Universal Technical Institute (UTI) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 grew 9.6% year-over-year to $220.8 million, driven by increased student enrollment and program demand, with baseline adjusted EBITDA at $34.7 million and reported adjusted EBITDA at $27.1 million.

• Net income declined to $12.8 million from $22.2 million, primarily due to $7.6 million in strategic growth expenses for new programs and campuses.

• Average full-time active students increased 7.2%, and new student starts grew 2.6% year-over-year, aligning with expectations.

• Multi-year transformation includes new campuses, acquisitions, and program expansions, with 33 campuses nationwide and 6 more announced.

• 4 out of 5 graduates employed within one year across all programs and campuses.

Financial highlights

• Q1 consolidated revenue increased 9.6% to $220.8 million; Concorde division up 11.5% to $78 million, UTI division up 8.6% to $142.8 million.

• Consolidated net income for Q1 was $12.8 million, or $0.23 per diluted share.

• Baseline adjusted EBITDA was $34.7 million, including $7.6 million in growth investments; SEC-reported adjusted EBITDA was $27.1 million.

• Total available liquidity at quarter-end was $233.2 million, with $93.6 million in cash and $69.2 million in short-term investments.

• Year-to-date capital expenditures were $22.2 million, primarily for new campuses and program upgrades.

Outlook and guidance

• Fiscal 2026 revenue expected between $905 million and $915 million, about 9% year-over-year growth at midpoint.

• Baseline adjusted EBITDA anticipated at approximately $156 million, with $40 million in growth investments; reported adjusted EBITDA expected between $114 million and $119 million.

• Net income guidance for 2026 is $40–$45 million, with diluted EPS of $0.71–$0.80.

• Total new student starts projected at 31,500–33,000 for the year.

• Long-term targets: revenue over $1.2 billion and adjusted EBITDA approaching $220 million by fiscal 2029.