AI-extracted from the 10-K filed 2026-08-06 — FY2026 (year ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenue rose 9.3% to $1,954.1 million on 13.2% average enrollment growth at Walden, lifting operating income 12.2% to $383.4 million and diluted EPS 13.9% to $7.04.
Biggest Revenue Drivers
Walden$804.9M+16.1% YoY
Driven by an increase in enrollment, higher tuition rates, and an increase in average credit hours per student
Chamberlain$750.2M+3.4% YoY
Driven by higher tuition rates and enrollment; post-licensure nursing enrollment declined during fiscal year 2026
Biggest Revenue Drivers
Total revenue: $1,954.1M+9.3% YoY
Walden$804.9M+16.1% YoY
Driven by an increase in enrollment, higher tuition rates, and an increase in average credit hours per student
Chamberlain$750.2M+3.4% YoY
Driven by higher tuition rates and enrollment; post-licensure nursing enrollment declined during fiscal year 2026
Medical and Veterinary$398.9M+8.1% YoY
Driven by an increase in enrollment and higher tuition rates
Within Medical and Veterinary
Tuition and fees$390.0M
Tuition and fees portion of the Medical and Veterinary segment
Other$8.9M
Housing and other miscellaneous services
Largest Expense Items
Cost of educational services$833.7M+8.1% YoY
Primarily driven by an increase in labor and other costs to support increased enrollment
Student services and administrative expense$730.7M+8.7% YoY
Primarily driven by an increase in marketing expense and investments to support growth initiatives
Advertising costs$267.1M
Expensed as incurred, up from $247.4 million in the prior year
Interest expense$45.4M
Decrease driven by decreased borrowings and a lower rate on Term Loan B, partly offset by loss on debt extinguishment
Margins: Operating margin rose to 19.6% from 19.1%, with cost of educational services at 42.7% of revenue (vs 43.1%) and student services and administrative expense at 37.4% (vs 37.6%), reflecting revenue growth and cost efficiencies.
Watch Items from the Filing
Title IV institutions collectively receive 78% of revenue from Federal education assistance funds; the 90/10 rule caps this at 90%, and AUC and RUSM each ran 86%.
Composite score fell to 0.2, leaving all five institutions provisionally certified with heightened cash monitoring and $202.6 million of surety-backed letters of credit in favor of ED.
Chamberlain adjusted operating income fell 6.3% to $143.6 million as post-licensure nursing enrollment declined; segment operating margin dropped to 18.9% from 20.9%.
Goodwill of $961.3 million and intangibles of $754.3 million equal 57% of total assets; AUC Title IV eligibility intangible exceeded carrying value by only 24%.
Loss from discontinued operations of $15.8 million versus $4.4 million income last year; the $20.0 million DeVry earn-out is now fully received.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Betz MichaelPres. Walden University & CDOShares withheld for tax or exercise price · Aug 23, 2026
Manning AmeliaPresident, Chamberlain Univ.Grant or award · Jul 15, 2026
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