Laureate Reaffirms 2026 Outlook After Calendar-Lifted Quarter

The Tip Desk · October 31, 2026 · 3 min read

Third-quarter revenue was $485.1 million, up 21% as reported, with about $29 million of the lift from 2026 semester start dates.

Laureate Education (LAUR), which operates five higher education institutions across Mexico and Peru, reported third-quarter revenue of $485.1 million, up 21% from a year earlier. On a constant-currency basis the increase was 14%. The company said about $29 million of the reported lift came from intra-year academic-calendar timing as 2026 semester start dates shifted relative to 2025.

That calendar effect also lifted Adjusted EBITDA. Sequential reported revenue growth accelerated to 21% from 17% in the second quarter, and constant-currency growth rose to 14% from 8%.

Operating income was $119.1 million, compared with $71.5 million a year earlier. Sequential operating income fell from $223.4 million in the second quarter.

Net income was $101.2 million, or $0.73 a share on a diluted basis, versus $34.4 million, or $0.23 a share, a year earlier. The company said the year-ago increase was driven mainly by higher operating income and a $25.4 million discrete tax benefit recorded in the quarter.

Adjusted EBITDA was $146.8 million, versus $94.8 million a year earlier. The company attributed about $26 million of that year-ago increase to academic-calendar timing. Sequential Adjusted EBITDA fell from $250.6 million in the second quarter.

Mexico was the sharper operating turn. Third-quarter Mexico revenue was $256.5 million, up 32% as reported and 22% in constant currency. Mexico Adjusted EBITDA was $62.1 million, up 142% as reported and 123% in constant currency. Peru revenue was $228.6 million, up 11% as reported and 7% in constant currency. Peru Adjusted EBITDA was $94.0 million, up 20% as reported and 15% in constant currency.

President and Chief Executive Officer Eilif Serck-Hanssen said the company reported strong new enrollment intakes in both markets, including a launch of a new campus in Puebla in Mexico’s primary intake and continued use of online programs in Peru’s secondary intake.

For the nine months ended September 30, 2026, reported revenue was $1,373.6 million, up 18% from $1,160.5 million. Constant-currency revenue rose 8%, with about $20 million of favorable academic-calendar timing. Nine-month operating income was $315.0 million, versus $251.6 million. Net income was $216.7 million, versus $112.3 million; the company cited higher operating income, foreign-currency effects on intercompany balances, and the $25.4 million discrete tax benefit. Nine-month Adjusted EBITDA was $395.1 million, versus $314.7 million, with about $17 million of favorable calendar timing.

New enrollments for the nine months increased 9% and total enrollments increased 6%. Mexico new and total enrollments were up 8% and 6%; Peru new and total enrollments were up 10% and 5%. Total enrollments stood at 539,600 as of September 30, 2026.

Laureate is reaffirming its 2026 outlook. Based on assumed foreign-exchange rates, the company expects full-year 2026 revenues of $1,920 million to $1,930 million, Adjusted EBITDA of $593 million to $599 million, and Adjusted EPS of $2.04 to $2.10. It expects total enrollments of 518,000 to 523,000 students. Laureate said it expects the intra-year academic-calendar timing impacts on revenue and Adjusted EBITDA to be offset in the fourth quarter of 2026.

As of September 30, 2026, Laureate had $189.9 million of cash and cash equivalents and gross debt of $204.2 million, for net debt of $14.3 million. It repurchased about $256 million of common stock in the nine months ended September 30. On October 29, 2026, the board approved a $150 million increase to the share-repurchase program. After the increase and cumulative repurchases through September 30, remaining authorization was about $225.2 million. Shares outstanding were 135.7 million.