LANCASTER, Calif., Sept. 24, 2026 /PRNewswire/ -- Legacy Education Inc. ("Legacy Education" or the "Company") (NYSE American: LGCY), a leading provider of career education healthcare programs, today announced financial and operating results for the fourth quarter and fiscal year ended June 30, 2026.
Legacy Education Inc. will host a conference call to discuss fourth quarter and fiscal year-end financial results on Thursday, September 24, 2026, at 4:30 p.m. Eastern time.
To access the live webcast of the conference call, please go to the investor relations section of the Legacy Education website at www.legacyed.com. Participants may also register via teleconference at: Q4 and Full FY 2026 Legacy Education Inc. Earnings Conference Call. Once registration is completed, participants will be provided with a calendar invitation and link to join the call. Participants are requested to register at a minimum 15 minutes before the start of the call. An archived version of the webcast will be accessible for 90 days at www.legacyed.com. Toll-free dial-in number is (877) 407-9785 and international dial-in number is (201) 689-8843.
FourthQuarter Fiscal 2026FinancialHighlights
- Revenue grew 12.0% to $20.1 million
- Net income grew 53.3% to $1.9 million
- Diluted earnings per share increased 44.4% to $0.13
- EBITDA of $2.8 million and adjusted EBITDA of $3.1 million
Fiscal Year Ended June 30, 2026 Financial and OperationalHighlights
- Revenue grew 24.8% to $80.1 million
- Net income grew 21.3% to $9.1 million
- Diluted earnings per share increased 11.9% to $0.66
- EBITDA of $12.5 million and adjusted EBITDA of $13.6 million
- New student starts increased 9.0%
- Ended year with student population of 3,377, 8.9% higher than 2025
Strategic Developments
- Increased capacity at High Desert Medical College's Lancaster and Temecula campuses through significant facility expansions, positioning both campuses to accommodate continued enrollment and program growth.
- Expanded Legacy Education's geographic footprint beyond California, signing a lease for the Company's first planned campus in Houston, Texas.
- Advanced Contra Costa Medical Career College's academic portfolio with two newly approved degree programs and one certificate program, with launches planned for the second quarter of fiscal 2027.
- Achieved the maximum reaccreditation term for two schools, while maintaining institutional accreditation across all four Legacy Education institutions.
"Our fiscal 2026 results reflect the continued strength of Legacy Education and the meaningful progress we are making across the organization," said LeeAnn Rohmann, Chief Executive Officer of Legacy Education Inc. "Revenue, new student starts and our year-end student population all increased, reflecting continued demand for our career-focused education programs. At the same time, we expanded our academic offerings, increased capacity at key campuses and advanced our geographic expansion strategy. We enter fiscal 2027 with strong momentum and a clear focus on serving more students, broadening access to high-quality career education and creating sustainable, long-term value for our shareholders."
YEAR END FINANCIAL RESULTS
Year ended June 30, 2026 compared to June 30, 2025
- Revenue was $80.1 million in fiscal 2026 compared to $64.2 million in fiscal 2025, an increase of $15.9 million, or 24.8%, driven by new student starts of 3,483. This resulted in a 9% increase in student enrollment to 3,377. The increase was also impacted by the timing of the CCMCC acquisition in December 2024 in which a full year of revenue was reported in the current year while only half in the prior year.
- Educational services were $42.9 million in fiscal 2026 compared to $34.2 million in fiscal 2025, an increase of $8.7 million, or 25.3%. The increase was primarily attributable to the increased instructional and staffing required to support the increase in enrollments as well as increased rent and books, supplies, externship fees and an increase in non-cash compensation charge of approximately $0.6 million. As a percentage of revenue, educational services expense increased slightly from 53.4% to 53.6%, reflecting the same cost factors described above.
- General and administrative expense was $24.2 million in fiscal 2026, compared to $19.1 million in fiscal 2025, an increase of $5.1 million, or 26.7%. General and administrative expense increased primarily due to higher marketing expense, professional fees, and increased bad debt expense associated with higher student enrollment, growth in accounts receivable balances, and the Company's periodic reassessment of expected credit losses and write-offs associated with inactive student accounts. As a percentage of revenue, general and administrative expense increased from 29.8% to 30.2% primarily due to increases in office supplies and other general and administrative expenses offset by a reduction in bad debt as a percentage of revenue. Of the total general and administrative expense, $5.9 million and $4.7 million relate to marketing expenses for fiscal 2026 and 2025, respectively. Bad debt expense was approximately $4.0 million, or 5% of revenue in fiscal 2026 compared to approximately $3.4 million, or 5.3% of revenue in fiscal 2025.
Three Months Ended Year Ended
June 30,
June 30,
2026 2025 2026 2025
Unaudited Unaudited Unaudited Unaudited
REVENUE
Tuition and related
income, net $20,101,822 $17,950,235 $80,056,194 $64,168,025
OPERATING EXPENSES
Educational services 11,263,632 9,446,177 42,921,548 34,246,953
General and administrative 5,910,204 6,306,067 24,210,228 19,114,874
General and administrative
-related party 124,200 83,059 469,900 378,154
Depreciation and
amortization 190,990 124,672 644,085 441,718
Total costs and expenses 17,489,026 15,959,975 68,245,761 54,181,699
OPERATING INCOME 2,612,796 1,990,260 11,810,433 9,986,326
Loss on disposal of fixed assets (2,917) 0 (14,812) 0
Loss on debt settlement (333,250) 0 (333,250) 0
Interest expense (7,940) (28,721) (68,150) (112,731)
Interest income 317,854 287,433 1,287,800 1,149,234
Total other income (expense) (26,253) 258,712 871,588 1,036,503
INCOME BEFORE INCOME TAXES $2,586,543 $2,248,972 $12,682,021 $11,022,829
Income tax expense (706,017) (1,022,005) (3,542,538) (3,488,597)
NET INCOME $1,880,526 $1,226,967 $9,139,483 $7,534,232
Net income per share
Basic net income per share $0.15 $0.10 $0.73 $0.65
Diluted net income per
share $0.13 $0.09 $0.66 $0.59
Basic weighted average
shares outstanding 12,711,023 12,397,451 12,599,955 11,581,383
Diluted weighted average
shares outstanding 14,093,403 13,621,522 13,935,937 12,685,036
Selected Consolidated Balance Sheet Data: June 30, 2026
Cash and cash equivalents $22,731,159
Current assets 45,807,980
Total assets 78,549,749
Current liabilities 12,364,750
Total stockholders' equity 52,765,456
Important Information Regarding Non-GAAP Financial Information
To supplement Legacy Education's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Legacy Education furnishes certain adjusted non-GAAP supplemental information to its financial results regarding EBITDA and adjusted EBITDA. The most directly comparable GAAP financial measure to each of EBITDA and adjusted EBITDA is net income. EBITDA is calculated as net income before other expense (income), net, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is EBITDA further adjusted to exclude non-cash stock-based compensation. We use such adjusted non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that by excluding the effects of such adjusted GAAP-related items that, in their opinion, do not reflect the ordinary earnings of our operations, it enhances investors' overall understanding of our current financial performance and our prospects for the future by (i) providing a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business, (ii) affording a view of our operating results that may be more easily compared to our peer companies, and (iii) enabling investors to consider our operating results on both a GAAP and adjusted non-GAAP basis (including following the integration period of our acquisitions). However, this adjusted non-GAAP information is not in accordance with, or an alternative to, GAAP and should be considered in conjunction with our GAAP results as the items excluded from the adjusted non-GAAP information may have a material impact on Legacy's financial results. A reconciliation of adjusted non-GAAP adjustments to Legacy's GAAP financial results is included in the tables at the end of this press release.
In the noted fiscal periods, we adjusted net income for the items identified from our GAAP financial results to arrive at our adjusted non-GAAP financial measures:
Stock-based compensation - We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community, evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
RECONCILIATION OF NET INCOME, EBITDA, AND ADJUSTED EBITDA
Three Months Ended Year Ended
June 30, June 30,
2026 2025 2026 2025
Net income $1,880,526 $1,226,967 $9,139,483 $7,534,232
Adjusted to exclude the following: 26,253 (258,712) (871,588) (1,036,503)
Other expense (income), net
Provision for income taxes 706,017 1,022,005 3,542,538 3,488,597
Depreciation and amortization 190,990 124,672 644,085 441,718
EBITDA 2,803,786 2,114,932 12,454,518 10,428,044
Non-cash compensation 309,772 269,246 1,170,977 552,800
Adjusted EBITDA $3,113,558 $2,384,178 $13,625,495 $10,980,844
About Legacy Education Inc.
Legacy Education (NYSE American: LGCY) is a nationally accredited, for-profit post-secondary education company founded in 2009. Legacy Education provides career-focused education primarily in the healthcare field, with certificates and degrees for nursing, sonography, medical technicians, dental assisting, business administration, and several others. The Company offers a wide range of educational programs and services to help students achieve their professional goals. Legacy Education's focus is on providing high-quality education that is accessible and affordable. Legacy Education is committed to growing its education footprint via organic enrollment growth, addition of new programs, and accretive acquisitions. For more information, please visit www.legacyed.com or on LinkedIn @legacy-education-inc.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include, but are not limited to, statements relating to the Company's operations. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty, and changes in circumstances. Actual results may differ materially from those indicated by these forward-looking statements because of various important factors, including, without limitation, market conditions and the factors described in the section entitled "Risk Factors" in Legacy's most recent Annual Report on Form 10-K and Legacy's other filings made with the U.S. Securities and Exchange Commission. All such statements speak only as of the date of this press release. Consequently, forward-looking statements should be regarded solely as Legacy's current plans, estimates, and beliefs. Legacy cannot guarantee future results, events, levels of activity, performance, or achievements. Legacy does not undertake and specifically declines any obligation to update or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law.
Contact Legacy Education Inc.
Investor Relations
ir@legacyed.com
Amato and Partners, LLC
Investors Relations Council
admin@amatoandpartners.com
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