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Adtalem Global Education (ATGE) Financials

Annual Income Statements for Adtalem Global Education

This table shows Adtalem Global Education's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	140	-3.17	122	34	95	-85	70	311	93	137	237
Consolidated Net Income / (Loss)	141	-2.76	123	34	96	-86	70	311	93	137	237
Net Income / (Loss) Continuing Operations	135	125	121	68	107	220	63	-36	102	138	233
Total Pre-Tax Income	154	151	131	156	140	205	76	-51	112	164	299
Total Operating Income	157	156	135	167	156	110	110	77	168	217	342
Total Gross Profit	910	511	570	499	542	409	441	722	802	886	1,017
Total Revenue	1,910	1,080	1,208	960	1,014	866	899	1,382	1,451	1,585	1,788
Operating Revenue	1,756	1,080	1,208	960	1,014	866	899	1,382	1,451	1,585	1,788
Total Cost of Revenue	1,000	569	638	462	472	457	458	660	648	699	771
Operating Cost of Revenue	1,000	569	638	462	472	457	458	660	648	699	771
Total Operating Expenses	753	355	434	332	386	299	331	645	634	669	675
Selling, General & Admin Expense	708	353	369	328	359	280	292	566	586	633	672
Restructuring Charge	43	2.39	13	3.85	53	24	38	79	61	36	3.31
Other Special Charges / (Income)	0.00	-	-	0.00	0.00	-4.78	0.00	0.00	-13	0.00	0.00
Total Other Income / (Expense), net	-3.25	-5.27	-4.24	-11	-16	95	-35	-128	-56	-53	-43
Interest Expense	5.31	5.93	9.14	12	20	20	41	129	63	64	52
Other Income / (Expense), net	-	-	-	0.00	-0.15	111	6.73	1.11	6.97	11	9.29
Income Tax Expense	19	25	9.59	88	33	-15	12	-16	10	26	66
Net Income / (Loss) Discontinued Operations	5.58	-128	2.31	-34	-11	-306	6.15	347	-8.39	-0.94	4.39
Basic Earnings per Share	$2.17	($0.05)	$1.93	$0.55	$1.63	($1.59)	$1.36	$6.43	$2.08	$3.47	$6.39
Weighted Average Basic Shares Outstanding	64.55M	64.04M	63.50M	61.46M	58.54M	53.66M	51.32M	48.39M	44.78M	39.41M	37.09M
Diluted Earnings per Share	$2.14	($0.05)	$1.91	$0.54	$1.60	($1.58)	$1.36	$6.43	$2.05	$3.39	$6.18
Weighted Average Diluted Shares Outstanding	64.55M	64.04M	63.50M	62.28M	59.33M	54.09M	51.65M	48.39M	45.60M	40.31M	38.33M
Weighted Average Basic & Diluted Shares Outstanding	64.55M	64.04M	63.50M	61.46M	54.92M	51.88M	49.62M	45.20M	41.54M	37.69M	35.96M

This table shows Adtalem Global Education's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	22	11	40	37	49	46	76	61	54	62	76
Consolidated Net Income / (Loss)	22	11	40	37	49	46	76	61	54	62	76
Net Income / (Loss) Continuing Operations	24	12	38	37	51	46	71	61	54	61	76
Total Pre-Tax Income	28	15	45	48	56	58	92	79	69	77	102
Total Operating Income	40	28	59	62	69	70	104	91	77	85	111
Total Gross Profit	201	200	221	237	227	231	261	266	258	262	298
Total Revenue	365	369	393	413	410	417	448	466	457	462	503
Operating Revenue	365	369	393	413	410	417	448	466	457	462	503
Total Cost of Revenue	164	169	172	175	183	186	187	200	199	201	205
Operating Cost of Revenue	164	169	172	175	183	186	187	200	199	201	205
Total Operating Expenses	161	172	163	176	159	161	157	176	181	176	187
Selling, General & Admin Expense	153	166	156	157	155	159	157	175	181	176	183
Restructuring Charge	8.07	5.94	6.98	19	4.25	2.09	0.32	0.51	0.39	0.31	4.06
Total Other Income / (Expense), net	-12	-13	-13	-14	-13	-12	-12	-11	-8.34	-8.60	-9.21
Interest Expense	15	16	17	17	15	14	14	13	11	11	11
Other Income / (Expense), net	3.66	2.21	3.56	2.87	1.89	2.65	2.24	1.90	2.51	2.49	1.70
Income Tax Expense	4.38	2.79	7.77	11	5.07	12	21	19	14	16	26
Net Income / (Loss) Discontinued Operations	-1.31	-1.31	2.18	-0.62	-1.18	-0.08	4.68	0.04	-0.25	0.77	0.21
Basic Earnings per Share	$0.51	$0.26	$1.00	$0.95	$1.26	$1.22	$2.03	$1.64	$1.50	$1.71	$2.14
Weighted Average Basic Shares Outstanding	44.78M	41.40M	39.87M	38.71M	39.41M	37.72M	37.44M	37.14M	37.09M	36.11M	35.73M
Diluted Earnings per Share	$0.51	$0.25	$0.98	$0.93	$1.23	$1.18	$1.98	$1.59	$1.43	$1.67	$2.11
Weighted Average Diluted Shares Outstanding	45.60M	42.18M	40.79M	39.64M	40.31M	39.11M	38.40M	38.23M	38.33M	37.06M	36.23M
Weighted Average Basic & Diluted Shares Outstanding	41.54M	39.83M	39.19M	37.61M	37.69M	37.49M	37.26M	35.93M	35.96M	36.33M	34.51M

This table details how cash moves in and out of Adtalem Global Education's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Change in Cash & Equivalents	-2.77	-48	-64	205	-147	201	812	-966	-73	-54	-20
Net Cash From Operating Activities	206	231	231	239	205	108	192	11	192	296	338
Net Cash From Continuing Operating Activities	206	162	202	174	185	110	169	164	195	288	334
Net Income / (Loss) Continuing Operations	135	125	121	68	107	220	63	-36	102	138	233
Consolidated Net Income / (Loss)	141	-2.76	123	34	96	-86	70	311	93	137	237
Net Income / (Loss) Discontinued Operations	5.58	-128	2.31	-34	-11	-306	6.15	347	-8.39	-0.94	4.39
Depreciation Expense	85	43	46	33	34	37	34	48	41	40	41
Amortization Expense	5.55	5.90	12	8.77	8.51	54	53	185	119	41	17
Non-Cash Adjustments To Reconcile Net Income	116	53	46	53	50	-87	23	51	42	112	139
Changes in Operating Assets and Liabilities, net	-136	-66	-23	11	-14	-114	-4.88	-84	-109	-42	-96
Net Cash From Discontinued Operating Activities	-0.16	70	29	65	19	-1.95	23	-153	-2.78	7.41	4.17
Net Cash From Investing Activities	-156	-215	-380	-71	-214	383	-57	-552	24	-48	-42
Net Cash From Continuing Investing Activities	-156	-229	-373	-55	-155	77	-48	-1,509	27	-48	-42
Purchase of Property, Plant & Equipment	-89	-51	-43	-52	-58	-40	-40	-31	-26	-49	-50
Acquisitions	-73	-177	-331	-3.07	-118	-8.44	0.00	-1,491	-	0.00	0.00
Purchase of Investments	-0.16	-0.11	-0.09	-0.16	-6.32	-3.02	-11	-3.62	-1.51	-0.69	-2.05
Sale of Property, Plant & Equipment	6.10	-	-	0.00	0.00	6.42	-	-	0.00	0.00	7.33
Sale and/or Maturity of Investments	-	-	0.00	0.00	1.84	114	2.72	13	54	1.73	3.12
Net Cash From Financing Activities	-49	-69	86	37	-138	-256	676	-424	-289	-302	-316
Net Cash From Continuing Financing Activities	-49	-69	86	49	-135	-253	676	-424	-289	-302	-316
Repayment of Debt	-9.50	-12	-407	-413	-28	-333	-21	-1,129	-151	-52	-110
Repurchase of Common Equity	-26	-33	-49	-137	-253	-137	-100	-120	-123	-262	-213
Issuance of Debt	0.00	0.00	527	578	135	225	800	850	0.00	1.90	9.87
Issuance of Common Equity	1.20	1.15	0.87	0.90	0.42	0.02	0.26	0.54	0.61	0.81	1.28
Other Financing Activities, net	8.83	-3.14	25	20	10	-1.72	-2.75	-24	-15	9.36	-4.17
Cash Interest Paid	1.80	3.51	7.33	12	20	20	14	107	53	58	47
Cash Income Taxes Paid	24	1.42	15	8.37	3.23	12	26	94	12	31	33

This table details how cash moves in and out of Adtalem Global Education's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-42	-11	-78	1.25	34	46	-71	26	-20	65	-208
Net Cash From Operating Activities	42	95	-13	163	41	89	-19	208	60	131	30
Net Cash From Continuing Operating Activities	45	86	-14	164	42	90	-24	208	60	131	29
Net Income / (Loss) Continuing Operations	24	12	38	37	51	46	71	61	54	61	76
Consolidated Net Income / (Loss)	22	11	40	37	49	46	76	61	54	62	76
Net Income / (Loss) Discontinued Operations	-1.31	-1.31	2.18	-0.62	-1.18	-0.08	4.68	0.04	-0.25	0.77	0.21
Depreciation Expense	9.76	9.34	10	11	7.99	9.80	10	10	10	10	11
Amortization Expense	24	21	19	18	16	11	11	17	-22	11	11
Non-Cash Adjustments To Reconcile Net Income	13	18	18	18	24	23	27	31	59	22	30
Changes in Operating Assets and Liabilities, net	-25	26	-99	79	-57	-0.01	-143	89	-42	26	-99
Net Cash From Discontinued Operating Activities	-2.37	8.96	0.56	-1.12	-0.99	-0.25	4.59	0.05	-0.23	-0.08	0.26
Net Cash From Investing Activities	-6.96	-10	-9.15	-22	4.04	-9.54	-11	-10	-12	-16	-20
Net Cash From Continuing Investing Activities	-6.96	-10	-9.15	-22	4.04	-9.54	-11	-10	-12	-16	-20
Purchase of Property, Plant & Equipment	-6.96	-10	-9.18	-22	3.12	-10	-11	-10	-19	-16	-15
Purchase of Investments	-	-0.30	-0.20	-	-0.19	-1.31	-0.24	-0.50	-	-0.10	-2.00
Sale and/or Maturity of Investments	-	0.40	0.23	-	1.11	2.19	0.24	0.69	-	0.10	2.01
Net Cash From Financing Activities	-78	-95	-56	-140	-11	-34	-42	-172	-68	-50	-218
Net Cash From Continuing Financing Activities	-78	-95	-56	-140	-11	-34	-42	-172	-68	-50	-218
Repayment of Debt	-	0.00	-	-52	-	-9.87	-	-100	-	-3.33	-277
Repurchase of Common Equity	-78	-90	-70	-90	-12	-33	-41	-72	-67	-7.60	-165
Issuance of Debt	-	0.00	-	-	-	9.87	-	-	-	0.00	227
Issuance of Common Equity	0.16	0.19	0.17	0.22	0.23	0.30	0.27	0.36	0.36	0.41	0.40
Other Financing Activities, net	0.63	-5.10	14	0.00	0.55	-1.22	-1.15	-0.08	-1.72	-39	-2.87

This table presents Adtalem Global Education's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Total Assets	2,040	2,097	2,315	2,345	2,243	2,229	3,085	3,030	2,811	2,741	2,752
Total Current Assets	560	518	471	688	505	693	1,515	557	480	418	416
Cash & Equivalents	353	308	240	431	204	501	476	347	272	219	200
Note & Lease Receivable	-	-	-	-	-	87	43	82	103	127	146
Prepaid Expenses	53	37	37	59	29	105	128	128	102	70	69
Plant, Property, & Equipment, net	546	522	489	389	283	286	284	290	245	249	256
Total Noncurrent Assets	934	1,057	1,355	1,268	1,455	1,250	1,286	2,183	2,086	2,067	2,080
Goodwill	552	588	829	814	687	686	310	961	961	961	961
Intangible Assets	324	343	392	363	298	288	138	874	812	777	765
Noncurrent Deferred & Refundable Income Taxes	7.10	53	35	39	13	22	53	51	57	49	33
Other Noncurrent Operating Assets	51	74	37	39	52	254	253	297	255	280	320
Total Liabilities & Shareholders' Equity	2,040	2,097	2,315	2,345	2,243	2,229	3,085	3,030	2,811	2,741	2,752
Total Liabilities	445	510	640	817	842	915	1,782	1,539	1,353	1,372	1,319
Total Current Liabilities	322	362	377	366	312	346	409	424	431	488	508
Accounts Payable	63	65	43	47	53	46	42	57	82	103	105
Accrued Expenses	85	103	90	81	77	104	126	98	106	97	77
Current Deferred Revenue	90	100	104	107	96	92	69	150	154	185	214
Current Employee Benefit Liabilities	83	93	77	71	47	49	54	68	52	71	76
Other Current Liabilities	-	-	-	-	0.00	52	54	51	38	31	35
Total Noncurrent Liabilities	123	148	262	451	530	569	1,373	1,115	922	885	811
Long-Term Debt	-	0.00	125	290	398	286	1,068	839	695	649	553
Noncurrent Deferred & Payable Income Tax Liabilities	22	30	35	29	25	25	26	26	26	30	32
Other Noncurrent Operating Liabilities	-	-	102	131	84	258	79	251	201	206	226
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,594	1,587	1,675	1,528	1,401	1,313	1,303	1,491	1,457	1,369	1,434
Total Preferred & Common Equity	1,585	1,582	1,669	1,519	1,392	1,310	1,301	1,491	1,457	1,369	1,434
Total Common Equity	1,585	1,582	1,669	1,519	1,392	1,310	1,301	1,491	1,457	1,369	1,434
Common Stock	351	373	417	455	487	505	521	523	570	613	665
Retained Earnings	1,796	1,771	1,881	1,917	2,013	1,928	2,005	2,310	2,404	2,541	2,778
Treasury Stock	-485	-519	-570	-711	-971	-1,113	-1,217	-1,339	-1,514	-1,782	-2,007
Accumulated Other Comprehensive Income / (Loss)	-77	-42	-59	-142	-137	-9.06	-7.37	-2.23	-2.23	-2.23	-2.23

This table presents Adtalem Global Education's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2022	12/31/2022	3/31/2023	9/30/2023	12/31/2023	3/31/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	12/31/2025
Total Assets	2,996	2,843	2,867	2,794	2,701	2,715	2,818	2,723	2,790	2,867	2,615
Total Current Assets	570	423	533	473	378	388	517	407	450	567	303
Cash & Equivalents	328	208	315	262	183	180	265	194	219	265	56
Note & Lease Receivable	112	100	113	148	134	141	172	147	163	195	163
Prepaid Expenses	128	114	103	61	58	59	79	65	66	106	81
Plant, Property, & Equipment, net	282	276	253	265	260	273	245	246	251	257	266
Total Noncurrent Assets	2,145	2,144	2,081	2,056	2,062	2,055	2,048	2,062	2,081	2,043	2,046
Goodwill	961	961	961	961	961	961	961	961	961	961	961
Intangible Assets	855	839	825	802	792	784	774	771	768	763	760
Noncurrent Deferred & Refundable Income Taxes	49	52	54	55	58	64	33	28	33	0.00	0.00
Other Noncurrent Operating Assets	279	292	241	239	251	245	280	301	318	319	325
Total Liabilities & Shareholders' Equity	2,996	2,843	2,867	2,794	2,701	2,715	2,818	2,723	2,790	2,867	2,615
Total Liabilities	1,486	1,320	1,357	1,415	1,332	1,394	1,428	1,284	1,357	1,410	1,236
Total Current Liabilities	491	371	438	496	399	509	551	385	541	577	443
Accounts Payable	64	71	73	77	88	92	91	67	99	105	103
Accrued Expenses	94	94	87	89	98	114	87	62	86	63	72
Current Deferred Revenue	227	116	175	251	135	203	291	172	248	323	180
Current Employee Benefit Liabilities	55	42	56	43	46	68	50	51	73	52	53
Other Current Liabilities	50	48	46	36	32	32	32	33	35	34	34
Total Noncurrent Liabilities	995	949	919	920	933	885	876	899	816	833	793
Long-Term Debt	742	694	694	696	696	648	649	650	552	553	504
Noncurrent Deferred & Payable Income Tax Liabilities	26	27	27	26	27	29	30	32	34	53	57
Other Noncurrent Operating Liabilities	63	62	197	198	41	48	197	217	231	227	232
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,510	1,523	1,510	1,379	1,369	1,321	1,390	1,439	1,433	1,458	1,379
Total Preferred & Common Equity	1,510	1,523	1,510	1,379	1,369	1,321	1,390	1,439	1,433	1,458	1,379
Total Common Equity	1,510	1,523	1,510	1,379	1,369	1,321	1,390	1,439	1,433	1,458	1,379
Common Stock	530	562	565	578	598	605	632	644	654	674	687
Retained Earnings	2,325	2,349	2,382	2,414	2,454	2,491	2,587	2,663	2,723	2,839	2,916
Treasury Stock	-1,343	-1,386	-1,434	-1,611	-1,681	-1,772	-1,826	-1,865	-1,943	-2,053	-2,222
Accumulated Other Comprehensive Income / (Loss)	-2.23	-2.23	-2.23	-2.23	-2.23	-2.23	-2.23	-2.23	-2.23	-2.23	-2.23

This table displays calculated financial ratios and metrics derived from Adtalem Global Education's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.70%	-43.45%	11.84%	-20.50%	5.58%	-14.54%	3.79%	53.67%	4.99%	9.22%	12.85%
EBITDA Growth	-8.71%	-17.04%	-5.91%	8.16%	-5.26%	57.61%	-34.51%	52.01%	9.25%	0.69%	32.46%
EBIT Growth	-13.44%	-0.52%	-13.19%	23.37%	-6.87%	41.83%	-46.95%	-33.53%	124.95%	29.95%	54.15%
NOPAT Growth	-9.98%	-5.87%	-3.30%	-41.99%	63.56%	-0.91%	-21.71%	-41.89%	184.30%	19.38%	46.00%
Net Income Growth	4.45%	-101.96%	4,573.15%	-72.18%	178.69%	-189.74%	181.13%	346.87%	-69.98%	46.51%	73.32%
EPS Growth	3.38%	-102.34%	3,920.00%	-71.73%	196.30%	-198.75%	186.08%	372.79%	-68.12%	65.37%	82.30%
Operating Cash Flow Growth	-22.62%	12.64%	-0.24%	3.58%	-14.35%	-47.43%	78.47%	-94.48%	1,710.34%	54.12%	14.24%
Free Cash Flow Firm Growth	-47.51%	9.94%	-238.39%	268.75%	110.64%	-81.25%	431.43%	-368.96%	122.03%	5.08%	-0.35%
Invested Capital Growth	4.90%	3.35%	19.58%	-8.86%	-22.95%	3.40%	-31.10%	161.26%	-5.30%	-4.72%	-0.21%
Revenue Q/Q Growth	-0.62%	-41.46%	46.46%	-4.24%	26.98%	-17.99%	11.43%	16.03%	0.51%	2.94%	2.71%
EBITDA Q/Q Growth	-2.89%	52.06%	-23.71%	-17.23%	26.12%	22.87%	11.50%	27.76%	-4.00%	5.50%	-6.57%
EBIT Q/Q Growth	-5.45%	235.22%	-38.12%	-17.33%	23.68%	25.91%	28.35%	75.79%	3.18%	13.57%	2.64%
NOPAT Q/Q Growth	-4.50%	198.23%	-33.83%	2.03%	-18.67%	-21.70%	-13.38%	73.29%	24.90%	19.31%	-0.26%
Net Income Q/Q Growth	-5.18%	-107.43%	75.30%	132.11%	-12.04%	-138.96%	136.90%	0.44%	25.29%	24.79%	2.06%
EPS Q/Q Growth	-5.31%	-108.93%	75.23%	217.65%	-11.60%	-139.30%	139.19%	2.23%	17.82%	26.97%	3.34%
Operating Cash Flow Q/Q Growth	-2.94%	7.26%	27.17%	-2.13%	11.06%	-40.78%	31.35%	-89.39%	77.43%	-0.65%	-0.17%
Free Cash Flow Firm Q/Q Growth	4.63%	810.84%	21.91%	12.91%	-30.44%	135.25%	-36.97%	10.27%	-23.71%	173.58%	-40.35%
Invested Capital Q/Q Growth	5.90%	4.41%	-2.89%	-4.65%	9.94%	-18.53%	-1.26%	-5.75%	-0.55%	-7.86%	1.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.64%	47.32%	47.16%	51.94%	53.47%	47.24%	49.08%	52.25%	55.30%	55.92%	56.86%
EBITDA Margin	12.96%	19.01%	15.99%	21.76%	19.52%	36.01%	22.72%	22.48%	23.39%	21.56%	22.86%
Operating Margin	8.22%	14.45%	11.22%	17.41%	15.37%	12.70%	12.28%	5.55%	11.59%	13.70%	19.10%
EBIT Margin	8.22%	14.45%	11.22%	17.41%	15.36%	25.48%	13.03%	5.63%	12.07%	14.36%	19.62%
Profit (Net Income) Margin	7.37%	-0.26%	10.21%	3.57%	9.43%	-9.90%	7.74%	22.51%	6.43%	8.63%	13.26%
Tax Burden Percent	91.57%	-1.83%	93.92%	21.96%	68.40%	-41.85%	91.85%	-603.94%	83.33%	83.43%	79.42%
Interest Burden Percent	97.93%	96.63%	96.87%	93.43%	89.77%	92.84%	64.68%	-66.14%	63.97%	72.03%	85.09%
Effective Tax Rate	12.06%	16.79%	7.31%	56.41%	23.53%	-7.29%	16.26%	0.00%	9.18%	16.00%	22.05%
Return on Invested Capital (ROIC)	11.51%	10.41%	9.02%	5.03%	9.74%	10.90%	9.94%	3.92%	7.91%	9.95%	14.90%
ROIC Less NNEP Spread (ROIC-NNEP)	10.78%	49.06%	9.99%	30.33%	19.52%	85.30%	15.99%	-964.82%	-5.12%	-0.90%	7.34%
Return on Net Nonoperating Assets (RNNOA)	-2.54%	-10.58%	-1.46%	-2.89%	-3.21%	-17.22%	-4.62%	18.34%	-1.58%	-0.27%	2.02%
Return on Equity (ROE)	8.98%	-0.17%	7.56%	2.14%	6.53%	-6.32%	5.32%	22.26%	6.33%	9.68%	16.92%
Cash Return on Invested Capital (CROIC)	6.73%	7.11%	-8.82%	14.29%	35.66%	7.56%	46.77%	-85.36%	13.36%	14.78%	15.10%
Operating Return on Assets (OROA)	7.77%	7.55%	6.14%	7.17%	6.79%	9.88%	4.41%	2.55%	6.00%	8.20%	12.77%
Return on Assets (ROA)	6.97%	-0.13%	5.59%	1.47%	4.17%	-3.84%	2.62%	10.17%	3.20%	4.93%	8.63%
Return on Common Equity (ROCE)	8.93%	-0.17%	7.53%	2.13%	6.48%	-6.29%	5.31%	22.25%	6.33%	9.68%	16.92%
Return on Equity Simple (ROE_SIMPLE)	8.88%	-0.17%	7.39%	2.26%	6.87%	-6.55%	5.35%	20.85%	6.41%	9.99%	0.00%
Net Operating Profit after Tax (NOPAT)	138	130	126	73	119	118	92	54	153	182	266
NOPAT Margin	7.22%	12.03%	10.40%	7.59%	11.75%	13.63%	10.28%	3.89%	10.53%	11.51%	14.89%
Net Nonoperating Expense Percent (NNEP)	0.74%	-38.65%	-0.97%	-25.30%	-9.78%	-74.40%	-6.05%	968.74%	13.04%	10.85%	7.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	13.40%
Cost of Revenue to Revenue	52.36%	52.68%	52.84%	48.07%	46.53%	52.76%	50.92%	47.75%	44.70%	44.08%	43.14%
SG&A Expenses to Revenue	37.08%	32.65%	30.55%	34.13%	35.44%	32.35%	32.53%	41.00%	40.39%	39.94%	37.58%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	39.42%	32.87%	35.94%	34.53%	38.10%	34.53%	36.80%	46.70%	43.71%	42.22%	37.76%
Earnings before Interest and Taxes (EBIT)	157	156	135	167	156	221	117	78	175	228	351
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	247	205	193	209	198	312	204	311	339	342	409
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.18	0.70	1.42	1.91	1.83	1.23	1.35	1.09	1.03	1.87	3.19
Price to Tangible Book Value (P/TBV)	2.63	1.71	5.31	8.46	6.27	4.79	2.06	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.98	1.03	1.97	3.02	2.51	1.86	1.96	1.18	1.03	1.62	2.56
Price to Earnings (P/E)	13.34	0.00	19.44	85.79	26.78	0.00	25.15	5.22	16.04	18.75	19.28
Dividend Yield	1.23%	2.03%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.50%	0.00%	5.15%	1.17%	3.73%	0.00%	3.98%	19.15%	6.23%	5.33%	5.19%
Enterprise Value to Invested Capital (EV/IC)	1.23	0.63	1.49	2.00	2.58	1.28	2.25	1.07	1.02	1.67	2.76
Enterprise Value to Revenue (EV/Rev)	0.79	0.74	1.87	2.88	2.71	1.62	1.90	1.53	1.32	1.89	2.75
Enterprise Value to EBITDA (EV/EBITDA)	6.09	3.89	11.71	13.23	13.87	4.50	8.35	6.81	5.66	8.76	12.05
Enterprise Value to EBIT (EV/EBIT)	9.61	5.12	16.70	16.53	17.64	6.36	14.56	27.18	10.97	13.16	14.04
Enterprise Value to NOPAT (EV/NOPAT)	10.93	6.15	18.01	37.93	23.04	11.89	18.45	39.38	12.57	16.42	18.50
Enterprise Value to Operating Cash Flow (EV/OCF)	7.34	3.45	9.80	11.56	13.40	13.04	8.87	199.58	10.01	10.12	14.57
Enterprise Value to Free Cash Flow (EV/FCFF)	18.69	9.00	0.00	13.34	6.29	17.16	3.92	0.00	7.45	11.06	18.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.07	0.19	0.29	0.22	0.95	0.56	0.48	0.47	0.39
Long-Term Debt to Equity	0.00	0.00	0.07	0.19	0.28	0.22	0.95	0.56	0.48	0.47	0.39
Financial Leverage	-0.24	-0.22	-0.15	-0.10	-0.16	-0.20	-0.29	-0.02	0.31	0.30	0.28
Leverage Ratio	1.29	1.30	1.35	1.45	1.57	1.65	2.03	2.19	1.98	1.96	1.96
Compound Leverage Factor	1.26	1.26	1.31	1.36	1.41	1.53	1.31	-1.45	1.27	1.41	1.67
Debt to Total Capital	0.00%	0.00%	6.94%	16.09%	22.26%	18.04%	48.72%	36.00%	32.29%	32.15%	27.82%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.16%	0.17%	0.19%	0.12%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	6.94%	15.93%	22.09%	17.86%	48.60%	36.00%	32.29%	32.15%	27.82%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.60%	0.32%	0.35%	0.50%	0.53%	0.18%	0.07%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.40%	99.68%	92.71%	83.41%	77.21%	81.78%	51.21%	64.00%	67.71%	67.85%	72.18%
Debt to EBITDA	0.00	0.00	0.65	1.40	2.03	0.93	6.06	2.70	2.05	1.90	1.35
Net Debt to EBITDA	0.00	0.00	-0.63	-0.68	0.95	-0.68	-0.28	1.58	1.25	1.26	0.86
Long-Term Debt to EBITDA	0.00	0.00	0.65	1.39	2.01	0.92	6.04	2.70	2.05	1.90	1.35
Debt to NOPAT	0.00	0.00	1.00	4.02	3.37	2.45	13.39	15.62	4.55	3.56	2.08
Net Debt to NOPAT	0.00	0.00	-0.96	-1.95	1.57	-1.80	-0.62	9.16	2.77	2.36	1.33
Long-Term Debt to NOPAT	0.00	0.00	1.00	3.98	3.34	2.42	13.36	15.62	4.55	3.56	2.08
Altman Z-Score	5.08	3.34	4.13	4.08	3.86	3.17	2.35	2.29	2.60	3.24	4.52
Noncontrolling Interest Sharing Ratio	0.51%	0.46%	0.35%	0.48%	0.64%	0.46%	0.18%	0.06%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	1.43	1.25	1.88	1.62	2.00	3.71	1.32	1.11	0.86	0.82
Quick Ratio	1.54	1.31	1.04	1.59	0.95	1.70	1.27	1.01	0.87	0.71	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	81	89	-123	207	436	82	435	-1,170	258	271	270
Operating Cash Flow to CapEx	248.77%	449.87%	543.24%	463.35%	355.82%	324.53%	481.93%	34.14%	737.73%	604.94%	785.94%
Free Cash Flow to Firm to Interest Expense	15.19	14.95	-13.43	17.89	21.93	4.20	10.52	-9.04	4.08	4.25	5.16
Operating Cash Flow to Interest Expense	38.68	39.01	25.25	20.65	10.30	5.52	4.65	0.08	3.04	4.65	6.46
Operating Cash Flow Less CapEx to Interest Expense	23.13	30.34	20.61	16.20	7.40	3.82	3.68	-0.16	2.63	3.88	5.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.95	0.52	0.55	0.41	0.44	0.39	0.34	0.45	0.50	0.57	0.65
Accounts Receivable Turnover	14.05	7.16	7.77	6.50	8.81	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.47	2.02	2.39	2.19	3.02	3.04	3.16	4.82	5.43	6.43	7.09
Accounts Payable Turnover	17.34	8.91	11.84	10.19	9.36	9.16	10.30	13.25	9.33	7.57	7.43
Days Sales Outstanding (DSO)	25.97	50.95	47.00	56.14	41.45	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	21.05	40.98	30.82	35.81	39.02	39.87	35.43	27.54	39.10	48.19	49.12
Cash Conversion Cycle (CCC)	4.92	9.97	16.18	20.33	2.44	-39.87	-35.43	-27.54	-39.10	-48.19	-49.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,227	1,268	1,517	1,382	1,065	1,101	759	1,982	1,877	1,789	1,785
Invested Capital Turnover	1.59	0.87	0.87	0.66	0.83	0.80	0.97	1.01	0.75	0.86	1.00
Increase / (Decrease) in Invested Capital	57	41	248	-134	-317	36	-343	1,224	-105	-89	-3.69
Enterprise Value (EV)	1,508	799	2,262	2,764	2,746	1,405	1,706	2,116	1,920	2,995	4,924
Market Capitalization	1,866	1,113	2,377	2,897	2,549	1,614	1,761	1,624	1,498	2,565	4,571
Book Value per Share	$24.87	$25.21	$26.65	$25.23	$24.59	$25.30	$26.32	$33.04	$33.42	$36.41	$39.90
Tangible Book Value per Share	$11.12	$10.38	$7.15	$5.69	$7.18	$6.50	$17.27	($7.61)	($7.25)	($9.81)	($8.16)
Total Capital	1,594	1,587	1,800	1,821	1,802	1,602	2,541	2,330	2,152	2,018	1,986
Total Debt	0.00	0.00	125	293	401	289	1,238	839	695	649	553
Total Long-Term Debt	0.00	0.00	125	290	398	286	1,235	839	695	649	553
Net Debt	-367	-319	-121	-142	187	-212	-58	492	423	429	353
Capital Expenditures (CapEx)	83	51	43	52	58	33	40	31	26	49	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-130	-163	-152	-110	-18	-151	-186	-214	-223	-289	-291
Debt-free Net Working Capital (DFNWC)	238	156	94	325	196	350	1,109	133	49	-70	-92
Net Working Capital (NWC)	238	156	94	322	193	347	1,106	133	49	-70	-92
Net Nonoperating Expense (NNE)	-2.72	133	2.31	39	24	204	23	-257	59	46	29
Net Nonoperating Obligations (NNO)	-367	-319	-159	-146	-336	-212	-544	491	420	420	352
Total Depreciation and Amortization (D&A)	91	49	58	42	42	91	87	233	164	114	58
Debt-free, Cash-free Net Working Capital to Revenue	-6.79%	-15.06%	-12.57%	-11.46%	-1.76%	-17.47%	-20.71%	-15.45%	-15.38%	-18.23%	-16.29%
Debt-free Net Working Capital to Revenue	12.44%	14.47%	7.77%	33.87%	19.34%	40.37%	123.34%	9.66%	3.38%	-4.39%	-5.13%
Net Working Capital to Revenue	12.44%	14.47%	7.77%	33.55%	19.04%	40.02%	123.01%	9.66%	3.38%	-4.39%	-5.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.17	($0.05)	$1.93	$0.55	$1.63	($1.59)	$1.50	$6.57	$2.08	$3.47	$6.39
Adjusted Weighted Average Basic Shares Outstanding	63.51M	62.35M	62.08M	59.93M	54.92M	53.66M	51.32M	48.39M	44.78M	39.41M	37.09M
Adjusted Diluted Earnings per Share	$2.14	($0.05)	$1.91	$0.54	$1.60	($1.58)	$1.49	$6.57	$2.05	$3.39	$6.18
Adjusted Weighted Average Diluted Shares Outstanding	63.51M	62.35M	62.08M	59.93M	54.92M	54.09M	51.65M	48.39M	45.60M	40.31M	38.33M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	63.51M	62.35M	62.08M	59.93M	54.92M	51.88M	49.62M	45.20M	41.54M	37.69M	35.96M
Normalized Net Operating Profit after Tax (NOPAT)	177	132	138	120	160	90	125	109	196	213	269
Normalized NOPAT Margin	9.28%	12.21%	11.39%	12.47%	15.76%	10.42%	13.86%	7.88%	13.54%	13.42%	15.03%
Pre Tax Income Margin	8.05%	13.96%	10.87%	16.26%	13.78%	23.66%	8.43%	-3.73%	7.72%	10.35%	16.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	29.53	26.30	14.82	14.43	7.82	11.32	2.83	0.60	2.78	3.58	6.71
NOPAT to Interest Expense	25.97	21.89	13.74	6.29	5.99	6.05	2.24	0.42	2.42	2.86	5.09
EBIT Less CapEx to Interest Expense	13.99	17.63	10.17	9.98	4.93	9.62	1.87	0.36	2.36	2.81	5.88
NOPAT Less CapEx to Interest Expense	10.42	13.22	9.09	1.83	3.10	4.35	1.27	0.18	2.01	2.10	4.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.51%	-833.71%	9.26%	0.00%	0.00%	-7.28%	0.00%	0.58%	0.00%	0.00%	0.00%
Augmented Payout Ratio	34.93%	-2,017.82%	48.61%	399.53%	264.54%	-166.87%	143.69%	39.16%	131.89%	191.53%	89.90%

This table displays calculated financial ratios and metrics derived from Adtalem Global Education's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.06%	4.11%	8.38%	11.81%	12.41%	13.16%	13.86%	12.94%	11.51%	10.75%	12.43%
EBITDA Growth	-18.48%	-25.64%	10.73%	-4.95%	23.15%	55.04%	39.52%	28.51%	6.83%	16.97%	6.14%
EBIT Growth	5.09%	24.65%	40.95%	1.87%	62.92%	139.69%	70.66%	43.05%	12.81%	20.69%	6.33%
NOPAT Growth	885.78%	16.40%	26.13%	-18.40%	86.72%	143.32%	65.00%	44.16%	-1.92%	22.08%	3.58%
Net Income Growth	553.85%	1,698.31%	61.81%	-19.73%	122.17%	333.64%	90.16%	65.21%	9.70%	33.94%	0.69%
EPS Growth	155.00%	2,400.00%	84.91%	-7.00%	141.18%	372.00%	102.04%	70.97%	16.26%	41.53%	6.57%
Operating Cash Flow Growth	203.01%	4.08%	73.55%	50.57%	-4.53%	-6.06%	-44.03%	35.32%	-0.96%	46.17%	256.39%
Free Cash Flow Firm Growth	111.27%	148.20%	34.86%	-102.08%	8.98%	-66.27%	40.17%	4,561.22%	-57.05%	-13.00%	-40.63%
Invested Capital Growth	-5.30%	-13.26%	-5.74%	2.85%	-4.72%	-2.51%	-7.94%	-9.56%	-0.21%	-1.13%	-3.24%
Revenue Q/Q Growth	-1.20%	1.15%	6.61%	4.94%	-0.67%	1.83%	7.27%	4.09%	-1.92%	1.13%	8.89%
EBITDA Q/Q Growth	-22.07%	-21.61%	51.27%	1.86%	0.97%	-1.32%	36.13%	-6.17%	-42.81%	60.13%	23.54%
EBIT Q/Q Growth	-31.84%	-29.65%	104.47%	3.89%	9.01%	3.50%	45.58%	-12.91%	-14.04%	10.73%	28.26%
NOPAT Q/Q Growth	-43.42%	-31.48%	112.62%	-1.01%	29.46%	-10.70%	44.18%	-13.51%	-11.93%	11.15%	22.33%
Net Income Q/Q Growth	-51.51%	-52.14%	274.70%	-7.70%	34.21%	-6.58%	64.32%	-19.81%	-10.88%	14.06%	23.52%
EPS Q/Q Growth	-49.00%	-50.98%	292.00%	-5.10%	32.26%	-4.07%	67.80%	-19.70%	-10.06%	16.78%	26.35%
Operating Cash Flow Q/Q Growth	-60.65%	123.72%	-113.89%	2,390.11%	-75.05%	120.15%	-121.29%	1,193.17%	-71.29%	118.70%	-77.22%
Free Cash Flow Firm Q/Q Growth	-49.59%	116.42%	-42.14%	-103.30%	2,739.04%	-33.02%	140.48%	4.95%	-74.59%	35.66%	64.10%
Invested Capital Q/Q Growth	-0.55%	-3.59%	13.17%	-5.22%	-7.86%	-1.36%	6.86%	-6.88%	1.67%	-2.27%	4.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.10%	54.28%	56.24%	57.51%	55.47%	55.44%	58.32%	57.11%	56.48%	56.57%	59.19%
EBITDA Margin	21.11%	16.36%	23.21%	22.75%	23.13%	22.41%	28.45%	25.64%	14.95%	23.67%	26.85%
Operating Margin	10.85%	7.64%	14.90%	14.96%	16.72%	16.83%	23.20%	19.42%	16.83%	18.49%	22.07%
EBIT Margin	11.85%	8.24%	15.81%	15.65%	17.18%	17.46%	23.70%	19.83%	17.38%	19.03%	22.41%
Profit (Net Income) Margin	6.10%	2.89%	10.14%	8.92%	12.06%	11.06%	16.94%	13.05%	11.86%	13.38%	15.17%
Tax Burden Percent	79.65%	72.17%	87.71%	76.65%	88.77%	79.05%	82.28%	76.68%	79.05%	80.43%	74.95%
Interest Burden Percent	64.61%	48.51%	73.15%	74.36%	79.05%	80.13%	86.89%	85.85%	86.34%	87.39%	90.32%
Effective Tax Rate	15.67%	18.93%	17.08%	22.06%	9.10%	20.82%	22.80%	23.37%	20.59%	20.57%	25.25%
Return on Invested Capital (ROIC)	6.88%	4.66%	8.76%	9.37%	13.14%	12.18%	15.37%	14.02%	13.37%	15.34%	16.80%
ROIC Less NNEP Spread (ROIC-NNEP)	4.44%	2.24%	7.45%	7.11%	10.07%	9.83%	14.60%	12.21%	11.59%	13.51%	15.30%
Return on Net Nonoperating Assets (RNNOA)	1.37%	0.78%	3.42%	2.51%	2.99%	2.86%	5.85%	4.18%	3.19%	3.14%	4.85%
Return on Equity (ROE)	8.25%	5.44%	12.18%	11.88%	16.13%	15.04%	21.22%	18.20%	16.56%	18.48%	21.65%
Cash Return on Invested Capital (CROIC)	13.36%	22.18%	13.73%	5.17%	14.78%	14.55%	20.77%	24.48%	15.10%	17.02%	18.46%
Operating Return on Assets (OROA)	5.89%	4.17%	8.53%	8.63%	9.81%	10.16%	14.75%	12.54%	11.31%	12.27%	15.86%
Return on Assets (ROA)	3.03%	1.46%	5.47%	4.92%	6.88%	6.44%	10.54%	8.26%	7.72%	8.63%	10.74%
Return on Common Equity (ROCE)	8.25%	5.44%	12.18%	11.88%	16.13%	15.04%	21.22%	18.20%	16.56%	18.48%	21.65%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.50%	8.66%	8.30%	0.00%	12.40%	14.47%	16.21%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	33	23	49	48	62	56	80	69	61	68	83
NOPAT Margin	9.15%	6.20%	12.36%	11.66%	15.19%	13.32%	17.91%	14.88%	13.36%	14.69%	16.50%
Net Nonoperating Expense Percent (NNEP)	2.44%	2.42%	1.31%	2.26%	3.06%	2.35%	0.77%	1.81%	1.78%	1.83%	1.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.18%	-	-	-	3.84%	3.49%	3.08%	3.38%	4.41%
Cost of Revenue to Revenue	44.90%	45.72%	43.76%	42.49%	44.53%	44.56%	41.69%	42.89%	43.52%	43.43%	40.81%
SG&A Expenses to Revenue	42.04%	45.03%	39.56%	37.97%	37.72%	38.11%	35.04%	37.59%	39.57%	38.01%	36.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.25%	46.64%	41.34%	42.56%	38.75%	38.61%	35.12%	37.69%	39.65%	38.08%	37.12%
Earnings before Interest and Taxes (EBIT)	43	30	62	65	70	73	106	92	79	88	113
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	77	60	91	94	95	94	127	119	68	109	135
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.03	1.29	1.71	1.52	1.87	2.05	2.37	2.62	3.19	3.81	2.73
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.03	1.21	1.57	1.31	1.62	1.74	2.02	2.15	2.56	3.03	1.99
Price to Earnings (P/E)	16.04	17.21	19.79	18.38	18.75	16.51	16.35	16.15	19.28	21.97	14.84
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.23%	5.81%	5.05%	5.44%	5.33%	6.06%	6.11%	6.19%	5.19%	4.55%	6.74%
Enterprise Value to Invested Capital (EV/IC)	1.02	1.22	1.48	1.36	1.67	1.83	2.05	2.33	2.76	3.35	2.31
Enterprise Value to Revenue (EV/Rev)	1.32	1.51	2.02	1.71	1.89	1.98	2.29	2.35	2.75	3.19	2.23
Enterprise Value to EBITDA (EV/EBITDA)	5.66	6.95	9.25	8.14	8.76	8.61	9.40	9.33	12.05	13.76	9.73
Enterprise Value to EBIT (EV/EBIT)	10.97	12.22	15.19	13.15	13.16	11.96	12.30	11.95	14.04	15.97	11.29
Enterprise Value to NOPAT (EV/NOPAT)	12.57	14.23	18.34	17.24	16.42	15.04	15.71	15.30	18.50	20.97	14.95
Enterprise Value to Operating Cash Flow (EV/OCF)	10.01	11.31	13.03	8.85	10.12	11.14	13.59	12.06	14.57	15.41	9.83
Enterprise Value to Free Cash Flow (EV/FCFF)	7.45	5.12	10.45	26.61	11.06	12.42	9.45	9.02	18.24	19.57	12.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.48	0.50	0.63	0.61	0.47	0.47	0.45	0.39	0.39	0.38	0.37
Long-Term Debt to Equity	0.48	0.50	0.63	0.61	0.47	0.47	0.45	0.39	0.39	0.38	0.37
Financial Leverage	0.31	0.35	0.46	0.35	0.30	0.29	0.40	0.34	0.28	0.23	0.32
Leverage Ratio	1.98	2.00	1.92	1.97	1.96	2.03	1.93	2.00	1.96	2.00	1.89
Compound Leverage Factor	1.28	0.97	1.40	1.47	1.55	1.62	1.68	1.72	1.69	1.74	1.71
Debt to Total Capital	32.29%	33.54%	38.71%	37.95%	32.15%	31.84%	31.11%	27.82%	27.82%	27.51%	26.78%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.29%	33.54%	38.71%	37.95%	32.15%	31.84%	31.11%	27.82%	27.82%	27.51%	26.78%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.71%	66.46%	61.29%	62.05%	67.85%	68.16%	68.89%	72.18%	72.18%	72.49%	73.22%
Debt to EBITDA	2.05	2.18	2.64	2.49	1.90	1.73	1.58	1.26	1.35	1.30	1.17
Net Debt to EBITDA	1.25	1.36	2.07	1.92	1.26	1.03	1.11	0.76	0.86	0.68	1.04
Long-Term Debt to EBITDA	2.05	2.18	2.64	2.49	1.90	1.73	1.58	1.26	1.35	1.30	1.17
Debt to NOPAT	4.55	4.47	5.24	5.29	3.56	3.02	2.64	2.07	2.08	1.99	1.79
Net Debt to NOPAT	2.77	2.79	4.11	4.06	2.36	1.79	1.85	1.25	1.33	1.04	1.59
Long-Term Debt to NOPAT	4.55	4.47	5.24	5.29	3.56	3.02	2.64	2.07	2.08	1.99	1.79
Altman Z-Score	2.45	2.51	2.95	2.74	3.05	3.13	3.72	3.72	4.20	4.49	4.19
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	0.95	0.95	0.76	0.86	0.94	1.06	0.83	0.82	0.98	0.68
Quick Ratio	0.87	0.83	0.79	0.63	0.71	0.79	0.89	0.71	0.68	0.80	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	138	299	173	-5.71	151	101	243	255	65	88	144
Operating Cash Flow to CapEx	610.76%	911.18%	-143.88%	749.89%	0.00%	857.65%	-178.08%	2,029.78%	314.33%	814.76%	203.39%
Free Cash Flow to Firm to Interest Expense	9.05	19.13	10.38	-0.35	10.22	6.97	17.46	19.50	5.97	7.92	13.21
Operating Cash Flow to Interest Expense	2.78	6.07	-0.79	9.82	2.75	6.17	-1.37	15.90	5.50	11.77	2.72
Operating Cash Flow Less CapEx to Interest Expense	2.32	5.41	-1.34	8.51	2.96	5.45	-2.14	15.12	3.75	10.33	1.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.51	0.54	0.55	0.57	0.58	0.62	0.63	0.65	0.64	0.71
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	5.43	5.36	5.58	5.86	6.43	6.41	6.67	6.65	7.09	7.31	7.38
Accounts Payable Turnover	9.33	9.31	8.42	8.21	7.57	8.51	9.42	7.91	7.43	8.02	9.47
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	39.10	39.22	43.37	44.44	48.19	42.90	38.73	46.14	49.12	45.50	38.55
Cash Conversion Cycle (CCC)	-39.10	-39.22	-43.37	-44.44	-48.19	-42.90	-38.73	-46.14	-49.12	-45.50	-38.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,877	1,810	2,048	1,941	1,789	1,765	1,886	1,756	1,785	1,745	1,824
Invested Capital Turnover	0.75	0.75	0.71	0.80	0.86	0.91	0.86	0.94	1.00	1.04	1.02
Increase / (Decrease) in Invested Capital	-105	-277	-125	54	-89	-45	-163	-186	-3.69	-20	-61
Enterprise Value (EV)	1,920	2,213	3,027	2,635	2,995	3,229	3,862	4,084	4,924	5,842	4,207
Market Capitalization	1,498	1,780	2,348	2,014	2,565	2,845	3,406	3,750	4,571	5,553	3,759
Book Value per Share	$33.42	$33.19	$34.38	$33.71	$36.41	$36.88	$38.38	$38.45	$39.90	$40.54	$37.95
Tangible Book Value per Share	($7.25)	($9.25)	($9.65)	($10.83)	($9.81)	($9.16)	($7.83)	($7.97)	($8.16)	($7.41)	($9.42)
Total Capital	2,152	2,074	2,234	2,129	2,018	2,039	2,089	1,985	1,986	2,011	1,883
Total Debt	695	696	865	808	649	649	650	552	553	553	504
Total Long-Term Debt	695	696	865	808	649	649	650	552	553	553	504
Net Debt	423	433	679	620	429	385	456	333	353	288	448
Capital Expenditures (CapEx)	6.96	10	9.18	22	-3.12	10	11	10	19	16	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-223	-285	-207	-309	-289	-299	-171	-309	-291	-274	-196
Debt-free Net Working Capital (DFNWC)	49	-23	-20	-121	-70	-34	23	-90	-92	-9.40	-140
Net Working Capital (NWC)	49	-23	-20	-121	-70	-34	23	-90	-92	-9.40	-140
Net Nonoperating Expense (NNE)	11	12	8.71	11	13	9.45	4.33	8.53	6.87	6.06	6.68
Net Nonoperating Obligations (NNO)	420	431	679	620	420	375	447	323	352	287	446
Total Depreciation and Amortization (D&A)	34	30	29	29	24	21	21	27	-11	21	22
Debt-free, Cash-free Net Working Capital to Revenue	-15.38%	-19.46%	-13.81%	-20.06%	-18.23%	-18.32%	-10.16%	-17.76%	-16.29%	-14.95%	-10.39%
Debt-free Net Working Capital to Revenue	3.38%	-1.55%	-1.37%	-7.89%	-4.39%	-2.11%	1.34%	-5.18%	-5.13%	-0.51%	-7.41%
Net Working Capital to Revenue	3.38%	-1.55%	-1.37%	-7.89%	-4.39%	-2.11%	1.34%	-5.18%	-5.13%	-0.51%	-7.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.51	$0.26	$1.00	$0.95	$1.26	$1.22	$2.03	$1.64	$1.50	$1.71	$2.14
Adjusted Weighted Average Basic Shares Outstanding	44.78M	41.40M	39.87M	38.71M	39.41M	37.72M	37.44M	37.14M	37.09M	36.11M	35.73M
Adjusted Diluted Earnings per Share	$0.51	$0.25	$0.98	$0.93	$1.23	$1.18	$1.98	$1.59	$1.43	$1.67	$2.11
Adjusted Weighted Average Diluted Shares Outstanding	45.60M	42.18M	40.79M	39.64M	40.31M	39.11M	38.40M	38.23M	38.33M	37.06M	36.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.54M	39.83M	39.19M	37.61M	37.69M	37.49M	37.26M	35.93M	35.96M	36.33M	34.51M
Normalized Net Operating Profit after Tax (NOPAT)	40	28	54	63	66	57	80	70	61	68	86
Normalized NOPAT Margin	11.01%	7.50%	13.83%	15.23%	16.14%	13.72%	17.97%	14.97%	13.43%	14.74%	17.10%
Pre Tax Income Margin	7.66%	4.00%	11.57%	11.64%	13.58%	13.99%	20.59%	17.02%	15.00%	16.63%	20.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.83	1.94	3.72	3.90	4.77	5.03	7.63	7.07	7.32	7.93	10.33
NOPAT to Interest Expense	2.18	1.46	2.91	2.91	4.22	3.84	5.77	5.31	5.63	6.12	7.61
EBIT Less CapEx to Interest Expense	2.37	1.28	3.17	2.59	4.99	4.31	6.86	6.28	5.57	6.49	8.99
NOPAT Less CapEx to Interest Expense	1.73	0.79	2.36	1.60	4.43	3.12	5.00	4.52	3.88	4.68	6.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	131.89%	206.56%	239.09%	300.07%	191.53%	118.80%	84.26%	68.00%	89.90%	74.20%	122.97%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Adtalem Global Education's latest quarterly results and the four-year trend, based on the provided cash flow, income statement, and balance sheet data.

Revenue growth continues: Operating revenue rose from about $362.8M in 2022 to $503.4M in 2026 (Q2), reflecting a multi-year uptrend.
Gross margins remain solid: In Q2 2026, gross profit was $297.96M on $503.39M revenue, implying a gross margin around 59% and consistent margin levels across periods.
Profitability improving in latest quarters: Net income from continuing operations reached about $76.17M in Q2 2026, up from roughly $60.1M in Q2 2025; Basic EPS was $2.14 and Diluted EPS $2.11 in Q2 2026.
Operating cash flow improving in early 2026: Net cash from continuing operating activities was about $29.5M in Q2 2026 (vs. $130.6M in Q1 2026), signaling improving cash generation; cash balances were around $264.7M in late 2025/early 2026, providing liquidity cushion.
Asset mix shows heavy goodwill and intangibles: Goodwill around $961M and intangible assets around $760–930M across periods indicate growth through acquisitions, with potential impairment risk if conditions deteriorate.
Investing activity remains a use of cash: Investing cash flows are typically negative due to capex and acquisitions, consistent with ongoing growth investments (e.g., net cash from continuing investing activities often negative).
Debt levels are sizable but manageable: Long-term debt generally ranges in the mid hundreds of millions (roughly $504M–$696M across periods), contributing to liabilities but not indicating extreme leverage.
Financing outflows dominate in several quarters: Net cash from financing activities is often negative due to share repurchases and debt management (example: about -$217.7M in Q2 2026).
Liquidity pressure from large cash outflows: Cash declined from about $264.7M (late 2025/early 2026) to around $56.3M by Q2 2026, reflecting combined operating/investing/financing outflows.
Significant total liabilities vs equity: Total liabilities around $1.235B with total equity near $1.379B (Q2 2026), totaling roughly $2.61B in assets—indicating a substantial but balanced capital structure that could be stressed if earnings slow or financing costs rise.

05/08/26 02:11 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Adtalem Global Education's Financials

When does Adtalem Global Education's financial year end?

According to the most recent income statement we have on file, Adtalem Global Education's fiscal year ends in June. Their fiscal year 2025 ended on June 30, 2025.

How has Adtalem Global Education's net income changed over the last 10 years?

Adtalem Global Education's net income appears to be on an upward trend, with a most recent value of $237.07 million in 2025, rising from $140.70 million in 2015. The previous period was $136.78 million in 2024. Find out what analysts predict for Adtalem Global Education in the coming months.

What is Adtalem Global Education's operating income?

Adtalem Global Education's total operating income in 2025 was $341.54 million, based on the following breakdown:

Total Gross Profit: $1.02 billion
Total Operating Expenses: $675.32 million

How has Adtalem Global Education's revenue changed over the last 10 years?

Over the last 10 years, Adtalem Global Education's total revenue changed from $1.91 billion in 2015 to $1.79 billion in 2025, a change of -6.4%.

How much debt does Adtalem Global Education have?

Adtalem Global Education's total liabilities were at $1.32 billion at the end of 2025, a 3.9% decrease from 2024, and a 196.1% increase since 2015.

How much cash does Adtalem Global Education have?

In the past 10 years, Adtalem Global Education's cash and equivalents has ranged from $199.60 million in 2025 to $500.52 million in 2020, and is currently $199.60 million as of their latest financial filing in 2025.

How has Adtalem Global Education's book value per share changed over the last 10 years?

Over the last 10 years, Adtalem Global Education's book value per share changed from 24.87 in 2015 to 39.90 in 2025, a change of 60.4%.

Related Companies

Financial statements for NYSE:ATGE last updated on 2/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Adtalem Global Education (ATGE) Financials

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