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Covista (CVSA) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Oct 29, 2026 · Covista (CVSA) Q1 FY27 earnings results →

Q1 FY27 Revenue up 11% year over year to $512M · 13¢ of every $1 of revenue kept as net profit · operating margin 19.2%

Covista made $512M in Q1 FY27 (+11% Y/Y): Walden $217M, Chamberlain $192M, Medical and Veterinary $102M. Operating margin 19.2%, net earnings $67.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$512M
Year over year+11%
Operating margin19.2%
Net earnings$67.4M
Operating cash flow$114M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $511.5M in Q1 FY27, up 11% year over year and up 2% from the previous quarter. Walden was the largest line at 42% of revenue. Walden added $26.7M year over year (up 14%), 54% of the total change.

Operating profit was $98.0M, a 19.2% margin (up 0.7 points year over year). Of the extra revenue versus Q1 FY26, 25% reached operating profit, above the 18% margin then. Total costs grew 10% against revenue growth of 11%. Net earnings were $67.4M, up 9% year over year. The effective tax rate was 21.1%.

Operating cash flow was $114.0M (down 13% year over year), 169% of net earnings. Non-cash charges added back $12.3M of depreciation and amortization and $8.2M of share-based compensation. Working capital and other items added $26.2M. Capital expenditures of $37.6M left free cash flow of $76.4M.

Quarterly history

Covista revenue by quarterCovista revenue by quarter$466MQ3 FY25$457MQ4 FY25$462MQ1 FY26$503MQ2 FY26$487MQ3 FY26$501MQ4 FY26$512MQ1 FY27
Covista net earnings by quarterCovista net earnings by quarter$60.8MQ3 FY25$54.2MQ4 FY25$61.8MQ1 FY26$76.4MQ2 FY26$41.6MQ3 FY26$71.7MQ4 FY26$67.4MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QOct 29, 2026$512M+11%19.2%$67.4M$114M
Q4 FY2610-KAug 6, 2026$501M+10%19.0%$71.7M$124M
Q3 FY2610-QMay 7, 2026$487M+4%18.8%$41.6M$186M
Q2 FY2610-QJan 28, 2026$503M+12%22.1%$76.4M$29.7M
Q1 FY2610-QOct 30, 2025$462M+11%18.5%$61.8M$131M
Q4 FY2510-KAug 7, 2025$457M+12%16.8%$54.2M$59.7M
Q3 FY2510-QMay 8, 2025$466M+13%19.4%$60.8M$208M

Charts

Covista: revenue growth, year over year and quarter over quarterCovista: revenue growth, year over year and quarter over quarterY/YQ/Q+13%Q3 FY25+12%-2%Q4 FY25+11%+1%Q1 FY26+12%+9%Q2 FY26+4%-3%Q3 FY26+10%+3%Q4 FY26+11%+2%Q1 FY27
Latest (Q1 FY27): Y/Y +11%, Q/Q +2%.
Covista: where the cash came from (+) and went (−), TTM to Q1 FY27Covista: where the cash came from (+) and went (−), TTM to Q1 FY27Net borrowing (+) / repaid (−)−$1.1BOther financing$999MOperating cash flow$454MBuybacks−$313MCapital spending−$99.3MCash drawn (+) / kept (−)$41.6MTaxes on employees’ shares−$19.5MOther investing−$6.0MShares issued$1.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Covista: profit against cash, quarter by quarterCovista: profit against cash, quarter by quarterNet incomeOperating cash flow$75.9M−$19.0MQ2 FY25$60.8M$208MQ3 FY25$54.2M$59.7MQ4 FY25$61.8M$131MQ1 FY26$76.4M$29.7MQ2 FY26$41.6M$186MQ3 FY26$71.7M$124MQ4 FY26$67.4M$114MQ1 FY27
Latest (Q1 FY27): Net income $67.4M, Operating cash flow $114M.
Covista: diluted shares by fiscal yearCovista: diluted shares by fiscal year52MFY2148MFY2246MFY2340MFY2438MFY2536MFY26
-30.8% since FY21: buybacks shrank the count.
Covista: long-term debt falling due (FY26)Covista: long-term debt falling due (FY26)$5.1M2027$5.1M2028$5.1M2029$5.1M2030$168M2031$484MLater
Cash $406M, short-term investments —, long-term debt $663M at 2026-06-30.
Covista in its industry: growth against margin (22 companies, SIC 8200)Covista in its industry: growth against margin (22 companies, SIC 8200)revenue growth, year over year →↑ operating marginmedian +2%median 4%GHCLRNLAURSTRALOPEPXEDUTIPRDOAPEILINCCHGGNRDYBOXLLGCYAMBOPCSVDFP Holdings LtdKIDZKPEARMGLBRWCCVSA (+11%, 19%)
Services-Educational Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Covista

In this Annual Report on Form 10-K, Covista Inc. (formerly known as Adtalem Global Education Inc.), together with its subsidiaries, is collectively referred to as “Covista,” “we,” “our,” “us,” or similar references. Covista was incorporated under the laws of the State of Delaware in August 1987. Our executive offices are located at 233 South Wacker Drive, Chicago, Illinois, 60606, and the telephone number is (312) 651-1400. Covista is America’s largest healthcare educator, serving 100,000 students and supported by an alumni network of 400,000 across five accredited institutions: Chamberlain University (“Chamberlain”), Walden University (“Walden”), American University of the Caribbean School of Medicine (“AUC”), Ross University School of Medicine (“RUSM”), and Ross University School of Veterinary Medicine (“RUSVM”).

In its own words, from its 10-K, filed Aug 6, 2026.

Covista against its Services-Educational Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +4%. Operating margin: 19.2% against the peers' median 12.0%.

CompanyQuarterRevenueY/YOp. margin
CVSA CovistaQ1 FY27$512M+11%19.2%
GHC Graham HoldingsQ3 2026$1.3B+4%6.4%
BSAA Best SPAC I AcquisitionQ1 2026$1.2B—0.0%
LRN StrideQ1 FY27$639M+3%13.2%
LAUR Laureate EducationQ3 2026$485M+21%24.6%
STRA Strategic EducationQ3 2026$325M+2%-26.9%
LOPE Grand Canyon EducationQ3 2026$267M+2%19.3%
PXED Phoenix Education PartnersQ4 FY26$261M+1%12.0%
UTI Universal Technical InstituteQ3 FY26$219M+7%1.5%

Source: Covista 10-Q on SEC EDGAR · CIK 730464 · Services-Educational Services

Guidance and outlook

Covista Revenue: guidance against what was reportedCovista Revenue: guidance against what was reportedguided rangereported (above / within / below)FY24Q4 FY25$457MFY25$1.8BFY26$2.0BFY27
Met or beat 3 of 3 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns CVSA and who is buying

Largest holders of CVSA (13F)Largest holders of CVSA (13F)BlackRock$683MVanguard Group$450MFMR LLC$401MVanguard Portfolio Management LLC$298MDimensional Fund Advisors LP$222MAriel Investments, LLC$221MVanguard Capital Management LLC$184MState Street$173MCapital World Investors$133MGeode Capital Management, LLC$111M
Funds' net buying of CVSA by quarter (13F)Funds' net buying of CVSA by quarter (13F)−$51.4M2024-09−$34.8M2024-12$28.1M2025-03−$98.7M2025-06$12.0M2025-09−$28K2025-12$31.2M2026-03−$29.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CVSA

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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中文版：Covista（CVSA）财报

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