Legacy Education (LGCY) Q2 2026 earnings summary

Executive summary

• Revenue grew 40.7% year-over-year to $19.2 million in Q2, driven by a 49.4% rise in new student starts and a 16.8% increase in enrollment, marking the fourteenth consecutive quarter of double-digit revenue growth.

• Net income rose 46% to $2.0 million in Q2, with diluted EPS up 50% to $0.15; adjusted EBITDA increased 61.6% to $3.0 million.

• For the six months ended December 31, 2025, revenue grew 39.6% to $38.6 million, net income increased 21.2% to $4.2 million, and adjusted EBITDA rose 30.3% to $6.1 million.

• The company operates four accredited institutions in California, with a total student population of 3,234 as of December 31, 2025.

• Strong enrollment growth, program expansion, and disciplined cost management drove results.

Financial highlights

• Q2 revenue: $19.2 million (up from $13.6 million year-over-year); six-month revenue: $38.6 million (up from $27.6 million year-over-year).

• Q2 adjusted EBITDA: $3.3 million, up 61.6%; six-month adjusted EBITDA: $6.1 million, up 30.3%.

• Q2 net income: $2.0 million (up from $1.4 million); six-month net income: $4.2 million (up from $3.5 million).

• Diluted EPS: $0.15 in Q2 (up from $0.10); $0.30 for six months (up from $0.29).

• Cash and cash equivalents at quarter end: $21.1 million; working capital: $27 million; total assets: $73.1 million; total stockholders' equity: $46.1 million; debt: $600,000.

Outlook and guidance

• Management expects continued growth as demand for healthcare programs accelerates and the platform scales.

• Continued focus on enrollment growth, digital marketing optimization, and expanding referral channels.

• Full deployment of four new allied health programs and pursuit of additional regulatory approvals.

• Measured approach to growth, including accretive acquisitions and organic expansion.

• Confident in announcing at least one acquisition before fiscal year-end.