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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity The components of net changes in stockholders’ equity for the nine months ended September 30, 2025 are as follows:
| Laureate Education, Inc. Stockholders |  |
| Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss |  | Non-controlling interests | Total stockholders’ equity
| Shares | Amount
Balance at December 31, 2024 | 150,794 |  | $ | 604 |  | $ | 1,129,511 |  | $ | 291,644 |  | $ | (462,210) |  |  | $ | (2,404) |  | $ | 957,145 |
Non-cash share-based compensation | — |  | — |  | 2,463 |  | — |  | — |  |  | — |  | 2,463 |
Purchase and retirement of common stock | (2,181) |  | (9) |  | (16,339) |  | (25,875) |  | — |  |  | — |  | (42,223) |
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 197 |  | 1 |  | (1,129) |  | — |  | — |  |  | — |  | (1,128) |
Equitable adjustments to stock-based awards | — |  | — |  | (2) |  | — |  | — |  |  | — |  | (2) |
Net loss | — |  | — |  | — |  | (19,496) |  | — |  |  | (57) |  | (19,553) |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 9,336 |  |  | (3) |  | 9,333 |
Balance at March 31, 2025 | 148,810 |  | $ | 596 |  | $ | 1,114,504 |  | $ | 246,273 |  | $ | (452,874) |  |  | $ | (2,464) |  | $ | 906,035 |
Non-cash share-based compensation | — |  | — |  | 3,481 |  | — |  | — |  |  | — |  | 3,481 |
Purchase and retirement of common stock | (1,489) |  | (6) |  | (11,153) |  | (17,890) |  | — |  |  | — |  | (29,049) |
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 42 |  | — |  | 86 |  | — |  | — |  |  | — |  | 86 |
Equitable adjustments to stock-based awards | — |  | — |  | 8 |  | — |  | — |  |  | — |  | 8 |
Net income | — |  | — |  | — |  | 95,083 |  | — |  |  | 2,343 |  | 97,426 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 73,364 |  |  | — |  | 73,364 |
Balance at June 30, 2025 | 147,363 |  | $ | 590 |  | $ | 1,106,926 |  | $ | 323,466 |  | $ | (379,510) |  |  | $ | (121) |  | $ | 1,051,351 |
Non-cash share-based compensation | — |  | — |  | 3,765 |  | — |  | — |  |  | — |  | 3,765 |
Vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 6 |  | — |  | — |  | — |  | — |  |  | — |  | — |
Change in noncontrolling interests | — |  | — |  | 321 |  | — |  | — |  |  | (321) |  | — |
Equitable adjustments to stock-based awards | — |  | — |  | 1 |  | — |  | — |  |  | — |  | 1 |
Net income (loss) | — |  | — |  | — |  | 34,487 |  | — |  |  | (108) |  | 34,379 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 28,620 |  |  | (1) |  | 28,619 |
Balance at September 30, 2025 | 147,369 |  | $ | 590 |  | $ | 1,111,013 |  | $ | 357,953 |  | $ | (350,890) |  |  | $ | (551) |  | $ | 1,118,115 |
Stock Repurchases On March 13, 2025, the Company entered into a stock purchase agreement with each of Snow Phipps Group, L.P., Snow Phipps Group (B), L.P., Snow Phipps Group (Offshore), L.P., Snow Phipps Group (RPV), L.P. and SPG Co-Investment, L.P. (together, the Snow Phipps Sellers), pursuant to which the Company purchased an aggregate of 521 shares of its common stock from the Snow Phipps Sellers at a purchase price of $17.47 per share for an aggregate purchase price of $9,101. Additionally, during the nine months ended September 30, 2025, the Company repurchased 3,149 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), for total open market repurchases of approximately $61,485. The above repurchases were pursuant to the Company’s existing $100,000 stock purchase program that was announced on September 13, 2024. As of September 30, 2025, there was approximately $27,391 of remaining authorization. On October 30, 2025, the Company announced that its Board of Directors had approved a $150,000 increase to the existing authorization for the Company’s stock repurchase program, increasing the dollar value of shares yet to be repurchased under this stock repurchase program, which has no expiration date, to approximately $177,391. The Company intends to finance the repurchases with free cash flow, excess cash and liquidity on-hand, including available capacity under its Revolving Credit Facility. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Exchange Act. Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. Under this stock repurchase program, all shares repurchased are immediately retired. Upon retirement of repurchased stock, the excess of the purchase price plus excise tax over par value is allocated to additional paid-in capital, subject to certain limitations. Any remainder is allocated to retained earnings to the extent that positive retained earnings exist. The components of net changes in stockholders’ equity for the nine months ended September 30, 2024 are as follows:
| Laureate Education, Inc. Stockholders |  |
| Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss |  | Non-controlling interests | Total stockholders’ equity
| Shares | Amount
Balance at December 31, 2023 | 157,586 |  | $ | 630 |  | $ | 1,179,721 |  | $ | 41,862 |  | $ | (272,144) |  |  | $ | (2,329) |  | $ | 947,740 |
Non-cash share-based compensation | — |  | — |  | 1,409 |  | — |  | — |  |  | — |  | 1,409 |
Purchase and retirement of common stock | (2,607) |  | (10) |  | (19,512) |  | (13,700) |  | — |  |  | — |  | (33,222) |
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 181 |  | 1 |  | (774) |  | — |  | — |  |  | — |  | (773) |
Equitable adjustments to stock-based awards | — |  | — |  | 21 |  | — |  | — |  |  | — |  | 21 |
Net loss | — |  | — |  | — |  | (10,751) |  | — |  |  | (97) |  | (10,848) |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 26,883 |  |  | — |  | 26,883 |
Balance at March 31, 2024 | 155,160 |  | $ | 621 |  | $ | 1,160,865 |  | $ | 17,411 |  | $ | (245,261) |  |  | $ | (2,426) |  | $ | 931,210 |
Non-cash share-based compensation | — |  | — |  | 2,887 |  | — |  | — |  |  | — |  | 2,887 |
Purchase and retirement of common stock | (2,661) |  | (11) |  | (21,781) |  | (17,411) |  | — |  |  | — |  | (39,203) |
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 47 |  | — |  | 91 |  | — |  | — |  |  | — |  | 91 |
Equitable adjustments to stock-based awards | — |  | — |  | 19 |  | — |  | — |  |  | — |  | 19 |
Net income | — |  | — |  | — |  | 128,130 |  | — |  |  | 221 |  | 128,351 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | (107,546) |  |  | — |  | (107,546) |
Balance at June 30, 2024 | 152,546 |  | $ | 610 |  | $ | 1,142,081 |  | $ | 128,130 |  | $ | (352,807) |  |  | $ | (2,205) |  | $ | 915,809 |
Non-cash share-based compensation | — |  | — |  | 2,781 |  | — |  | — |  |  | — |  | 2,781 |
Purchase and retirement of common stock | (1,895) |  | (7) |  | (14,190) |  | (14,381) |  | — |  |  | — |  | (28,578) |
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 34 |  | — |  | 80 |  | — |  | — |  |  | — |  | 80 |
Equitable adjustments to stock-based awards | — |  | — |  | (3) |  | — |  | — |  |  | — |  | (3) |
Net income (loss) | — |  | — |  | — |  | 85,463 |  | — |  |  | (136) |  | 85,327 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | (80,091) |  |  | — |  | (80,091) |
Balance at September 30, 2024 | 150,685 |  | $ | 603 |  | $ | 1,130,749 |  | $ | 199,212 |  | $ | (432,898) |  |  | $ | (2,341) |  | $ | 895,325 |
Share-based Compensation Expense During the three and nine months ended September 30, 2025 and 2024, the Company recorded share-based compensation expense for restricted stock unit awards of $3,765 and $2,781, respectively, and $9,709 and $7,077, respectively. Accumulated Other Comprehen sive Income (Loss) Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. Laureate reports changes in AOCI on our Consolidated Statements of Stockholders’ Equity. The components of these balances were as follows:
| September 30, 2025 |  | December 31, 2024
| Laureate Education, Inc. | Noncontrolling Interests | Total |  | Laureate Education, Inc. | Noncontrolling Interests | Total
Foreign currency translation adjustment | $ | (360,384) |  | $ | 961 |  | $ | (359,423) |  |  | $ | (471,704) |  | $ | 965 |  | $ | (470,739) |
Unrealized gain on derivatives | 10,416 |  | — |  | 10,416 |  |  | 10,416 |  | — |  | 10,416 |
Minimum pension liability adjustment | (922) |  | — |  | (922) |  |  | (922) |  | — |  | (922) |
Accumulated other comprehensive loss | $ | (350,890) |  | $ | 961 |  | $ | (349,929) |  |  | $ | (462,210) |  | $ | 965 |  | $ | (461,245) |

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