Adtalem Global Education Inc
NYSE: ATGE · CONSUMER DEFENSIVE · EDUCATION & TRAINING SERVICES
Updated 2026-02-20
Adtalem Global Education Inc (ATGE) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $843.30M | $933.47M | $1.09B | $1.46B | $1.92B | $2.18B | $2.09B | $1.96B | $1.92B | $1.91B | $1.84B | $1.81B | $1.23B | $1.24B | $866.43M | $899.25M | $1.38B | $1.45B | $1.58B | $1.79B |
| Revenue growth (YoY) | — | +10.7% | +17.0% | +33.9% | +31.0% | +14.0% | -4.2% | -6.0% | -2.1% | -0.7% | -3.5% | -1.8% | -32.0% | +0.7% | -30.1% | +3.8% | +53.7% | +5.0% | +9.2% | +12.9% |
| Cost of revenue | $452.62M | $486.72M | $503.13M | $669.67M | $826.09M | $925.50M | $975.64M | $962.22M | $983.44M | $1.00B | $986.78M | $962.19M | $645.60M | $623.54M | $457.17M | $457.90M | $659.78M | $648.49M | $698.55M | $771.43M |
| Gross profit | $390.68M | $446.75M | $588.70M | $791.78M | $1.09B | $1.26B | $1.11B | $1.00B | $939.93M | $909.89M | $856.76M | $847.61M | $585.61M | $616.15M | $409.26M | $441.34M | $722.07M | $802.34M | $886.10M | $1.02B |
| Gross margin | 46.3% | 47.9% | 53.9% | 54.2% | 56.9% | 57.6% | 53.3% | 51.0% | 48.9% | 47.6% | 46.5% | 46.8% | 47.6% | 49.7% | 47.2% | 49.1% | 52.3% | 55.3% | 55.9% | 56.9% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $323.01M | $359.02M | $422.62M | $548.07M | $678.19M | $762.69M | $808.40M | $756.38M | $727.87M | $444.08M | $284.35M | $293.44M | $262.81M | $328.41M | $328.54M | $219.78M | $375.79M | $356.61M | $386.56M | $423.71M |
| Operating income | $67.67M | $102.29M | $162.34M | $234.83M | $410.90M | $494.18M | $204.24M | $166.93M | $181.27M | $156.91M | $-12.14M | $138.61M | $207.48M | $185.99M | $110.07M | $110.40M | $76.75M | $168.17M | $217.05M | $341.54M |
| Operating margin | 8.0% | 11.0% | 14.9% | 16.1% | 21.5% | 22.6% | 9.8% | 8.5% | 9.4% | 8.2% | -0.7% | 7.7% | 16.9% | 15.0% | 12.7% | 12.3% | 5.6% | 11.6% | 13.7% | 19.1% |
| EBITDA | $115.23M | $153.73M | $202.21M | $290.58M | $476.43M | $560.28M | $297.44M | $261.83M | $301.88M | $292.16M | $206.99M | $257.60M | $266.13M | $210.93M | $309.56M | $182.75M | $297.42M | $328.95M | $346.96M | $397.67M |
| EBITDA margin | 13.7% | 16.5% | 18.5% | 19.9% | 24.9% | 25.7% | 14.2% | 13.3% | 15.7% | 15.3% | 11.2% | 14.2% | 21.6% | 17.0% | 35.7% | 20.3% | 21.5% | 22.7% | 21.9% | 22.2% |
| EBIT | $67.12M | $109.72M | $162.34M | $240.13M | $414.21M | $495.71M | $208.75M | $168.58M | $212.06M | $201.60M | $121.44M | $200.62M | $213.30M | $170.22M | $224.50M | $148.86M | $155.57M | $226.33M | $271.64M | $345.75M |
| Interest expense | $10.19M | $4.78M | $522000.00 | $2.77M | $1.58M | $1.28M | $2.61M | $3.61M | $3.63M | $5.31M | $5.93M | $9.14M | $11.58M | $19.90M | $19.51M | $42.84M | $129.35M | $63.17M | $63.66M | $52.32M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $43.05M | $76.19M | $125.53M | $165.61M | $279.91M | $330.40M | $141.56M | $106.79M | $134.03M | $139.90M | $-3.17M | $122.28M | $33.77M | $128.77M | $-85.33M | $70.03M | $310.99M | $93.36M | $136.78M | $237.06M |
| Net income growth (YoY) | — | +77.0% | +64.8% | +31.9% | +69.0% | +18.0% | -57.2% | -24.6% | +25.5% | +4.4% | -102.3% | +3962.4% | -72.4% | +281.3% | -166.3% | +182.1% | +344.1% | -70.0% | +46.5% | +73.3% |
| Profit margin | 5.1% | 8.2% | 11.5% | 11.3% | 14.6% | 15.1% | 6.8% | 5.4% | 7.0% | 7.3% | -0.2% | 6.8% | 2.7% | 10.4% | -9.8% | 7.8% | 22.5% | 6.4% | 8.6% | 13.3% |
Frequently asked questions
What is Adtalem Global Education Inc's revenue?
Adtalem Global Education Inc's trailing twelve-month revenue is $1.89B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is ATGE?
In its most recent fiscal year, ATGE ran a gross margin of 56.86%, an operating margin of 19.10%, and a net margin of 13.26%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does ATGE generate?
ATGE produced $287.57M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is ATGE's balance sheet healthy?
ATGE holds — in cash and equivalents against $552.67M in long-term debt. That debt is best read against the cash flow the business throws off each year.