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Cengage Learning II (CNGO) investor relations material
Cengage Learning II Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary18 Nov, 2025
Executive summary
Q2 results aligned with expectations, driven by digital acceleration in U.S. Higher Ed and strong Ed2Go growth, while School and ELL segments faced headwinds from low adoption years and funding uncertainty.
Strategic investments in workforce skills, digital transformation, and modernization are positioning the business for future growth, especially in upcoming large adoption years for School and ELL.
Simplification and modernization efforts continue to scale operations and improve efficiency.
Financial highlights
Trailing 12-month adjusted cash revenues at $1.522B, up 1% year-on-year when normalized for non-recurring items; TTM Adjusted Cash EBITDA grew $33M or 7% YoY.
Q2 adjusted cash revenues at $612M, up 1.5% year-on-year normalized for non-recurring items; Q2 adjusted Cash EBITDA up 1% YoY normalized.
September YTD adjusted cash revenues flat year-on-year; adjusted Cash EBITDA down 5% YoY normalized.
Net income for Q2 was $36.4M, compared to a net loss of $17.6M in the prior year quarter.
Outlook and guidance
Positioned for growth in large K-12 adoption years (2027, 2028) in California and Florida, with School and ELL segments expected to benefit.
Anticipate strong collections in Q3 and Q4 as SAP system issues are resolved and sales timing improves.
Continued investment in AI, digital-first, and workforce businesses to drive future growth.
Q3 cash flow recovery drivers
Workforce skills investment impact on growth
School/ELL FY27/28 growth strategy
Expected impact of Instructor Assistant release
Workforce Pell implementation readiness
School business digital transformation strategy
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Next Cengage Learning II earnings date
Q3 20265 Feb, 2026
Next Cengage Learning II earnings date
Q3 20265 Feb, 2026
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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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