Covista | 8-K: FY2026 Q3 Revenue: USD 487.03 M

Revenue: As of FY2026 Q3, the actual value is USD 487.03 M.

EPS: As of FY2026 Q3, the actual value is USD 1.2.

EBIT: As of FY2026 Q3, the actual value is USD 104.97 M.

Overall Performance

Covista Inc. reported a total student enrollment of 100,585, marking a 6.8% year-over-year (YoY) increase and achieving its 11th consecutive quarter of growth. Revenue for the quarter reached $487.0 million, up 4.5% YoY, or 8.4% YoY when adjusted for a one-week academic shift at Walden University. GAAP net income was $41.6 million, compared to $60.8 million in the prior year. Adjusted EBITDA was $127.9 million, a slight increase from $127.8 million in the prior year, with an adjusted EBITDA margin of 26.3% compared to 27.4% previously. Operating income stood at $91.3 million, up from $90.5 million, while adjusted operating income was $102.2 million, down from $105.4 million YoY. Total operating cost and expense for the three months ended March 31, 2026, was $395,688 thousand, up from $375,546 thousand in the prior year. For the nine months ended March 31, 2026, total operating cost and expense was $1,164,770 thousand, compared to $1,066,567 thousand in the prior year.

Capital Allocation

Covista Inc. repurchased $66 million of shares during the third quarter. The company refinanced its outstanding debt, consolidating it into a $510 million Term Loan B with an extended maturity to 2033. Net leverage as of March 31, 2026, was reported at 0.7x.

Cash Flow (Nine Months Ended March 31, 2026)

Net cash provided by operating activities was $346,459 thousand, increasing from $278,207 thousand in the prior year. Net cash provided by operating activities-continuing operations was $346,414 thousand, up from $273,813 thousand. Free cash flow for the trailing twelve months ended March 31, 2026, was $336,463 thousand. Capital expenditures for the nine months ended March 31, 2026, were $50,882 thousand, compared to $31,337 thousand in the prior year.

Segment Performance (Three Months Ended March 31, 2026 vs 2025)

Chamberlain

• Revenue: $197.0 million, up 2.3% from $192.6 million.
• Operating Income: $47.7 million, up 0.4% from $47.5 million.
• Adjusted Operating Income: $47.9 million, up 0.8% from $47.5 million.
• Adjusted EBITDA: $58.5 million, up 2.9% from $56.8 million.
• Total Students: 40,767, up 0.5% from 40,564, driven by growth in pre-licensure nursing.

Walden

• Revenue: $186.6 million, up 4.6% from $178.4 million.
• Operating Income: $39.5 million, down -12.5% from $45.2 million.
• Adjusted Operating Income: $42.4 million, down -11.7% from $48.0 million.
• Adjusted EBITDA: $49.7 million, down -7.9% from $54.0 million.
• Total Students: 54,474, up 12.3% from 48,526, driven by growth in healthcare and non-healthcare programs.

Medical and Veterinary

• Revenue: $103.5 million, up 8.9% from $95.0 million.
• Operating Income: $21.1 million, up 18.7% from $17.8 million.
• Adjusted Operating Income: $21.5 million, up 20.0% from $17.9 million.
• Adjusted EBITDA: $27.5 million, up 20.1% from $22.9 million.
• Total Students: 5,344, up 4.1% from 5,133, driven by growth in both medical and veterinary.

Fiscal Year 2026 Outlook

Covista Inc. raised its fiscal year 2026 revenue guidance to a range of $1,930 million to $1,945 million, representing approximately 8% to 9% growth YoY, an increase from the previous range of $1,900 million to $1,940 million. The company also increased its adjusted earnings per share guidance to $7.95 to $8.15, indicating approximately 19% to 22% growth YoY, compared to the prior range of $7.80 to $8.00.