Adtalem Global Education Inc. (ATGE): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'éducation mondiale, Adtalem Global Education Inc. (ATGE) émerge comme une puissance transformatrice, combler stratégiquement l'écart entre les aspirations professionnelles et les expériences d'apprentissage de pointe. En élaborant méticuleusement un modèle commercial complet qui s'étend sur les soins de santé, la formation professionnelle et le développement de la main un marché mondial en constante évolution.

Adtalem Global Education Inc. (ATGE) - Modèle commercial: partenariats clés

Alliances stratégiques avec les établissements de santé pour les programmes de formation médicale

Adtalem maintient des partenariats stratégiques avec plusieurs établissements de formation des soins de santé:

Institution partenaire	Focus de la collaboration	Année établie
École de médecine américaine des Caraïbes	Programme de formation médicale	2013
École de médecine de l'Université Ross	Programmes de diplôme en médecine	2013
Université de St. George	Formation médicale et vétérinaire	2018

Collaboration avec des organismes de certification professionnels

Adtalem s'associe à plusieurs organisations de certification professionnelle:

• Conseil national des médecins d'examinateurs (NBME)
• American Veterinary Medical Association (AVMA)
• Commission éducative pour les diplômés en médecine étrangers (ECFMG)

Partenariats avec les fournisseurs de technologies d'apprentissage en ligne

Partenaire technologique	Service fourni	Année de mise en œuvre
Toile d'instructure	Système de gestion de l'apprentissage	2019
Zoom communications vidéo	Plateforme de classe virtuelle	2020

Accords avec les employeurs pour le développement de la main-d'œuvre

Les partenariats clés de l'employeur comprennent:

• Réseau de systèmes de soins de santé
• Hospital Corporation of America (HCA)
• Principaux fournisseurs de soins de santé régionaux

Relations avec les agences d'accréditation

Adtalem maintient des accréditations avec:

• Commission d'enseignement supérieur
• Conseil d'accréditation pour les écoles et programmes de commerce (ACBSP)
• Conseil de l'éducation pour la santé publique (CEPH)

Adtalem Global Education Inc. (ATGE) - Modèle d'entreprise: activités clés

Offrir des programmes éducatifs en ligne et en personne

Adtalem opère à travers plusieurs segments éducatifs avec des mesures de livraison de programme spécifiques:

Segment	Types de programme	Inscription annuelle
Médical et vétérinaire	Programmes médicaux en ligne / sur campus	7 800 étudiants
Formation professionnelle	Certification et programmes de diplôme	15 300 étudiants
International	Services éducatifs mondiaux	5 200 étudiants

Développement du programme d'études pour la formation professionnelle

Le développement du curriculum se concentre sur:

• Éducation professionnelle de la santé
• Programmes de certification de technologie et d'entreprise
• Formation professionnelle alignée sur la conformité

Recrutement et formation des professeurs

Catégorie des professeurs	Total de professeurs	Qualification moyenne
Éducateurs à temps plein	1 200 professionnels	PhD / Doctorat professionnel
Instructeurs auxiliaires	2 800 professionnels	Praticiens d'experts de l'industrie

Services éducatifs marketing aux étudiants potentiels

Dépenses de marketing: 42,3 millions de dollars par an

• Canaux de marketing numérique
• Stratégies de recrutement direct
• Marketing de partenariat de l'industrie

Maintenir une infrastructure technologique éducative

Investissement technologique	Dépenses annuelles	Domaines d'intervention clés
Systèmes de gestion de l'apprentissage	18,7 millions de dollars	Développement de plate-forme en ligne
Cybersécurité	6,2 millions de dollars	Protection des données
Outils d'apprentissage numérique	12,5 millions de dollars	Technologie éducative interactive

Adtalem Global Education Inc. (ATGE) - Modèle commercial: Ressources clés

Plateformes d'apprentissage numérique et technologie éducative

Adtalem Global Education exploite plusieurs plateformes d'apprentissage numérique à travers ses segments éducatifs:

Plate-forme	Utilisateurs	Investissement technologique
Université Chamberlain en ligne	12 500 étudiants en ligne actifs	24,3 millions de dollars d'investissement dans l'infrastructure technologique en 2023
Apprentissage numérique de l'Université Ross	3 800 étudiants médicaux et vétérinaires	Budget de développement de plate-forme numérique de 17,6 millions de dollars

Instructeurs universitaires et professionnels expérimentés

Composition de la main-d'œuvre de l'instructeur:

• Total des professeurs: 2 345 dans toutes les institutions
• PhD / titulaire de diplôme de terminal: 68%
• Expérience d'enseignement moyenne: 12,4 ans

Réseau étendu de campus éducatifs

Institution	Campus physiques	Propagation géographique
Université Chamberlain	24 campus physiques	15 États américains
Université Ross	3 campus primaires	Caribéens et emplacements américains

Grande réputation de marque dans l'éducation professionnelle

Métriques de la marque:

• Score de reconnaissance de la marque: 82/100
• Taux de satisfaction des étudiants: 87%
• Réseau de partenariat des employeurs: plus de 200 organisations de soins de santé et de soins professionnels

Services de soutien aux étudiants complets

Infrastructure de services de support:

• Centre de soutien aux étudiants 24/7 en ligne 24/7
• Équipe de placement de carrière: 185 professionnels dévoués
• Budget annuel de soutien professionnel: 12,4 millions de dollars

Adtalem Global Education Inc. (ATGE) - Modèle d'entreprise: propositions de valeur

Programmes d'éducation professionnelle axés sur la carrière

Adtalem Global Education propose des programmes d'éducation spécialisée dans plusieurs secteurs professionnels:

Secteur	Types de programme	Inscription annuelle
Soins de santé	Médical, infirmière, vétérinaire	32 500 étudiants
Entreprise	MBA, comptabilité, finance	24 700 étudiants
Technologie	Systèmes d'information, cybersécurité	15 600 étudiants

Options d'apprentissage flexibles

Déchange des modalités d'apprentissage:

• Programmes en ligne: 68% de l'inscription totale
• Programmes hybrides: 22% de l'inscription totale
• Programmes sur le campus: 10% de l'inscription totale

Programme d'études aligné par l'industrie

Métriques de développement du curriculum:

Aspect du curriculum	Détails	Fréquence
Consultations d'experts de l'industrie	Examen du curriculum	Trimestriel
Intégration de la rétroaction de l'employeur	Ajustements de programme	Bi-annuellement

Certification et programmes de diplôme

Distribution du programme:

• Diplômes associés: 22%
• Baccalauréat: 45%
• Diplômes de maîtrise: 28%
• Certifications professionnelles: 5%

Opportunités de développement professionnel

Statistiques de développement professionnel:

Type de développement	Participants annuels	Coût moyen
Formation continue	17,300	$1,850
Ateliers professionnels	8,900	$750
Coaching de carrière	6,500	$450

Adtalem Global Education Inc. (ATGE) - Modèle d'entreprise: relations clients

Services de soutien aux étudiants personnalisés

Adtalem Global Education fournit des services de soutien aux étudiants dévoués dans ses établissements d'enseignement:

Service d'assistance	Nombre d'étudiants servis	Investissement annuel
Conseil académique	95 342 étudiants	4,7 millions de dollars
Tutorat en ligne	62 184 étudiants	2,3 millions de dollars
Support technique	108 756 étudiants	3,9 millions de dollars

Plateformes de réseautage des anciens

Adtalem maintient des stratégies d'engagement des anciens robustes:

• Réseau total des anciens enregistrés: 247 600 membres
• Plateforme de réseautage numérique Utilisateurs: 186 450
• Participants annuels sur l'événement des anciens: 24 760

Conseil de carrière et aide au placement

Service de carrière	Nombre d'étudiants aidés	Taux de placement
Développement de CV	53 421 étudiants	87.3%
Préparation des entretiens	47 893 étudiants	82.6%
Placement d'emploi direct	39 276 étudiants	76.5%

Communication continue via les canaux numériques

Métriques de communication numérique pour Adtalem:

• Fréquence de communication par e-mail: hebdomadaire
• Abonnés des médias sociaux: 412,350
• Utilisateurs d'applications mobiles: 156 780
• Temps d'engagement numérique moyen: 17,4 minutes par session

Ressources d'apprentissage continu et de réduction

Ressource d'apprentissage	Nombre d'utilisateurs	Coût annuel
Programmes de certification en ligne	34 562 participants	6,2 millions de dollars
Ateliers de développement professionnel	28 743 participants	4,8 millions de dollars
Webinaire Series	52 189 participants	2,1 millions de dollars

Adtalem Global Education Inc. (ATGE) - Modèle d'entreprise: canaux

Plateformes d'apprentissage en ligne

Auprès du T2 2023, Adtalem fonctionne 6 plateformes d'apprentissage en ligne primaires à travers ses divisions éducatives.

Plate-forme	Nombre de programmes en ligne	Inscription en ligne annuelle
Université Chamberlain en ligne	32 programmes	12 500 étudiants
Université américaine des Caraïbes en ligne	15 programmes	3 200 étudiants
Ross Medical Education en ligne	22 programmes	5 800 étudiants

Campus éducatifs physiques

Adtalem maintient 47 emplacements physiques sur le campus à travers plusieurs segments éducatifs.

• Campus de l'éducation aux soins de santé: 22
• Campus médicaux et vétérinaires: 15
• Campus de formation professionnelle: 10

Marketing numérique et recrutement

Dépenses de marketing numérique pour 2023: 18,3 millions de dollars

Canal numérique	Attribution du budget marketing	Taux de conversion
Publicités Google	6,2 millions de dollars	3.7%
Publicité sur les réseaux sociaux	4,5 millions de dollars	2.9%
Annonces numériques programmatiques	3,6 millions de dollars	2.5%

Consultants en éducation et agents de recrutement

Adtalem collabore avec 127 partenaires de recrutement externes à l'échelle mondiale.

• Agents de recrutement internationaux: 82
• Partners de recrutement national: 45

Canaux de communication des médias sociaux et numériques

Métriques d'engagement des médias sociaux pour 2023:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	85,400	4.2%
Facebook	62,300	3.7%
Instagram	41,200	2.9%

Adtalem Global Education Inc. (ATGE) - Modèle d'entreprise: segments de clientèle

Professionnels de travail à la recherche de progrès de carrière

En 2024, Adtalem cible 1 245 000 professionnels qui recherchent une amélioration de carrière par le biais de programmes éducatifs en ligne et hybrides.

Caractéristique du segment	Données statistiques
Âge moyen	28-42 ans
Gamme de revenus annuelle	$65,000 - $110,000
Croissance projetée	7,3% d'une année à l'autre

Diplômés récents du secondaire

Adtalem dessert 312 500 diplômés récents du secondaire dans divers programmes éducatifs.

• Inscription de premier cycle: 187 900
• Taux d'achèvement du programme moyen: 62,4%
• Étudiants de première génération: 41,6%

Professionnels de l'industrie des soins de santé

Le segment professionnel de la santé représente 453 000 étudiants en 2024.

Catégorie professionnelle	Nombre d'étudiants
Allaitement	276,300
Technologie médicale	87,600
Administration des soins de santé	89,100

Étudiants internationaux

Le segment des étudiants internationaux comprend 124 700 étudiants sur les campus mondiaux.

• Top pays d'origine: Inde, Chine, Brésil
• Inscription internationale en ligne: 42,3%
• Revenu moyen des frais de scolarité par étudiant international: 22 500 $

Clients de formation en entreprise et de développement de la main-d'œuvre

Le segment des entreprises génère 287,6 millions de dollars de revenus annuels à partir de 1 200 partenariats d'entreprise.

Type de partenariat d'entreprise	Nombre de partenariats
Fortune 500 Companies	312
Entreprises de taille moyenne	628
Formation en petites entreprises	260

Adtalem Global Education Inc. (ATGE) - Modèle d'entreprise: Structure des coûts

Compense des professeurs et du personnel

Pour l'exercice 2023, Adtalem Global Education a déclaré que le total des coûts du personnel de 479,7 millions de dollars. La rupture de la rémunération comprend:

Catégorie des employés	Coût annuel
Professeur à temps plein	267,3 millions de dollars
Personnel administratif	152,4 millions de dollars
Instructeurs à temps partiel	60,0 millions de dollars

Maintenance de technologie et d'infrastructure

Les dépenses d'infrastructure technologique pour 2023 ont totalisé 87,5 millions de dollars, ce qui comprend:

• Plateformes d'apprentissage numérique: 42,3 millions de dollars
• Réseau et cybersécurité: 22,6 millions de dollars
• Mises à niveau du matériel et des logiciels: 22,6 millions de dollars

Frais de marketing et de recrutement des étudiants

Les dépenses de marketing totales pour l'exercice 2023 étaient de 156,2 millions de dollars, avec l'allocation suivante:

Canal de marketing	Frais
Marketing numérique	68,7 millions de dollars
Publicité traditionnelle	47,3 millions de dollars
Événements de recrutement	40,2 millions de dollars

Développement et accréditation des programmes

Les investissements dans le développement et l'accréditation des programmes pour 2023 s'élevaient à 63,9 millions de dollars:

• Conception et mises à jour du curriculum: 38,6 millions de dollars
• Processus d'accréditation: 15,3 millions de dollars
• Développement de contenu éducatif: 10,0 millions de dollars

Amélioration du programme de recherche et de formation

Les dépenses de recherche et d'amélioration du programme pour 2023 ont été de 52,4 millions de dollars, distribuées comme suit:

Catégorie de recherche	Investissement
Recherche académique	27,6 millions de dollars
Innovation du programme	16,8 millions de dollars
Technologie éducative	8,0 millions de dollars

Adtalem Global Education Inc. (ATGE) - Modèle commercial: Strots de revenus

Frais de scolarité des programmes éducatifs

Pour l'exercice 2023, Adtalem Global Education a rapporté des revenus nets totaux de 1,42 milliard de dollars. La répartition des sources de revenus est la suivante:

Segment	Revenus ($ m)	Pourcentage
Médical et vétérinaire	$651.5	45.9%
Formation professionnelle	$510.2	35.9%
Entreprise et technologie	$258.3	18.2%

Revenus de cours de certification professionnelle

Les revenus de certification professionnelle ont contribué environ 215,6 millions de dollars en 2023, principalement à partir de:

• Cours de préparation aux examens de certification
• Programmes de formation professionnelle
• Crédits de formation continue

Contrats de formation en entreprise et de développement de la main-d'œuvre

Les contrats de formation en entreprise ont généré 87,4 millions de dollars de revenus pour 2023, avec des domaines de mise au point clés, notamment:

• Développement de la main-d'œuvre des soins de santé
• Formation des compétences technologiques
• Programmes de conformité professionnels

Cours en ligne et abonnements au programme

Les plateformes d'apprentissage numérique ont généré 124,7 millions de dollars de revenus d'abonnement en 2023, ce qui représente une croissance de 12,3% par rapport à l'année précédente.

Réseau des anciens et services de formation continue

Les services aux anciens et à la formation continue ont apporté 53,2 millions de dollars de revenus récurrents pour 2023, avec Environ 42 000 participants anciens actifs.

Flux de revenus	2023 Revenus ($ m)	Croissance d'une année à l'autre
Revenus nets totaux	$1,420.0	5.7%
Abonnements en ligne	$124.7	12.3%
Certifications professionnelles	$215.6	8.5%

Adtalem Global Education Inc. (ATGE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Adtalem Global Education Inc. attracts students and partners, especially given the ongoing U.S. healthcare talent crunch. The value propositions here aren't abstract; they are tied directly to career outcomes and addressing national needs.

Direct pathway to employment in high-demand healthcare roles

The focus is on getting graduates into practice quickly. For the 2024-2025 academic year, Adtalem's medical schools, American University of the Caribbean School of Medicine (AUC) and Ross University School of Medicine (RUSM), achieved a combined 95% first-time residency attainment rate. This marks the fourth consecutive year they've hit at least 95%. That success translates into over 615 students and graduates training at more than 325 health facilities across 42 U.S. states and territories. Furthermore, Ross University School of Veterinary Medicine (RUSVM) ranked first among all universities in total graduates matched into competitive internships and residencies in 2025.

High student outcomes, including a 95% residency match rate for medical graduates

The residency match success is a cornerstone. Of the 600-plus new residents from RUSM and AUC, about 64% are entering primary care fields like family medicine, pediatrics, and internal medicine. More than 450 students and graduates matched into primary care residencies. To directly combat access gaps, over 55% of those primary care matches will train in primary care Health Professional Shortage Areas (HPSAs). Also, more than 40% of AUC and RUSM residency placements are set to train in federally designated Medically Underserved Areas / Populations (MUA/Ps).

Programs designed to address critical U.S. healthcare workforce shortages

Adtalem Global Education Inc. positions itself as essential infrastructure for healthcare delivery. In fiscal year 2025, the company graduated 29,000 students, with 90% entering healthcare professions. The overall enrollment scale is significant; as of September 30, 2025, total student enrollment reached 97,359, up 8.0% year-over-year. The projected shortage of 187,000 physicians by 2037 underscores the ongoing need Adtalem addresses.

Here's a quick look at the scale across the main institutions as of late 2025:

Institution/Metric	Latest Enrollment/Graduation Figure	Year-over-Year Enrollment Growth (Q3 FY2025)
Total Students Served (FY2025)	91,780	N/A
Chamberlain University Enrollment (FY2025)	More than 40,500	6.8%
Walden University Enrollment (FY2025)	Exceeding 48,500	13.5%
Medical & Veterinary Enrollment (FY2025 Avg)	Approx. 5,000	1.0% (Q4 FY2025 Growth)

Inclusive access to education for working adults and diverse students

The model is built for accessibility. Chamberlain University, which is the nation's largest nursing school, is the No. 1 provider of nursing degrees to minority students. For its Bachelor of Science in Nursing (BSN) Online Option, Chamberlain recruits nontraditional students, including those whose education was interrupted. In the medical pipeline, 173 students and graduates identify as Black/African American or Hispanic, actively working to diversify the physician ranks. For-profit institutions like those in the Adtalem portfolio graduate 21% of registered nurses with bachelor's degrees, filling a significant 17% of total demand.

Flexible learning models, including online and hybrid delivery

Flexibility is key to serving this population. Chamberlain's BSN Online Option is now offered in 36 states and is expanding its physical presence with 44 clinical hub locations, aiming for more than 65 hubs by the end of fiscal year 2026. This approach helps students get clinical experience closer to home. To give you a sense of the academic quality supporting these flexible models, Chamberlain reports a four-year graduation rate of 71.2% for full-time undergraduate students, which is well above the roughly 50% rate across all four-year institutions. The overall fiscal year 2025 revenue was $1,788.3 million, up 12.9% year-over-year, showing strong demand for these offerings.

You should look closely at the capital deployment, too. The company generated $283 million in free cash flow in fiscal 2025 and returned $211 million in capital to shareholders, showing they are funding growth while rewarding investors.

Finance: draft 13-week cash view by Friday.

Adtalem Global Education Inc. (ATGE) - Canvas Business Model: Customer Relationships

Adtalem Global Education Inc. focuses customer relationships on driving persistence and ensuring graduates are practice-ready for critical healthcare roles. This involves intensive support structures and leveraging technology for personalized engagement across the student lifecycle.

High-touch student support to drive persistence and outcomes

The relationship model emphasizes direct support to keep students on track to graduation. For medical school graduates, the focus is on successful placement into residency programs. The combined American University of the Caribbean School of Medicine and Ross University School of Medicine achieved a 95% first-time residency attainment rate for 2024-2025 graduates, maintaining at least 95% attainment for the fourth consecutive year. This placed more than 615 students and graduates into over 325 unique healthcare facilities.

For Walden University, faculty and staff continue to use AI to create adaptive student learning tools, which have increased their student persistence rates. Furthermore, the Believe and Achieve scholarship program, which can reduce the cost of program completion by up to 25%, has seen over 50,000 students participating since its launch in fiscal year 2023.

Dedicated career services and employer relationship management

Career services are deeply integrated to ensure graduates meet employer needs. In fiscal year 2025, Adtalem Global Education Inc. graduated 29,000 professionals. Of these graduates, 90% entered healthcare professions. Research from Lightcast validates the effectiveness of this pipeline, showing that Adtalem graduates are 1.5 times more likely to secure full-time roles compared to their peers and experience lower unemployment rates. The Ross University School of Medicine's Return Home program, which connects aspiring physicians with clinical rotations in their home cities, enrolled more than 150 students in its first year across partner hospitals in five cities: Chicago, Los Angeles, New York City, Miami, and Detroit.

Tech-enabled, personalized learning experiences (e.g., AI tutors)

Adtalem Global Education Inc. is actively integrating technology to tailor the learning experience. The company launched the First Healthcare AI Credentials Program at Scale in partnership with Google Cloud. This investment in a tech-enabled platform supports the delivery of modern, career-relevant programs.

Long-term engagement with the large alumni community

The relationship extends well beyond graduation, supported by a significant established network. As of June 2025, Adtalem Global Education Inc. had a community of approximately 365,000 alumni. This large base represents essential infrastructure for the healthcare system, with alumni serving in leadership roles at healthcare systems nationwide.

Seamless student experience from enrollment through graduation

The relationship begins with accessible enrollment and is maintained through consistent growth across institutions. Total student enrollment for Adtalem Global Education Inc. surpassed 91,000 students in fiscal year 2025. Chamberlain University reached a record total enrollment of more than 40,500 students in fiscal year 2025. Walden University surpassed 48,000 students in fiscal year 2025.

Here are the key enrollment snapshots from fiscal year 2025 reporting periods:

Institution/Metric	Data Point (FY2025)
Total Student Enrollment (Q4 FY2025)	91,780 students
Chamberlain University Enrollment (FY2025)	More than 40,500 students
Walden University Enrollment (FY2025)	More than 48,500 students
Medical and Veterinary Segment Average Enrollment (FY2025)	Approx. 5,000 students
Total Graduates (FY2025)	29,000 professionals

The company's focus on optimizing the student experience is a core driver of this growth, evidenced by Chamberlain University achieving its tenth consecutive quarter of total enrollment growth as of Q4 FY2025.

Adtalem Global Education Inc. (ATGE) - Canvas Business Model: Channels

You're looking at how Adtalem Global Education Inc. gets its educational products and services-the degrees and professional training-into the hands of students, which is really about scale and access in a tight labor market. The channels are a mix of digital delivery and physical presence, designed to meet the demand for healthcare professionals.

Direct-to-student enrollment is managed across its five core institutions: Chamberlain University, Walden University, American University of the Caribbean School of Medicine, Ross University School of Medicine, and Ross University School of Veterinary Medicine. As of the end of Fiscal Year 2025 (ended June 30, 2025), Adtalem Global Education Inc. was serving over 91,000 students, with total enrollment growing $\text{10.2\%}$ year-over-year in the fourth quarter of that fiscal year. By the first quarter of Fiscal Year 2026 (ended September 30, 2025), total student enrollment stood at 97,359, an $\text{8.0\%}$ increase from the prior year.

Online degree programs, especially through Walden University, form a massive part of this channel strategy. Walden University delivered its ninth straight quarter of enrollment growth as of Q1 FY2026, with enrollment up $\text{13.6\%}$ year-over-year for that period. For context on scale, in Fiscal Year 2025, Walden total enrollment achieved more than 48,500 enrolled students. To give you a sense of specialization within that online channel, as of December 31, 2024, Walden University alone enrolled over 21,000 students in its social and behavioral sciences programs.

Physical campuses are essential for the medical and veterinary programs, though the overall footprint is extensive. Adtalem Global Education Inc. reported operating with 27 physical campuses as of September 23, 2025. Chamberlain University, which handles much of the nursing education, delivers its experience through 23 campuses in addition to its online offerings. The Medical and Veterinary segment, which includes Ross University School of Medicine and Ross University School of Veterinary Medicine, maintained an average enrollment of approximately 5,000 students in Fiscal Year 2025.

Experiential learning is funneled through clinical partnerships and hubs. This is a critical channel for ensuring graduates are practice-ready. For instance, Chamberlain University's Bachelor of Science in Nursing (BSN) Online Option operates 44 clinical hub locations at partner healthcare sites. Furthermore, the Ross University School of Medicine's Return Home program utilizes partner hospitals across five cities-Chicago, Los Angeles, New York City, Miami, and Detroit-enrolling more than 150 students in its first year alone.

Here's a quick look at the enrollment scale across the key segments as of the latest available reports:

Institution/Segment	Key Metric	Data Point (Latest Available)
Total Adtalem Enrollment	Q1 FY2026 Total Enrollment	97,359 students
Walden University	FY2025 Total Enrollment	More than 48,500 enrolled
Chamberlain University	FY2025 Record Total Enrollment	Surpassing 40,500 enrolled
Medical & Veterinary	FY2025 Average Enrollment	Approximately 5,000 students

The financial output from these channels in Fiscal Year 2025 was significant, showing the revenue generated by successfully moving students through these pathways. Total Revenue for Fiscal Year 2025 reached \$1,788.3 million, representing a $\text{12.9\%}$ year-over-year growth. For the most recent quarter reported (Q1 FY2026), revenue was \$462.3 million, up $\text{10.8\%}$ year-over-year.

The digital marketing aspect, while not quantified with a specific budget or conversion rate in the public filings I have access to, is clearly supporting the growth seen in the online-heavy institutions. You can see the momentum in the numbers:

• Walden University achieved its ninth straight quarter of total enrollment growth as of Q1 FY2026.
• Chamberlain University achieved its eleventh straight quarter of total enrollment growth as of Q1 FY2026.
• The Medical & Veterinary segment achieved its third straight enrollment cycle growth as of Q1 FY2026.

Adtalem Global Education Inc. (ATGE) - Canvas Business Model: Customer Segments

Adtalem Global Education Inc. serves a broad spectrum of learners and institutional partners focused on addressing critical workforce shortages in the United States healthcare sector.

The total student base reached 97,359 as of the first quarter of fiscal year 2026, ending September 30, 2025, representing an 8.0% year-over-year increase in total enrollment for that quarter. This overall growth follows a fiscal year 2025 where total student enrollment grew by 10.0% year-over-year.

The primary customer groups are segmented across the company's institutions:

• Aspiring nurses, doctors, and veterinarians, with total students across all institutions at 97,359 as of September 30, 2025.
• Students seeking degrees in social and behavioral sciences, primarily through Walden University, which achieved a 13.6% year-over-year enrollment growth in the first quarter of fiscal year 2026.
• Working adults seeking career advancement or change, evidenced by Walden University posting double-digit growth every quarter in fiscal year 2025.
• First-generation college students and diverse populations are served through Adtalem's commitment to access, which is reflected in the sustained enrollment growth across all segments.
• Healthcare employers seeking a practice-ready workforce, supported by the fact that Adtalem graduated 29,000 professionals in fiscal year 2025, with 90% entering healthcare professions.

Here's a breakdown of the enrollment scale by key segment as of the latest reported periods:

Customer Segment Focus	Institution(s)	Latest Enrollment Figure	Period End Date	Year-over-Year Growth Rate
Aspiring Nurses	Chamberlain University	more than 40,500 students	Fiscal Year 2025	2.2% (Q1 FY26)
Social & Behavioral Sciences / Other Degrees	Walden University	more than 48,500 students	Fiscal Year 2025	13.6% (Q1 FY26)
Aspiring Doctors & Veterinarians	Medical & Veterinary Segment	Approx. 5,300 students	Q1 FY26	2.4% (Q1 FY26)

Specific data points related to the professional pipeline include:

• Chamberlain University's BSN Online Option is available in 36 states and operates 44 clinical hub locations as of the second quarter of fiscal year 2025.
• Over 4,000 students enrolled in Chamberlain's Practice Ready Specialty Focused program as of the third quarter of fiscal year 2025.
• Walden University enrolled over 21,000 students in social and behavioral sciences programs as of December 31, 2024.
• American University of the Caribbean School of Medicine and Ross University School of Medicine achieved a combined 95% first-time residency attainment rate for 2024-2025 graduates.

The Medical and Veterinary segment reported 5,133 students in the third quarter of fiscal year 2025, marking a 1.2% year-over-year enrollment increase for that period. The segment sustained growth with a 2.4% increase in the first quarter of fiscal year 2026. Ross University School of Medicine had its largest September new student start in the last five years in Q1 FY26.

Adtalem Global Education Inc. (ATGE) - Canvas Business Model: Cost Structure

You're looking at the major cost drivers for Adtalem Global Education Inc. as of late 2025. Honestly, the cost structure is dominated by the people and the platforms needed to run a massive, multi-institution healthcare education business. We don't have the granular breakdown for every single line item like compensation versus marketing spend directly in the latest releases, but we can map the scale using the reported operating performance for the full Fiscal Year 2025.

Faculty and staff compensation, which is definitely a major operating expense, is baked into the overall cost of revenue and operating expenses. For the full Fiscal Year 2025, Adtalem Global Education Inc. reported total revenue of $1,788.3 million. The company's operational efficiency is reflected in its profitability metrics.

Technology and platform development investments are crucial for digital innovation, especially given the scale of Chamberlain University (record total enrollment, more than 40,500) and Walden University (surpassing 48,500 students). While specific investment figures aren't itemized here, the company's focus on tech-enabled learning suggests significant ongoing spend.

Marketing and student acquisition costs are necessary to fuel the enrollment growth seen across the segments. For example, Walden University achieved its eighth straight quarter of total enrollment growth in FY2025, and Chamberlain University hit its tenth straight quarter of growth in Q1 FY2026.

General administrative and campus operating expenses, along with faculty and staff costs, contribute to the overall operating income. For the fiscal year ended June 30, 2025, Adtalem Global Education Inc. reported:

Metric	Fiscal Year 2025 Amount
Revenue	$1,788.3 million
Adjusted Operating Income	$370.2 million
Adjusted EBITDA	$459.7 million
GAAP Net Income	$237.1 million

The company manages its capital structure actively. Interest expense on debt is a component of the overall cost structure, though not explicitly detailed here. What we do know is the leverage position. As requested, the net leverage as of June 30, 2025, was reported at 0.8x. The most recent reported leverage, as of September 30, 2025, was even lower at 0.6x.

Here are the key leverage and capital allocation data points:

• Net Leverage as of June 30, 2025: 0.8x
• Net Leverage as of September 30, 2025: 0.6x
• Term Loan B Repayment on Jan. 17, 2025: $100 million
• Term Loan B Repayment on Oct. 29, 2025: $50 million
• Share Repurchases completed in FY2025: $211 million
• New Share Repurchase Authorization (through May 2028): $150 million

The difference between Adjusted EBITDA and Adjusted Operating Income gives you a proxy for the depreciation and amortization costs, which are significant in an asset-heavy education model involving physical campuses and technology infrastructure. For FY2025, this difference was approximately $89.5 million ($459.7 million Adjusted EBITDA minus $370.2 million Adjusted Operating Income).

Adtalem Global Education Inc. (ATGE) - Canvas Business Model: Revenue Streams

The core of Adtalem Global Education Inc.'s revenue generation comes from tuition and fees from student enrollment, which is the primary source across its specialized healthcare education segments. You saw this clearly in the top-line results for the most recently completed fiscal year.

For the Fiscal Year 2025, which ended June 30, 2025, Adtalem Global Education Inc. reported total revenue reached $1,788.3 million. This revenue is segmented across its major operating units: Chamberlain University, Walden University, and the Medical/Veterinary schools. To give you a concrete idea of the mix, here is the revenue breakdown from the third quarter of that same fiscal year, which shows the relative weight of each segment:

Segment	Revenue (Q3 FY2025)	Approximate % of Q3 Revenue
Chamberlain University	$192.6 million	41.3%
Walden University	$178.4 million	38.3%
Medical and Veterinary	$95.0 million	20.4%

As the table illustrates, Chamberlain University is the largest segment contributor to revenue, driven by strong enrollment in its nursing programs. For instance, in that third quarter, Chamberlain's revenue rose by 13.1% year-over-year, while Walden saw an even higher growth rate of 18.5% in its segment revenue for the same period. The Medical and Veterinary segment also contributed, posting a 3.6% revenue increase in Q3 FY2025.

Beyond standard tuition, Adtalem Global Education Inc. captures additional revenue through program-specific fees for certifications and specialized training. This is a key area of focus, especially at Chamberlain University, which has been expanding offerings like its Practice Ready Specialty Focused program, where over 4,000 students had enrolled by the third quarter of fiscal year 2025. These fees support the delivery of career-relevant, specialized education.

Here are some other key financial figures from the Fiscal Year 2025 performance that underpin these revenue streams:

• Fiscal Year 2025 total revenue growth was 12.9% year-over-year.
• Adjusted Earnings Per Share (EPS) for the full fiscal year 2025 was $6.67, representing a 33.1% increase year-over-year.
• Adjusted EBITDA for Fiscal Year 2025 reached $459.7 million.
• Total student enrollment across the enterprise was approximately 91,780 as of the end of the fourth quarter of fiscal year 2025.