LAUREATE EDUCATION, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LAUREATE EDUCATION, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,302	3,333	1,145	1,212	1,025	1,087	1,242	1,484	1,567	1,702
Cost of revenue	2,789	2,775	904	949	802	814	907	1,090	1,147	1,220
Gross profit	513	558	241	263	222	272	335	395	420	482
General and administrative	222	315	267	226	200	204	64.8	52.6	45.8	51.1
Operating income	291	235	-26.8	36	-329	-4.65	270	339	374	431
Interest expense	390	335	188	125	101	46.3	16.4	21	18.1	10.7
Other non-operating income	0.46	-1.89	10.6	8.92	-2.42	-1.7	0.77	-0.33	1.22	7.94
Pre-tax income	367	-76.8	-120	-120	-451	-138	246	254	414	401
Income tax	34.4	-93	71.2	31	-130	146	185	138	119	117
Income from continuing operations	334	16.3	-191	-151	-321	-295	61.3	117
Net income to minority interests	-5.66	2.3	0.86	-0.82	-5.37	11.3	-0.6	-0.32	-0.08
Net income	372	91.5	370	938	-613	192	69.6	108	296	282
EBITDA						96.6	329	408	442	506
EPS, basic	2.78	-1.20	1.79	4.23	-2.93	1.01	0.42	0.69	1.93	1.91
EPS, diluted	2.76	-1.20	1.73	4.23	-2.93	1.01	0.41	0.68	1.92	1.89
Shares, basic (weighted)			213	222	210	190	168	157	153	148
Shares, diluted (weighted)	134	172	213	222	210	190	168	158	154	149

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	296	319	77.8	61.6	750	325	85.2	89.4	91.4	147
Receivables	335	311	225	260	112	152	80.7	92.1	91.8	135
Other current assets	651	643	492	519	15.1	16.3	19.4	19.3	30	29
Total current assets	1,116	1,289	1,217	916	1,444	544	226	224	227	318
Property, plant and equipment	2,152	1,380	1,275	641	578	500	523	562	514	629
Lease right-of-use assets			0	522	463	384	390	372	292	336
Goodwill	1,787	1,825	579	606	575	547	583	661	563	637
Intangible assets	1,354	1,203	1,152	562	226	143	152	169	148	166
Other non-current assets	195	199	173	72.3	54.8	42.6	40.7	44.9	40.8	41.9
Total assets	7,062	7,391	6,770	6,496	4,971	2,211	1,972	2,126	1,862	2,206
Accounts payable	86.7	70.1	65.4	63.4	41.1	26.9	42.8	43.2	35.3	57.1
Accrued liabilities	369	240	222	104	95.7	65.6	50.6	69.5	61	72.7
Deferred revenue	363	184	193	54.8	47.2	44	51.3	69.4	64.3	80.2
Short-term debt	179	122	101	48.1	95.8	49.1	56.2	52.8	41.3	54.6
Total current liabilities	1,440	1,375	1,190	1,045	805	372	381	453	368	473
Long-term debt	3,629	2,973	2,593	1,103	900	105	176	112	59	73.1
Lease liabilities			0	517	475	377	377	360	279	332
Other non-current liabilities	270	222	214	31.3	33.6	24.6	30.8	34.2	32	37.7
Total liabilities	6,041	5,390	4,704	3,680	2,705	1,070	1,196	1,176	904	1,018
Total debt	3,629	2,973	2,782	1,214	1,049	157	234	167	102	129
Paid-in capital	2,721	3,446	3,704	3,725	3,760	2,389	2,205	1,180	1,130	1,075
Retained earnings	-1,038	-946	-531	437	-177	15.5	39.2	41.9	292	417
Treasury stock			0	-271	-365	-744	-1,026	0
Other comprehensive income	-1,052	-926	-1,113	-1,074	-942	-520	-442	-272	-462	-305
Shareholders' equity	632	1,575	2,061	2,817	2,277	1,141	776	950	960	1,188
Minority interests	32.2	12.1	-10.1	-12.8	-12.9	-1.29	-1.87	-2.33	-2.4	-0.58
Total equity	664	1,587	2,051	2,804	2,264	1,140	774	948	957	1,187
Total liabilities and equity	7,062	7,391	6,770	6,496	4,971	2,211	1,972	2,126	1,862	2,206
Shares outstanding	133	133	0		0	181	157	158	151	143

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	366	93.8	371	938	-619	204	69	107	296	284
Depreciation and amortization						101	59.1	69.6	68.2	74.5
Stock-based compensation	38.8	64.8	10.8	13	13.3	10.2	8.78	7.11	7.84	13.3
Deferred income tax	-33.1	-163	-34.6	-28.9	-196	-51.4	-0.91	-55.9	-38.5	-1.85
Change in receivables	-111	-129	-83.3	-163	-323	-16	-27.5	-51.7	-58	-93.1
Change in payables	0.69	-30.4	-7.51	5.57	-47.2	-45.3	-10.5	-4.26	4.75	17.9
Cash from operations	192	192	397	340	260	-156	178	251	233	366
Capital expenditures	-240	-274	-238	-156	-74.6	-50.4	-52.8	-56.4	-71.9	-103
Acquisitions	0	-0.84	-17	-1.21	0	0
Cash from investing	297	-285	115	1,117	587	2,044	30.3	-51.9	-57.5	-103
Debt issued	709	2,899	485	1,123	528	46.5	496	154	155	126
Debt repaid	-1,421	-3,039	-868	-2,508	-705	-942	-434	-243	-216	-129
Stock issued	0.25	0	0	14	25.7	3.41	13.2	2.31	0.23	0.13
Share buybacks		0	0	-264	-99.5	-381	-282	0	-102	-215
Cash from financing	-446	158	-410	-1,674	-273	-2,683	-462	-202	-167	-222
Exchange rate effect	3.48	25.9	9	5.07	-0.55	-14.7	1.2	6.64	-7.55	12.9
Net change in cash	43.8	58	1.68	-27.8	769	-522	-252	3.11	0.96	54.2
Free cash flow	-48	-81.9	159	184	185	-207	125	194	161	263
Interest paid	367	384	234	189	121	63.2	16.8	20.3	16.6	9.02
Income taxes paid	129	130	143	120	91.4	251	154	171	195

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $37.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.3%	Gross profit / revenue.
Operating margin	24.4%	Operating income / revenue.
Pre-tax margin	24.2%	Pre-tax income / revenue.
Net margin	17.6%	Net income / revenue.
FCF margin	15.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.3%	Cash from operations / revenue.
Effective tax rate	27.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.3%	Net income / average total assets.
Return on invested capital (ROIC)	27.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	14.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-5.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	59.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-1.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	66.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	57.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	63.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	28.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	23.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-15.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.71x	Current assets / current liabilities.
Quick ratio	0.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.20x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.2%	Total debt / total assets.
Liabilities / assets	52.9%	Total liabilities / total assets.
Net debt	$61.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	35.9x	Operating income / interest expense.
Working capital	-$148.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	26.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$493.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.76x	Revenue / average total assets.
Fixed asset turnover	2.83x	Revenue / average property, plant and equipment.
Receivables turnover	11.5x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	16 days	365 x average accounts payable / cost of revenue.
FCF conversion	89.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.08	Revenue / diluted weighted shares.
FCF per share	$2.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.91	Cash from operations / diluted weighted shares.
Book value per share	$8.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.58	Tangible book value / shares outstanding.
Cash per share	$1.17	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	115.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.15B	Share price x shares outstanding.
Enterprise value	$5.21B	Market cap + total debt - cash - short-term investments.
P/E	16.0x	Market cap / net income. Only when net income is positive.
P/S	2.82x	Market cap / revenue.
P/B	4.51x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.4x	Market cap / tangible book value, when positive.
P/FCF	18.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/Sales	2.85x	Enterprise value / revenue.
EV/EBIT	11.7x	Enterprise value / operating income, when both are positive.
EV/FCF	18.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.6%	Free cash flow / market cap.
Earnings yield	6.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	6.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.24x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was LAUREATE EDUCATION, INC.'s revenue in fiscal 2025?

LAUREATE EDUCATION, INC. reported revenue of $1.70B for fiscal 2025, 8.6% higher than the year before.

Was LAUREATE EDUCATION, INC. profitable in fiscal 2025?

Yes. Net income was $281.6M, a net margin of 16.5%.

How much free cash flow did LAUREATE EDUCATION, INC. generate in fiscal 2025?

Cash from operations of $366.2M minus capital expenditures of $103.0M left free cash flow of $263.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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