Covista

Covista helps people become nurses and doctors through school. It runs online and in-person programs for healthcare professionals. These schools provide the degrees needed for medical jobs.

Training the Next Generation

• Chamberlain University: Offers nursing and health profession degrees to students in the U.S.; generated $197 million in revenue in the third quarter of fiscal year 2026.
• Walden University: Provides online certificates and degrees in fields like nursing, business, and social work; generated $186.6 million in revenue in the third quarter of fiscal year 2026.
• Medical and Veterinary: Operates specialized schools for future doctors and veterinarians; generated $103.5 million in revenue in the third quarter of fiscal year 2026.

Strategic Moves and Partnerships

• Sold DeVry University to Cogswell Education in 2018 to refocus the business on healthcare and professional education.
• Acquired Walden University in 2021 to expand the company’s reach into online post-secondary degree programs.
• Simplified the company debt structure in March 2026 by paying off $405 million in senior secured notes.
• Authorized a new share repurchase program in December 2025 to buy back up to $750 million of common stock through 2028.

A Focus on Healthcare

Covista operates as a leading healthcare educator in the U.S. with a focus on meeting the high demand for medical professionals. The company manages major educational brands across the U.S. and maintains international operations in Barbados, St. Kitts, and St. Maarten.

A Look at the Numbers

• Revenue reached $487 million in the third quarter of fiscal year 2026, up 4.5% from the previous year.
• Operating income reached $91.3 million in the third quarter of fiscal year 2026, compared to $90.5 million in the prior year period.
• Net income fell to $41.6 million in the third quarter of fiscal year 2026, a 31.6% decrease year-over-year.
• Free cash flow was $165.9 million for the third quarter of fiscal year 2026, down 16.1% from the previous year.
• Total student enrollment at Walden University increased 12.3% as of March 31, 2026, compared to the prior year.

Bottom Line

Covista has successfully shifted its focus from general education to becoming a specialized provider of healthcare and professional training. This transition allows the company to address critical labor shortages in the medical industry through its diverse school portfolio.