Covista (CVSA) Q2 2026 earnings summary

Executive summary

• Achieved tenth consecutive quarter of enrollment growth, with total enrollment up 6.3% to 97,010 students and revenue up 12.4% to $503.4 million, driven by strong operational execution and academic outcomes.

• Adjusted EPS rose 34.3% year-over-year to $2.43, and adjusted net income grew 26.7% to $87.9 million.

• Adjusted EBITDA increased 23.9% to $154.9 million, with margin expanding to 30.8%.

• 1,727,565 shares were repurchased at an average price of $95.45 per share in Q2 FY2026, with $165 million deployed and $728 million remaining on current authorization.

• Maintained a robust position as a leading healthcare educator, with 90% of enrollment in healthcare-focused programs.

Financial highlights

• Revenue increased 12.4% year-over-year to $503.4 million, with all segments contributing.

• Adjusted EBITDA margin improved to 30.8% (up 290 basis points year-over-year).

• Adjusted operating income was $126.1 million, up 24.3% year-over-year.

• Free cash flow for the trailing twelve months was $368 million.

• Net income was $76.4 million, with diluted EPS of $2.11, up 6.6% year-over-year.

Outlook and guidance

• Full-year revenue guidance maintained at $1.9–$1.94 billion, or 6%-8.5% growth year-over-year.

• Adjusted EPS guidance raised to $7.80–$8.00, or 17%-20% growth.

• Expect continued margin expansion and strong cash flow, with quarter-to-quarter margin fluctuations anticipated due to investment timing and academic calendar shifts.