,0% su base annua), e EBITDA rettificato di 126,5 milioni di dollari (in crescita del 22,9% su base annua). L'anno fiscale ha visto aumentare lo share degli studenti attivi a tempo pieno medio a 24.618 e i nuovi avviamenti di studenti sono stati 29.793 (in aumento del 10,8%).
L'azienda prevede per l'esercizio 2026 ricavi tra 905–915 milioni di dollari, EBITDA rettificato base superiore a 150 milioni di dollari, EBITDA rettificato riportato di 114–119 milioni di dollari riflettendo investimenti di crescita di circa 40 milioni di dollari, e piani per aprire 2–5 campus e lanciare circa 20 nuovi programmi annualmente. La liquidità disponibile era di 254,5 milioni di dollari e il debito totale era di 87,1 milioni al 30 settembre 2025.
Universal Technical Institute (NYSE: UTI) informó resultados fiscales 2025 con ingresos de 835,6 millones de dólares (un aumento del 14,0% interanual), utilidad neta de 63,0 millones de dólares (un aumento del 50,0% interanual), y EBITDA ajustado de 126,5 millones de dólares (un aumento del 22,9% interanual). El promedio anual de estudiantes activos a tiempo completo subió a 24.618 y las nuevas inscripciones de estudiantes totalizaron 29.793 (un aumento del 10,8%).
La empresa espera para el 2026 ingresos de 905–915 millones de dólares, EBITDA ajustado base por encima de 150 millones de dólares, EBITDA ajustado declarado de 114–119 millones de dólares reflejando inversiones de crecimiento de ~40 millones, y planes para abrir 2–5 campus y lanzar ~20 programas nuevos anualmente. La liquidez disponible era de 254,5 millones de dólares y la deuda total era de 87,1 millones al 30 de septiembre de 2025.
Universal Technical Institute (NYSE: UTI)는 2025 회계연도 실적을 발표했습니다. 매출 8억 3560만 달러로 전년 대비 14.0% 증가, 순이익 6,300만 달러로 전년 대비 50.0% 증가, 조정 EBITDA 1억2650만 달러로 전년 대비 22.9% 증가했습니다. 전체 연간 평균 상시 학생 수는 24,618명으로 상승했고 신규 학생 시작은 29,793명으로 증가했습니다(10.8% 증가).
회사는 2026 회계연도 매출을 9억 50.5–9억 15만 달러로 전망하고, 기본 조정 EBITDA를 1억 5천만 달러 이상, 보고된 조정 EBITDA를 1억 14–1억 19만 달러로 전망하며, 약 4천만 달러의 성장투자를 반영합니다. 또한 연간 2–5개의 캠퍼스를 열고 매년 약 20개의 신규 프로그램을 출시할 계획입니다. 가용 유동성은 2억 5450만 달러, 총 부채는 8,710만 달러로 2025년 9월 30일 기준입니다.
Universal Technical Institute (NYSE: UTI) a publié les résultats fiscaux 2025 avec un chiffre d'affaires de 835,6 millions de dollars (en hausse de 14,0% sur un an), un bénéfice net de 63,0 millions de dollars (en hausse de 50,0% sur un an) et un EBITDA ajusté de 126,5 millions de dollars (en hausse de 22,9% sur un an). Le nombre moyen annuel d'étudiants à temps plein est passé à 24 618 et les nouveaux départs d'étudiants ont été de 29 793 (en hausse de 10,8%).
Pour l'exercice 2026, l'entreprise prévoit un chiffre d'affaires de 905–915 M$, un EBITDA ajusté de base supérieur à 150 M$, un EBITDA ajusté déclaré de 114–119 M$ reflétant des investissements de croissance d'environ 40 M$, et des plans d'ouverture de 2 à 5 campus et de lancement d'environ 20 nouveaux programmes chaque année. La liquidité disponible était de 254,5 M$ et la dette totale était de 87,1 M$ au 30 septembre 2025.
Universal Technical Institute (NYSE: UTI) meldete die Ergebnisse für das Geschäftsjahr 2025 mit Umsatz von 835,6 Mio. USD (YoY +14,0%), Nettoeinkommen von 63,0 Mio. USD (YoY +50,0%) und bereinigtes EBITDA von 126,5 Mio. USD (YoY +22,9%). Der durchschnittliche Full-Time-Aktivenbestand stieg im Jahresverlauf auf 24.618 und die Gesamtzahl der neuen Studenteneintritte betrug 29.793 ( +10,8%).
Für das Geschäftsjahr 2026 rechnet das Unternehmen mit einem Umsatz von 905–915 Mio. USD, einem basisch berechneten EBITDA von über 150 Mio. USD, einem berichteten bereinigten EBITDA von 114–119 Mio. USD unter Berücksichtigung von Wachstumsinvestitionen von ca. 40 Mio. USD und plant jährlich 2–5 Campusstandorte zu eröffnen und ca. 20 neue Programme einzuführen. Verfügbare Liquidität betrug 254,5 Mio. USD und die Gesamtverschuldung 87,1 Mio. USD zum 30. Sept. 2025.
Universal Technical Institute (NYSE: UTI) أبلغت عن نتائج السنة المالية 2025 بإيرادات قدرها 835.6 مليون دولار بارتفاع 14.0% على أساس سنوي، وصافي دخل 63.0 مليون دولار بارتفاع 50.0% على أساس سنوي، وEBITDA المعدل 126.5 مليون دولار بارتفاع 22.9% على أساس سنوي. ارتفع متوسط عدد الطلاب النشطين بدوام كامل للسنة إلى 24,618 وبلغ إجمالي بدء الطلاب الجدد 29,793 (ارتفاع 10.8%).
تتوقع الشركة لعام 2026 إيرادات تتراوح بين 905–915 مليون دولار، وEBITDA معدل أساسي فوق 150 مليون دولار، وEBITDA المعدل المعلن بين 114–119 مليون دولار مع عكس استثمارات نمو بقيمة نحو 40 مليون دولار، وتخطط لفتح 2–5 حرم جامعية وطرح نحو 20 برنامجًا جديدًا سنويًا. كانت السيولة المتاحة 254.5 مليون دولار والديون الإجمالية 87.1 مليون دولار حتى 30 سبتمبر 2025.
- Revenue +14.0% YoY to $835.6M
- Net income +50.0% YoY to $63.0M
- Adjusted EBITDA +22.9% YoY to $126.5M
- New student starts 29,793 (+10.8% YoY)
- Available liquidity of $254.5M at Sept 30, 2025
- FY2026 net income guidance $40–45M (≈33% decline YoY)
- Reported adjusted EBITDA guidance $114–119M (≈8% decline YoY)
- Adjusted free cash flow guidance $20–25M (≈60% decline YoY)
- Planned ~$100M FY2026 capex and ~$40M growth investments
Insights
UTI delivered stronger-than-expected FY2025 results with revenue and profit beats and a clear, capital-intensive growth plan for FY2026.
Full-year revenue of
Near-term guidance shows deliberate margin compression driven by planned growth investments: FY2026 revenue guidance of
Watch new student starts guidance (~31,500–33,000 for FY2026), the cadence of campus openings (at least two, up to five annually), and quarterly progress versus the stated
Met or surpassed fiscal year 2025 guidance ranges for revenue, net income, adjusted EBITDA, diluted EPS, and new student starts
Financial Highlights
- Full year revenue of
$835.6 million 14.0% over the prior year. - Full year net income was
$63.0 million 50.0% over the prior year. - Full year adjusted EBITDA(1) was
$126.5 million 22.9% over the prior year.
Operational Highlights and North Star Strategy Developments
- Full year average full-time active students of 24,618, an increase of
10.5% over the prior year, with total new student starts of 29,793, an increase of10.8% over the prior year. - Company now expects to open at least two and up to five new campuses, as well as launch approximately 20 new programs, across both the divisions annually over this next phase, pending regulatory approval.
"Fiscal 2025 was an exceptional year for Universal Technical Institute and a defining start to the second phase of our North Star strategy," said Jerome Grant, CEO of Universal Technical Institute, Inc. "We exceeded every major operational target we set and even surpassed our twice-raised revenue guidance range with
"As we enter fiscal 2026, we are accelerating the next phase of our growth plan. We now expect to open at least two and up to five campuses annually, as well as launch approximately 20 new programs annually, across both the UTI and Concorde divisions. Everything is in place for another strong year, with clear targets, a scalable platform, and a built-out team executing with discipline and precision. The momentum we have created gives us great confidence in our ability to deliver outsized returns and expand our footprint throughout Phase II of our North Star strategy and beyond."
Financial Results for the Three-Month Period Ended September 30, 2025 Compared to 2024
- Revenues increased
13.3% to$222.4 million $196.4 million - Operating expenses increased
15.9% to$197.5 million $170.3 million - Operating income was
$25.0 million $26.0 million - Net income was
$18.8 million $18.8 million - Basic and diluted earnings per share (EPS) were
$0.34 $0.35 $0.34 - Adjusted EBITDA(1) decreased
1.4% to$36.8 million $37.3 million - Average full-time active students increased
8.1% , with total new student starts of 12,109 compared to 11,492.
Financial Results for the Year Ended September 30, 2025 Compared to 2024
- Revenues increased
14.0% to$835.6 million $732.7 million - Operating expenses increased
11.6% to$752.1 million $673.8 million - Operating income increased
41.7% to$83.5 million $58.9 million - Net income was
$63.0 million $56 $42.0 million - Basic and diluted EPS were
$1.16 $1.13 $0.77 $0.75 - Adjusted EBITDA(1) increased
22.9% to$126.5 million $124 $102.9 million - Net cash provided by operating activities increased
13.3% to$97.3 million $85.9 million - Adjusted free cash flow(1) was
$56.0 million - Full year average full-time active students increased
10.5% , with total new student starts of 29,793, an increase of10.8% over the prior year, which was within our updated full-year guidance range of 29,500 - 30,000.
Balance Sheet and Liquidity
At September 30, 2025, our total available liquidity was
Fiscal 2026 Financial Outlook
"Fiscal 2025 was another year of outstanding performance and disciplined execution for Universal Technical Institute," said Bruce Schuman, CFO of Universal Technical Institute, Inc. "We delivered revenue of
"Looking ahead to fiscal 2026, we expect revenue between
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FY 2025 |
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FY 2026 |
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Year-Over-Year |
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($ in millions excluding new student starts and EPS) |
Actuals |
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Guidance |
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Growth(2) |
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New student starts |
29,793 |
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31,500 - 33,000 |
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8 % |
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Revenue |
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9 % |
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Net Income |
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(33) % |
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(33) % |
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Adjusted EBITDA(1)(3) |
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(8) % |
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Adjusted free cash flow(1)(3)(4) |
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(60) % |
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(1) |
See the "Use of Non-GAAP Financial Information" below. For a detailed reconciliation of the non-GAAP measures, see the tables following the earnings release. |
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(2) |
Year-over-year growth percentages are calculated using the fiscal 2026 guidance midpoint. |
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(3) |
Beginning in FY2025, growth investments for program expansion and new campus initiatives will no longer be included as add-backs in Adjusted EBITDA and Adjusted free cash flow calculations, affecting the year-over-year comparability. |
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(4) |
Includes |
For the Company's most recent investor presentation and quarterly financial supplement, please see its investor relations website at https://investor.uti.edu.
Conference Call
Management will hold a conference call to discuss the financial results for the fiscal 2025 fourth quarter and full year ended September 30, 2025, on Wednesday, November 19, 2025, at 4:30 pm EST.
To participate in the live call, investors are invited to dial (844) 881-0138 (domestic) or (412) 317-6790 (international). A live webcast of the call will be available via the Universal Technical Institute investor relations website at https://investor.uti.edu. Please go to the website at least 10 minutes early to register, download and install any necessary audio software. The conference call webcast will be archived for fourteen days at https://investor.uti.edu or the telephone replay can be accessed through December 3, 2025, by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and entering passcode 2202010.
Use of Non-GAAP Financial Information
In addition to disclosing financial results that are determined in accordance with
Adjusted EBITDA
The Company defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for stock-based compensation expense and items not considered normal recurring operations.
Adjusted Free Cash Flow
The Company defines adjusted free cash flow as net cash provided by (used in) operating activities less capital expenditures, adjusted for items not considered normal recurring operations.
Management utilizes adjusted figures as performance measures internally for operating decisions, strategic planning, annual budgeting and forecasting. For the periods presented, our adjustments for items that management does not consider to be normal recurring operations include:
- Acquisition-related costs: We have excluded costs associated with both potential and announced acquisitions to allow for comparable financial results to historical operations and forward-looking guidance.
- Integration-related costs for completed acquisitions: We have excluded integration costs related to business structure realignment and new programs for recent acquisitions to allow for comparable financial results to historical operations and forward-looking guidance. In addition, the nature and amount of such charges vary significantly based on the size and timing of the programs. By excluding the referenced expenses from our non-GAAP financial measures, our management is able to further evaluate our ability to utilize existing assets and estimate their long-term value. Furthermore, our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance.
-
Restructuring charges: In December 2023, we announced plans to consolidate the two
Houston, Texas campus locations to align the curriculum, student facing systems, and support services to better serve students seeking careers in in-demand fields. As part of the transition, the MIAT Houston campus, acquired in November 2021, began a phased teach-out in May 2024, and such campus began operating under the UTI brand. MIAT-Houston students who have not completed their programs before their program's teach-out date may enroll at UTI-Houston to complete their program. Both facilities will remain in use post-consolidation. - Facility lease accounting adjustments: During 2024, we recorded a lease accounting adjustment for a lease termination payment for the previous Concorde corporate offices. These adjustments are not considered part of normal recurring operations.
To obtain a complete understanding of our performance, these measures should be examined in connection with net income (loss) and net cash provided by (used in) operating activities, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the Securities and Exchange Commission ("SEC"). Because the items excluded from these non-GAAP measures are significant components in understanding and assessing our financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or net cash provided by (used in) operating activities as a measure of our operating performance or liquidity. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may define and calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure across similarly titled performance measures presented by other companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is provided below and investors are encouraged to review the reconciliations.
Forward Looking Statements
All statements contained in this press release and the related conference call, other than statements of historical fact, are "forward-looking" statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements which address our expected future business and financial performance, may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will," the negative form of these expressions or similar expressions. Examples of forward-looking statements include, among others, statements regarding (1) the Company's expectation that it will meet its fiscal year 2026 guidance for new student start growth, revenue growth, net income, diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash Flow; (2) the Company's expectation that it will continue to expand its value proposition and build a business that can grow in double digits with potential upside, regardless of the economic environment; and (3) the Company's expectation that it will succeed in new program launches next year. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could affect our actual results include, among other things, failure of our schools to comply with the extensive regulatory requirements for school operations; our failure to maintain eligibility for or our ability to process federal student financial assistance funds; the effect of current and future Title IV Program regulations arising out of negotiated rulemakings, including any potential reductions in funding or restrictions on the use of funds received through Title IV Programs; the effect of future legislative or regulatory initiatives related to veterans' benefit programs; continued Congressional examination of the for-profit education sector; regulatory investigations of, or actions commenced against, us or other companies in our industry; changes in the state regulatory environment or budgetary constraints; our failure to execute on our growth and diversification strategy, including effectively identifying, establishing and operating additional schools, programs or campuses; our failure to realize the expected benefits of our acquisitions, or our failure to successfully integrate our acquisitions.; our failure to improve underutilized capacity at certain of our campuses; enrollment declines or challenges in our students' ability to find employment as a result of macroeconomic conditions; our failure to maintain and expand existing industry relationships and develop new industry relationships; our ability to update and expand the content of existing programs and develop and integrate new programs in a timely and cost-effective manner while maintaining positive student outcomes; a loss of our senior management or other key employees; failure to comply with the restrictive covenants and our ability to pay the amounts when due under our credit agreement, and other risks that are described from time to time in our public filings. Further information on these and other potential factors that could affect the financial results or condition may be found in the company's filings with the SEC. Any forward-looking statements made by us in this press release and the related conference call are based only on information currently available to us and speak only as of the date on which it is made. We expressly disclaim any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions or circumstances, or otherwise.
Social Media Disclosure
Universal Technical Institute (UTI) uses its websites (https://www.uti.edu/ and https://investor.uti.edu/) and LinkedIn page (https://www.linkedin.com/school/universal-technical-institute/) as channels of distribution of information about its programs, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and UTI may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company's website and its social media accounts in addition to following the company's press releases, SEC filings, public conference calls, and webcasts.
About Universal Technical Institute, Inc.
Universal Technical Institute, Inc. (NYSE: UTI) was founded in 1965 and is a leading workforce solutions provider serving students, partners and communities nationwide. The company offers high-quality education and support services for in-demand careers via its two divisions: UTI and Concorde Career Colleges. The UTI division operates 15 campuses located in nine states and offers a wide range of transportation, skilled trades, electrical and energy training programs. Concorde operates across 17 campuses in eight states and online, offering programs in the allied health, dental, nursing, patient care and diagnostic fields. For more information, visit www.uti.edu or www.concorde.edu; LinkedIn at @UniversalTechnicalInstitute and @Concorde Career Colleges; or X at @news_UTI and @ConcordeCareer.
Company Contact:
Matt Kempton
VP Corporate Finance & Investor Relations
Universal Technical Institute, Inc.
(623) 445-9392
mkempton@uti.edu
Media Contact:
Susan Aspey
Vice President, Corporate Affairs & External Communications
Universal Technical Institute, Inc.
(202) 549-0534
saspey@uti.edu
Investor Relations Contact:
Matt Glover or Ralf Esper
Gateway Group, Inc.
(949) 574-3860
UTI@gateway-grp.com
(Tables Follow)
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UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
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Three Months Ended |
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Twelve Months Ended |
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September 30, |
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September 30, |
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2025 |
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2024 |
|
2025 |
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2024 |
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Revenues |
$ 222,442 |
|
$ 196,358 |
|
$ 835,616 |
|
$ 732,687 |
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Operating expenses: |
|
|
|
|
|
|
|
|
Educational services and facilities |
112,258 |
|
99,355 |
|
420,491 |
|
384,529 |
|
Selling, general and administrative |
85,198 |
|
70,981 |
|
331,656 |
|
289,267 |
|
Total operating expenses |
197,456 |
|
170,336 |
|
752,147 |
|
673,796 |
|
Income from operations |
24,986 |
|
26,022 |
|
83,469 |
|
58,891 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
1,340 |
|
1,472 |
|
6,173 |
|
6,314 |
|
Interest expense |
(909) |
|
(2,267) |
|
(5,633) |
|
(9,471) |
|
Other income |
142 |
|
143 |
|
265 |
|
496 |
|
Total other income (expense), net |
573 |
|
(652) |
|
805 |
|
(2,661) |
|
Income before income taxes |
25,559 |
|
25,370 |
|
84,274 |
|
56,230 |
|
Income tax expense |
(6,803) |
|
(6,530) |
|
(21,256) |
|
(14,229) |
|
Net income |
18,756 |
|
18,840 |
|
63,018 |
|
42,001 |
|
Preferred stock dividends |
— |
|
— |
|
— |
|
(1,097) |
|
Income available for distribution |
18,756 |
|
18,840 |
|
63,018 |
|
40,904 |
|
Income allocated to participating securities |
— |
|
— |
|
— |
|
(2,855) |
|
Net income available to common shareholders |
$ 18,756 |
|
$ 18,840 |
|
$ 63,018 |
|
$ 38,049 |
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|
|
|
|
|
|
|
|
|
Earnings per share: |
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|
|
|
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|
|
Net income per share - basic |
$ 0.34 |
|
$ 0.35 |
|
$ 1.16 |
|
$ 0.77 |
|
Net income per share - diluted |
$ 0.34 |
|
$ 0.34 |
|
$ 1.13 |
|
$ 0.75 |
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|
|
|
|
|
|
|
|
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Weighted average number of shares outstanding: |
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|
|
|
|
|
|
|
Basic |
54,425 |
|
53,813 |
|
54,301 |
|
49,429 |
|
Diluted |
55,728 |
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55,404 |
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55,615 |
|
50,851 |
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UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
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September 30, 2025 |
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September 30, 2024 |
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Assets |
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Cash and cash equivalents |
$ 127,361 |
|
$ 161,900 |
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Restricted cash |
6,769 |
|
5,572 |
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Held-to-maturity investments |
41,784 |
|
— |
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Receivables, net |
46,078 |
|
31,096 |
|
Notes receivable, current portion |
6,597 |
|
6,200 |
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Prepaid expenses |
12,526 |
|
11,945 |
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Other current assets |
5,517 |
|
5,238 |
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Total current assets |
246,632 |
|
221,951 |
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Property and equipment, net |
285,852 |
|
264,797 |
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Goodwill |
28,459 |
|
28,459 |
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Intangible assets, net |
17,352 |
|
18,229 |
|
Notes receivable, less current portion |
41,109 |
|
36,267 |
|
Right-of-use assets for operating leases |
178,861 |
|
158,778 |
|
Deferred tax assets |
4,283 |
|
3,563 |
|
Other assets |
23,591 |
|
12,531 |
|
Total assets |
$ 826,139 |
|
$ 744,575 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
Accounts payable and accrued expenses |
$ 104,644 |
|
$ 83,866 |
|
Deferred revenue |
91,525 |
|
92,538 |
|
Operating lease liability, current portion |
16,967 |
|
22,210 |
|
Long-term debt, current portion |
2,865 |
|
2,697 |
|
Other current liabilities |
13,670 |
|
3,652 |
|
Total current liabilities |
229,671 |
|
204,963 |
|
Deferred tax liabilities |
4,144 |
|
4,696 |
|
Operating lease liability |
174,838 |
|
146,831 |
|
Long-term debt |
84,234 |
|
123,007 |
|
Other liabilities |
5,142 |
|
4,847 |
|
Total liabilities |
498,029 |
|
484,344 |
|
Commitments and contingencies |
|
|
|
|
Shareholders' equity: |
|
|
|
|
Common stock, |
5 |
|
5 |
|
Paid-in capital - common |
226,031 |
|
220,976 |
|
Treasury stock, at cost, 82 shares as of September 30, 2025 and 2024 |
(365) |
|
(365) |
|
Retained earnings |
101,527 |
|
38,509 |
|
Accumulated other comprehensive income |
912 |
|
1,106 |
|
Total shareholders' equity |
328,110 |
|
260,231 |
|
Total liabilities and shareholders' equity |
$ 826,139 |
|
$ 744,575 |
|
UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
||||
|
|
||||
|
|
|
Year Ended September 30, |
||
|
|
|
2025 |
|
2024 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net income |
|
$ 63,018 |
|
$ 42,001 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
32,958 |
|
29,324 |
|
Amortization of right-of-use assets for operating leases |
|
23,827 |
|
21,861 |
|
Provision for credit losses |
|
22,144 |
|
7,547 |
|
Stock-based compensation |
|
9,151 |
|
8,560 |
|
Deferred income taxes |
|
(1,337) |
|
4,439 |
|
Unrealized loss on interest rate swaps, net of taxes |
|
(194) |
|
(1,357) |
|
Other, net |
|
1,915 |
|
1,802 |
|
Changes in assets and liabilities: |
|
|
|
|
|
Accounts and notes receivables |
|
(43,951) |
|
(17,927) |
|
Prepaid expenses and other current assets |
|
(1,724) |
|
(3,651) |
|
Accounts payable, accrued expenses and other current liabilities |
|
11,164 |
|
13,195 |
|
Deferred revenue |
|
(1,012) |
|
6,800 |
|
Income tax payable/receivable |
|
11,357 |
|
(2,066) |
|
Operating lease liability |
|
(22,141) |
|
(22,449) |
|
All other assets and liabilities |
|
(7,845) |
|
(2,184) |
|
Net cash provided by operating activities |
|
97,330 |
|
85,895 |
|
Cash flows from investing activities: |
|
|
|
|
|
Purchase of property and equipment |
|
(41,978) |
|
(24,298) |
|
Purchase of held-to-maturity investments |
|
(68,371) |
|
— |
|
Proceeds received upon maturity of investments |
|
22,301 |
|
— |
|
Other investing activities |
|
169 |
|
296 |
|
Net cash used in investing activities |
|
(87,879) |
|
(24,002) |
|
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from revolving credit facility |
|
26,000 |
|
41,000 |
|
Payments on revolving credit facility |
|
(62,000) |
|
(75,000) |
|
Payment of term loans and finance leases |
|
(2,697) |
|
(2,518) |
|
Preferred share repurchase |
|
— |
|
(11,503) |
|
Payment of preferred stock cash dividend |
|
— |
|
(1,097) |
|
Payment of payroll taxes on stock-based compensation through shares withheld |
|
(4,755) |
|
(2,227) |
|
Proceeds from stock option exercises |
|
659 |
|
— |
|
Net cash used in financing activities |
|
(42,793) |
|
(51,345) |
|
Change in cash, cash equivalents and restricted cash |
|
$ (33,342) |
|
$ 10,548 |
|
Cash and cash equivalents, beginning of period |
|
$ 161,900 |
|
$ 151,547 |
|
Restricted cash, beginning of period |
|
5,572 |
|
5,377 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
$ 167,472 |
|
$ 156,924 |
|
Cash and cash equivalents, end of period |
|
$ 127,361 |
|
$ 161,900 |
|
Restricted cash, end of period |
|
6,769 |
|
5,572 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ 134,130 |
|
$ 167,472 |
|
UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
||||||||||||
|
|
||||||||||||
|
Student Metrics |
||||||||||||
|
|
Three Months Ended September 30, 2025 |
|
|
Three Months Ended September 30, 2024 |
||||||||
|
|
UTI |
|
Concorde |
|
Total |
|
|
UTI |
|
Concorde |
|
Total |
|
Total new student starts |
7,166 |
|
4,943 |
|
12,109 |
|
|
7,068 |
|
4,424 |
|
11,492 |
|
Year-over-year growth (decline) |
1.4 % |
|
11.7 % |
|
5.4 % |
|
|
8.7 % |
|
13.7 % |
|
10.6 % |
|
Average full-time active students |
15,207 |
|
9,842 |
|
25,049 |
|
|
14,067 |
|
9,113 |
|
23,180 |
|
Year-over-year growth (decline) |
8.1 % |
|
8.0 % |
|
8.1 % |
|
|
9.2 % |
|
13.8 % |
|
11.0 % |
|
End of period full-time active students |
16,841 |
|
10,838 |
|
27,679 |
|
|
15,873 |
|
9,747 |
|
25,620 |
|
Year-over-year growth (decline) |
6.1 % |
|
11.2 % |
|
8.0 % |
|
|
7.0 % |
|
16.5 % |
|
10.4 % |
|
|
||||||||||||
|
|
Year Ended September 30, 2025 |
|
|
Year Ended September 30, 2024 |
||||||||
|
|
UTI |
|
Concorde |
|
Total |
|
|
UTI |
|
Concorde |
|
Total |
|
Total new student starts |
16,339 |
|
13,454 |
|
29,793 |
|
|
15,138 |
|
11,747 |
|
26,885 |
|
Year-over-year growth (decline) |
7.9 % |
|
14.5 % |
|
10.8 % |
|
|
6.7 % |
|
39.3 % |
|
18.9 % |
|
Average full-time active students |
14,913 |
|
9,705 |
|
24,618 |
|
|
13,810 |
|
8,475 |
|
22,285 |
|
Year-over-year growth (decline) |
8.0 % |
|
14.5 % |
|
10.5 % |
|
|
9.5 % |
|
10.7 % |
|
10.0 % |
|
End of period full-time active students |
16,841 |
|
10,838 |
|
27,679 |
|
|
15,873 |
|
9,747 |
|
25,620 |
|
Year-over-year growth (decline) |
6.1 % |
|
11.2 % |
|
8.0 % |
|
|
7.0 % |
|
16.5 % |
|
10.4 % |
|
Financial Summary by Segment and Consolidated |
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|
Three Months Ended September 30, 2025 |
|
|
Three Months Ended September 30, 2024 |
||||||||||||
|
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Revenue |
|
$ 144,648 |
|
$ 77,794 |
|
$ — |
|
$ 222,442 |
|
|
$ 130,545 |
|
$ 65,813 |
|
$ — |
|
$ 196,358 |
|
Total operating expenses |
|
117,043 |
|
67,671 |
|
12,742 |
|
197,456 |
|
|
100,101 |
|
59,099 |
|
11,136 |
|
170,336 |
|
Net income (loss) |
|
26,807 |
|
10,109 |
|
(18,160) |
|
18,756 |
|
|
28,760 |
|
6,777 |
|
(16,697) |
|
18,840 |
|
|
|||||||||||||||||
|
|
|
Twelve Months Ended September 30, 2025 |
|
|
Twelve Months Ended September 30, 2024 |
||||||||||||
|
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Revenue |
|
$ 541,816 |
|
$ 293,800 |
|
$ — |
|
$ 835,616 |
|
|
$ 486,376 |
|
$ 246,311 |
|
$ — |
|
$ 732,687 |
|
Total operating expenses |
|
447,446 |
|
257,671 |
|
47,030 |
|
752,147 |
|
|
408,620 |
|
225,507 |
|
39,669 |
|
673,796 |
|
Net income (loss) |
|
89,901 |
|
36,001 |
|
(62,884) |
|
63,018 |
|
|
71,646 |
|
21,048 |
|
(50,693) |
|
42,001 |
|
UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
|||||||
|
|
|||||||
|
Major Operating Expense Categories by Segment and Consolidated |
|||||||
|
|
|||||||
|
|
Three Months Ended September 30, 2025 |
||||||
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Operating Expenses |
|
|
|
|
|
|
|
|
Compensation and Benefits |
$ 52,097 |
|
$ 33,875 |
|
$ 18,099 |
|
$ 104,071 |
|
Advertising |
12,647 |
|
7,784 |
|
54 |
|
20,485 |
|
Occupancy |
11,621 |
|
6,563 |
|
273 |
|
18,457 |
|
Student Related |
11,734 |
|
7,074 |
|
— |
|
18,808 |
|
General Operations |
6,788 |
|
4,935 |
|
3,541 |
|
15,264 |
|
Professional and Contract Services |
2,557 |
|
1,335 |
|
4,412 |
|
8,304 |
|
Depreciation and amortization |
6,138 |
|
2,055 |
|
313 |
|
8,506 |
|
Other Expenses |
1,657 |
|
899 |
|
1,005 |
|
3,561 |
|
Corporate Support |
11,804 |
|
3,151 |
|
(14,955) |
|
— |
|
Total Operating Expenses |
$ 117,043 |
|
$ 67,671 |
|
$ 12,742 |
|
$ 197,456 |
|
|
|||||||
|
|
Three Months Ended September 30, 2024 |
||||||
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Operating Expenses |
|
|
|
|
|
|
|
|
Compensation and Benefits |
$ 48,081 |
|
$ 30,795 |
|
$ 13,284 |
|
$ 92,160 |
|
Advertising |
11,459 |
|
6,546 |
|
56 |
|
18,061 |
|
Occupancy |
9,052 |
|
5,258 |
|
169 |
|
14,479 |
|
Student Related |
10,566 |
|
6,529 |
|
— |
|
17,095 |
|
General Operations |
3,887 |
|
2,537 |
|
2,922 |
|
9,346 |
|
Professional and Contract Services |
2,222 |
|
2,548 |
|
3,884 |
|
8,654 |
|
Depreciation and amortization |
5,973 |
|
1,420 |
|
369 |
|
7,762 |
|
Other Expenses |
1,139 |
|
1,072 |
|
568 |
|
2,779 |
|
Corporate Support |
7,722 |
|
2,394 |
|
(10,116) |
|
— |
|
Total Operating Expenses |
$ 100,101 |
|
$ 59,099 |
|
$ 11,136 |
|
$ 170,336 |
|
UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
|||||||
|
|
|||||||
|
Major Operating Expense Categories by Segment and Consolidated |
|||||||
|
|
|||||||
|
|
Twelve Months Ended September 30, 2025 |
||||||
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Operating Expenses |
|
|
|
|
|
|
|
|
Compensation and Benefits |
$ 205,859 |
|
$ 132,270 |
|
$ 66,768 |
|
$ 404,897 |
|
Advertising |
56,754 |
|
30,575 |
|
217 |
|
87,546 |
|
Occupancy |
39,868 |
|
24,769 |
|
946 |
|
65,583 |
|
Student Related |
38,245 |
|
24,084 |
|
— |
|
62,329 |
|
General Operations |
21,695 |
|
17,919 |
|
12,249 |
|
51,863 |
|
Professional and Contract Services |
9,925 |
|
5,207 |
|
17,826 |
|
32,958 |
|
Depreciation and amortization |
24,085 |
|
7,554 |
|
1,319 |
|
32,958 |
|
Other Expenses |
6,530 |
|
3,704 |
|
3,779 |
|
14,013 |
|
Corporate Support |
44,485 |
|
11,589 |
|
(56,074) |
|
— |
|
Total Operating Expenses |
$ 447,446 |
|
$ 257,671 |
|
$ 47,030 |
|
$ 752,147 |
|
|
|||||||
|
|
Twelve Months Ended September 30, 2024 |
||||||
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Operating Expenses |
|
|
|
|
|
|
|
|
Compensation and Benefits |
$ 190,640 |
|
$ 116,591 |
|
$ 56,373 |
|
$ 363,604 |
|
Advertising |
51,302 |
|
25,744 |
|
215 |
|
77,261 |
|
Occupancy |
36,202 |
|
23,454 |
|
714 |
|
60,370 |
|
Student Related |
42,402 |
|
22,177 |
|
— |
|
64,579 |
|
General Operations |
15,349 |
|
8,516 |
|
10,677 |
|
34,542 |
|
Professional and Contract Services |
9,416 |
|
8,540 |
|
14,216 |
|
32,172 |
|
Depreciation and amortization |
22,855 |
|
5,159 |
|
1,310 |
|
29,324 |
|
Other Expenses |
6,048 |
|
4,033 |
|
1,863 |
|
11,944 |
|
Corporate Support |
34,406 |
|
11,293 |
|
(45,699) |
|
— |
|
Total Operating Expenses |
$ 408,620 |
|
$ 225,507 |
|
$ 39,669 |
|
$ 673,796 |
|
UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
|||||||
|
|
|||||||
|
Reconciliation of Net Income to EBITDA and Adjusted EBITDA |
|||||||
|
|
|||||||
|
|
Three Months Ended September 30, 2025 |
||||||
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Net income (loss) |
$ 26,807 |
|
$ 10,109 |
|
$ (18,160) |
|
$ 18,756 |
|
Interest expense (income), net |
797 |
|
13 |
|
(1,241) |
|
(431) |
|
Income tax expense |
— |
|
— |
|
6,803 |
|
6,803 |
|
Depreciation and amortization |
6,159 |
|
2,055 |
|
292 |
|
8,506 |
|
EBITDA |
33,763 |
|
12,177 |
|
(12,306) |
|
33,634 |
|
Integration-related costs for completed acquisitions |
— |
|
— |
|
396 |
|
396 |
|
Stock-based compensation expense |
475 |
|
233 |
|
2,041 |
|
2,749 |
|
Adjusted EBITDA, non-GAAP |
$ 34,238 |
|
$ 12,410 |
|
$ (9,869) |
|
$ 36,779 |
|
|
|||||||
|
|
Three Months Ended September 30, 2024 |
||||||
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Net income (loss) |
$ 28,760 |
|
$ 6,777 |
|
$ (16,697) |
|
$ 18,840 |
|
Interest expense (income), net |
1,689 |
|
(63) |
|
(831) |
|
795 |
|
Income tax expense |
— |
|
— |
|
6,530 |
|
6,530 |
|
Depreciation and amortization |
5,996 |
|
1,419 |
|
347 |
|
7,762 |
|
EBITDA |
36,445 |
|
8,133 |
|
(10,651) |
|
33,927 |
|
Integration-related costs for completed acquisitions |
187 |
|
730 |
|
209 |
|
1,126 |
|
Stock-based compensation expense |
778 |
|
81 |
|
2,003 |
|
2,862 |
|
Restructuring costs |
44 |
|
— |
|
— |
|
44 |
|
Facility lease accounting adjustments |
— |
|
(650) |
|
— |
|
(650) |
|
Adjusted EBITDA, non-GAAP |
$ 37,454 |
|
$ 8,294 |
|
$ (8,439) |
|
$ 37,309 |
|
UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
|||||||
|
|
|||||||
|
Reconciliation of Net Income to EBITDA and Adjusted EBITDA |
|||||||
|
|
|||||||
|
|
Twelve Months Ended September 30, 2025 |
||||||
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Net income (loss) |
$ 89,901 |
|
$ 36,001 |
|
$ (62,884) |
|
$ 63,018 |
|
Interest expense (income), net |
4,479 |
|
127 |
|
(5,146) |
|
(540) |
|
Income tax expense |
— |
|
— |
|
21,256 |
|
21,256 |
|
Depreciation and amortization |
24,169 |
|
7,554 |
|
1,235 |
|
32,958 |
|
EBITDA |
118,549 |
|
43,682 |
|
(45,539) |
|
116,692 |
|
Acquisition related costs |
— |
|
— |
|
873 |
|
873 |
|
Integration-related costs for completed acquisitions (1) |
— |
|
— |
|
(304) |
|
(304) |
|
Stock-based compensation expense |
1,954 |
|
709 |
|
6,488 |
|
9,151 |
|
Restructuring Costs |
43 |
|
— |
|
— |
|
43 |
|
Adjusted EBITDA, non-GAAP |
$ 120,546 |
|
$ 44,391 |
|
$ (38,482) |
|
$ 126,455 |
|
|
|
|
(1) |
During the twelve months ended September 30, 2025, the Company received |
|
|
Twelve Months Ended September 30, 2024 |
||||||
|
|
UTI |
|
Concorde |
|
Corporate |
|
Consolidated |
|
Net income (loss) |
$ 71,646 |
|
$ 21,048 |
|
$ (50,693) |
|
$ 42,001 |
|
Interest expense (income), net |
6,135 |
|
(244) |
|
(2,734) |
|
3,157 |
|
Income tax benefit |
— |
|
— |
|
14,229 |
|
14,229 |
|
Depreciation and amortization |
22,917 |
|
5,158 |
|
1,249 |
|
29,324 |
|
EBITDA |
100,698 |
|
25,962 |
|
(37,949) |
|
88,711 |
|
Integration-related costs for completed acquisitions |
1,150 |
|
2,802 |
|
2,097 |
|
6,049 |
|
Stock-based compensation expense |
2,080 |
|
213 |
|
6,267 |
|
8,560 |
|
Restructuring costs |
185 |
|
— |
|
— |
|
185 |
|
Facility lease accounting adjustments |
— |
|
(650) |
|
— |
|
(650) |
|
Adjusted EBITDA, non-GAAP |
$ 104,113 |
|
$ 28,327 |
|
$ (29,585) |
|
$ 102,855 |
|
UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
||||
|
|
||||
|
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow |
||||
|
|
||||
|
|
|
Twelve Months Ended September 30, |
||
|
|
|
2025 |
|
2024 |
|
Net cash provided by operating activities, as reported |
|
$ 97,330 |
|
$ 85,895 |
|
Purchase of property and equipment |
|
(41,978) |
|
(24,298) |
|
Free cash flow, non-GAAP |
|
55,352 |
|
61,597 |
|
Adjustments: |
|
|
|
|
|
Cash outflow for acquisition-related costs |
|
873 |
|
— |
|
Cash outflow for integration-related costs for completed acquisitions(1) |
|
(304) |
|
6,196 |
|
Cash outflow for integration-related property and equipment |
|
— |
|
4,330 |
|
Cash outflow for restructuring costs and property and equipment |
|
59 |
|
632 |
|
Facility lease accounting adjustments |
|
— |
|
700 |
|
Adjusted free cash flow, non-GAAP |
|
$ 55,980 |
|
$ 73,455 |
|
|
|
|
(1) |
During the twelve months ended September 30, 2025, the Company received |
|
UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES |
|
|
|
|
|
For each of the non-GAAP reconciliations provided for fiscal 2026 guidance, we are reconciling to the midpoint of the guidance range. The adjustments reflected below for fiscal 2026 are illustrative only and may change throughout the year, both in amount or the adjustments themselves.
|
|
|
|
|
|
Reconciliation of Net Income to EBITDA and Adjusted EBITDA for Fiscal 2026 Guidance |
|
|
|
|
|
|
Twelve Months Ended |
|
|
September 30, |
|
|
2026 |
|
Net income |
~ |
|
Interest (income) expense, net |
~1,000 |
|
Income tax expense |
~15,000 |
|
Depreciation and amortization |
~39,000 |
|
EBITDA |
~97,500 |
|
Stock-based compensation expense |
~12,500 |
|
Acquisition related costs(1) |
~3,000 |
|
Integration-related costs for completed acquisitions |
~3,500 |
|
Adjusted EBITDA, non-GAAP |
~ |
|
FY 2026 Guidance Range |
|
|
|
|
|
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow for Fiscal 2026 Guidance |
|
|
|
|
|
|
Twelve Months Ended |
|
|
September 30, |
|
|
2026 |
|
Net cash provided by operating activities |
~ |
|
Purchase of property and equipment |
~(100,000) |
|
Free cash flow, non-GAAP |
~16,000 |
|
Adjustments: |
|
|
Cash outflow for acquisition related costs(1) |
~3,500 |
|
Cash outflow for integration-related costs for completed acquisitions |
~3,000 |
|
Adjusted free cash flow, non-GAAP |
~ |
|
FY 2026 Guidance Range |
|
|
|
|
|
(1) |
FY26 projected spend on acquisition related costs is an estimate and is fully contingent on whether the Company pursues an acquisition this year. |
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SOURCE Universal Technical Institute, Inc.
FAQ
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