# Covista Inc. (CVSA)

Informational only - not investment advice.

CIK: 0000730464
SIC: 8200 Services-Educational Services
SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 82](/major-group/82/) > [SIC 8200 Services-Educational Services](/industry/8200/)
Latest 10-K filed: 2026-08-06
SEC page: https://www.sec.gov/edgar/browse/?CIK=730464
Filing source: https://www.sec.gov/Archives/edgar/data/730464/000110465926092044/cvsa-20260630x10k.htm

## At a glance

FY2026 · period end 2026-06-30 · filed 2026-08-06 · accession 0001104659-26-092044 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000730464.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,954,085,000 USD | 2026 | verified |
| Net income | 251,566,000 USD | 2026 | verified |
| Assets | 3,012,708,000 USD | 2026 | verified |
| Free cash flow | 392,726,000 USD | 2026 | computed |
| Net margin | 12.87% | 2026 | computed |
| Operating margin | 19.62% | 2026 | computed |
| Revenue YoY | +9.27% | 2026 | computed |
| ROE | 17.40% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CVSA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 12.9% | 10.0% | 60 | 11 |
| Operating margin | 19.6% | 13.7% | 70 | 11 |
| Revenue growth | 9.3% | 7.1% | 70 | 11 |
| FCF margin | 20.1% | 12.1% | 80 | 11 |
| ROE | 17.4% | 16.4% | 60 | 11 |
| ROA | 8.4% | 7.6% | 60 | 11 |
| Liabilities / equity | 1.08 | 0.77 | 70 | 11 |
| Current ratio | 1.09 | 1.75 | 30 | 11 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 8200 Services-Educational Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1954085000 | USD | 2026 | 2026-08-06 |
| Net income | 251566000 | USD | 2026 | 2026-08-06 |
| Assets | 3012708000 | USD | 2026 | 2026-08-06 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000730464.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 1,207,909,000 | 960,277,000 | 1,013,843,000 | 866,427,000 | 899,248,000 | 1,381,842,000 | 1,450,826,000 | 1,584,652,000 | 1,788,290,000 | 1,954,085,000 |
| Net income |  |  | 122,283,000 | 33,769,000 | 95,168,000 | -85,334,000 | 70,027,000 | 310,991,000 | 93,358,000 | 136,777,000 | 237,065,000 | 251,566,000 |
| Operating income | 181,268,000 | 156,910,000 |  |  | 155,830,000 | 110,067,000 | 110,399,000 | 76,746,000 | 168,170,000 | 217,054,000 | 341,542,000 | 383,376,000 |
| Diluted EPS |  |  | 1.91 | 0.54 | 1.60 | -1.58 | 1.36 | 6.43 | 2.05 | 3.39 | 6.18 | 7.04 |
| Operating cash flow |  |  | 230,920,000 | 239,189,000 | 204,858,000 | 107,692,000 | 192,199,000 | 10,601,000 | 191,914,000 | 295,775,000 | 337,899,000 | 470,422,000 |
| Capital expenditures |  |  | 42,508,000 | 46,622,000 | 57,574,000 | 39,605,000 | 39,881,000 | 31,054,000 | 26,014,000 | 48,893,000 | 50,327,000 | 77,696,000 |
| Share buybacks |  |  | 48,508,000 | 137,028,000 | 252,852,000 | 136,889,000 | 100,000,000 | 120,000,000 | 123,133,000 | 261,966,000 | 213,125,000 | 239,866,000 |
| Assets |  |  | 2,315,018,000 | 2,344,961,000 | 2,242,696,000 | 2,258,058,000 | 3,084,843,000 | 2,843,887,000 | 2,810,541,000 | 2,741,417,000 | 2,752,352,000 | 3,012,708,000 |
| Liabilities |  |  | 639,694,000 | 816,565,000 | 841,623,000 | 915,414,000 | 1,781,983,000 | 1,334,670,000 | 1,353,205,000 | 1,372,282,000 | 1,318,727,000 | 1,566,523,000 |
| Stockholders' equity |  |  | 1,669,039,000 | 1,519,286,000 | 1,391,530,000 | 1,309,750,000 | 1,293,517,000 | 1,491,386,000 | 1,457,336,000 | 1,369,135,000 | 1,433,625,000 | 1,446,185,000 |
| Cash and cash equivalents |  |  | 240,426,000 | 430,690,000 | 204,202,000 | 500,516,000 | 476,377,000 | 206,284,000 | 260,826,000 | 219,306,000 | 199,601,000 | 406,316,000 |
| Free cash flow |  |  | 188,412,000 | 192,567,000 | 147,284,000 | 68,087,000 | 152,318,000 | -20,453,000 | 165,900,000 | 246,882,000 | 287,572,000 | 392,726,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2015 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 10.12% | 3.52% | 9.39% | -9.85% | 7.79% | 22.51% | 6.43% | 8.63% | 13.26% | 12.87% |
| Operating margin |  |  |  |  | 15.37% | 12.70% | 12.28% | 5.55% | 11.59% | 13.70% | 19.10% | 19.62% |
| Return on equity |  |  | 7.33% | 2.22% | 6.84% | -6.52% | 5.41% | 20.85% | 6.41% | 9.99% | 16.54% | 17.40% |
| Return on assets |  |  | 5.28% | 1.44% | 4.24% | -3.78% | 2.27% | 10.94% | 3.32% | 4.99% | 8.61% | 8.35% |
| Liabilities / equity |  |  | 0.38 | 0.54 | 0.60 | 0.70 | 1.38 | 0.89 | 0.93 | 1.00 | 0.92 | 1.08 |
| Current ratio |  |  | 1.25 | 1.88 | 1.62 | 2.00 | 3.71 | 1.13 | 0.88 | 0.86 | 0.82 | 1.09 |

## As-reported value updates

22 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CVSA/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000730464.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-09-30 |  |  | 0.05 | reported discrete quarter |
| 2023-Q2 | 2022-12-31 |  |  | 0.52 | reported discrete quarter |
| 2023-Q3 | 2023-03-31 |  |  | 1.00 | reported discrete quarter |
| 2024-Q1 | 2023-09-30 | 368,845,000 | 10,646,000 | 0.25 | reported discrete quarter |
| 2024-Q2 | 2023-12-31 | 393,242,000 | 39,891,000 | 0.98 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 | 412,658,000 | 36,821,000 | 0.93 | reported discrete quarter |
| 2024-Q4 | 2024-06-30 | 409,907,000 | 49,419,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-09-30 | 417,400,000 | 46,165,000 | 1.18 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 | 447,729,000 | 75,856,000 | 1.98 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 | 466,055,000 | 60,832,000 | 1.59 | reported discrete quarter |
| 2025-Q4 | 2025-06-30 | 457,106,000 | 54,212,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-09-30 | 462,288,000 | 61,832,000 | 1.67 | reported discrete quarter |
| 2026-Q2 | 2025-12-31 | 503,385,000 | 76,376,000 | 2.11 | reported discrete quarter |
| 2026-Q3 | 2026-03-31 | 487,030,000 | 41,637,000 | 1.20 | reported discrete quarter |
| 2026-Q4 | 2026-06-30 | 501,382,000 | 71,721,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CVSA's latest 10-K: [/company/CVSA/business/](/company/CVSA/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CVSA's latest 10-K: [/company/CVSA/risk-factors/](/company/CVSA/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/730464/000110465926057163/cvsa-20260331x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-07
Report date: 2026-03-31

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read with and is qualified in its entirety by the Consolidated Financial Statements and the notes thereto included in this report. It should also be read in conjunction with our consolidated financial statements and the related Management’s Discussion and Analysis of Financial Condition and Results of Operation as contained in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (the “2025 Form 10-K), the Cautionary Disclosure Regarding Forward-Looking Statements, the Risk Factors included in the 2025 Form 10-K, and the Financial Aid and Legislative and Regulatory Requirements disclosures set forth in this report. Covista reports on a fiscal year period ending on June 30. Therefore, this Quarterly Report for the quarterly period ended March 31, 2026 is for our third quarter of fiscal year 2026.

Throughout this MD&A, we sometimes use information derived from the Consolidated Financial Statements and the notes thereto but not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these items are considered “non-GAAP financial measures” under the Securities and Exchange Commission (“SEC”) rules. See the “Non-GAAP Financial Measures and Reconciliations” section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures.

Certain items presented in tables may not sum due to rounding. Percentages presented are calculated from the underlying numbers in thousands. Discussions throughout this MD&A are based on continuing operations unless otherwise noted.

Available Information

We use our website (www.covista.com) as a routine channel of distribution of company information, including press releases, presentations, and supplemental information, as one means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, you should monitor our website in addition to following press releases, SEC filings, and public conference calls and webcasts. You can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts. You may also access our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, as well as other reports relating to us that are filed with or furnished to the SEC, free of charge in the investor relations section of our website as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The SEC also maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. The content of the websites mentioned above is not incorporated into and should not be considered a part of this report.

26

Table of Contents

Segments

We present three reportable segments as follows:

Chamberlain – This segment includes the operations of Chamberlain, which offers degree and certificate programs in the nursing and health professions postsecondary education industry.

Walden – This segment includes the operations of Walden, which offers degree and certificate programs, including those in nursing, education, counseling, business, information technology, psychology, public health, social work and human services, public administration and public policy, and criminal justice.

Medical and Veterinary – This segment includes the operations of AUC, RUSM, and RUSVM, collectively referred to as the “medical and veterinary schools,” which offers degree and certificate programs in the medical and veterinary postsecondary education industry.

“Home Office” includes activities not allocated to a reportable segment. Financial and descriptive information about Covista’s reportable segments is presented in Note 18 “Segment Information” to the Consolidated Financial Statements.

Third Quarter Highlights

Financial and operational highlights for the third quarter of fiscal year 2026 include:

[[GREPCENT_TABLE]]
[["","\u25cf","Covista revenue increased 4.5%, or $21.0 million, to $487.0 million in the third quarter of fiscal year 2026 compared to the prior year period driven by increased revenue across all of our segments. Walden revenue for the third quarter of fiscal year 2026 was impacted by a shift of one academic week from the third quarter to the second quarter, which resulted in $18.0 million of revenue being recognized during the second quarter of fiscal year 2026."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Net income decreased 31.6%, or $19.2 million, to $41.6 million in the third quarter of fiscal year 2026 compared to the prior year period. While consolidated revenue increased in the third quarter of fiscal year 2026 compared to the prior year period, Walden revenue for the third quarter of fiscal year 2026 was impacted by a shift of one academic week from the third quarter to the second quarter, which resulted in $18.0 million of revenue being recognized during the second quarter of fiscal year 2026. The net income decrease was also driven by a loss from discontinued operations and increases in labor and other costs to support increased enrollment, marketing expense, and investments to support growth initiatives, partially offset by a reduction in asset impairments."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Diluted earnings per share decreased 24.5%, or $0.39, to $1.20 in the third quarter of fiscal year 2026 compared to the prior year period driven by the decrease in net income, partially offset by lower diluted shares due to share repurchases."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Adjusted net income decreased 5.8%, or $4.2 million, to $69.0 million in the third quarter of fiscal year 2026 compared to the prior year period. While consolidated revenue increased in the third quarter of fiscal year 2026 compared to the prior year period, Walden revenue for the third quarter of fiscal year 2026 was impacted by a shift of one academic week from the third quarter to the second quarter, which resulted in $18.0 million of revenue being recognized during the second quarter of fiscal year 2026. The adjusted net income decrease was also driven by increases in labor and other costs to support increased enrollment, marketing expense, and investments to support growth initiatives."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Adjusted earnings per share increased 3.1%, or $0.06, to $1.98 in the third quarter of fiscal year 2026 compared to the prior year period driven by lower diluted shares due to share repurchases, partially offset by the decrease in adjusted net income."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","For the January 2026 and March 2026 sessions, total student enrollment at Chamberlain decreased 0.7% and increased 0.5%, respectively, compared to the same sessions last year."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","As of March 31, 2026, total student enrollment at Walden increased 12.3% compared to March 31, 2025."]]
[[/GREPCENT_TABLE]]

27

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","For the January 2026 semester, total student enrollment at the medical and veterinary schools increased 4.1% compared to the same semester last year."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","On March 2, 2026, we entered into Amendment No. 5 to Credit Agreement and Incremental Assumption Agreement (the \u201cTerm Loan B Amendment\u201d) to incur new term loans under Term Loan B in an aggregate principal amount of $510.0 million with a maturity date of March 2, 2033. In addition, on March 2, 2026, we repaid the previously outstanding $103.3 million principal amount of Term Loan B and the remaining $405.0 million outstanding principal amount of the Senior Secured Notes due 2028. See Note 13 \u201cDebt\u201d to the Consolidated Financial Statements for additional information."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Covista repurchased a total of 637,538 shares of its common stock under its share repurchase programs at an average cost of $103.04 per share during the third quarter of fiscal year 2026. The timing and amount of any future repurchases will be determined based on an evaluation of market conditions and other factors."]]
[[/GREPCENT_TABLE]]

Results of Operations

Revenue

The following tables present revenue by segment detailing the changes from the prior year periods (in thousands):

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three Months Ended March 31, 2026"],["\u200b","\u200b","Chamberlain","","Walden (1)","","Medical and Veterinary","","Consolidated (1)"],["Fiscal year 2025","\u200b","$","192,592","\u200b","$","178,418","\u200b","$","95,045","\u200b","$","466,055","\u200b"],["Growth","\u200b","\u200b","4,371","\u200b","\u200b","8,157","\u200b","\u200b","8,447","\u200b","\u200b","20,975","\u200b"],["Fiscal year 2026","\u200b","$","196,963","\u200b","$","186,575","\u200b","$","103,492","\u200b","$","487,030","\u200b"],["% change from prior year","\u200b","\u200b","2.3","%","\u200b","4.6","%","\u200b","8.9","%","\u200b","4.5","%"]]
[[/GREPCENT_TABLE]]

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Nine Months Ended March 31, 2026"],["\u200b","\u200b","Chamberlain","","Walden","","Medical and Veterinary","","Consolidated"],["Fiscal year 2025","\u200b","$","541,508","\u200b","$","511,237","\u200b","$","278,439","\u200b","$","1,331,184","\u200b"],["Growth","\u200b","\u200b","18,488","\u200b","\u200b","82,860","\u200b","\u200b","20,171","\u200b","\u200b","121,519","\u200b"],["Fiscal year 2026","\u200b","$","559,996","\u200b","$","594,097","\u200b","$","298,610","\u200b","$","1,452,703","\u200b"],["% change from prior year","\u200b","\u200b","3.4","%","\u200b","16.2","%","\u200b","7.2","%","\u200b","9.1","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Walden revenue for the third quarter of fiscal year 2026 was impacted by a shift of one academic week from the third quarter to the second quarter, which resulted in $18.0 million of revenue being recognized during the second quarter of fiscal year 2026. Including the $18.0 million revenue timing impact in the third quarter of fiscal year 2026, Walden segment revenue would have increased 14.7%, or $26.2 million, to $204.6 million and consolidated revenue would have increased 8.4%, or $39.0 million, to $505.0 million."]]
[[/GREPCENT_TABLE]]

Chamberlain

Chamberlain Student Enrollment:

​

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/730464/000110465926092044/cvsa-20260630x10k.htm
Complete FY 2026 MD&A: /company/CVSA/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read with and is qualified in its entirety by the Consolidated Financial Statements and the notes thereto included in this report. It should also be read in conjunction with the Cautionary Disclosure Regarding Forward-Looking Statements (see the Introduction section preceding Part I), the Risk Factors (see Item 1A. “Risk Factors”), and the Financial Aid and Legislative and Regulatory Requirements (see Item 1. “Business”) disclosures set forth in this report. Covista reports on a fiscal year period ending on June 30.

Throughout this MD&A, we sometimes use information derived from the Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” and the notes thereto but not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these items are considered “non-GAAP financial measures” under the Securities and Exchange Commission (“SEC”) rules. See the “Non-GAAP Financial Measures and Reconciliations”

35

Table of Contents

section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures.

Certain items presented in tables may not sum due to rounding. Percentages presented are calculated from the underlying numbers in thousands. Discussions throughout this MD&A are based on continuing operations unless otherwise noted.

The following discussion is on the comparison between fiscal year 2026 and fiscal year 2025 results. For a discussion on the comparison between fiscal year 2025 and fiscal year 2024 results, see the MD&A included in Covista’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, as filed with the SEC.

Segments

We present three reportable segments as follows:

Chamberlain – This segment includes the operations of Chamberlain, which offers degree and certificate programs in the nursing and health professions postsecondary education industry.

Walden – This segment includes the operations of Walden, which offers degree and certificate programs, including those in nursing, education, counseling, business, information technology, psychology, public health, social work and human services, public administration and public policy, and criminal justice.

Medical and Veterinary – This segment includes the operations of AUC, RUSM, and RUSVM, collectively referred to as the “medical and veterinary schools,” which offer degree and certificate programs in the medical and veterinary postsecondary education industry.

“Home Office” includes activities not allocated to a reportable segment. Financial and descriptive information about Covista’s reportable segments is presented in Note 19 “Segment Information” to the Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data.”

Fiscal Year 2026 Highlights

Financial and operational highlights for fiscal year 2026 include:

[[GREPCENT_TABLE]]
[["","\u25cf","Covista revenue increased 9.3%, or $165.8 million, to $1,954.1 million in fiscal year 2026 compared to the prior year driven by increased revenue across all segments."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Net income increased 6.1%, or $14.5 million, to $251.6 million in fiscal year 2026 compared to the prior year. This increase was primarily driven by an increase in revenue along with decreases in interest expense and asset impairments, partially offset by a loss from discontinued operations and increases in strategic advisory costs, labor and other costs to support increased enrollment, marketing expense, investments to support growth initiatives, and the provision for income taxes."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Diluted earnings per share increased 13.9%, or $0.86, to $7.04 in fiscal year 2026 compared to the prior year driven by the increase in net income and lower diluted shares due to share repurchases."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Adjusted net income increased 15.3%, or $39.1 million, to $294.7 million in fiscal year 2026 compared to the prior year. This increase was primarily driven by an increase in revenue and a decrease in interest expense, partially offset by increases in labor and other costs to support increased enrollment, marketing expense, investments to support growth initiatives, and the provision for income taxes."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Diluted adjusted earnings per share increased 23.7%, or $1.58, to $8.25 in fiscal year 2026 compared to the prior year driven by the increase in adjusted net income and lower diluted shares due to share repurchases."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","For fiscal year 2026, average total student enrollment at Chamberlain increased 1.1% compared to the prior year. For the May 2026 session, total student enrollment at Chamberlain increased 1.6% compared to the same session last year."]]
[[/GREPCENT_TABLE]]

36

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","For fiscal year 2026, average total student enrollment at Walden increased 13.2% compared to the prior year. As of June 30, 2026, total student enrollment at Walden increased 14.0% compared to June 30, 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","For fiscal year 2026, average total student enrollment at the medical and veterinary schools increased 4.5% compared to the prior year. For the May 2026 semester, total student enrollment at the medical and veterinary schools increased 7.3% compared to the same semester last year."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","On August 6, 2025, we entered into Amendment No. 4 to Credit Agreement and Incremental Assumption Agreement (the \u201cRevolver Amendment\u201d), to (i) increase available commitments under our revolving facility by $100.0 million (resulting in aggregate outstanding commitments of $500.0 million under the revolving facility after giving effect to the Revolver Amendment), (ii) extend the maturity and commitment termination date of our revolving facility to August 6, 2030, and (iii) reduce the pricing on any drawn revolving loans to the Secured Overnight Financing Rate (\u201cSOFR\u201d) plus an applicable margin ranging from 2.25% to 3.00% or an alternate base rate (\u201cABR\u201d) plus an applicable margin ranging from 1.25% to 2.00% depending on Covista\u2019s net first lien leverage ratio for such period."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","On March 2, 2026, we entered into Amendment No. 5 to Credit Agreement and Incremental Assumption Agreement (the \u201cTerm Loan B Amendment\u201d) to incur new term loans under Term Loan B in an aggregate principal amount of $510.0 million with a maturity date of March 2, 2033. In addition, on March 2, 2026, we repaid the previously outstanding $103.3 million principal amount of Term Loan B and the remaining $405.0 million outstanding principal amount of the Senior Secured Notes due 2028. See Note 13 \u201cDebt\u201d to the Consolidated Financial Statements in Item 8. \u201cFinancial Statements and Supplementary Data\u201d for additional information."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Covista repurchased a total of 2,421,920 shares of its common stock under its share repurchase programs at an average cost of $98.35 per share during fiscal year 2026. The timing and amount of any future repurchases will be determined based on an evaluation of market conditions and other factors."]]
[[/GREPCENT_TABLE]]

Results of Operations

Revenue

The following table presents revenue by segment detailing the changes from the prior year (in thousands):

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Year Ended June 30, 2026"],["\u200b","\u200b","Chamberlain","","Walden","","Medical and Veterinary","","Consolidated"],["Fiscal year 2025","\u200b","$","725,774","\u200b","$","693,430","\u200b","$","369,086","\u200b","$","1,788,290","\u200b"],["Growth","\u200b","\u200b","24,438","\u200b","\u200b","111,503","\u200b","\u200b","29,854","\u200b","\u200b","165,795","\u200b"],["Fiscal year 2026","\u200b","$","750,212","\u200b","$","804,933","\u200b","$","398,940","\u200b","$","1,954,085","\u200b"],["% change from prior year","\u200b","\u200b","3.4","%","\u200b","16.1","%","\u200b","8.1","%","\u200b","9.3","%"]]
[[/GREPCENT_TABLE]]

Chamberlain

Chamberlain Student Enrollment:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Fiscal Year 2026","\u200b"],["Session","\u200b","July 2025","\u200b","Sept. 2025","\u200b","Nov. 2025","\u200b","Jan. 2026","\u200b","Mar. 2026","\u200b","May 2026","\u200b"],["Total students","\u200b","37,697","\u200b","39,846","\u200b","39,278","\u200b","40,145","\u200b","40,767","\u200b","39,501","\u200b"],["% change from prior year","\u200b","4.5","%","2.2","%","(1.0)","%","(0.7)","%","0.5","%","1.6","%"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Fiscal Year 2025","\u200b"],["Session","\u200b","July 2024","\u200b","Sept. 2024","\u200b","Nov. 2024","\u200b","Jan. 2025","\u200b","Mar. 2025","\u200b","May 2025"],["Total students","\u200b","36,061","\u200b","38,987","\u200b","39,691","\u200b","40,445","\u200b","40,564","\u200b","38,891","\u200b"],["% change from prior year","\u200b","12.1","%","11.7","%","11.5","%","8.7","%","6.8","%","5.8","%"]]
[[/GREPCENT_TABLE]]

Chamberlain revenue increased 3.4%, or $24.4 million, to $750.2 million in fiscal year 2026 compared to the prior year driven by higher tuition rates and enrollment. Enrollment increased in pre-licensure nursing programs in all fiscal year 2026 sessions; however, enrollment has declined in post-licensure nursing programs during fiscal year 2026. Chamberlain

37

Table of Contents

is achieving pre-licensure growth by optimizing investments in student enrollment and experience while leveraging scale through a national footprint with in-person and online curriculum delivery modalities. Management is focused on optimizing marketing and enrollment operations to address post-licensure enrollment.

Tuition Rates:

Current tuition rates in fiscal year 2026 increased compared to the prior fiscal year for the Bachelor of Science in Nursing (“BSN”) onsite and online degree, Master of Science in Nursing (“MSN”), Master of Social Work (“MSW”) and Master of Public Health (“MPH”) online degree programs. The average increase across all of these programs was approximately 3.4% from the prior year.

Walden

Walden Student Enrollment:

​

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/CVSA/mda/fy2026/
All MD&A years: /company/CVSA/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/CVSA/mda/fy2025/): filed 2025-08-07; accession 0001558370-25-010780 (https://www.sec.gov/Archives/edgar/data/730464/000155837025010780/atge-20250630x10k.htm)
- [FY 2024 MD&A](/company/CVSA/mda/fy2024/): filed 2024-08-06; accession 0001558370-24-011099 (https://www.sec.gov/Archives/edgar/data/730464/000155837024011099/atge-20240630x10k.htm)
- [FY 2023 MD&A](/company/CVSA/mda/fy2023/): filed 2023-08-10; accession 0001558370-23-014509 (https://www.sec.gov/Archives/edgar/data/730464/000155837023014509/atge-20230630x10k.htm)
- [FY 2022 MD&A](/company/CVSA/mda/fy2022/): filed 2022-08-11; accession 0001558370-22-013289 (https://www.sec.gov/Archives/edgar/data/730464/000155837022013289/atge-20220630x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 8200 Services-Educational Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CVSA.md · JSON record: /company/CVSA.json · verified financials: /company/CVSA/financials.json / /company/CVSA/financials.csv · machine TOC for the whole site: /llms.txt