# EDGAR Filing Document

**Accession Number:** 0000730464
**File Stem:** 0000730464-26-000003
**Filing Date:** 2026-1
**Character Count:** 46257
**Document Hash:** 5a422b2a8d509a03d57d5387caed3bcb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000730464-26-000003.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000730464-26-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260128

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adtalem Global Education Inc.
- **CENTRAL INDEX KEY:** 0000730464
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 363150143
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13988
- **FILM NUMBER:** 26572671

**BUSINESS ADDRESS:**
- **STREET 1:** 233 S. WACKER DRIVE
- **STREET 2:** SUITE 800
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-651-1400

**MAIL ADDRESS:**
- **STREET 1:** 233 S. WACKER DRIVE
- **STREET 2:** SUITE 800
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Adtalem Global Education
- **DATE OF NAME CHANGE:** 20170522

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Adtalem Global Education Inc.
- **DATE OF NAME CHANGE:** 20170519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Adtalem Global Education
- **DATE OF NAME CHANGE:** 20170519

?xml version='1.0' encoding='ASCII'? ADTALEM GLOBAL EDUCATION INC._January 28, 2026

**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): January 28, 2026**

**ADTALEM GLOBAL EDUCATION INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-13988** | **36-3150143** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| **233 South Wacker Drive** <br>**Chicago, IL** |  | **60606** |
| (Address of principal executive offices) |  | (Zip Code) |

---

**(312) (651-1400)**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange onwhich registered** |
| Common Stock $0.01 Par Value | ATGE | New York Stock Exchange |
| Common Stock $0.01 Par Value | ATGE | NYSE Texas  |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

#### Item 2.02 Results of Operations and Financial Condition
On January 28, 2026, Adtalem Global Education Inc. ("Adtalem") issued a press release announcing its second quarter fiscal 2026 academic, operating and financial results. The press release is attached hereto as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Adtalem under the Securities Act of 1933, as amended, or the Exchange Act.

*Cautionary Disclosure Regarding Forward-Looking Statements*

Certain statements contained in this Form 8-K and related press release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Adtalem's future growth. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "future," "believe," "expect," "anticipate," "estimate," "plan," "intend," "may," "will," "would," "could," "can," "continue," "preliminary," "range," and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include the risk factors described in Item 1A. "Risk Factors" of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and our other filings with the SEC. These forward-looking statements are based on information available to us as of the date any such statements are made, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

99.1 &nbsp;&nbsp;&nbsp;&nbsp; [Adtalem Global Education Inc. press release dated January 28, 2026.](atge-20260128xex99d1.htm) <br> 104 Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **ADTALEM GLOBAL EDUCATION INC.** | **ADTALEM GLOBAL EDUCATION INC.** |
| By: | /s/ Robert J. Phelan |
|  | Robert J. Phelan |
|  | Senior Vice President and Chief Financial Officer<br>(Principal Financial Officer) |

---

Date: January 28, 2026

## Exhibit 99.1

![Graphic](atge-20260128xex99d1002.jpg)

Exhibit 99.1

**Investor Contact**: Jay Spitzer****<br> Investor.Relations@Adtalem.com****<br> +1 312-906-6600

**Media Contact:** Maureen Bender<br>AdtalemMedia@Adtalem.com<br>+1 313-319-4732

![Graphic](atge-20260128xex99d1005.jpg)

**ADTALEM GLOBAL EDUCATION SECOND QUARTER FISCAL YEAR 2026 RESULTS;**

**RAISES FISCAL YEAR 2026 ADJUSTED EARNINGS PER SHARE GUIDANCE**

*Total enrollment up 6.3% YoY*

*Revenue up 12.4% YoY*

*Diluted earnings per share $2.11; Adjusted EPS $2.43, growth of 34.3% YoY*

**SECOND QUARTER HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;● Total student enrollment 97,010, up 6.3% year-over-year, achieved tenth straight quarter of growth

&nbsp;&nbsp;&nbsp;&nbsp;● Revenue $503.4 million, up 12.4% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;● Walden University achieved tenth straight quarter of total enrollment growth, up 13.0% year-over-year, <br> highest total enrollment in university history

&nbsp;&nbsp;&nbsp;&nbsp;● Chamberlain University achieved fourteenth straight quarter of pre-licensure BSN total enrollment growth

&nbsp;&nbsp;&nbsp;&nbsp;● Sustaining momentum, GAAP net income $76.4 million; adjusted EBITDA $154.9 million, up 23.9% year-over-year <br>

**CAPITAL ALLOCATION**

● Completed $150 million May 2025 Board-authorized share repurchase program on December 15, 2025

● New $750 million Board-authorized share repurchase program through December 2028

● Repurchased $165 million of shares in the second quarter

● Net leverage 0.9x as of Dec. 31, 2025

**FISCAL YEAR 2026 GUIDANCE**

● Revenue $1,900 million to $1,940 million

● Adjusted earnings per share $7.80 to $8.00 <br>

**INVESTOR DAY 2026**

![Graphic](atge-20260128xex99d1006.jpg)

● Company to host an Investor Day on Tues., Feb. 24, 2026 <br>

*"As America's largest healthcare educator, we are uniquely positioned to address the growing healthcare workforce gaps at scale. Our second quarter results—our tenth consecutive quarter of enrollment growth, which was up 6.3% to 97,000 students—demonstrates our ability to meet this challenge head on. We are at the forefront, creating a future where barriers to education are removed and where students graduate with AI-fluency. We took significant steps forward this quarter further collaborating with health system partners, expanding our reach, and embedding AI within our programs. As we train more healthcare providers than ever before, we are also delivering strong shareholder returns and leveraged our financial strength to return $165 million of capital back to our owners."*

— **STEVE BEARD**, Adtalem Chairman & Chief Executive Officer

![Graphic](atge-20260128xex99d1004.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**CHICAGO – Jan. 28, 2026**

Adtalem Global Education Inc. (NYSE: ATGE), the largest healthcare educator in the United States, today reported second quarter fiscal year 2026 results (ended Dec. 31, 2025). The Company continues to execute on its Growth with Purpose strategy, expanding its reach through an operational excellence foundation, leading the transformation of higher education by training the next generation of healthcare professionals at an industry-leading scale.

**FINANCIAL HIGHLIGHTS**

Selected financial data for the three months ended Dec. 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;● Revenue of $503.4 million increased 12.4% compared with the prior year

&nbsp;&nbsp;&nbsp;&nbsp;● Operating income of $111.1 million, compared with $103.9 million in the prior year; <br> adjusted operating income of $126.1 million, compared with $101.4 million in the prior year

&nbsp;&nbsp;&nbsp;&nbsp;● Net income of $76.4 million, compared with $75.9 million in the prior year; <br> adjusted net income of $87.9 million, compared with $69.4 million in the prior year

&nbsp;&nbsp;&nbsp;&nbsp;● Diluted earnings per share of $2.11, compared with $1.98 in the prior year; <br> adjusted earnings per share of $2.43, compared with $1.81 in the prior year

&nbsp;&nbsp;&nbsp;&nbsp;● Adjusted EBITDA of $154.9 million, compared with $125.0 million in the prior year; <br> adjusted EBITDA margin of 30.8%, compared with 27.9% in the prior year

**BUSINESS HIGHLIGHTS** 

● **Chamberlain University** streamlined its scholarship offerings with the launch of the **Commitment to Completion Grant** <sup>TM</sup> , and **RN to BSN Tuition Advantage Grant**, reinforcing its commitment to expanding access to programs that offer students the skills, confidence, and credibility to excel and improve patient outcomes.

● **Chamberlain University** is addressing the country's critical nursing shortage through its **Bachelor of Science in Nursing (BSN) Online Option**, which provides flexible, experiential learning to students in 38 states. Since launching four years ago, the program has grown to more than 4,200 currently enrolled students and partners with 79 clinical sites nationwide. <br>

● **Chamberlain University** expanded its **Masters Physician Assistant Studies (MPAS)** program to its recently relocated Phoenix, Arizona campus. The inaugural cohorts of MPAS students at its Chicago campus achieved overwhelmingly positive outcomes with a 96% Physician Assistant National Certifying Exam pass rate <sup>2</sup> , marking Chamberlain's ongoing commitment to address local community healthcare practitioner shortages.

● **Walden University** is empowering students by launching seven new degree programs heading into the 2026 academic year; with >1,000 students currently enrolled, led by **Masters in Applied Behavioral Analysis** and **Masters in Clinical Psychology**.

● Adtalem is rolling out a new integrated alumni-focused CRM, further enhancing our ability to build a connected community with our approximately 385,000 alumni who are making an impact around the country. <br>

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**SEGMENT HIGHLIGHTS** 

**Chamberlain** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*$ in millions* | &nbsp;&nbsp;**Three Months Ended**<br>**December 31,** | &nbsp;&nbsp;**Three Months Ended**<br>**December 31,** | &nbsp;&nbsp;**Three Months Ended**<br>**December 31,** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**% Change** |
| &nbsp;&nbsp;**Revenue** | &nbsp;&nbsp;$183.8 | &nbsp;&nbsp;$181.0 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;**Operating Income** | &nbsp;&nbsp;$32.0 | &nbsp;&nbsp;$42.2 | &nbsp;&nbsp;(24.2)% |
| &nbsp;&nbsp;**Adj. Operating Income** | &nbsp;&nbsp;$33.8 | &nbsp;&nbsp;$42.3 | &nbsp;&nbsp;(20.0)% |
| &nbsp;&nbsp;**Adj. EBITDA** | &nbsp;&nbsp;$45.2 | &nbsp;&nbsp;$52.6 | &nbsp;&nbsp;(14.0)% |
| &nbsp;&nbsp;**Total Students**<sup>1</sup> | &nbsp;&nbsp;39278 | &nbsp;&nbsp;39691 | &nbsp;&nbsp;(1.0)% |

---

● Total student enrollment decreased (1.0)% compared with the prior year, declines in post-licensure nursing partially offset by growth in pre-licensure nursing.

**Walden**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*$ in millions* | &nbsp;&nbsp;**Three Months Ended**<br>**December 31,** | &nbsp;&nbsp;**Three Months Ended**<br>**December 31,** | &nbsp;&nbsp;**Three Months Ended**<br>**December 31,** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**% Change** |
| &nbsp;&nbsp;**Revenue** | &nbsp;&nbsp;$217.6 | &nbsp;&nbsp;$171.3 | &nbsp;&nbsp;27.0% |
| &nbsp;&nbsp;**Operating Income** | &nbsp;&nbsp;$75.2 | &nbsp;&nbsp;$48.9 | &nbsp;&nbsp;53.8% |
| &nbsp;&nbsp;**Adj. Operating Income** | &nbsp;&nbsp;$78.5 | &nbsp;&nbsp;$46.2 | &nbsp;&nbsp;70.0% |
| &nbsp;&nbsp;**Adj. EBITDA** | &nbsp;&nbsp;$86.7 | &nbsp;&nbsp;$52.1 | &nbsp;&nbsp;66.5% |
| &nbsp;&nbsp;**Total Students**<sup>1</sup> | &nbsp;&nbsp;52435 | &nbsp;&nbsp;46399 | &nbsp;&nbsp;13.0% |

---

● Total student enrollment increased 13.0% compared with the prior year, driven by growth in healthcare and non-healthcare programs.

**Medical and Veterinary** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*$ in millions* | &nbsp;&nbsp;**Three Months Ended**<br>**December 31,** | &nbsp;&nbsp;**Three Months Ended**<br>**December 31,** | &nbsp;&nbsp;**Three Months Ended**<br>**December 31,** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**% Change** |
| &nbsp;&nbsp;**Revenue** | &nbsp;&nbsp;$102.0 | &nbsp;&nbsp;$95.4 | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;**Operating Income** | &nbsp;&nbsp;$24.6 | &nbsp;&nbsp;$21.5 | &nbsp;&nbsp;14.6% |
| &nbsp;&nbsp;**Adj. Operating Income** | &nbsp;&nbsp;$25.0 | &nbsp;&nbsp;$21.5 | &nbsp;&nbsp;16.3% |
| &nbsp;&nbsp;**Adj. EBITDA** | &nbsp;&nbsp;$31.4 | &nbsp;&nbsp;$26.7 | &nbsp;&nbsp;17.6% |
| &nbsp;&nbsp;**Total Students**<sup>1</sup> | &nbsp;&nbsp;5297 | &nbsp;&nbsp;5174 | &nbsp;&nbsp;2.4% |

---

● Medical and Veterinary schools do not have a new enrollment period starting in the second quarter fiscal year 2026. Second quarter fiscal year 2026 enrollment period is the same as first quarter fiscal year 2026 enrollment period and corresponding reported enrollment data.

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**FISCAL YEAR 2026 OUTLOOK**

Adtalem maintained its revenue guidance for fiscal year 2026, with revenue in the range of $1,900 million to $1,940 million, or approximately 6% to 8.5% growth year-over-year. Adtalem raised its adjusted earnings per share guidance from $7.60 to $7.90, or approximately 14% to 18.5% growth year-over-year, to be in the range of $7.80 to $8.00, or approximately 17% to 20% growth year-over-year.

**INVESTOR DAY 2026**

Adtalem announced its upcoming Investor Day, scheduled for Feb. 24, 2026. Additional information can be found at **investors.adtalem.com** or to register for the event, **click here**.

**CONFERENCE CALL AND WEBCAST INFORMATION**

Adtalem will hold a conference call to discuss its second quarter fiscal year 2026 results today at 4:00 p.m. CT (5:00 p.m. ET).

The call can be accessed by dialing +1 877-407-6184 (U.S. participants) or +1 201-389-0877 (international participants) and stating "Adtalem earnings call" or by using conference ID: 13757746. The call will be simulcast through the Adtalem investor relations website at: **https://investors.adtalem.com**.

Adtalem will archive a replay of the call for 30 days. To access the replay, dial +1 877-660-6853 (U.S.) or <br>+1 201-612-7415 (international), conference ID: 13757746, or visit the Adtalem investor relations website.

**ABOUT ADTALEM GLOBAL EDUCATION**

Adtalem Global Education is the largest provider of healthcare education in the U.S., shaping the future of healthcare by preparing a dynamic workforce with high-quality academic programs. We innovate education pathways, align with industry needs and empower individuals to reach their full potential. Our commitment to excellence and access is reflected in our expansive network of institutions, serving over 97,000 students and supported by a strong community of approximately 385,000 alumni and over 10,000 dedicated employees.

**CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements contained in this release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Adtalem's future growth. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "future," "believe," "expect," "anticipate," "estimate," "plan," "intend," "may," "will," "would," "could," "can," "continue," "preliminary," "potential," "range," and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. Important factors that could cause actual results to differ materially from the expectations expressed or implied by our forward-looking statements are disclosed in Item 1A. "Risk Factors," of our Annual Report on Form 10-K. You should evaluate forward-looking statements in the context of these risks and uncertainties and are cautioned to not place undue reliance on such forward-looking statements. We caution you that these factors, performance or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. All forward-looking statements are based on information available to use as of the date any such statements are made, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of special items that may be incurred in the future, although these special items could be material to Adtalem's results in accordance with GAAP.

1) Represents total students attending sessions during each institution's most recent enrollment period in Q2 FY 2026 and Q2 FY 2025.<br>2) Represents percent of candidates from the specified classes (Class of 2024 and 2025) that have passed PANCE as of the date the report was generated, Dec. 17, 2025.

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Consolidated Balance Sheets**

**(unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2025** | **June 30,** <br>**2025** |
| **Assets:** |  |  |
| &nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $56281 | $199601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 2359 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and financing receivables, net | 162848 | 146189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 81494 | 68837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 302982 | 416190 |
| &nbsp;&nbsp;Noncurrent assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 266036 | 256131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets | 189483 | 191194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes |  | 32956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 759864 | 765474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 961262 | 961262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | 135086 | 129145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent assets | 2311731 | 2336162 |
| Total assets | $2614713 | $2752352 |
| **Liabilities and shareholders' equity:** |  |  |
| &nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $103103 | $105017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and benefits | 53153 | 76374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 72283 | 77286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 180429 | 214091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 33917 | 35159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 442885 | 507927 |
| &nbsp;&nbsp;Noncurrent liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 504282 | 552669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | 191353 | 186172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 56815 | 31856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 40582 | 40103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent liabilities | 793032 | 810800 |
| Total liabilities | 1235917 | 1318727 |
| Commitments and contingencies |  |  |
| Total shareholders' equity | 1378796 | 1433625 |
| Total liabilities and shareholders' equity | $2614713 | $2752352 |

---

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Consolidated Statements of Income**

**(unaudited)**

**(in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | $503385 | $447729 | $965673 | $865129 |
| Operating cost and expense: |  |  |  |  |
| &nbsp;&nbsp;Cost of educational services | 205425 | 186636 | 406192 | 372631 |
| &nbsp;&nbsp;Student services and administrative expense | 182791 | 156901 | 358525 | 315974 |
| &nbsp;&nbsp;Restructuring expense | 4055 | 322 | 4365 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating cost and expense | 392271 | 343859 | 769082 | 691021 |
| Operating income | 111114 | 103870 | 196591 | 174108 |
| Interest expense | (10917) | (13909) | (22007) | (28391) |
| Other income, net | 1704 | 2235 | 4190 | 4881 |
| Income from continuing operations before income taxes | 101901 | 92196 | 178774 | 150598 |
| Provision for income taxes | (25730) | (21020) | (41541) | (33177) |
| Income from continuing operations | 76171 | 71176 | 137233 | 117421 |
| Discontinued operations: |  |  |  |  |
| &nbsp;&nbsp;Income from discontinued operations before income taxes | 303 | 6271 | 1050 | 6164 |
| &nbsp;&nbsp;Provision for income taxes | (98) | (1591) | (75) | (1564) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued operations | 205 | 4680 | 975 | 4600 |
| Net income and comprehensive income | $76376 | $75856 | $138208 | $122021 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;Basic: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $2.13 | $1.90 | $3.82 | $3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | $0.01 | $0.13 | $0.03 | $0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total basic earnings per share | $2.14 | $2.03 | $3.85 | $3.25 |
| &nbsp;&nbsp;Diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $2.10 | $1.85 | $3.75 | $3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | $0.01 | $0.12 | $0.03 | $0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total diluted earnings per share | $2.11 | $1.98 | $3.77 | $3.15 |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic shares | 35725 | 37435 | 35918 | 37578 |
| &nbsp;&nbsp;Diluted shares | 36230 | 38401 | 36644 | 38755 |

---

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Consolidated Statements of Cash Flows<br>(unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**  | **Six Months Ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| **Operating activities:** |  |  |
| &nbsp;&nbsp;Net income | $138208 | $122021 |
| &nbsp;&nbsp;Income from discontinued operations | (975) | (4600) |
| &nbsp;&nbsp;Income from continuing operations | 137233 | 117421 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 21532 | 20918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease assets | 14411 | 14092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 21250 | 19993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 5610 | 5610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and write-off of debt discount and issuance costs | 2554 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for bad debts | 31431 | 28719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 57915 | 23516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposals and impairments of property and equipment | 4 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on investments | (810) | (442) |
| &nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and financing receivables | (46725) | (46493) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (3429) | 6829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud computing implementation assets | (7131) | (14071) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1478) | (34588) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and benefits | (23130) | (20311) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (7321) | (29066) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (30918) | (12028) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (8761) | (10594) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (2124) | (5888) |
| &nbsp;&nbsp;Net cash provided by operating activities-continuing operations | 160113 | 65957 |
| &nbsp;&nbsp;Net cash provided by operating activities-discontinued operations | 180 | 4340 |
| &nbsp;&nbsp;Net cash provided by operating activities | 160293 | 70297 |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;Capital expenditures | (30647) | (21094) |
| &nbsp;&nbsp;Proceeds from sales of marketable securities | 2105 | 2426 |
| &nbsp;&nbsp;Purchases of marketable securities | (2104) | (1548) |
| &nbsp;&nbsp;Payment for investment in business | (5000) |  |
| &nbsp;&nbsp;Net cash used in investing activities | (35646) | (20216) |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;Proceeds from exercise of stock options | 131 | 9833 |
| &nbsp;&nbsp;Employee taxes paid on withholding shares | (41985) | (12198) |
| &nbsp;&nbsp;Proceeds from stock issued under Colleague Stock Purchase Plan | 815 | 567 |
| &nbsp;&nbsp;Repurchases of common stock for treasury | (172362) | (74066) |
| &nbsp;&nbsp;Borrowings under long-term debt obligations | 227000 | 9873 |
| &nbsp;&nbsp;Repayments under long-term debt obligations | (277000) | (9873) |
| &nbsp;&nbsp;Payment of debt issuance costs | (3770) |  |
| &nbsp;&nbsp;Net cash used in financing activities | (267171) | (75864) |
| Net decrease in cash, cash equivalents and restricted cash | (142524) | (25783) |
| Cash, cash equivalents and restricted cash at beginning of period | 201164 | 221202 |
| Cash, cash equivalents and restricted cash at end of period | $58640 | $195419 |

---

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Segment Revenue**

**(unaudited)**

**(in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  |  |  | **Increase/(Decrease)** |  |  | **Increase/(Decrease)** |
|  | **2025** | **2024** | $**%** | **2025** | **2024** | $**%** |
| **Revenue:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Chamberlain | $183832 | $180986 | 1.6% | $363033 | $348916 | 4.0% |
| &nbsp;&nbsp;Walden <sup>(1)</sup> | 217562 | 171306 | 27.0% | 407522 | 332819 | 22.4% |
| &nbsp;&nbsp;Medical and Veterinary | 101991 | 95437 | 6.9% | 195118 | 183394 | 6.4% |
| &nbsp;&nbsp;Total consolidated revenue <sup>(1)</sup> | $503385 | $447729 | 12.4% | $965673 | $865129 | 11.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Walden had $18.0 million of incremental revenue in the second quarter of fiscal year 2026 compared to the prior year period due to the shift of one academic week from the third quarter to the second quarter. Excluding the incremental revenue, Walden segment revenue would have increased 16.5%, or $28.2 million, to $199.5 million, and total consolidated revenue would have increased 8.4%, or $37.6 million, to $485.4 million in the second quarter of fiscal year 2026 compared to the prior year period.

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Non-GAAP Financial Measures and Reconciliations**

We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem's ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non-GAAP reconciliation tables:

*Adjusted net income (most comparable GAAP measure: net income)* – Measure of Adtalem's net income adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, write-off of debt discount and issuance costs, litigation reserve, debt modification costs, and income from discontinued operations.

*Adjusted earnings per share (most comparable GAAP measure: diluted earnings per share)* – Measure of Adtalem's diluted earnings per share adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, write-off of debt discount and issuance costs, litigation reserve, debt modification costs, and income from discontinued operations.

*Adjusted operating income (most comparable GAAP measure: operating income)* – Measure of Adtalem's operating income adjusted for restructuring expense, amortization of acquired intangible assets, litigation reserve, strategic advisory costs, and debt modification costs.

*Adjusted EBITDA (most comparable GAAP measure: net income)* – Measure of Adtalem's net income adjusted for income from discontinued operations, interest expense, other income, net, provision for income taxes, depreciation, amortization of acquired intangible assets, amortization of cloud computing implementation assets, stock-based compensation, restructuring expense, litigation reserve, strategic advisory costs, and debt modification costs. Provision for income taxes, interest expense, and other income, net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with adjusted operating income.

*Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations)* – Defined as net cash provided by operating activities-continuing operations less capital expenditures.

*Net debt* – Defined as long-term debt less cash and cash equivalents.

*Net leverage* – Defined as net debt divided by adjusted EBITDA.

A description of special items in our non-GAAP financial measures described above are as follows:

● Restructuring expense primarily related to workforce reductions, costs to exit certain course offerings, and prior real estate consolidations at Adtalem's home office. We do not include normal, recurring, cash operating expenses in our restructuring expense.

● Amortization of acquired intangible assets.

● Amortization of cloud computing implementation assets.

● Strategic advisory costs related to expanding capabilities and bringing new capacities to market to further enhance our strategic position. We do not include normal, recurring, cash operating expenses in our strategic advisory costs.

● Reserves related to significant litigation.

● Write-off of debt discount and issuance costs related to prepayments of debt and the amendment of the revolving loan facility.

● Debt modification costs related to refinancing our Term Loan B loan.

● Income from discontinued operations includes expense from ongoing litigation costs and settlements related to divestitures and the earn-outs we received.

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Adjusted Operating Income**

**(unaudited)**

**(in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  |  |  | **Increase/(Decrease)** |  |  | **Increase/(Decrease)** |
|  | **2025** | **2024** | $**%** | **2025** | **2024** | $**%** |
| **Chamberlain:** |  |  |  |  |  |  |
| Operating income | $31998 | $42226 | (24.2)% | $57606 | $68200 | (15.5)% |
| Restructuring expense | 1825 | 77 |  | 1825 | 1935 |  |
| Adjusted operating income | $33823 | $42303 | (20.0)% | $59431 | $70135 | (15.3)% |
| Operating margin | 17.4% | 23.3% |  | 15.9% | 19.5% |  |
| Adjusted operating margin | 18.4% | 23.4% |  | 16.4% | 20.1% |  |
| **Walden:** |  |  |  |  |  |  |
| Operating income | $75226 | $48898 | 53.8% | $128495 | $88735 | 44.8% |
| Restructuring expense | 429 |  |  | 429 |  |  |
| Amortization of acquired intangible assets | 2805 | 2805 |  | 5610 | 5610 |  |
| Litigation reserve |  | (5550) |  |  | (5550) |  |
| Adjusted operating income | $78460 | $46153 | 70.0% | $134534 | $88795 | 51.5% |
| Operating margin | 34.6% | 28.5% |  | 31.5% | 26.7% |  |
| Adjusted operating margin | 36.1% | 26.9% |  | 33.0% | 26.7% |  |
| **Medical and Veterinary:** |  |  |  |  |  |  |
| Operating income | $24599 | $21463 | 14.6% | $41327 | $36134 | 14.4% |
| Restructuring expense | 436 | 56 |  | 480 | 115 |  |
| Adjusted operating income | $25035 | $21519 | 16.3% | $41807 | $36249 | 15.3% |
| Operating margin | 24.1% | 22.5% |  | 21.2% | 19.7% |  |
| Adjusted operating margin | 24.5% | 22.5% |  | 21.4% | 19.8% |  |
| **Home Office:** |  |  |  |  |  |  |
| Operating loss | $(20709) | $(8717) | (137.6)% | $(30837) | $(18961) | (62.6)% |
| Restructuring expense | 1365 | 189 |  | 1631 | 366 |  |
| Strategic advisory costs | 8110 |  |  | 9794 |  |  |
| Debt modification costs |  |  |  |  | 712 |  |
| Adjusted operating loss | $(11234) | $(8528) | (31.7)% | $(19412) | $(17883) | (8.6)% |
| **Adtalem Global Education:** |  |  |  |  |  |  |
| Operating income (GAAP) | $111114 | $103870 | 7.0% | $196591 | $174108 | 12.9% |
| Restructuring expense | 4055 | 322 |  | 4365 | 2416 |  |
| Amortization of acquired intangible assets | 2805 | 2805 |  | 5610 | 5610 |  |
| Litigation reserve |  | (5550) |  |  | (5550) |  |
| Strategic advisory costs | 8110 |  |  | 9794 |  |  |
| Debt modification costs |  |  |  |  | 712 |  |
| Adjusted operating income (non-GAAP) | $126084 | $101447 | 24.3% | $216360 | $177296 | 22.0% |
| Operating margin (GAAP) | 22.1% | 23.2% |  | 20.4% | 20.1% |  |
| Adjusted operating margin (non-GAAP) | 25.0% | 22.7% |  | 22.4% | 20.5% |  |

---

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Adjusted EBITDA**

**(unaudited)**

**(in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  |  |  | **Increase/(Decrease)** |  |  | **Increase/(Decrease)** |
|  | **2025** | **2024** | $**%** | **2025** | **2024** | $**%** |
| **Chamberlain:** |  |  |  |  |  |  |
| Adjusted operating income (GAAP) | $33823 | $42303 | (20.0)% | $59431 | $70135 | (15.3)% |
| Depreciation | 5706 | 5466 |  | 11081 | 10834 |  |
| Amortization of cloud computing implementation assets | 2020 | 815 |  | 3547 | 1467 |  |
| Stock-based compensation | 3674 | 3993 |  | 6244 | 7112 |  |
| Adjusted EBITDA (non-GAAP) | $45223 | $52577 | (14.0)% | $80303 | $89548 | (10.3)% |
| Adjusted EBITDA margin (non-GAAP) | 24.6% | 29.1% |  | 22.1% | 25.7% |  |
| **Walden:** |  |  |  |  |  |  |
| Adjusted operating income (GAAP) | $78460 | $46153 | 70.0% | $134534 | $88795 | 51.5% |
| Depreciation | 2074 | 1795 |  | 4014 | 3477 |  |
| Amortization of cloud computing implementation assets | 1901 | 778 |  | 3105 | 1479 |  |
| Stock-based compensation | 4237 | 3326 |  | 6890 | 6066 |  |
| Adjusted EBITDA (non-GAAP) <sup>(1)</sup> | $86672 | $52052 | 66.5% | $148543 | $99817 | 48.8% |
| Adjusted EBITDA margin (non-GAAP) <sup>(1)</sup> | 39.8% | 30.4% |  | 36.5% | 30.0% |  |
| **Medical and Veterinary:** |  |  |  |  |  |  |
| Adjusted operating income (GAAP) | $25035 | $21519 | 16.3% | $41807 | $36249 | 15.3% |
| Depreciation | 3007 | 2744 |  | 5827 | 5313 |  |
| Amortization of cloud computing implementation assets | 705 | 315 |  | 1116 | 598 |  |
| Stock-based compensation | 2682 | 2158 |  | 4092 | 3765 |  |
| Adjusted EBITDA (non-GAAP) | $31429 | $26736 | 17.6% | $52842 | $45925 | 15.1% |
| Adjusted EBITDA margin (non-GAAP) | 30.8% | 28.0% |  | 27.1% | 25.0% |  |
| **Home Office:** |  |  |  |  |  |  |
| Adjusted operating loss | $(11234) | $(8528) | (31.7)% | $(19412) | $(17883) | (8.6)% |
| Depreciation | 167 | 185 |  | 328 | 369 |  |
| Stock-based compensation | 2646 | 1990 |  | 4306 | 3975 |  |
| Adjusted EBITDA | $(8421) | $(6353) | (32.6)% | $(14778) | $(13539) | (9.2)% |
| **Adtalem Global Education:** |  |  |  |  |  |  |
| Net income (GAAP) | $76376 | $75856 | 0.7% | $138208 | $122021 | 13.3% |
| Income from discontinued operations | (205) | (4680) |  | (975) | (4600) |  |
| Interest expense | 10917 | 13909 |  | 22007 | 28391 |  |
| Other income, net | (1704) | (2235) |  | (4190) | (4881) |  |
| Provision for income taxes | 25730 | 21020 |  | 41541 | 33177 |  |
| Depreciation and amortization | 18385 | 14903 |  | 34628 | 29147 |  |
| Stock-based compensation | 13239 | 11467 |  | 21532 | 20918 |  |
| Restructuring expense | 4055 | 322 |  | 4365 | 2416 |  |
| Litigation reserve |  | (5550) |  |  | (5550) |  |
| Strategic advisory costs | 8110 |  |  | 9794 |  |  |
| Debt modification costs |  |  |  |  | 712 |  |
| Adjusted EBITDA (non-GAAP) <sup>(1)</sup> | $154903 | $125012 | 23.9% | $266910 | $221751 | 20.4% |
| Adjusted EBITDA margin (non-GAAP) <sup>(1)</sup> | 30.8% | 27.9% |  | 27.6% | 25.6% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Walden had $18.0 million of incremental revenue in the second quarter of fiscal year 2026 compared to the prior year period due to the shift of one academic week from the third quarter to the second quarter. Excluding the incremental revenue, Walden adjusted EBITDA would have increased 31.9%, or $16.6 million, to $68.7 million, and total consolidated adjusted EBITDA would have increased 9.5%, or $11.9 million, to $136.9 million for the second quarter of fiscal year 2026. Excluding the incremental revenue, Walden adjusted EBITDA margin and consolidated adjusted EBITDA margin would have been 34.4% and 28.2%, respectively, for the second quarter of fiscal year 2026.

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Adjusted Earnings**

**(unaudited)**

**(in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (GAAP) | $76376 | $75856 | $138208 | $122021 |
| Restructuring expense | 4055 | 322 | 4365 | 2416 |
| Amortization of acquired intangible assets | 2805 | 2805 | 5610 | 5610 |
| Strategic advisory costs | 8110 |  | 9794 |  |
| Write-off of debt discount and issuance costs, litigation reserve, and debt modification costs | 687 | (5550) | 982 | (4838) |
| Income tax impact on non-GAAP adjustments <sup>(1)</sup> | (3922) | 645 | (5146) | (687) |
| Income from discontinued operations | (205) | (4680) | (975) | (4600) |
| Adjusted net income (non-GAAP) | $87906 | $69398 | $152838 | $119922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Diluted earnings per share (GAAP) | $2.11 | $1.98 | $3.77 | $3.15 |
| Effect on diluted earnings per share: |  |  |  |  |
| &nbsp;&nbsp;Restructuring expense | 0.11 | 0.01 | 0.12 | 0.06 |
| &nbsp;&nbsp;Amortization of acquired intangible assets | 0.08 | 0.07 | 0.15 | 0.14 |
| &nbsp;&nbsp;Strategic advisory costs | 0.22 | - | 0.27 | - |
| &nbsp;&nbsp;Write-off of debt discount and issuance costs, litigation reserve, and debt modification costs | 0.02 | (0.14) | 0.03 | (0.12) |
| &nbsp;&nbsp;Income tax impact on non-GAAP adjustments <sup>(1)</sup> | (0.11) | 0.02 | (0.14) | (0.02) |
| &nbsp;&nbsp;Income from discontinued operations | (0.01) | (0.12) | (0.03) | (0.12) |
| Adjusted earnings per share (non-GAAP) | $2.43 | $1.81 | $4.17 | $3.09 |
| Diluted shares | 36230 | 38401 | 36644 | 38755 |

---

Note: May not sum due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Free Cash Flow**

**(unaudited)**

**(in thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **FY25** | **FY25** | **FY25** | **FY26** | **FY26** |
|  | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** |
| Net cash provided by operating activities-continuing operations (GAAP) | $281971 | $335069 | $333734 | $374796 | $427890 |
| Capital expenditures | (50375) | (47914) | (50327) | (55936) | (59880) |
| Free cash flow (non-GAAP) | $231596 | $287155 | $283407 | $318860 | $368010 |

---

![Graphic](atge-20260128xex99d1003.jpg)

------

![Graphic](atge-20260128xex99d1001.jpg)

**Adtalem Global Education Inc.**

**Net Leverage**

**(unaudited)**

**(in thousands)**

---

| | |
|:---|:---|
|  | **Twelve Months Ended**<br>**December 31, 2025** |
| **Adtalem Global Education:** |  |
| Net income (GAAP) | $253252 |
| Income from discontinued operations | (763) |
| Interest expense | 45934 |
| Other income, net | (8599) |
| Provision for income taxes | 74201 |
| Depreciation and amortization | 64646 |
| Stock-based compensation | 42204 |
| Restructuring expense | 5263 |
| Asset impairments | 6442 |
| Strategic advisory costs | 21794 |
| Loss on assets held for sale | 490 |
| Adjusted EBITDA (non-GAAP) | $504864 |
|  | **December 31, 2025** |
| Long-term debt | $508283 |
| Less: Cash and cash equivalents | (56281) |
| Net debt (non-GAAP) | $452002 |
| Net leverage (non-GAAP) | 0.9 x |

---

![Graphic](atge-20260128xex99d1003.jpg)

------