Universal Tech | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 221.4 M

Revenue: As of FY2026 Q2, the actual value is USD 221.4 M, beating the estimate of USD 221.02 M.EPS: As of FY2026 Q2, the actual value is USD 0.01, beating the estimate of USD 0.EBIT: As of FY2026 Q2, the actual value is USD 272 K.Consolidated FinancialsFor the Three Months Ended March 31, 2026, Compared to March 31, 2025Net Income: Universal Technical Institute, Inc. reported net income of $0.4 million for the three months ended March 31, 2026, a decrease of $11.0 million compared to $11.4 million in the prior comparable period, primarily due to strategic growth expenses . This represents a -96.2% change year-over-year .Adjusted EBITDA: Adjusted EBITDA decreased by 51.0% to $14.1 million for the three months ended March 31, 2026, compared to $28.9 million in the prior comparable period, due to $11 million in strategic growth investments . Baseline adjusted EBITDA was reported at $25.1 million .Operating Expenses: Total operating expenses increased by 16.0% to $221.1 million for the three months ended March 31, 2026, from $190.6 million in the prior comparable period, primarily due to growth in average full-time active students and strategic growth expenses . Educational services and facilities expenses rose 14.6% to $117.4 million from $102.5 million, and selling, general and administrative expenses increased 17.6% to $103.6 million from $88.1 million .Operating Income: Operating income was $0.3 million for the three months ended March 31, 2026, compared to $16.9 million in the prior comparable period, primarily due to strategic growth expenses . This is a decline of -98.0% .Operating Margin: The operating margin was 0.2% for Q2 FY2026, a decrease from 8.1% in Q2 FY2025 .Income Tax Benefit (Expense): Income tax benefit was $50 thousand for the three months ended March 31, 2026, compared to an expense of - $5,388 thousand in the prior comparable period .For the Six Months Ended March 31, 2026, Compared to March 31, 2025Net Income: Net income decreased by 60.5% to $13.3 million for the six months ended March 31, 2026, compared to $33.6 million in the prior comparable period, primarily due to strategic growth expenses .Adjusted EBITDA: Adjusted EBITDA decreased by 35.9% to $41.3 million for the six months ended March 31, 2026, compared to $64.4 million in the prior comparable period, due to approximately $19 million in strategic growth investments .Operating Expenses: Operating expenses increased by 16.9% to $426.2 million for the six months ended March 31, 2026, compared to $364.5 million in the prior comparable period, driven by growth in average full-time active students and costs associated with new campus launches and program expansions .Operating Income: Operating income decreased by 63.8% to $16.0 million for the six months ended March 31, 2026, compared to $44.3 million in the prior comparable period, primarily due to strategic growth expenses .Income Tax Benefit (Expense): Income tax expense was - $3,335 thousand for the six months ended March 31, 2026, compared to - $10,764 thousand in the prior comparable period .Segment FinancialsFor the Three Months Ended March 31, 2026, Compared to March 31, 2025UTI Segment:Net income was $3,399 thousand in 2026, down from $16,468 thousand in 2025 .Adjusted EBITDA was $11,321 thousand in 2026, down from $24,204 thousand in 2025 .Total operating expenses were $138,534 thousand in 2026, up from $116,501 thousand in 2025 .Income from Operations was $4.2 million, down from $17.7 million .Operating Margin was 2.9%, down from 13.2% .Adjusted EBITDA Margin was 7.9%, down from 18.0% .Concorde Segment:Net income (loss) was - $245 thousand in 2026, down from $3,725 thousand in 2025 .Adjusted EBITDA was $2,156 thousand in 2026, down from $5,809 thousand in 2025 .Total operating expenses were $78,884 thousand in 2026, up from $69,449 thousand in 2025 .Income (Loss) from Operations was - $0.2 million, compared to an income of $3.8 million .Operating Margin was -0.3%, down from 5.2% .Adjusted EBITDA Margin was 2.7%, down from 7.9% .Corporate Segment:Net income (loss) was - $2,721 thousand in 2026, an improvement from - $8,747 thousand in 2025 .Adjusted EBITDA was $669 thousand in 2026, an improvement from - $1,116 thousand in 2025 .Total operating expenses were $3,645 thousand in 2026, down from $4,644 thousand in 2025 .For the Six Months Ended March 31, 2026, Compared to March 31, 2025UTI Segment:Net income was $18,404 thousand in 2026, down from $37,876 thousand in 2025 .Adjusted EBITDA was $34,059 thousand in 2026, down from $53,161 thousand in 2025 .Total operating expenses were $265,525 thousand in 2026, up from $225,445 thousand in 2025 .Concorde Segment:Net income was $3,554 thousand in 2026, down from $10,508 thousand in 2025 .Adjusted EBITDA was $8,330 thousand in 2026, down from $14,410 thousand in 2025 .Total operating expenses were $153,093 thousand in 2026, up from $132,587 thousand in 2025 .Corporate Segment:Net income (loss) was - $8,698 thousand in 2026, an improvement from - $14,785 thousand in 2025 .Adjusted EBITDA was - $1,095 thousand in 2026, an improvement from - $3,169 thousand in 2025 .Total operating expenses were $7,602 thousand in 2026, up from $6,513 thousand in 2025 .Segment-Specific Financials (FY2025) UTI Division (Transportation, Energy, & Skilled Trades):Revenue: $542 million.Operating Income (Margin): $82 million (15.2%).Adjusted EBITDA (Margin): $108 million (20.0%).Average Students: ~15,000.Program Mix (Revenue): Auto/Diesel 63%, Other Transportation 12%, Welding 10%, Other Skilled Trades 8%, and Industry Training 6%.Concorde Career Colleges Division (Healthcare):Revenue: $294 million.Operating Income (Margin): $17 million (5.7%).Adjusted EBITDA (Margin): $25 million (8.5%).Average Students: ~10,000.Program Mix (Revenue): Dental 26%, Medical Assisting 22%, Other Allied Health 25%, Nursing 16%, Diagnostic 8%, and Health Services Management 3%.Cash FlowFor the Three Months Ended March 31, 2026, Compared to March 31, 2025Operating Cash Flow: Operating cash flow was $4.0 million, a decrease of -605.1% from - $0.8 million in the prior year .Adjusted Free Cash Flow: Adjusted free cash flow was - $25.0 million, a 128.8% increase from - $10.9 million in the prior year .Capital Expenditures: Capital expenditures significantly increased by 177.9% to $30.4 million, up from $10.9 million .For the Six Months Ended March 31, 2026, Compared to March 31, 2025Net Cash Provided by Operating Activities: Net cash provided by operating activities was $7,069 thousand in 2026, a decrease from $22,173 thousand in 2025 . This is a -68.1% decrease from $22.2 million .Free Cash Flow: Free cash flow was - $45,592 thousand in 2026, compared to $7,881 thousand in 2025 .Adjusted Free Cash Flow: Adjusted free cash flow was - $44,152 thousand in 2026, compared to $7,997 thousand in 2025 . This is a -652.1% change from $8.0 million .Cash Capital Expenditures (Capex): Cash capital expenditures were $52.7 million as of March 31, 2026, driven by investments in new campuses, program expansions, and equipment . Capital expenditures were $52.7 million, a 268.5% increase from $14.3 million .Net Cash Used in Investing Activities: Net cash used in investing activities was - $83,446 thousand in 2026, compared to - $53,983 thousand in 2025 .Net Cash Provided by (Used in) Financing Activities: Net cash provided by financing activities was $35,854 thousand in 2026, compared to net cash used in financing activities of - $35,149 thousand in 2025 .Projected Cash Flow Operating Cash Flow:FY2024: $85.9 million.FY2025: $97.3 million.FY2026E: ~$116.5 million.Capital Expenditures (Purchase of property and equipment):FY2024: - $24.3 million.FY2025: - $42.0 million.FY2026E: ~- $100.0 million.Adjusted Free Cash Flow:FY2023: $49.1 million.FY2024: $73.5 million.FY2025: $56.0 million.FY2026E: $20-$25 million.FY2029E: Approaching $120 million.Balance SheetAs of March 31, 2026, Compared to September 30, 2025Total Available Liquidity: Total available liquidity was $202.4 million as of March 31, 2026, comprising $87.2 million in cash and cash equivalents, $74.8 million in short-term investments, and $40.4 million available from the revolving credit facility .Cash and Cash Equivalents: Cash and cash equivalents were $87,233 thousand as of March 31, 2026, down from $127,361 thousand as of September 30, 2025 .Short-term Investments: Short-term investments increased to $74,750 thousand as of March 31, 2026, from $41,784 thousand as of September 30, 2025 .Total Debt: Total debt was $130.7 million as of March 31, 2026, including $65.0 million drawn on the revolving credit facility . Long-term debt increased to $127,781 thousand as of March 31, 2026, from $84,234 thousand as of September 30, 2025 .Gross Leverage Ratio: As of March 31, 2026, the gross leverage ratio was 1.27x, based on current loan balances of $130.7 million and LTM EBITDA of $103.3 million .Net Leverage Ratio: The net leverage ratio was -0.30x .Operational MetricsFor the Three Months Ended March 31, 2026, Compared to March 31, 2025Total New Student Starts: Total new student starts increased by 13.8% to 7,569 for the three months ended March 31, 2026, compared to 6,650 in the prior comparable period .UTI segment new student starts increased by 14.5% to 4,110 .Concorde segment new student starts increased by 13.1% to 3,459 .Average Full-Time Active Students: Average full-time active students increased by 7.2% to 26,385 for the three months ended March 31, 2026, compared to 24,604 in the prior comparable period .UTI segment average full-time active students increased by 5.3% to 15,556 .Concorde segment students increased by 10.2% to 10,829 .End of Period Full-Time Active Students: End of period full-time active students increased by 6.3% to 26,405 for the three months ended March 31, 2026, compared to 24,851 in the prior comparable period .Revenue per Student:UTI Segment: Revenue per student grew by 1.1% to $9,200 .Concorde Segment: Revenue per student decreased by -1.4% to $7,300 .For the Six Months Ended March 31, 2026, Compared to March 31, 2025Total New Student Starts: Total new student starts for the six months ended March 31, 2026, were 13,018, an 8.8% increase from 11,963 in the prior comparable period .Average Full-Time Active Students: Average full-time active students for the six months ended March 31, 2026, were 26,622, a 7.2% increase from 24,834 in the prior comparable period .Projected Operational Metrics New Student Starts:FY2023: 22,613.FY2024: 26,885.FY2025: 29,793.FY2026E: 31,500-33,000.Average Active Students: Over 25,000.Campuses: 34 campuses nationwide, with 5 additional campuses announced.Program Offerings: Over 35 programs.Graduate Employment Rate: 4 out of 5 graduates employed within 1 year.Outlook / GuidanceUniversal Technical Institute, Inc. is reaffirming its full-year guidance across all metrics for fiscal 2026 and remains confident in achieving its North Star objectives, including faster scaling, improved utilization, and stronger long-term returns with predictable cash flows and increasing profits . The company anticipates surpassing $1.2 billion in annual revenue and approaching $220 million in adjusted EBITDA by fiscal 2029 . For fiscal year 2026, Universal 技术学院 provides guidance including $905-$915 million in revenue, $40-$45 million in net income, $114-$119 million in adjusted EBITDA, $20-$25 million in adjusted free cash flow, and 31.5k-33.0k new student starts .