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Cengage Learning II
Cengage Learning II (CNGO) investor relations material
Cengage Learning II Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary19 Feb, 2026
Executive summary
Q3 fiscal 2026 delivered strong momentum, with Adjusted Cash Revenue up 10% year-on-year and Adjusted Cash EBITDA up $21 million, turning a prior-year loss into a profit, driven by robust growth in U.S. higher education and the work segment.
Digital and institutional sales outperformed, reflecting the success of the platform strategy, customer relationships, and expanded AI-driven capabilities.
New partnerships and AI-driven product launches enhanced the connection between education and employment and improved operational efficiency.
Operating model changes unified all businesses under a single brand, streamlining go-to-market and cross-selling opportunities and strengthening global presence.
Financial highlights
Q3 Adjusted Cash Revenue rose $22 million (10%) year-on-year to $245 million; Adjusted Cash EBITDA improved by $21 million to $18 million, with margin rising to 7%.
TTM Adjusted Cash Revenue reached $1.53 billion, up 3% year-on-year; TTM Adjusted Cash EBITDA was $532 million, up 6%, with margin at 35%.
Q3 GAAP revenue was $360 million (up 6.8% YoY); operating income increased to $54.1 million from $37.7 million last year; net income for Q3 was $20.9 million, reversing a loss of $3.2 million.
Levered Free Cash Flow for the nine months ended December 31 increased by $10 million year-on-year to $78 million.
Operating expenses down 2% year-on-year for the quarter, flat on a TTM basis, reflecting improved leverage and efficiency savings.
Outlook and guidance
Continued focus on digital transformation, AI integration, and go-to-market initiatives expected to drive future growth, especially in Higher Education and Work segments.
Investments in K-12 and ELL segments position the company for large adoption years in 2027 and 2028, with improved performance expected in the School segment.
Management expects further improvement in free cash flow and leverage as collections ramp up in Q4 and lower interest payments from term loan repricing.
How will AI impact broader learning outcomes?
What sustains Higher Ed growth post-print decline?
K-12 strategy for 2027/2028 adoption years
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Next Cengage Learning II earnings date
Q4 20265 Jun, 2026
Cengage Learning II
Next Cengage Learning II earnings date
Q4 20265 Jun, 2026
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Frequently asked questions
Cengage Learning Holdings II Inc provides educational content, digital learning platforms, and services for higher education, K-12, and professional markets. The company offers digital courseware, textbooks, and online tools for students, educators, and institutions. It is a privately held company headquartered in Boston, Massachusetts.
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