Legacy Education (LGCY) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 was a record year, achieving 24.8% revenue growth and continued enrollment gains, with successful integration of Contra Costa Medical Career College.

• Ended the year with a larger student population, expanded program portfolio, and increased campus capacity.

• Entering fiscal 2027 with embedded growth, new programs and capacity, geographic expansion, and active acquisition evaluation.

• Fourth quarter revenue rose 12% to $20.1 million, and net income grew 53.3% to $1.9 million.

• New student starts increased 9% to 3,483; ending student population up 8.9% to 3,377.

Financial highlights

• Fiscal 2026 revenue rose 24.8% to $80.1 million from $64.2 million year-over-year, driven by new student starts and the full-year impact of the CCMCC acquisition.

• Adjusted EBITDA increased 24.1% to $13.6 million, with margin at 17%; EBITDA reached $12.5 million.

• Net income grew 21.3% to $9.1 million; diluted EPS up 11.9% to $0.66.

• Q4 revenue up 12% to $20.1 million; adjusted EBITDA up 30.6% to $3.1 million.

• Cash and cash equivalents at year-end were $22.7 million; working capital $33.4 million; total assets $78.5 million; stockholders' equity $52.8 million.

Outlook and guidance

• Growth expected from existing programs, new capacity, and Houston campus opening in November 2026.

• Margin expansion anticipated, especially in the second half of fiscal 2027.

• Acquisition opportunities actively under review, with disciplined capital deployment.

• Entering fiscal 2027 with strong momentum, focusing on expanding student access, academic offerings, and geographic footprint.