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Segment Information

3 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

18. Segment Information

We present three reportable segments as follows:

Chamberlain – This segment includes the operations of Chamberlain, which offers degree and certificate programs in the nursing and health professions postsecondary education industry.

Walden – This segment includes the operations of Walden, which offers degree and certificate programs, including those in nursing, education, counseling, business, information technology, psychology, public health, social work and human services, public administration and public policy, and criminal justice.

Medical and Veterinary – This segment includes the operations of AUC, RUSM, and RUSVM, collectively referred to as the “medical and veterinary schools,” which offers degree and certificate programs in the medical and veterinary postsecondary education industry.

These segments are consistent with the method by which Adtalem’s Chief Operating Decision Maker (“CODM”) evaluates performance and allocates resources. Adtalem’s CODM is our Chief Executive Officer. Our measure of segment profitability utilized by our CODM is adjusted operating income. Our CODM uses this measure to assess the operating results and performance of our segments, perform analytical comparisons to budget, and allocate resources to each segment during monthly operating reviews and annual budget process. Adjusted operating income excludes Home Office expense, restructuring expense, amortization of acquired intangible assets, strategic advisory costs, and debt modification costs because these are not associated with the ongoing operations of the segments. “Home Office” includes activities not allocated to a reportable segment and is included to reconcile segment results to the Consolidated Financial Statements. Total assets by segment are not presented as our CODM does not review or allocate resources based on segment assets. The accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies.”

Summary financial information by reportable segment is as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	September 30,
​	​	2025		​	2024
Revenue:		​	​		​	​
Chamberlain	​	$	179,201	​	$	167,930
Walden	​	​	189,960	​	​	161,513
Medical and Veterinary	​	​	93,127	​	​	87,957
Total consolidated revenue	​	$	462,288	​	$	417,400
Cost of educational services:	​		​	​	​	​
Chamberlain	​	$	83,198	​	$	76,406
Walden	​	​	64,752	​	​	57,981
Medical and Veterinary	​	​	52,817	​	​	51,608
Other segment expenses(1):	​		​	​	​	​
Chamberlain	​	$	70,395	​	$	63,692
Walden	​	​	69,134	​	​	60,890
Medical and Veterinary	​	​	23,538	​	​	21,619
Adjusted operating income:	​		​	​	​	​
Chamberlain	​	$	25,608	​	$	27,832
Walden	​	​	56,074	​	​	42,642
Medical and Veterinary	​	​	16,772	​	​	14,730
Total segment adjusted operating income	​	​	98,454	​	​	85,204
Reconciliation to Consolidated Financial Statements:	​	​	​	​	​	​
Home Office expense	​		(8,178)	​		(9,355)
Restructuring expense	​		(310)	​		(2,094)
Amortization of acquired intangible assets	​	​	(2,805)	​		(2,805)
Strategic advisory costs	​	​	(1,684)	​		—
Debt modification costs	​	​	—	​		(712)
Total consolidated operating income	​	​	85,477	​	​	70,238
Interest expense	​		(11,090)	​		(14,482)
Other income, net	​		2,486	​		2,646
Total consolidated income from continuing operations before income taxes	​	$	76,873	​	$	58,402
Depreciation:	​		​	​	​	​
Chamberlain	​	$	5,375	​	$	5,368
Walden	​	​	1,940	​	​	1,682
Medical and Veterinary	​	​	2,820	​	​	2,569
Home Office	​		161	​		184
Total consolidated depreciation	​	$	10,296	​	$	9,803
Amortization of acquired intangible assets:	​		​	​	​	​
Walden	​	$	2,805	​	$	2,805
Total consolidated amortization of acquired intangible assets	​	$	2,805	​	$	2,805

​

(1) Other segment expenses for each reportable segment include student services and administrative related expenses.

​

Adtalem conducts its educational operations in the U.S., Barbados, St. Kitts, and St. Maarten. Revenue and long-lived assets by geographic area are as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	September 30,
​	​	2025		​	2024
Revenue by geographic area:	​	​	​	​	​	​
Domestic operations	​	$	369,161	​	$	329,443
Barbados, St. Kitts, and St. Maarten	​		93,127	​		87,957
Total consolidated revenue	​	$	462,288	​	$	417,400

​

​	​	​	​	​	​	​
​	​	September 30,		​	June 30,
​	​	2025		​	2025
Long-lived assets by geographic area:		​	​	​	​	​
Domestic operations	​	$	310,440	​	$	308,190
Barbados, St. Kitts, and St. Maarten	​		136,679	​		139,135
Total consolidated long-lived assets	​	$	447,119	​	$	447,325

​

No one customer accounted for more than 10% of Adtalem’s consolidated revenue for all periods presented.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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