Universal Technical Institute, Inc. (UTI): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of Universal Technical Institute, Inc. after a solid fiscal 2025, and the numbers tell a clear story of strategic scale: they pulled in $835.6 million in total revenue, with the Concorde healthcare division contributing a hefty $294 million against the core UTI technical training side's $542 million. As an analyst, what really catches my eye is how they converted that scale into $97.3 million in net cash from operations while managing 32 physical locations and pushing new program development-that's smart execution. To see the blueprint behind this performance, check out the full Business Model Canvas below, detailing their key partnerships and revenue streams.

Universal Technical Institute, Inc. (UTI) - Canvas Business Model: Key Partnerships

You're looking at how Universal Technical Institute, Inc. (UTI) locks in its pipeline of students and places them into jobs, which is all about the strength of its external relationships. These aren't just casual agreements; they are core to the value proposition.

Industry Employers for Curriculum Alignment and Job Placement

The connection to industry is what keeps the curriculum relevant and the placement rates high. UTI is actively strengthening its network here; as of late 2025, the company is focused on its relationships with over 13,000 employment partners to boost job opportunities for graduates. This focus translates directly into outcomes, with the placement rate for graduates consistently remaining strong, typically over 80%.

These employer relationships support the entire student lifecycle, from curriculum input to post-graduation placement. Here's a snapshot of the scale of these critical connections:

Partnership Metric	Data Point (Late 2025 Estimate)	Source of Alignment
Total Employment Partners	Over 13,000	Job Opportunity Enhancement
Graduate Placement Rate	Typically over 80%	Curriculum Validation/Job Readiness
New Programs Announced for 2025	Nine	Curriculum Expansion/Industry Demand

It's clear that the company views these employer ties as essential for scaling its offerings, with plans to launch at least six new programs annually.

Department of Defense SkillBridge for Military Transition Programs

Helping service members transition is a major, structured partnership area for Universal Technical Institute, Inc. The UTI division proudly partners with the Department of Defense's SkillBridge program. This collaboration allows the company to operate on-base programs directly for service members and their families. Specifically, you see these on-base programs running at key military installations:

• Fort Bliss
• Fort Bragg (now Fort Liberty)
• Camp Pendleton

These programs include specialized training like the Penske Premier Truck Group Technician Skills Program and the BMW Military Service Technician Education Program. The company educates more than 3,300 veterans and military-affiliated students across both its divisions.

Automotive and Equipment Manufacturers (e.g., Hyundai EV Donations)

OEM (Original Equipment Manufacturer) partnerships are vital for keeping lab equipment current, especially with the shift to electric vehicles. A concrete example from late 2025 is the donation from Hyundai Motor America. They provided 18 IONIQ 5 electric vehicles to Universal Technical Institute campuses nationwide as of December 2, 2025.

The rollout strategy for these vehicles is phased:

• Six IONIQ 5 SUVs were immediately deployed at UTI-Long Beach, UTI-Rancho Cucamonga, and UTI-Sacramento.
• The remaining 12 vehicles are scheduled to roll out to other campuses over the following months.

These vehicles are integrated into the Battery Electric Vehicle Technology course, ensuring students get hands-on experience with high-voltage operation and EV diagnosis.

U.S. Chamber of Commerce's Hiring Our Heroes Initiative

To further support the military community transition, Universal Technical Institute, Inc. actively collaborates with the U.S. Chamber of Commerce's Hiring Our Heroes (HOH) initiative. This partnership focuses on delivering tangible support to transitioning service members, veterans, and military spouses. The support mechanisms offered through this and related partnerships (like the USO) include:

• Transition workshops.
• Career coaching.
• Direct connections with employers.

This work complements the company's internal support, which includes military scholarships and dedicated financial aid counselors for this population.

Financial Institutions for Student Loan and Aid Processing

Making education accessible requires navigating the financing landscape. While the specific roster of every financial partner isn't public, the structure of their proprietary financing is detailed. Universal Technical Institute, Inc. maintains a proprietary loan program with a commercial bank to fund students who may not fully cover costs through traditional government aid [cite: 5 from second search].

Here are the key financial terms associated with this private loan program:

• Interest rates range from approximately 6% to 10% [cite: 5 from second search].
• Repayment terms are generally up to 10 years [cite: 5 from second search].
• A six-month deferral period exists before principal and interest payments begin [cite: 5 from second search].

Furthermore, Universal Technical Institute, Inc. makes over $15 million in scholarships and grants available to qualifying students in the current year [cite: 2 from second search]. Financial Aid Advisors help students complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal aid, grants, and scholarships.

Finance: draft 13-week cash view by Friday.

Universal Technical Institute, Inc. (UTI) - Canvas Business Model: Key Activities

Delivering high-demand technical and healthcare education is the central activity, executed through two primary divisions: the Universal Technical Institute (UTI) division, which focuses on transportation, skilled trades, electrical, and energy training programs, and Concorde Career Colleges, specializing in dental, nursing, diagnostic, and allied health professions. This dual-division structure supports diversification.

Executing the North Star Strategy for growth and diversification is a critical ongoing activity. The second phase of this strategy is designed to deliver approximately 10% revenue CAGR and expand the Adjusted EBITDA margin to nearly 20% through fiscal 2029. The disciplined execution in fiscal 2025 resulted in revenue growth of 14% year-over-year, with Net Income reaching $63.0 million, exceeding the high-end of the guidance range of $56 - $60 million.

A key component of this growth is launching new programs. The current plan is to launch approximately 20 new programs annually across both divisions, which is an acceleration from the previously stated minimum of six new programs annually starting in fiscal year 2025. This expansion is supported by capital expenditures of $42.0 million in fiscal 2025, driven by investments in program expansions.

Managing and operating the physical footprint is a major activity. As of late 2025, the total physical campus count nationwide is 32 locations, broken down by division as follows:

Division	Number of Physical Campuses	States Covered
Universal Technical Institute (UTI)	15	9
Concorde Career Colleges	17	8

The company has committed to opening at least two and up to five new campuses annually between fiscal years 2026 and 2029. For example, new campuses planned for 2027 include UTI-Salt Lake City, Concorde-Houston, and Concorde-Atlanta.

Maintaining industry accreditations ensures program quality and graduate value. This involves rigorous compliance and curriculum alignment.

• Universal Technical Institute is accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC), recognized by the U.S. Department of Education.
• The Automotive Technology program is Master Certified by the ASE Education Foundation.
• Graduates from ASE Education Foundation accredited programs can substitute their training for one year of the required two years of work experience to become ASE certified.

Instructors must maintain current ASE Certifications in the areas they teach.

Universal Technical Institute, Inc. (UTI) - Canvas Business Model: Key Resources

You're looking at the core assets Universal Technical Institute, Inc. (UTI) relies on to deliver its value proposition. These aren't just buildings or people; they are the engine of the business, especially as they push Phase II of their North Star strategy.

Multi-division platform (UTI and Concorde Career Colleges)

The dual-brand structure is a key resource, allowing for specialized focus while sharing a scalable corporate platform. As of late 2025, the structure is clearly defined:

• UTI division: Focuses on transportation, skilled trades, electrical, and energy training.
• Concorde Career Colleges: Focuses on allied health, dental, nursing, patient care, and diagnostic fields.
• The company educated more than 3,300 veterans and military-affiliated students across both divisions as of December 2, 2025.

Physical campus network and state-of-the-industry training facilities

The physical footprint is substantial and actively growing. They are executing on plans to open multiple new campuses annually from 2026-2029.

Asset Description	UTI Division Count/Details	Concorde Division Count/Details
Existing Campuses (as of early 2025)	15 campuses in nine states	17 campuses in eight states and online
Announced New Campus (FY 2026 opening)	UTI-Atlanta (location confirmed)	Concorde-Heartland Dental co-branded campus (Fort Myers, FL ground broken)
Planned New Campuses (FY 2027 pending approval)	UTI-Salt Lake City: 113,000 sq. ft., serving 3,000+ students	Concorde-Houston: 45,000 sq. ft., serving up to 700 students
Planned New Campuses (FY 2027 pending approval)	N/A	Concorde-Atlanta: 47,000+ sq. ft., serving up to 700 students

These facilities are designed to be state-of-the-industry. For example, a recent donation included 18 Electric Vehicles from Hyundai Motor America to Universal Technical Institute on November 2, 2025, ensuring training aligns with evolving automotive technology.

Accredited, industry-aligned curriculum (including EV and skilled trades)

The curriculum is the product itself, directly tied to employer needs. The company plans to launch approximately 20 new programs annually as part of its strategy.

• Curriculum scope includes transportation, skilled trades, electrical, energy, nursing, dental, diagnostic, and allied health programs.
• New programs announced for upcoming campuses include Aviation Maintenance Technology, Electrical, Robotics & Automation, HVACR, and Welding.
• The focus on Electric Vehicle (EV) training is evidenced by the recent donation of 18 EVs for instruction.

Experienced faculty and specialized technical instructors

The quality of instruction is paramount for accreditation and student outcomes. While a specific total faculty count isn't immediately available, the need for specialized instructors is clear given the technical nature of the programs.

Net cash provided by operating activities of $97.3 million in FY 2025

This financial metric shows the cash generated from the core business operations over the full fiscal year ended September 30, 2025. This cash flow is the lifeblood for funding capital expenditures, like new campus builds, and supporting growth initiatives.

Here's a quick look at the full-year FY 2025 financial performance that underpins this resource strength:

Financial Metric (FY 2025)	Amount
Full Year Revenue	$835.6 million
Full Year Net Income	$63.0 million
Full Year Adjusted EBITDA	$126.5 million
Net Cash Provided by Operating Activities	$97.3 million

The increase in operating cash flow was substantial, up 13.3% to $97.3 million compared to $85.9 million in the prior year.

Universal Technical Institute, Inc. (UTI) - Canvas Business Model: Value Propositions

Direct path to high-demand skilled-collar and healthcare jobs is supported by training for industries where total technician employment is projected to exceed 1.9 million by 2033, according to U.S. Bureau of Labor Statistics projections.

The commitment to strong student outcomes is central, with Career Services staff working with employers to develop on-campus interview opportunities, giving students experience and potential job offers before graduation. While specific 2025 employment rates are updated annually in disclosures, the business model success is explicitly tied to facilitating the transition to employment in the field of study.

Diversified training is delivered across two reportable segments: Universal Technical Institute (UTI) and Concorde Career Colleges. The UTI division focuses on transportation, energy, and skilled trades, with its Fiscal 2024 revenue mix showing Auto/Diesel at 67%, Other Transportation at 12%, Welding at 8%, Other Skilled Trades at 8%, and Industry Training at 6%. Concorde focuses on healthcare training. Universal Technical Institute, Inc. plans to launch a minimum of six new programs annually at existing campuses starting in fiscal year 2025.

The training programs are accelerated, hands-on, and industry-validated, utilizing hands-on learning methods. The Career Development class helps students strengthen career skills stressed in technical training, enhancing job search and application skills. The company reported strong operational growth in fiscal 2025, with consolidated new student starts reaching 29,793 for the year ended September 30, 2025, an increase of 10.8% from 2024.

Career services and transition support are available to all students and graduates. Services include providing job leads, assisting with résumés, and offering interview guidance for local and career jobs. The company also provides information on nationwide employment opportunities and Tuition Reimbursement Incentive Program (TRIP) employers. For veterans and students, the company highlights its support services, with approximately 78% of fiscal 2025 revenue coming from Title IV federal student aid and veterans' programs.

Here's a look at key operational metrics supporting the value delivery for the fiscal year 2025 period:

Metric	Value/Amount	Context/Period
Consolidated Revenue	$835.6 million	Fiscal Year 2025 Reported
Year-over-Year Revenue Growth	14%	Fiscal Year 2025 vs. Prior Year
Consolidated Net Income	$63.0 million	Fiscal Year 2025 Reported
Year-over-Year Net Income Increase	50%	Fiscal Year 2025 vs. Prior Year
Consolidated New Student Starts	29,793	Year Ended September 30, 2025
Average Full-Time Active Students	24,618	Year Ended September 30, 2025
Q1 FY2025 Revenue Growth	15.3%	Year-over-Year
Q3 FY2025 Adjusted EBITDA	$25.3 million	Quarter Ended June 30, 2025

The Career Services department is available to all students and graduates for job leads, résumé assistance, and interview guidance.

• UTI operates 15 campuses in nine states.
• Concorde runs 17 campuses plus online programs in eight states.
• The company has relationships with over 30+ leading brands.
• The average net price at one campus (UTI of California Inc) was $22,549 in 2023.
• Approximately 78% of revenue on a cash basis came from Title IV federal student aid and veterans' programs in fiscal 2025.

The Career Services staff works to develop on-campus interview opportunities for students.

Universal Technical Institute, Inc. (UTI) - Canvas Business Model: Customer Relationships

High-touch, personal support via dedicated admissions and financial aid counselors

Universal Technical Institute, Inc. educates more than 3,300 veterans and military-affiliated students across its UTI and Concorde Career Colleges divisions. Dedicated admissions and financial aid counselors support this segment. Financial aid, scholarships, and grants are available to those who qualify, with awards varying due to specific conditions, criteria, and state. The company operates 15 campuses for the UTI division in nine states and 17 campuses for Concorde in eight states, plus online offerings. The total active student base supports this relationship structure.

• Full year average full-time active students for fiscal 2025: 24,618.
• Full year new student starts for fiscal 2025: 29,793.

Career coaching and job placement assistance for graduates

Alumni receive ongoing support, which includes long-term employment search assistance, refresher courses, and access to networking opportunities. The company is strengthening partnerships with over 13,000 employment partners to enhance student job opportunities. Campuses regularly host career fairs where local and national employers connect directly with students. Universal Technical Institute, Inc. cannot guarantee employment or salary. The company is committed to launching a minimum of six new programs annually at existing campuses beginning in fiscal year 2025, with nine announced for 2025. Full year revenue for fiscal 2025 reached $835.6 million.

Student support services for housing and part-time employment

Support Services teams are in place to help students with housing and veterans services, allowing students to focus on training. The company educates more than 3,300 veterans and military-affiliated students, supporting them with military scholarships and Salute to Service tuition reductions. Full year net income for fiscal 2025 was $63.0 million. The company plans to open at least two and up to five new campuses annually over the next phase. Full year adjusted EBITDA for fiscal 2025 was $126.5 million.

Blended learning models for improved student experience and efficiency

Universal Technical Institute, Inc. is optimizing space by integrating online learning across its platform. The North Star Strategy Phase II includes plans for hybrid and flexible certificate and diploma programs, which the Veterans Education and Technology Skills (VETS) Opportunity Act would support for veterans. The company plans to launch approximately 20 new programs across both divisions annually over this next phase. The company expects to deliver $825 million to $835 million in revenue for fiscal 2025. The UTI division operates 15 campuses.

Metric	FY 2025 Number
Full Year Revenue	$835.6 million
Full Year Net Income	$63.0 million
Full Year Adjusted EBITDA	$126.5 million
Total Campuses (UTI + Concorde)	32
Annual New Program Launch Goal (Phase II)	Approximately 20

Universal Technical Institute, Inc. (UTI) - Canvas Business Model: Channels

The Channels block for Universal Technical Institute, Inc. (UTI) is built on a multi-faceted approach to reach prospective students and connect graduates with employers. This involves a significant physical footprint combined with aggressive digital outreach and targeted institutional partnerships.

Network of 32 physical campuses across the U.S.

The physical presence is central to the delivery of hands-on training. As of late 2025, the consolidated network, including the Concorde Career Colleges division, comprises a total of 32 physical campuses operating across nine states for the UTI division and eight states for Concorde. The UTI division itself operates 15 campuses in nine states. This physical network supports the delivery of transportation, skilled trades, electrical, and energy training programs.

Here is a snapshot of the operational scale supporting these channels:

Metric	Value (Latest Reported)	Context
Total Consolidated Campuses	32	UTI and Concorde divisions combined
UTI Division Campuses	15	Across nine states
Average Full-Time Active Students (Consolidated)	23,757	Fiscal 2025 Third Quarter
UTI Division Revenue (Q3 FY2025)	$131.5 million	Year-over-year increase of 12.2%

Digital marketing and online admissions funnels

Digital channels drive significant student acquisition, especially for the Concorde division, which saw growth attributed to marketing and admissions investments and strong lead conversions. The company uses its websites, including uti.edu and concorde.edu, and LinkedIn pages as channels for distributing information. Investments in this area are substantial, with year-to-date capital expenditures reaching $25.5 million, reflecting investments in program and campus expansions that support digital lead generation and admissions infrastructure.

Key digital channel performance indicators include:

• Average full-time active students grew 12.7% year-over-year in Q3 FY2025.
• Concorde new student starts increased by 20.3% in the six-month period ending March 31, 2025.
• UTI new student starts increased by 26.4% in the same six-month period.

On-base military training programs at locations like Fort Bliss

Universal Technical Institute, Inc. actively channels training directly to active service members through Department of Defense SkillBridge programs. These on-base programs allow service members to train for civilian careers near the end of their service contracts.

Specific on-base program locations include:

• Fort Bliss in El Paso, Texas (Penske Premier Truck Group Technician Skills Program).
• Camp Pendleton in California (BMW Military Service Technician Education Program).
• Fort Bragg (now Fort Liberty) in North Carolina (BMW Military Service Technician Education Program).

The company reports educating more than 3,300 veterans and military-affiliated students across both the UTI and Concorde divisions. As of 2021, these on-base programs ranged from 12 to 16 weeks in duration, with no tuition cost to the participating service members.

Direct employer connections for graduate recruitment and defintely job fairs

The final channel connects the output of the education process-graduates-to the labor market. Universal Technical Institute, Inc. is strengthening partnerships with over 13,000 employment partners to enhance student job opportunities. These connections facilitate graduate recruitment and participation in job fairs.

The strength of these employer channels is reflected in placement metrics, though specific consolidated 2025 placement rates are not explicitly stated in the latest reports, individual campus data shows rates like 68% Graduate Placement Rate for Automotive & EV Technology at one California campus. The company emphasizes that its programs are developed in collaboration with leading employers to ensure curriculum relevance.

Universal Technical Institute, Inc. (UTI) - Canvas Business Model: Customer Segments

You're looking at the core groups Universal Technical Institute, Inc. (UTI) targets for its transportation, skilled trades, and healthcare programs. These segments drive the demand for their hands-on training.

High school graduates seeking vocational alternatives to four-year college

This group represents a significant portion of the pipeline for the Universal Technical Institute division, which focuses on transportation and skilled trades. The company is actively working to capture this market, as evidenced by the 19.0% rise in new student starts for the UTI division in the first quarter of fiscal 2025, reaching 2,753 starts.

• The overall consolidated new student starts for the year ended September 30, 2025, reached 29,793.
• Average annual revenue per student for the UTI division in fiscal 2025 was roughly $35,100.
• UTI tuition for these programs in fiscal 2025 ranged from about $18,000 to $69,000.

Adult learners and career changers targeting skilled trades and healthcare

This segment feeds both the UTI division and the Concorde Career Colleges brand, which handles healthcare programs. The overall momentum shows strong appeal across the board; consolidated average full-time active students for the year ended September 30, 2025, stood at 24,618, an increase of 10.5%.

The Concorde division, specifically, saw revenue jump 17.9% year-over-year in Q1 2025, indicating robust demand from those seeking healthcare careers.

Here's a quick look at some of the operational scale reflecting the demand from these segments for the fiscal year ended September 30, 2025:

Metric	Value (Year Ended Sept 30, 2025)	Segment Relevance
Consolidated New Student Starts	29,793	Total initial demand across UTI and Concorde
Average Full-Time Active Students	24,618	Current active student base
UTI Division Revenue	$131.5 million (Q1 2025)	Skilled Trades/Transportation focus
Concorde Division Revenue	$70 million (Q1 2025)	Healthcare focus

Employers with critical skilled labor shortages (e.g., technicians, nurses)

While not direct tuition-paying customers, employers are a crucial segment because their hiring needs validate the value proposition and drive student enrollment decisions. Universal Technical Institute, Inc. emphasizes its industry partnerships to ensure curriculum relevance. The company's strategy includes launching a minimum of six new programs annually at existing campuses, pending regulatory approval, to meet these evolving workforce needs.

• The company operates across 15 UTI campuses and 17 Concorde campuses plus online programs.
• The focus is on transportation, skilled trades, energy, and healthcare, all sectors facing persistent shortages.
• UTI Division new student starts rose 19.0% in Q1 2025, showing strong market pull from employers.

U.S. Veterans and military-affiliated students

Universal Technical Institute, Inc. actively targets this demographic, providing specialized support and scholarships. As of December 2, 2025, the company educates more than 3,300 veterans and military-affiliated students across both its divisions. They are actively supporting legislation, like the VETS Opportunity Act, to expand benefit usage for their flexible programs.

The company supports this segment with military scholarships and Salute to Service tuition reductions. For instance, at the Dallas location, 484 GI Bill students were reported, representing approximately 27.69% of that school's enrollment, which is defintely higher than the general college average. The company also operates Department of Defense SkillBridge programs on base at Fort Bliss, Fort Bragg, and Camp Pendleton.

Universal Technical Institute, Inc. (UTI) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Universal Technical Institute, Inc. (UTI), you see where the bulk of their operational dollars go to keep those training programs running and attract new students. It's a high-fixed-cost model, heavily weighted toward human capital and physical assets.

The largest single line item that captures the day-to-day running of the business is the Operating expenses of $752.1 million in fiscal 2025. This figure encompasses a wide array of costs necessary to support the entire enterprise, from the classroom to the corporate office.

A significant portion of that operating expense is dedicated to the people who make the education happen. You're looking at Instructional and administrative personnel salaries and benefits, which is always a major driver in an education-focused business. While I don't have the exact total dollar amount for FY 2025 readily available, we know the average salary for administrative roles hovers around $32,629, while specialized instructor roles command higher compensation to reflect their expertise. This category is the engine room of the cost structure.

To drive enrollment, which directly impacts revenue, Universal Technical Institute, Inc. allocates substantial funds to Marketing and student recruitment costs. This spend is directly correlated with the number of new students they bring in. For fiscal 2025, the result of this investment was 29,793 in new student starts.

The physical footprint is another major cost center. You have the Lease and facility costs for the large campus footprint. Based on the latest 10-K filing data, the Operating lease expense alone for the year ended September 30, 2025, was $32,379 thousand, or $32.379 million. This doesn't include variable costs or finance lease components, but it gives you a solid baseline for the real estate commitment.

Finally, growth requires investment, which shows up in capital spending. The commitment to expansion and modernization was evident in the Capital expenditures for new campus launches and equipment upgrades of $42.0 million in FY 2025. This spending is key for keeping curriculum current, especially with new technologies like EV training, and for building out capacity for the next wave of students.

Here's a quick look at the concrete financial figures we have for the Cost Structure in fiscal 2025:

Cost Component	Fiscal 2025 Amount (USD)
Total Operating Expenses	$752.1 million
Cash Capital Expenditures (Capex)	$42.0 million
Operating Lease Expense (Component of Facility Costs)	$32.379 million
New Student Starts (Volume Metric)	29,793

The cost structure is clearly segmented between maintaining the existing operational base and investing for future scale:

• Personnel Costs: Salaries and benefits for instructional and administrative staff.
• Facility Costs: Operating lease expense of $32.379 million plus other associated facility expenses.
• Growth Investment: $42.0 million in capital expenditures for expansion and upgrades.
• Acquisition/Recruitment Spend: Costs driving the 29,793 new student starts.

Finance: draft 13-week cash view by Friday.

Universal Technical Institute, Inc. (UTI) - Canvas Business Model: Revenue Streams

The revenue generation for Universal Technical Institute, Inc. (UTI) in fiscal year 2025 is heavily reliant on student-borne revenue streams, both directly through tuition and indirectly through government funding mechanisms.

Tuition and fees from students (primary source) is the core driver, supported by the average annual revenue per student across the two main divisions.

• Average annual revenue per student at the Universal Technical Institute (UTI) division was roughly $35,100 in fiscal 2025.
• Average annual revenue per student at the Concorde division was near $30,000 in fiscal 2025.

Federal and state financial aid (Title IV funding) represents a substantial portion of the cash basis revenue.

• Approximately 78% of revenue on a cash basis came from Title IV federal student aid and veterans' programs in fiscal 2025.

The total revenue for Universal Technical Institute, Inc. for the full year of fiscal 2025 reached $835.6 million, an increase of 14.0% over the prior year.

This total revenue is segmented across the two reportable divisions:

Revenue Stream Segment	Fiscal 2025 Revenue Amount
Revenue from the UTI division	$542 million
Revenue from the Concorde division	$294 million
Total Full Year Revenue (FY 2025)	$835.6 million