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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income before Income Tax | Income from continuing operations before income taxes, classified by source of income, was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
Domestic | ​ | $ | 221,225 | ​ | $ | 89,752 | ​ | $ | 51,422
Foreign | ​ |  | 77,289 | ​ |  | 74,185 | ​ |  | 60,613
Total | ​ | $ | 298,514 | ​ | $ | 163,937 | ​ | $ | 112,035
Income Tax Provisions (Benefits) | The components of the provision for income taxes were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ |  | 2025 | ​ | 2024 | ​ | 2023
Current tax provision (benefit): |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | $ | 40,742 | ​ | $ | 11,243 | ​ | $ | 13,761
State and local | ​ |  | 7,070 | ​ |  | 3,489 | ​ |  | 824
Foreign | ​ |  | (388) | ​ |  | 419 | ​ |  | 614
Total current | ​ |  | 47,424 | ​ |  | 15,151 | ​ |  | 15,199
Deferred tax provision (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ |  | 9,296 | ​ |  | 4,870 | ​ |  | (1,099)
State and local | ​ |  | 6,786 | ​ |  | 2,745 | ​ |  | (4,347)
Foreign | ​ |  | 2,331 | ​ |  | 3,458 | ​ |  | 530
Total deferred | ​ |  | 18,413 | ​ |  | 11,073 | ​ |  | (4,916)
Provision for income taxes | ​ | $ | 65,837 | ​ | $ | 26,224 | ​ | $ | 10,283
Income Tax Provisions Computed using Statutory U.S. Federal Rate | The effective tax rate differs from the statutory tax rates as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30, |
​ | ​ | 2025 | ​ | ​ | 2024 | ​ | ​ | 2023 |
Income tax at statutory rate | ​ | $ | 62,688 | ​ | 21.0 | % | ​ | $ | 34,427 | ​ | 21.0 | % | ​ | $ | 23,527 | ​ | 21.0 | %
Lower rates on foreign operations | ​ |  | (10,999) |  | (3.7) | % | ​ |  | (11,419) |  | (7.0) | % | ​ |  | (11,668) |  | (10.4) | %
State income taxes | ​ |  | 10,263 |  | 3.4 | % | ​ |  | 4,767 |  | 2.9 | % | ​ |  | 2,656 |  | 2.4 | %
Research and development tax credits | ​ | ​ | (1,908) | ​ | (0.6) | % | ​ | ​ | (1,589) | ​ | (1.0) | % | ​ | ​ | (1,862) |  | (1.7) | %
Change in valuation allowance | ​ | ​ | — | ​ | — | % | ​ | ​ | (621) | ​ | (0.4) | % | ​ | ​ | (9,769) |  | (8.7) | %
Reduction in state loss carryforwards | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | % | ​ | ​ | 2,340 |  | 2.1 | %
Permanent (taxable) non-deductible items | ​ |  | (2,286) |  | (0.8) | % | ​ |  | (904) |  | (0.6) | % | ​ |  | 785 |  | 0.7 | %
Limitations on executive compensation | ​ |  | 5,812 |  | 1.9 | % | ​ |  | 2,987 |  | 1.8 | % | ​ |  | 908 |  | 0.8 | %
Foreign tax provisions under GILTI | ​ | ​ | 6,110 | ​ | 2.0 | % | ​ |  | 4,908 | ​ | 3.0 | % | ​ |  | 3,569 | ​ | 3.2 | %
Change in unrecognized tax benefits | ​ | ​ | (490) | ​ | (0.2) | % | ​ |  | (6,849) | ​ | (4.2) | % | ​ |  | 791 | ​ | 0.7 | %
Other | ​ |  | (3,353) |  | (1.1) | % | ​ |  | 517 |  | 0.3 | % | ​ |  | (994) |  | (0.9) | %
Provision for income taxes | ​ | $ | 65,837 |  | 22.1 | % | ​ | $ | 26,224 |  | 16.0 | % | ​ | $ | 10,283 |  | 9.2 | %
Deferred Tax Assets (Liabilities) | The components of the deferred income tax assets and liabilities were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ | ​ | 2025 | ​ | 2024
Employee benefits | ​ | $ | 16,428 | ​ | $ | 15,866
Stock-based compensation | ​ |  | 8,990 | ​ |  | 7,664
Receivable reserve | ​ |  | 10,756 | ​ |  | 9,028
Capitalized research and experimental costs | ​ |  | 17,738 | ​ |  | 9,322
Operating lease liabilities | ​ | ​ | 50,201 | ​ | ​ | 42,526
Other reserves | ​ |  | 7,399 | ​ |  | 12,439
Loss and credit carryforwards, net | ​ |  | 10,303 | ​ |  | 15,426
Gross deferred tax assets | ​ |  | 121,815 | ​ |  | 112,271
Depreciation | ​ |  | (8,054) | ​ |  | (8,298)
Deferred taxes on unremitted foreign earnings | ​ | ​ | (307) | ​ | ​ | (210)
Amortization of intangible assets | ​ |  | (72,487) | ​ |  | (50,035)
Operating lease assets | ​ | ​ | (39,867) | ​ | ​ | (34,166)
Gross deferred tax liability | ​ |  | (120,715) | ​ |  | (92,709)
Net deferred tax asset | ​ | $ | 1,100 | ​ | $ | 19,562
Net Operating Loss and Credit Carryforwards | Adtalem has the following tax net operating loss (tax effected), interest (tax effected), and credit carryforwards as of June 30, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | Years of Expiration
​ | ​ | 2025 | ​ | Beginning | ​ | Ending
U.S. credit carryforwards | ​ | $ | 672 | ​ | 2027 | ​ | 2030
State net operating loss carryforwards | ​ |  | 7,089 |  | 2026 |  | 2043
State interest expense carryforwards | ​ | ​ | 439 | ​ | no expiration
Foreign net operating loss carryforwards | ​ |  | 2,103 |  | 2032 |  | 2033
Total loss and credit carryforwards, net | ​ | $ | 10,303 |  | ​ | ​ | ​
Changes in Valuation Allowance | The changes in our valuation allowances were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
Balance at beginning of period | ​ | $ | — | ​ | $ | 621 | ​ | $ | 10,390
Charged to costs and expenses | ​ |  | — | ​ |  | — | ​ |  | (2,677)
Deductions | ​ |  | — | ​ |  | (621) | ​ |  | (7,092)
Balance at end of period | ​ | $ | — | ​ | $ | — | ​ | $ | 621
Changes in Unrecognized Tax Benefits | The changes in our unrecognized tax benefits were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
Balance at beginning of period | ​ | $ | 6,723 | ​ | $ | 13,128 | ​ | $ | 11,645
Increases from positions taken during prior periods | ​ |  | 235 | ​ |  | 953 | ​ |  | 1,299
Decreases from positions taken during prior periods | ​ |  | — | ​ |  | (1,248) | ​ |  | —
Increases from positions taken during the current period | ​ |  | 656 | ​ |  | 554 | ​ |  | 665
Reductions due to lapse of statute | ​ |  | (764) | ​ |  | (6,664) | ​ |  | (481)
Balance at end of period | ​ | $ | 6,850 | ​ | $ | 6,723 | ​ | $ | 13,128

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