Business and Geographic Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Financial Information

The following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to Income from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations, for the years ended December 31, 2025, 2024 and 2023:


	Mexico		Peru		Corporate		Total
2025
Revenues	$	877,392	$	824,396	$	142	$	1,701,930
Depreciation and amortization expense	44,826		29,115		554		74,495

Total assets	1,383,658		674,902		147,790		2,206,350
Expenditures for long-lived assets	47,678		55,365		—		103,043
2024
Revenues	$	841,236	$	725,199	$	207	$	1,566,642
Depreciation and amortization expense	40,617		26,677		947		68,241

Total assets	1,143,053		567,310		151,697		1,862,060
Expenditures for long-lived assets	40,410		31,493		—		71,903
2023
Revenues	$	782,611	$	701,699	$	(22)	$	1,484,288
Depreciation and amortization expense	39,421		27,951		2,246		69,618
Loss on impairment of assets	1,620		—		1,453		3,073
Expenditures for long-lived assets	37,411		18,980		66		56,457


For the years ended December 31,	2025		2024		2023
Adjusted EBITDA of reportable segments:
Mexico	$	229,403	$	206,496	$	176,954
Peru	328,604		283,375		286,850
Total Adjusted EBITDA of reportable segments	558,007		489,871		463,804
Reconciling items:
Corporate	(39,069)		(39,804)		(45,177)
Depreciation and amortization expense	(74,494)		(68,241)		(69,618)
Loss on impairment of assets	—		—		(3,073)
Share-based compensation expense	(13,342)		(7,843)		(7,114)

Operating income	431,102		373,983		338,822
Interest income	7,103		8,058		9,085
Interest expense	(10,661)		(18,102)		(20,986)
Other income (expense), net	7,936		1,222		(325)
Foreign currency exchange (loss) gain, net	(34,571)		50,658		(75,702)
(Loss) gain on disposals of subsidiaries, net	—		(1,304)		3,567
Loss on debt extinguishment	—		(31)		—

Income from continuing operations before income taxes and equity in net income of affiliates	$	400,909	$	414,484	$	254,461

The following table presents significant segment expenses of our reportable segments:


For the years ended December 31,	2025		2024		2023
Mexico
Revenues	$	877,392	$	841,236	$	782,611
Less:
Labor costs	313,159		303,468		291,037
Lease and other facilities costs	104,860		114,840		117,376
Advertising costs	55,291		51,064		44,444
Other costs (1)	174,679		165,368		152,800
Adjusted EBITDA	$	229,403	$	206,496	$	176,954

Peru
Revenues	$	824,396	$	725,199	$	701,699
Less:
Labor costs	294,458		255,388		249,972
Lease and other facilities costs	31,952		30,158		29,801
Advertising costs	42,297		37,248		30,884
Other costs (1)	127,085		119,030		104,192
Adjusted EBITDA	$	328,604	$	283,375	$	286,850

(1) Other costs for each reportable segment include: professional services expense, technology expense, bad debt and other direct costs.

Schedule of Revenue From Customers by Geographical Area

Revenues from customers by geographic area, primarily generated by students enrolled at institutions in those areas, were as follows:


For the years ended December 31,	2025		2024		2023
External Revenues(2)
Mexico	$	877,392	$	841,236	$	782,046
Peru	824,396		725,175		701,443
United States	142		231		799

Consolidated total	$	1,701,930	$	1,566,642	$	1,484,288

(2) Excludes intercompany revenues for 2024 and 2023 and therefore does not agree to the table above.

Schedule of Long-Lived Assets by Geographic Areas

Long-lived assets are composed of Property and equipment, net. Laureate’s long-lived assets by geographic area were as follows:


December 31,	2025		2024
Long-lived assets
Mexico	$	261,831	$	213,381
Peru	366,774		300,307
United States	11		564

Consolidated total	$	628,616	$	514,252

LAUREATE EDUCATION, INC. 10-K