LAUREATE EDUCATION, INC., 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Cover Page
3 Months Ended
Mar. 31, 2026
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2026
Document Transition Report false
Entity File Number 001-38002
Entity Registrant Name Laureate Education, Inc.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 52-1492296
Entity Address, Address Line One PMB 1158, 1000 Brickell Avenue, Suite 715,
Entity Address, City or Town Miami,
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33131
City Area Code 786
Local Phone Number 209-3368
Title of 12(b) Security Common stock, par value $0.004 per share
Trading Symbol LAUR
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 139,978,289
Amendment Flag false
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
Entity Central Index Key 0000912766
Current Fiscal Year End Date --12-31
v3.26.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenues $ 272,612 $ 236,162
Costs and expenses:    
Direct costs 289,005 238,363
General and administrative expenses 11,134 10,990
Operating loss (27,527) (13,191)
Interest income 1,906 1,519
Interest expense (3,139) (2,366)
Other income (expense), net 439 (15)
Foreign currency exchange gain (loss), net 1,016 (3,199)
Loss from continuing operations before income taxes and equity in net income of affiliates (27,305) (17,252)
Income tax benefit (expense) 5,711 (2,517)
Equity in net income of affiliates, net of tax 0 3
Income from continuing operations (21,594) (19,766)
Income from discontinued operations, net of tax of $0 for both periods 0 213
Net income (21,594) (19,553)
Net loss attributable to noncontrolling interests 0 57
Net income attributable to Laureate Education, Inc. $ (21,594) $ (19,496)
Basic and diluted earnings (loss) per share:    
Basic loss per share (in dollars per share) $ (0.15) $ (0.13)
Diluted loss per share (in dollars per share) $ (0.15) $ (0.13)
v3.26.1
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Tax (benefit) expense on income (loss) from discontinued operations $ 0 $ 0
v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net loss $ (21,594) $ (19,553)
Other comprehensive income (loss):    
Foreign currency translation adjustment, net of tax of $0 for both periods (11,859) 9,333
Minimum pension liability adjustment, net of tax of $0 (48) 0
Total other comprehensive (loss) income (11,811) 9,333
Comprehensive income (33,405) (10,220)
Net comprehensive loss attributable to noncontrolling interests 1 60
Comprehensive loss attributable to Laureate Education, Inc. $ (33,404) $ (10,160)
v3.26.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Foreign currency translation adjustment, tax $ 0 $ 0
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 157,353 $ 146,703
Restricted cash 5,634 5,372
Receivables:    
Accounts and notes receivable 173,513 244,070
Other receivables 2,436 15,735
Allowance for doubtful accounts (120,426) (125,056)
Receivables, net 55,523 134,749
Income tax receivable 19,903 2,568
Prepaid expenses and other current assets 32,235 28,956
Total current assets 270,648 318,348
Property and equipment:    
Land 159,111 162,595
Buildings 408,608 397,102
Furniture, equipment and software 597,030 596,546
Leasehold improvements 160,903 159,875
Construction in-progress 27,995 26,704
Accumulated depreciation and amortization (720,162) (714,206)
Property and equipment, net 633,485 628,616
Operating lease right-of-use assets, net 453,755 335,626
Goodwill 635,213 637,300
Tradenames, net 165,037 166,195
Deferred costs, net 4,566 4,537
Deferred income taxes 74,597 72,159
Other assets 42,164 41,888
Long-term assets held for sale 1,682 1,681
Total assets 2,281,147 2,206,350
Current liabilities:    
Accounts payable 45,742 57,126
Accrued expenses 81,530 72,669
Accrued compensation and benefits 83,888 112,591
Deferred revenue and student deposits 130,353 80,161
Current portion of operating leases 49,901 55,971
Current portion of long-term debt and finance leases 55,124 54,585
Income taxes payable 0 13,225
Other current liabilities 28,209 26,579
Total current liabilities 474,747 472,907
Long-term operating leases, less current portion 456,968 331,792
Long-term debt and finance leases, less current portion 160,717 73,123
Deferred compensation 7,580 7,482
Income taxes payable 77,693 78,979
Deferred income taxes 15,459 15,590
Other long-term liabilities 38,530 37,717
Total liabilities 1,231,694 1,017,590
Redeemable equity 1,398 1,398
Stockholders' equity:    
Preferred stock, par value $0.001 per share – 50,000 shares authorized and no shares issued and outstanding as of March 31, 2026 and December 31, 2025 0 0
Common stock, par value $0.004 per share – 700,000 shares authorized, 139,978 shares issued and outstanding as of March 31, 2026 and 142,940 shares issued and outstanding as of December 31, 2025 560 572
Additional paid-in capital 1,051,877 1,075,460
Retained earnings 312,988 416,889
Accumulated other comprehensive loss (316,794) (304,984)
Total Laureate Education, Inc. stockholders' equity 1,048,631 1,187,937
Noncontrolling interests (576) (575)
Total stockholders' equity 1,048,055 1,187,362
Total liabilities and stockholders' equity $ 2,281,147 $ 2,206,350
v3.26.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value per share (in dollars per share) $ 0.001 $ 0.001
Preferred stock authorized (in shares) 50,000,000 50,000,000
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Common stock, par value per share (in dollars per share) $ 0.004 $ 0.004
Common stock authorized (in shares) 700,000,000 700,000,000
Common stock issued (in shares) 139,978,000 142,940,000
Common stock outstanding (in shares) 139,978,000 142,940,000
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (21,594) $ (19,553)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22,584 16,078
Amortization of operating lease right-of-use assets 9,091 8,125
Gain on lease terminations and disposals of subsidiaries and property and equipment, net (90) (255)
Non-cash interest expense 593 380
Non-cash share-based compensation expense 2,616 2,463
Bad debt expense 6,337 4,395
Deferred income taxes (2,614) 4,860
Unrealized foreign currency exchange (gain) loss (1,543) 2,932
Other, net 3,847 3,304
Changes in operating assets and liabilities:    
Receivables 71,824 40,931
Prepaid expenses and other assets (6,344) (9,930)
Accounts payable and accrued expenses (37,715) (18,501)
Income tax receivable/payable, net (31,936) (20,940)
Deferred revenue and other liabilities 46,876 43,488
Net cash provided by operating activities 61,932 57,777
Cash flows from investing activities    
Purchase of property and equipment (8,330) (4,612)
Receipts from sales of property and equipment 29 56
Net cash used in investing activities (8,301) (4,556)
Cash flows from financing activities    
Borrowings on debt 95,127 30,000
Payments on debt 23,641 22,461
Payment of dividend equivalent rights for vested share-based awards (97) (386)
Proceeds from exercise of stock options 84 42
Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options (4,603) (2,345)
Payments to repurchase common stock and excise tax payments (108,175) (39,499)
Net cash used in financing activities (41,305) (34,649)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash (1,414) 875
Change in cash included in current assets held for sale 0 (393)
Net change in Cash and cash equivalents and Restricted cash 10,912 19,054
Cash and cash equivalents and Restricted cash at beginning of period 152,075 97,854
Cash and cash equivalents and Restricted cash at end of period $ 162,987 $ 116,908
v3.26.1
Description of Business
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Laureate Education, Inc. and subsidiaries (hereinafter Laureate, we, us, our, or the Company) provide higher education programs and services to students through a portfolio of degree-granting higher education institutions in Mexico and Peru. Laureate's programs are provided through institutions that are campus-based and through electronically distributed educational programs (online). We are domiciled in Delaware as a public benefit corporation, a demonstration of our long-term commitment to our mission to benefit our students and society. The Company completed its initial public offering (IPO) on February 6, 2017, and its shares are listed on the Nasdaq Global Select Market under the symbol “LAUR.”

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with Laureate's audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the 2025 Form 10-K).
v3.26.1
Revenue
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Recognition

Our revenues primarily consist of tuition revenues from enrolled students. We also generate other revenues from student fees, short courses, and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds and waivers. Laureate’s institutions have various billing and academic cycles.

We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers, as follows:

Identification of the contract, or contracts, with a customer;
Identification of the performance obligations in the contract;
Determination of the transaction price;
Allocation of the transaction price to the performance obligations in the contract; and
Recognition of revenue when, or as, we satisfy a performance obligation.

We assess collectability on a portfolio basis prior to recording revenue. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue, as applicable.
The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended March 31, 2026 and 2025:
MexicoPeru
Corporate(1)
Total
2026
Tuition and educational services $282,342 $53,764 $— $336,106 123 %
Other42,647 14,818 16 57,481 21 %
Gross revenue324,989 68,582 16 393,587 144 %
Less: Discounts / waivers / scholarships(114,347)(6,628)— (120,975)(44)%
Total $210,642 $61,954 $16 $272,612 100 %
2025
Tuition and educational services $244,069 $39,507 $— $283,576 120 %
Other39,600 11,047 51 50,698 22 %
Gross revenue283,669 50,554 51 334,274 142 %
Less: Discounts / waivers / scholarships(94,414)(3,698)— (98,112)(42)%
Total $189,255 $46,856 $51 $236,162 100 %
(1) Includes the elimination of inter-segment revenues.

Contract Balances

The timing of billings, cash collections and revenue recognition results in accounts receivable (contract assets) and Deferred revenue and student deposits (contract liabilities) on the Consolidated Balance Sheets. We have various billing and academic cycles and recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session. Receivables are recognized only to the extent that it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services that will be transferred to the student. We receive advance payments or deposits from our students before revenue is recognized, which are recorded as contract liabilities in deferred revenue and student deposits. Payment terms vary by university with some universities requiring payment in advance of the academic session and other universities allowing students to pay in installments over the term of the academic session.

All of our contract assets are considered accounts receivable and are included within the Accounts and notes receivable balance in the accompanying Consolidated Balance Sheets. Total accounts receivable from our contracts with students were $173,513 and $244,070 as of March 31, 2026 and December 31, 2025, respectively. The decrease in the contract assets balance at March 31, 2026 compared to December 31, 2025 was primarily driven by enrollment cycles, in particular the repayment of outstanding amounts by students re-enrolling for the next academic session. The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions. All contract asset amounts are classified as current.

Contract liabilities in the amount of $130,353 and $80,161 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively. The increase in the contract liability balance during the period ended March 31, 2026 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period. Revenue recognized during the three months ended March 31, 2026 that was included in the contract liability balance at the beginning of the year was approximately $54,716.
v3.26.1
Business and Geographic Segment Information
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business and Geographic Segment Information Business and Geographic Segment Information
Laureate’s educational services are offered through two reportable segments: Mexico and Peru. Laureate determines its segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Laureate’s Chief Executive Officer is the chief operating decision maker.

Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize campus-based, online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand. The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class,
global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions. The target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our in-country networks. There are a number of private and public institutions in both of the countries in which we operate, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future. We expect competition to increase as the Mexican and Peruvian markets mature. Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. Specifics related to both of our reportable segments are discussed below.

In Mexico, the private sector plays a meaningful role in higher education, bridging supply and demand imbalances created by a lack of capacity at public universities. Laureate owns two nationally licensed institutions and is present throughout the country with a footprint of over 30 campuses.

In Peru, private universities are increasingly providing the capacity to meet growing demand in the higher-education market. Laureate owns three institutions in Peru, with a footprint of 20 campuses.

Inter-segment transactions are accounted for in a similar manner as third-party transactions and are eliminated in consolidation. The Corporate amounts presented in the following tables include corporate charges that were not allocated to our reportable segments and adjustments to eliminate inter-segment items.

The chief operating decision maker uses Adjusted EBITDA to evaluate performance and to allocate resources for each segment in the annual budget and monthly forecasting process. Adjusted EBITDA is defined as Loss from continuing operations before income taxes and equity in net income of affiliates, adding back the following items: Gain on disposal of subsidiaries, net, Foreign currency exchange gain (loss), net, Other income (loss), net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense. The chief operating decision maker considers budget-to-actual variances for Adjusted EBITDA when making decisions about allocating resources to the segments.

Adjusted EBITDA is also a key measure used by our management and Board of Directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key financial measure used by the compensation committee of our Board of Directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. We use total assets as the measure of assets for reportable segments.
The following table presents a reconciliation of Adjusted EBITDA of our reportable segments to Loss from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations:
For the three months ended March 31,
20262025
Adjusted EBITDA of reportable segments:
Mexico$41,476 $52,959 
Peru(34,941)(38,842)
Total Adjusted EBITDA of reportable segments6,535 14,117 
Reconciling items:
Corporate(8,862)(8,767)
Depreciation and amortization expense(22,584)(16,078)
Share-based compensation expense(2,616)(2,463)
Operating loss(27,527)(13,191)
Interest income1,906 1,519 
Interest expense(3,139)(2,366)
Other income (loss), net
439 (15)
Foreign currency gain (loss), net
1,016 (3,199)
Loss from continuing operations before income taxes and equity in net income of affiliates
$(27,305)$(17,252)

The following table presents significant segment expenses of our reportable segments:
For the three months ended March 31,
20262025
Mexico
Revenues$210,642 $189,255 
Less:
Labor costs80,766 64,429 
Lease and other facilities costs27,006 23,091 
Advertising costs16,255 12,678 
Other costs (1)
45,139 36,098 
Adjusted EBITDA$41,476 $52,959 
Peru
Revenues$61,954 $46,856 
Less:
Labor costs57,411 48,450 
Lease and other facilities costs6,913 7,374 
Advertising costs13,621 9,961 
Other costs (1)
18,950 19,913 
Adjusted EBITDA$(34,941)$(38,842)
(1) Other costs for each reportable segment include: professional services expense, technology expense, bad debt and other direct costs.
The following table presents other financial information of our reportable segments:
For the three months ended March 31,
20262025
Mexico
Depreciation and amortization expense$14,345 $9,300 
Expenditures for long-lived assets$6,228 $2,580 
Peru
Depreciation and amortization expense$8,228 $6,600 
Expenditures for long-lived assets$2,102 $2,032 

The following table presents the total assets of our reportable segments:
March 31, 2026December 31, 2025
Assets
Mexico$1,491,406 $1,383,658 
Peru645,831 674,902 
Corporate 143,910 147,790 
Total assets$2,281,147 $2,206,350 
v3.26.1
Goodwill
3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The change in the net carrying amount of Goodwill from December 31, 2025 through March 31, 2026 was composed of the following items:
MexicoPeruTotal
Balance at December 31, 2025$557,241 $80,059 $637,300 
Currency translation adjustments174 (2,261)(2,087)
Balance at March 31, 2026$557,415 $77,798 $635,213 
v3.26.1
Debt
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Outstanding long-term debt was as follows:
March 31, 2026December 31, 2025
Senior long-term debt:
Senior Secured Credit Facility$75,000 $— 
Other debt:
Lines of credit42,064 43,278 
Note payable
21,845 22,313 
Total senior and other debt138,909 65,591 
Finance lease obligations
78,155 63,463 
Total long-term debt and finance leases217,064 129,054 
Less: total unamortized deferred financing costs1,223 1,346 
Less: current portion of long-term debt and finance leases55,124 54,585 
Long-term debt and finance leases, less current portion$160,717 $73,123 
Senior Secured Credit Facility

The Company maintains a revolving credit facility (the Revolving Credit Facility) under its credit agreement (the Amended Credit Agreement) that provides for $155,000 of revolving credit loans maturing September 18, 2028. The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the “Senior Secured Credit Facility.”

As of March 31, 2026 and December 31, 2025, the Senior Secured Credit Facility had a total outstanding balance of $75,000 and $0, respectively.

Estimated Fair Value of Debt

As of March 31, 2026 and December 31, 2025, the estimated fair value of our debt approximated its carrying value.

Certain Covenants

As of March 31, 2026, our Amended Credit Agreement contained certain negative covenants including, among others: (1) limitations on additional indebtedness; (2) limitations on dividends; (3) limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and (4) limitations on liens, guarantees, loans or investments. The Amended Credit Agreement provides, solely with respect to the Revolving Credit Facility, that the Company shall not permit its Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Amended Credit Agreement, to exceed 3 as of the last day of each quarter commencing with the quarter ending December 31, 2019 and thereafter. The Amended Credit Agreement also provides that if less than 25% of the Revolving Credit Facility is utilized as of that date, then such financial covenant shall not apply. As of March 31, 2026, more than 25% of the Revolving Credit Facility was utilized, and we were in compliance with the leverage ratio covenant. In addition, indebtedness at some of our locations contain financial maintenance covenants. We were in compliance with these covenants as of March 31, 2026.
v3.26.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Contingencies

Laureate is subject to legal proceedings, claims, governmental audits, and other matters arising in the ordinary course of business. In management’s opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these matters. Management believes that any judgment or settlement of these matters would not have a material impact on Laureate’s financial position, results of operations, or cash flows.

Income Tax Contingencies

As of March 31, 2026 and December 31, 2025, Laureate had recorded cumulative liabilities for income tax contingencies of $77,693 and $78,979, respectively.

Non-Income Tax Loss Contingencies

Laureate has accrued liabilities for certain civil actions against our institutions, a portion of which existed prior to our acquisition of these entities. Laureate intends to vigorously defend against these matters. As of March 31, 2026 and December 31, 2025, approximately $12,500 and $12,800, respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets.

We have also identified certain loss contingencies that we have assessed as being reasonably possible of loss, but not probable of loss, and could have an adverse effect on the Company’s results of operations if the outcomes are unfavorable. In the aggregate, we estimate that the reasonably possible loss for these unrecorded contingencies could be up to approximately $19,900 if the outcomes were unfavorable.
Guarantees

During the first quarter of 2021, one of our Peruvian institutions issued a bank guarantee in order to appeal a tax assessment received related to tax audits of 2014 and 2015. As of March 31, 2026 and December 31, 2025, the total amount of the guarantee was approximately $7,800 and $8,100, respectively.

During the third quarter of 2025, one of our Mexican institutions issued a bank guarantee in order to appeal an assessment received related to a tax audit of 2017. As of both March 31, 2026 and December 31, 2025, the total amount of the guarantee was approximately $12,500.
v3.26.1
Stockholders' Equity
3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The components of net changes in stockholders’ equity for the three months ended March 31, 2026 are as follows:
Laureate Education, Inc. Stockholders
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossNon-controlling interestsTotal stockholders’ equity
SharesAmount
Balance at December 31, 2025142,940 $572 $1,075,460 $416,889 $(304,984)$(575)$1,187,362 
Non-cash share-based compensation— — 2,616 — — — 2,616 
Purchase and retirement of common stock(3,168)(13)(23,835)(82,307)— — (106,155)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding206 (2,364)— — — (2,363)
Net loss— — — (21,594)— — (21,594)
Foreign currency translation adjustment, net of tax of $0
— — — — (11,858)(1)(11,859)
Minimum pension liability adjustment, net of tax of $0
— — — — 48 — 48 
Balance at March 31, 2026139,978 $560 $1,051,877 $312,988 $(316,794)$(576)$1,048,055 

Stock Repurchases

On September 13, 2024, the Company announced that its Board of Directors had approved a $100,000 stock purchase program. On October 30, 2025, the Company announced that its Board of Directors had approved a $150,000 increase to the authorization for the Company’s stock repurchase program. On February 19, 2026, the Company announced that its Board of Directors had approved an additional $150,000 increase to the existing authorization for the Company’s stock repurchase program, for a total authorization of $400,000 that has no fixed expiration date. As of March 31, 2026, the Company had $75,795 of capacity remaining under its stock repurchase authorization. The Company intends to finance the repurchases with free cash flow, excess cash and liquidity on-hand, including available capacity under its Revolving Credit Facility. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Exchange Act. Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. Under this stock repurchase program, all shares repurchased are immediately retired. Upon retirement of repurchased stock, the excess of the purchase price plus excise tax over par value is allocated to additional paid-in capital, subject to certain limitations. Any remainder is allocated to retained earnings to the extent that positive retained earnings exist.
The components of net changes in stockholders’ equity for the three months ended March 31, 2025 are as follows:
Laureate Education, Inc. Stockholders

Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive lossNon-controlling interestsTotal stockholders’ equity
SharesAmount
Balance at December 31, 2024150,794 $604 $1,129,511 $291,644 $(462,210)$(2,404)$957,145 
Non-cash share-based compensation— — 2,463 — — — 2,463 
Purchase and retirement of common stock(2,181)(9)(16,339)(25,875)— — (42,223)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding197 (1,129)— — — (1,128)
Equitable adjustments to stock-based awards— — (2)— — — (2)
Net loss— — — (19,496)— (57)(19,553)
Foreign currency translation adjustment, net of tax of $0
— — — — 9,336 (3)9,333 
Balance at March 31, 2025148,810 $596 $1,114,504 $246,273 $(452,874)$(2,464)$906,035 

Share-based Compensation Expense

During the three months ended March 31, 2026 and 2025, the Company recorded share-based compensation expense for restricted stock unit awards of $2,616 and $2,463, respectively.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. Laureate reports changes in AOCI on our Consolidated Statements of Stockholders’ Equity. The components of these balances were as follows:
March 31, 2026December 31, 2025
Laureate Education, Inc.Noncontrolling InterestsTotalLaureate Education, Inc.Noncontrolling InterestsTotal
Foreign currency translation adjustment$(325,468)$960 $(324,508)$(313,610)$961 $(312,649)
Unrealized gain on derivatives10,416 — 10,416 10,416 — 10,416 
Minimum pension liability adjustment(1,742)— (1,742)(1,790)— (1,790)
Accumulated other comprehensive loss$(316,794)$960 $(315,834)$(304,984)$961 $(304,023)
v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Laureate’s income tax provisions for all periods consist of federal, state and foreign income taxes. The tax provisions for the three months ended March 31, 2026 and 2025 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods. Laureate has operations in multiple countries at various statutory tax rates and other operations that are loss-making entities for which it is not more likely than not that a tax benefit will be realized on the loss.

For the three months ended March 31, 2026, the Company recognized an income tax benefit of $5,711, as compared to income tax expense of $(2,517) in the prior-year period.
v3.26.1
Earnings Per Share
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock units, and any other share-based compensation arrangements determined using the treasury stock method.

The following tables summarize the computations of basic and diluted earnings per share:
For the three months ended March 31, 20262025
Numerator used in basic and diluted earnings per common share for continuing operations:
Loss from continuing operations$(21,594)$(19,766)
Loss attributable to noncontrolling interests— 57 
Net loss from continuing operations for basic and diluted earnings per share$(21,594)$(19,709)
Numerator used in basic and diluted earnings per common share for discontinued operations:
Net income from discontinued operations for basic and diluted earnings per share$— $213 
Denominator used in basic and diluted earnings per common share:
Basic and diluted weighted average shares outstanding142,294 147,563 
Basic and diluted earnings (loss) per share:
Loss from continuing operations$(0.15)$(0.13)
Income from discontinued operations— — 
Basic and diluted loss per share$(0.15)$(0.13)

The following table summarizes the number of stock options and restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive:
For the three months ended March 31,
20262025
Stock options294 316 
Restricted stock units962 1,179 
v3.26.1
Legal and Regulatory Matters
3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Legal and Regulatory Matters Legal and Regulatory Matters
Laureate is subject to legal proceedings, claims, governmental audits, and other matters arising in the ordinary course of business. In management’s opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these matters. Management believes that any judgment or settlement of these matters would not have a material impact on Laureate’s financial position, results of operations, or cash flows.

Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations. There have been no material changes to the laws and regulations affecting our higher education institutions that are described in our 2025 Form 10‑K.
v3.26.1
Supplemental Cash Flow Information
3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Reconciliation of Cash and cash equivalents and Restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the March 31, 2025 balance. The March 31, 2026 and March 31, 2025 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025:
March 31, 2026March 31, 2025December 31, 2025
Cash and cash equivalents$157,353 $109,776 $146,703 
Restricted cash5,634 7,132 5,372 
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows$162,987 $116,908 $152,075 

Restricted cash represents cash that is not immediately available for use in current operations.

Supplemental Noncash Information

During the three months ended March 31, 2026, the Company recorded additional operating lease right-of-use assets and operating lease liabilities of approximately $134,000 that were predominantly related to the extension of leases for campus real estate in our Mexico segment.
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Description of Business (Policies)
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting
The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with Laureate's audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the 2025 Form 10-K).
Revenue Recognition and Contract Balances
Our revenues primarily consist of tuition revenues from enrolled students. We also generate other revenues from student fees, short courses, and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds and waivers. Laureate’s institutions have various billing and academic cycles.

We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers, as follows:

Identification of the contract, or contracts, with a customer;
Identification of the performance obligations in the contract;
Determination of the transaction price;
Allocation of the transaction price to the performance obligations in the contract; and
Recognition of revenue when, or as, we satisfy a performance obligation.

We assess collectability on a portfolio basis prior to recording revenue. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue, as applicable.
The timing of billings, cash collections and revenue recognition results in accounts receivable (contract assets) and Deferred revenue and student deposits (contract liabilities) on the Consolidated Balance Sheets. We have various billing and academic cycles and recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session. Receivables are recognized only to the extent that it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services that will be transferred to the student. We receive advance payments or deposits from our students before revenue is recognized, which are recorded as contract liabilities in deferred revenue and student deposits. Payment terms vary by university with some universities requiring payment in advance of the academic session and other universities allowing students to pay in installments over the term of the academic session.
Business and Geographic Segment Information
Laureate’s educational services are offered through two reportable segments: Mexico and Peru. Laureate determines its segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Laureate’s Chief Executive Officer is the chief operating decision maker.

Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize campus-based, online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand. The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class,
global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions. The target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our in-country networks. There are a number of private and public institutions in both of the countries in which we operate, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future. We expect competition to increase as the Mexican and Peruvian markets mature. Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. Specifics related to both of our reportable segments are discussed below.

In Mexico, the private sector plays a meaningful role in higher education, bridging supply and demand imbalances created by a lack of capacity at public universities. Laureate owns two nationally licensed institutions and is present throughout the country with a footprint of over 30 campuses.

In Peru, private universities are increasingly providing the capacity to meet growing demand in the higher-education market. Laureate owns three institutions in Peru, with a footprint of 20 campuses.

Inter-segment transactions are accounted for in a similar manner as third-party transactions and are eliminated in consolidation. The Corporate amounts presented in the following tables include corporate charges that were not allocated to our reportable segments and adjustments to eliminate inter-segment items.

The chief operating decision maker uses Adjusted EBITDA to evaluate performance and to allocate resources for each segment in the annual budget and monthly forecasting process. Adjusted EBITDA is defined as Loss from continuing operations before income taxes and equity in net income of affiliates, adding back the following items: Gain on disposal of subsidiaries, net, Foreign currency exchange gain (loss), net, Other income (loss), net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense. The chief operating decision maker considers budget-to-actual variances for Adjusted EBITDA when making decisions about allocating resources to the segments.

Adjusted EBITDA is also a key measure used by our management and Board of Directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key financial measure used by the compensation committee of our Board of Directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. We use total assets as the measure of assets for reportable segments.
Earnings Per Share
Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock units, and any other share-based compensation arrangements determined using the treasury stock method.
v3.26.1
Revenue (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Segment
The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended March 31, 2026 and 2025:
MexicoPeru
Corporate(1)
Total
2026
Tuition and educational services $282,342 $53,764 $— $336,106 123 %
Other42,647 14,818 16 57,481 21 %
Gross revenue324,989 68,582 16 393,587 144 %
Less: Discounts / waivers / scholarships(114,347)(6,628)— (120,975)(44)%
Total $210,642 $61,954 $16 $272,612 100 %
2025
Tuition and educational services $244,069 $39,507 $— $283,576 120 %
Other39,600 11,047 51 50,698 22 %
Gross revenue283,669 50,554 51 334,274 142 %
Less: Discounts / waivers / scholarships(94,414)(3,698)— (98,112)(42)%
Total $189,255 $46,856 $51 $236,162 100 %
(1) Includes the elimination of inter-segment revenues.
v3.26.1
Business and Geographic Segment Information (Tables)
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Financial Information
The following table presents a reconciliation of Adjusted EBITDA of our reportable segments to Loss from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations:
For the three months ended March 31,
20262025
Adjusted EBITDA of reportable segments:
Mexico$41,476 $52,959 
Peru(34,941)(38,842)
Total Adjusted EBITDA of reportable segments6,535 14,117 
Reconciling items:
Corporate(8,862)(8,767)
Depreciation and amortization expense(22,584)(16,078)
Share-based compensation expense(2,616)(2,463)
Operating loss(27,527)(13,191)
Interest income1,906 1,519 
Interest expense(3,139)(2,366)
Other income (loss), net
439 (15)
Foreign currency gain (loss), net
1,016 (3,199)
Loss from continuing operations before income taxes and equity in net income of affiliates
$(27,305)$(17,252)

The following table presents significant segment expenses of our reportable segments:
For the three months ended March 31,
20262025
Mexico
Revenues$210,642 $189,255 
Less:
Labor costs80,766 64,429 
Lease and other facilities costs27,006 23,091 
Advertising costs16,255 12,678 
Other costs (1)
45,139 36,098 
Adjusted EBITDA$41,476 $52,959 
Peru
Revenues$61,954 $46,856 
Less:
Labor costs57,411 48,450 
Lease and other facilities costs6,913 7,374 
Advertising costs13,621 9,961 
Other costs (1)
18,950 19,913 
Adjusted EBITDA$(34,941)$(38,842)
(1) Other costs for each reportable segment include: professional services expense, technology expense, bad debt and other direct costs.
The following table presents other financial information of our reportable segments:
For the three months ended March 31,
20262025
Mexico
Depreciation and amortization expense$14,345 $9,300 
Expenditures for long-lived assets$6,228 $2,580 
Peru
Depreciation and amortization expense$8,228 $6,600 
Expenditures for long-lived assets$2,102 $2,032 
Schedule of Revenue From Customers by Geographical Area
The following table presents the total assets of our reportable segments:
March 31, 2026December 31, 2025
Assets
Mexico$1,491,406 $1,383,658 
Peru645,831 674,902 
Corporate 143,910 147,790 
Total assets$2,281,147 $2,206,350 
v3.26.1
Goodwill (Tables)
3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Change in the Net Carrying Amount of Goodwill
The change in the net carrying amount of Goodwill from December 31, 2025 through March 31, 2026 was composed of the following items:
MexicoPeruTotal
Balance at December 31, 2025$557,241 $80,059 $637,300 
Currency translation adjustments174 (2,261)(2,087)
Balance at March 31, 2026$557,415 $77,798 $635,213 
v3.26.1
Debt (Tables)
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Outstanding
Outstanding long-term debt was as follows:
March 31, 2026December 31, 2025
Senior long-term debt:
Senior Secured Credit Facility$75,000 $— 
Other debt:
Lines of credit42,064 43,278 
Note payable
21,845 22,313 
Total senior and other debt138,909 65,591 
Finance lease obligations
78,155 63,463 
Total long-term debt and finance leases217,064 129,054 
Less: total unamortized deferred financing costs1,223 1,346 
Less: current portion of long-term debt and finance leases55,124 54,585 
Long-term debt and finance leases, less current portion$160,717 $73,123 
v3.26.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Components of Net Changes in Stockholders' Equity
The components of net changes in stockholders’ equity for the three months ended March 31, 2026 are as follows:
Laureate Education, Inc. Stockholders
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossNon-controlling interestsTotal stockholders’ equity
SharesAmount
Balance at December 31, 2025142,940 $572 $1,075,460 $416,889 $(304,984)$(575)$1,187,362 
Non-cash share-based compensation— — 2,616 — — — 2,616 
Purchase and retirement of common stock(3,168)(13)(23,835)(82,307)— — (106,155)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding206 (2,364)— — — (2,363)
Net loss— — — (21,594)— — (21,594)
Foreign currency translation adjustment, net of tax of $0
— — — — (11,858)(1)(11,859)
Minimum pension liability adjustment, net of tax of $0
— — — — 48 — 48 
Balance at March 31, 2026139,978 $560 $1,051,877 $312,988 $(316,794)$(576)$1,048,055 
The components of net changes in stockholders’ equity for the three months ended March 31, 2025 are as follows:
Laureate Education, Inc. Stockholders

Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive lossNon-controlling interestsTotal stockholders’ equity
SharesAmount
Balance at December 31, 2024150,794 $604 $1,129,511 $291,644 $(462,210)$(2,404)$957,145 
Non-cash share-based compensation— — 2,463 — — — 2,463 
Purchase and retirement of common stock(2,181)(9)(16,339)(25,875)— — (42,223)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding197 (1,129)— — — (1,128)
Equitable adjustments to stock-based awards— — (2)— — — (2)
Net loss— — — (19,496)— (57)(19,553)
Foreign currency translation adjustment, net of tax of $0
— — — — 9,336 (3)9,333 
Balance at March 31, 2025148,810 $596 $1,114,504 $246,273 $(452,874)$(2,464)$906,035 
Schedule of Accumulated Other Comprehensive Income (Loss) The components of these balances were as follows:
March 31, 2026December 31, 2025
Laureate Education, Inc.Noncontrolling InterestsTotalLaureate Education, Inc.Noncontrolling InterestsTotal
Foreign currency translation adjustment$(325,468)$960 $(324,508)$(313,610)$961 $(312,649)
Unrealized gain on derivatives10,416 — 10,416 10,416 — 10,416 
Minimum pension liability adjustment(1,742)— (1,742)(1,790)— (1,790)
Accumulated other comprehensive loss$(316,794)$960 $(315,834)$(304,984)$961 $(304,023)
v3.26.1
Earnings (Loss) Per Share (Tables)
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following tables summarize the computations of basic and diluted earnings per share:
For the three months ended March 31, 20262025
Numerator used in basic and diluted earnings per common share for continuing operations:
Loss from continuing operations$(21,594)$(19,766)
Loss attributable to noncontrolling interests— 57 
Net loss from continuing operations for basic and diluted earnings per share$(21,594)$(19,709)
Numerator used in basic and diluted earnings per common share for discontinued operations:
Net income from discontinued operations for basic and diluted earnings per share$— $213 
Denominator used in basic and diluted earnings per common share:
Basic and diluted weighted average shares outstanding142,294 147,563 
Basic and diluted earnings (loss) per share:
Loss from continuing operations$(0.15)$(0.13)
Income from discontinued operations— — 
Basic and diluted loss per share$(0.15)$(0.13)
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share
The following table summarizes the number of stock options and restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive:
For the three months ended March 31,
20262025
Stock options294 316 
Restricted stock units962 1,179 
v3.26.1
Supplemental Cash Flow Information (Tables)
3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Schedule of Cash and Cash Equivalents The March 31, 2026 and March 31, 2025 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025:
March 31, 2026March 31, 2025December 31, 2025
Cash and cash equivalents$157,353 $109,776 $146,703 
Restricted cash5,634 7,132 5,372 
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows$162,987 $116,908 $152,075 
Schedule of Restricted Cash The March 31, 2026 and March 31, 2025 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025:
March 31, 2026March 31, 2025December 31, 2025
Cash and cash equivalents$157,353 $109,776 $146,703 
Restricted cash5,634 7,132 5,372 
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows$162,987 $116,908 $152,075 
v3.26.1
Revenue - Schedule of Revenue by Segment (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 272,612 $ 236,162
Percent of net revenues 100.00% 100.00%
Tuition and educational services    
Disaggregation of Revenue [Line Items]    
Revenue $ 336,106 $ 283,576
Percent of net revenues 123.00% 120.00%
Other    
Disaggregation of Revenue [Line Items]    
Revenue $ 57,481 $ 50,698
Percent of net revenues 21.00% 22.00%
Gross revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 393,587 $ 334,274
Percent of net revenues 144.00% 142.00%
Less: Discounts / waivers / scholarships    
Disaggregation of Revenue [Line Items]    
Revenue $ (120,975) $ (98,112)
Percent of net revenues (44.00%) (42.00%)
Operating Segments | Mexico    
Disaggregation of Revenue [Line Items]    
Revenue $ 210,642 $ 189,255
Operating Segments | Mexico | Tuition and educational services    
Disaggregation of Revenue [Line Items]    
Revenue 282,342 244,069
Operating Segments | Mexico | Other    
Disaggregation of Revenue [Line Items]    
Revenue 42,647 39,600
Operating Segments | Mexico | Gross revenue    
Disaggregation of Revenue [Line Items]    
Revenue 324,989 283,669
Operating Segments | Mexico | Less: Discounts / waivers / scholarships    
Disaggregation of Revenue [Line Items]    
Revenue (114,347) (94,414)
Operating Segments | Peru    
Disaggregation of Revenue [Line Items]    
Revenue 61,954 46,856
Operating Segments | Peru | Tuition and educational services    
Disaggregation of Revenue [Line Items]    
Revenue 53,764 39,507
Operating Segments | Peru | Other    
Disaggregation of Revenue [Line Items]    
Revenue 14,818 11,047
Operating Segments | Peru | Gross revenue    
Disaggregation of Revenue [Line Items]    
Revenue 68,582 50,554
Operating Segments | Peru | Less: Discounts / waivers / scholarships    
Disaggregation of Revenue [Line Items]    
Revenue (6,628) (3,698)
Corporate    
Disaggregation of Revenue [Line Items]    
Revenue 16 51
Corporate | Tuition and educational services    
Disaggregation of Revenue [Line Items]    
Revenue 0 0
Corporate | Other    
Disaggregation of Revenue [Line Items]    
Revenue 16 51
Corporate | Gross revenue    
Disaggregation of Revenue [Line Items]    
Revenue 16 51
Corporate | Less: Discounts / waivers / scholarships    
Disaggregation of Revenue [Line Items]    
Revenue $ 0 $ 0
v3.26.1
Revenue - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Accounts and notes receivable $ 173,513 $ 244,070
Deferred revenue and student deposits, current 130,353 $ 80,161
Revenue recognized $ 54,716  
v3.26.1
Business and Geographic Segment Information - Narrative (Details)
3 Months Ended
Mar. 31, 2026
educationalInstitution
campus
segment
Segment Reporting Information [Line Items]  
Number of operating segments | segment 2
Number of reportable segments | segment 2
Mexico  
Segment Reporting Information [Line Items]  
Number of postsecondary educational institutions (educational institution) | educationalInstitution 2
Number of campuses of postsecondary educational institutions | campus 30
Peru  
Segment Reporting Information [Line Items]  
Number of postsecondary educational institutions (educational institution) | educationalInstitution 3
Number of campuses of postsecondary educational institutions | campus 20
v3.26.1
Business and Geographic Segment Information - Reconciliation of Segment EBITDA to Income Before Income Taxes (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reconciling items:    
Operating loss $ (27,527) $ (13,191)
Interest income 1,906 1,519
Interest expense (3,139) (2,366)
Other income (loss), net 439 (15)
Foreign currency gain (loss), net 1,016 (3,199)
Loss from continuing operations before income taxes and equity in net income of affiliates (27,305) (17,252)
Operating Segments    
Segment Reporting Information [Line Items]    
Total Adjusted EBITDA of reportable segments 6,535 14,117
Segment Reconciling Items    
Reconciling items:    
Corporate (8,862) (8,767)
Depreciation and amortization expense (22,584) (16,078)
Share-based compensation expense (2,616) (2,463)
Operating loss (27,527) (13,191)
Interest income 1,906 1,519
Interest expense (3,139) (2,366)
Other income (loss), net 439 (15)
Foreign currency gain (loss), net 1,016 (3,199)
Mexico | Operating Segments    
Segment Reporting Information [Line Items]    
Total Adjusted EBITDA of reportable segments 41,476 52,959
Reconciling items:    
Depreciation and amortization expense (14,345) (9,300)
Peru | Operating Segments    
Segment Reporting Information [Line Items]    
Total Adjusted EBITDA of reportable segments (34,941) (38,842)
Reconciling items:    
Depreciation and amortization expense $ (8,228) $ (6,600)
v3.26.1
Business and Geographic Segment Information - Schedule of Segment Financial Information (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenues $ 272,612 $ 236,162
Operating Segments    
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract]    
Adjusted EBITDA 6,535 14,117
Operating Segments | Mexico    
Segment Reporting Information [Line Items]    
Revenues 210,642 189,255
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract]    
Labor costs 80,766 64,429
Lease and other facilities costs 27,006 23,091
Advertising costs 16,255 12,678
Other costs 45,139 36,098
Adjusted EBITDA 41,476 52,959
Operating Segments | Peru    
Segment Reporting Information [Line Items]    
Revenues 61,954 46,856
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract]    
Labor costs 57,411 48,450
Lease and other facilities costs 6,913 7,374
Advertising costs 13,621 9,961
Other costs 18,950 19,913
Adjusted EBITDA $ (34,941) $ (38,842)
v3.26.1
Business and Geographic Segment Information - Schedule of Segment Asset Information (Details) - Operating Segments - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mexico    
Segment Reporting Information [Line Items]    
Depreciation and amortization expense $ 14,345 $ 9,300
Expenditures for long-lived assets 6,228 2,580
Peru    
Segment Reporting Information [Line Items]    
Depreciation and amortization expense 8,228 6,600
Expenditures for long-lived assets $ 2,102 $ 2,032
v3.26.1
Business and Geographic Segment Information - Schedule of Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Assets $ 2,281,147 $ 2,206,350
Operating Segments | Mexico    
Segment Reporting Information [Line Items]    
Assets 1,491,406 1,383,658
Operating Segments | Peru    
Segment Reporting Information [Line Items]    
Assets 645,831 674,902
Corporate    
Segment Reporting Information [Line Items]    
Assets $ 143,910 $ 147,790
v3.26.1
Goodwill (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2026
USD ($)
Goodwill [Roll Forward]  
Balance at December 31, 2025 $ 637,300
Currency translation adjustments (2,087)
Balance at March 31, 2026 635,213
Mexico  
Goodwill [Roll Forward]  
Balance at December 31, 2025 557,241
Currency translation adjustments 174
Balance at March 31, 2026 557,415
Peru  
Goodwill [Roll Forward]  
Balance at December 31, 2025 80,059
Currency translation adjustments (2,261)
Balance at March 31, 2026 $ 77,798
v3.26.1
Debt - Schedule of Long-Term Debt Outstanding (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Finance lease obligations $ 78,155 $ 63,463
Total long-term debt and finance leases 217,064 129,054
Less: total unamortized deferred financing costs 1,223 1,346
Less: current portion of long-term debt and finance leases 55,124 54,585
Long-term debt and finance leases, less current portion 160,717 73,123
Note payable    
Debt Instrument [Line Items]    
Total senior and other debt 21,845 22,313
Total senior and other debt    
Debt Instrument [Line Items]    
Total senior and other debt 138,909 65,591
Amended Credit Agreement | Lines of credit    
Debt Instrument [Line Items]    
Total senior and other debt 42,064 43,278
Secured Credit Facility | Senior Secured Credit Facility    
Debt Instrument [Line Items]    
Total senior and other debt $ 75,000 $ 0
v3.26.1
Debt - Narrative (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Senior Secured Credit Facility | Secured Credit Facility    
Debt Instrument, Redemption [Line Items]    
Senior debt outstanding balance $ 75,000 $ 0
Second Amended and Restated Credit Agreement | Revolving Credit Facility    
Debt Instrument, Redemption [Line Items]    
Debt covenant, percentage of utilized line of credit (less than) 25.00%  
Lines of credit | Third Amendment, 2028 Tranche | Secured Credit Facility    
Debt Instrument, Redemption [Line Items]    
Maximum borrowing capacity under credit facility $ 155,000  
Lines of credit | Third Amended and Restated Credit Agreement | Secured Credit Facility | Debt Instrument, Covenant, Period Three    
Debt Instrument, Redemption [Line Items]    
Required minimum debt to consolidated EBITDA ratio 3  
v3.26.1
Commitments and Contingencies (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Loss Contingencies [Line Items]    
Estimate of possible contingency loss (up to) $ 19,900  
Peru | Foreign Tax Authority | National Superintendency of Tax Administration (SUNAT), Peru    
Loss Contingencies [Line Items]    
Bank guarantee issued by Peruvian institution 7,800 $ 8,100
Mexican | Foreign Tax Authority | National Superintendency Of Tax Administration (SUNAT), Mexican    
Loss Contingencies [Line Items]    
Bank guarantee issued by Peruvian institution 12,500 12,500
Pending Litigation    
Loss Contingencies [Line Items]    
Contingent liabilities recorded 12,500 12,800
Income Tax Contingencies    
Loss Contingencies [Line Items]    
Contingent liabilities recorded $ 77,693 $ 78,979
v3.26.1
Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($)
shares in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance of shares outstanding, beginning of period (in shares) 142,940  
Balance, beginning of period $ 1,187,362,000 $ 957,145,000
Non-cash share-based compensation 2,616,000 2,463,000
Purchase and retirement of common stock (106,155,000) (42,223,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding (2,363,000) (1,128,000)
Equitable adjustments to stock-based awards   (2,000)
Net loss (21,594,000) (19,553,000)
Foreign currency translation adjustment, net of tax of $0 (11,859,000) 9,333,000
Minimum pension liability adjustment, net of tax of $0 $ (48,000) 0
Balance of shares outstanding, end of period (in shares) 139,978  
Balance, end of period $ 1,048,055,000 906,035,000
Foreign currency translation adjustment, tax 0 0
Pension adjustment, tax $ 0 $ 0
Common stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance of shares outstanding, beginning of period (in shares) 142,940 150,794
Balance, beginning of period $ 572,000 $ 604,000
Purchase and retirement of common stock (in shares) (3,168) (2,181)
Purchase and retirement of common stock $ (13,000) $ (9,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding (in shares) 206 197
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding $ 1,000 $ 1,000
Balance of shares outstanding, end of period (in shares) 139,978 148,810
Balance, end of period $ 560,000 $ 596,000
Additional paid-in capital    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period 1,075,460,000 1,129,511,000
Non-cash share-based compensation 2,616,000 2,463,000
Purchase and retirement of common stock (23,835,000) (16,339,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding (2,364,000) (1,129,000)
Equitable adjustments to stock-based awards   (2,000)
Balance, end of period 1,051,877,000 1,114,504,000
Retained earnings    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period 416,889,000 291,644,000
Purchase and retirement of common stock (82,307,000) (25,875,000)
Net loss (21,594,000) (19,496,000)
Balance, end of period 312,988,000 246,273,000
Accumulated other comprehensive loss    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (304,984,000) (462,210,000)
Foreign currency translation adjustment, net of tax of $0 (11,858,000) 9,336,000
Minimum pension liability adjustment, net of tax of $0 (48,000)  
Balance, end of period (316,794,000) (452,874,000)
Non-controlling interests    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (575,000) (2,404,000)
Net loss 0 (57,000)
Foreign currency translation adjustment, net of tax of $0 (1,000) (3,000)
Balance, end of period $ (576,000) $ (2,464,000)
v3.26.1
Stockholders' Equity - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Feb. 19, 2026
Oct. 30, 2025
Sep. 13, 2024
Share Repurchase Program          
Subsidiary, Sale of Stock [Line Items]          
Amount authorized to be repurchased $ 400,000     $ 150,000 $ 100,000
Stock repurchase program, increase to authorized amount     $ 150,000    
Share repurchase program, remaining authorized, amount 75,795        
Restricted stock awards          
Subsidiary, Sale of Stock [Line Items]          
Share-based compensation expense $ 2,616 $ 2,463      
v3.26.1
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss $ 1,048,055 $ 1,187,362 $ 906,035 $ 957,145
Foreign currency translation adjustment, Laureate Education, Inc        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss (325,468) (313,610)    
Foreign currency translation adjustment, Noncontrolling Interests        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss 960 961    
Foreign currency translation adjustment, Total        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss (324,508) (312,649)    
Unrealized gain on derivatives, Laureate Education, Inc.        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss 10,416 10,416    
Unrealized gain on derivatives, Noncontrolling Interests        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss 0 0    
Unrealized gain on derivatives, Total        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss 10,416 10,416    
Minimum pension liability adjustment, Laureate Education Inc.        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss (1,742) (1,790)    
Minimum pension liability adjustment, Noncontrolling Interests        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss 0 0    
Minimum pension liability adjustment, Total        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss (1,742) (1,790)    
Accumulated other comprehensive loss, Laureate Education, Inc.        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss (316,794) (304,984) $ (452,874) $ (462,210)
Accumulated other comprehensive loss, Noncontrolling Interests        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss 960 961    
Accumulated other comprehensive loss, Total        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss $ (315,834) $ (304,023)    
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense $ (5,711) $ 2,517
v3.26.1
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator used in basic and diluted earnings per common share for continuing operations:    
Loss from continuing operations $ (21,594) $ (19,766)
Loss attributable to noncontrolling interests 0 57
Net loss from continuing operations for basic and diluted earnings per share (21,594) (19,709)
Net loss from continuing operations for basic and diluted earnings per share (21,594) (19,709)
Numerator used in basic and diluted earnings per common share for discontinued operations:    
Net income from discontinued operations for basic earnings per share 0 213
Net income from discontinued operations for diluted earnings per share $ 0 $ 213
Denominator used in basic and diluted earnings per common share:    
Basic weighted average shares outstanding (in shares) 142,294 147,563
Basic earnings (loss) per share    
Loss from continuing operations, basic (in dollars per share) $ (0.15) $ (0.13)
Income from discontinued operations, basic (in dollars per share) 0 0
Basic loss per share (in dollars per share) (0.15) (0.13)
Diluted earnings (loss) per share    
Loss from continuing operations, diluted (in dollars per share) (0.15) (0.13)
Income from discontinued operations, diluted (in dollars per share) 0 0
Diluted loss per share (in dollars per share) $ (0.15) $ (0.13)
v3.26.1
Earnings Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares
shares in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 294 316
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 962 1,179
v3.26.1
Supplemental Cash Flow Information - Reconciliation (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]        
Cash and cash equivalents $ 157,353 $ 146,703 $ 109,776  
Restricted cash 5,634 5,372 7,132  
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 162,987 $ 152,075 $ 116,908 $ 97,854
v3.26.1
Supplemental Cash Flow Information - Narrative (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2026
USD ($)
Supplemental Cash Flow Elements [Abstract]  
Right-of-use asset obtained in exchange for operating lease liability $ 134,000