Record Revenue and Margin Expansion
Full year 2025 revenue of $1.702 billion and adjusted EBITDA of $519 million; adjusted EBITDA margin reached a historic high of 30.5% (full-year organic revenue +8%, adjusted EBITDA +13%).
Strong Enrollment Growth
New enrollments up 8% for the year and total enrollments up 5% in 2025; guidance for 2026 total enrollments of 516,000–521,000 (4%–5% growth vs 2025).
Outperformance in Quarter and EPS Accretion
Q4 revenue $541 million and adjusted EBITDA $204 million, both ahead of prior guidance; Q4 adjusted EPS $0.76 (up 46% YoY). Full-year adjusted EPS $1.72 (up 22% YoY) and GAAP EPS $1.89.
Strong Performance by Markets — Mexico and Peru
Mexico full-year revenue growth 9% with adjusted EBITDA up 17% and margin expansion of 164 bps to 26.1%; Peru full-year revenue +7% and adjusted EBITDA +9% with 54 bps margin expansion—Peru new enrollments +13%.
Robust Cash Returns to Shareholders and Capital Allocation
Repurchased $217 million of common stock in 2025; ended year with $147 million cash and $129 million gross debt (net cash $18 million); Board authorized an additional $150 million share repurchase (total $181 million available under current authorization).
2026 Positive Outlook and Financial Guidance
2026 guidance: revenues $1.890B–$1.905B (11%–12% as-reported; 6%–7% organic), adjusted EBITDA $583M–$593M (12%–14% as-reported; 7%–9% organic), ~50 bps margin expansion, adjusted EPS $1.95–$2.03 (+13%–18%).
Scale and Academic/Operational Achievements
Nearly 500,000 students across Mexico and Peru; serving >100,000 fully online students; opened 2 new campuses (Monterrey and Lima Ate) on time/on budget and launched new medical and veterinary schools; multiple 5-star QS Stars ratings and strong brand rankings.
Productivity and Digital/AI Momentum
Productivity initiatives delivered 131 bps full-year margin improvement; recognized digital maturity (Google award) and continued deployment of AI tools across online and face-to-face programs to improve retention and outcomes.