Performance at a glance: 

• Revenue decreased to $269.9 million in the quarter ended Dec. 31, down 0.8% from the year before. 
• Costs and expenses fell to $242.3 million, declining by 0.8% from the prior year. 
• Net income declined to $18.3 million, a 15.5% decline from the same period last year. 

What you need to know: 

Strategic Education continued to see enrollment declines in its U.S. colleges, Strayer and Capella universities. Their student headcount fell to 78,062, down 0.8% from the year before. 

However, the company has made progress on its goal to have higher shares of its enrollment come from corporate clients looking to upskill their workers. During the fourth quarter, 24.7% of enrollment at Strayer and Capella was affiliated with employers, compared to 21.7% a year before.

Performance at a glance: 

• Grand Canyon Education’s revenue increased to $258.7 million in the quarter ended Dec. 31, up 2.9% from the year before. 
• Costs and expenses grew to $168 million, up 12.8% from the year before. 
• Profit dipped to $71 million, falling 16.5% compared to the same period during the previous year. 

What you need to know: 

Grand Canyon Education’s revenue growth was driven by increased in-person student enrollment at the company’s largest client, Grand Canyon University. However, the university continued to suffer from enrollment declines in its online programs, which saw 1.6% fewer students compared to the year before. 

Performance at a glance: 

• Revenue increased to $165.3 million for the quarter ended Dec. 31, up 22% from the year before. 
• Costs and expenses increased to $219.4 million, growing 24.4% from the previous year. 
• Net loss reached $52.2 million, up 26.1% from the same period last year. 

What you need to know:

The company’s executives chalked up revenue growth to Udemy Business, the MOOC company’s corporate learning platform. Revenue for this segment reached $90.6 million, up around 57% from the year before. 

Meanwhile, Udemy’s consumer segment struggled, with revenue declining 4% from the year before to $74.7 million. The platform’s average number of monthly consumers also fell. 

Performance at a glance: 

• Revenue reached $124.7 million in the quarter ended Dec. 31, increasing 12.8% from the year before. 
• Costs and expenses grew to $128.5 million, up 10.8% from the year before. 
• Net loss shrank to $5.7 million, down from $20.7 million during the same period last year. 

What you need to know: 

Instructure, which owns the Canvas learning management system, saw revenue grow as it continued to lead the North American LMS market. The company recently announced more major institutions were switching to its platform, including the University of Louisiana System.

Performance at a glance: 

• Revenue increased to $142.2 million during the fourth quarter ended Dec. 31, up 24% from the year before. 
• Costs and operating expenses increased to $198.2 million, up 22% from the year before. 
• Net loss increased to $51.7 million, up 8.3% from the prior year. 

What you need to know: 

Coursera, a prominent MOOC platform, touted a 21% year-over-year revenue increase in its consumer business, growth it attributed to demand for microcredentials and entry-level professional certificates. 

However, the company’s degree business fared poorly. Revenue for this segment fell 11% year over year to $11.9 million due to lower student enrollments.

Performance at a glance: 

• Revenue declined to $236 million for the quarter ended Dec. 31, 2022, down 3.1% from the year before. 
• Costs and expenses decreased to $230.6 million, down 21.4% from the prior year. 
• Net loss fell to $11.8 million, declining by 82.4% from the year before. 

What you need to know: 

2U has been focusing on becoming profitable as it makes edX, a prominent MOOC platform, the public-facing brand of the company. The online program manager is hoping it can lure users onto the platform through free offerings before moving them into paid certificate and degree programs. 

That strategy partly appears to be paying off, with the company paying $26.3 million less in marketing costs in the fourth quarter compared to the year before. However, revenue from 2U’s degree segment declined to $137.1 million, down 10% from the year before.

Performance at a glance: 

• Revenue decreased to $168.4 million in the quarter ending Sept. 30, down 3.2% from the same period last year. 
• Operating expenses increased to $139.1 million, up 2.2% from a year ago. 
• Profit declined to $22.1 million, down 20.5% from the year before. 

What you need to know: 

Perdoceo operates two for-profit institutions — Colorado Technical University and American InterContinental University System. The company saw declines within the system, with enrollment falling 9.5% to 15,200 students. Meanwhile, Colorado Technical’s enrollment grew 2.7% to 26,500 students. 

The company is continuing a focus on forging partnerships with corporations running tuition-assistance programs, Perdoceo CEO Andrew Hurst told analysts. It is also updating its student systems to improve advising.

Performance at a glance: 

• Revenue decreased to $263.1 million in the quarter ended Sept. 30, down 2.6% from the same period last year. 
• Costs and expenses declined to $255.3 million, falling 2.8% from the same period a year ago. 
• Profit increased to $6.1 million, up 58.1% from the year before. 

What you need to know: 

Strategic Education, which owns Strayer and Capella universities, continued to grapple with enrollment declines. Enrollment at these institutions fell to about 75,100 students, down 3.1% from the same period last year. 

However, Strategic Education CEO Karl McDonnell struck an optimistic tone, saying inquiries into the two institutions had grown by 30% over the prior year. “2022 will be our trough year for revenue and earnings,” he said. “Enrollment, revenue and earnings will be substantially higher in 2023.”

Performance at a glance: 

• Revenue rose to $158.4 million in the quarter ended Sept. 30, increasing 22.3% from the same period last year. 
• Cost of revenue and operating expenses increased to $201.7 million, rising 45% from the same period a year ago. 
• Net loss increased to $46.7 million, about five times greater than it was the year before. 

What you need to know: 

Udemy touted large gains in its business segment, which enables companies to train their workers with the MOOC platform’s content. Udemy said this segment’s revenue increased to $83.9 million in the third quarter, up 67% from a year ago. 

The company’s business segment also now accounts for more than half of its revenue. Meanwhile, Udemy’s consumer segment slipped to $74.6 million, a year-over-year decline of 6%. Still, the company says the demand for this segment is stable, and monthly average buyers have increased slightly.

Performance at a glance: 

• Revenue rose to $122.4 million in the quarter ended Sept. 30, increasing 14.2% from the same period last year. 
• Cost of revenue and operating expenses increased to $124.8 million, rising 11.2% from the same period a year ago. 
• Net loss shrank to $10.1 million, down 24.2% from the year before. 

What you need to know: 

Instructure chalked up some of its revenue gains to new clients for its LMS platform, Canvas, including the University of Texas at San Antonio. The company said in a press release that the university selected Canvas after using other Instructure products. 

Instructure's Canvas LMS has also made major gains in the K-12 sector, touting one market research report that says Canvas has displaced Google Classroom as the No. 1 company in this segment.

Performance at a glance:

• Revenue rose to $208.7 million for the quarter ending Sept. 30, ticking up 0.9% from the same period last year.
• Costs and expenses increased to $173.2 million, about 7.3%.
• Profit dropped to $30 million, down 37%.

What you need to know:

Grand Canyon Education, or GCE, provides services like marketing and recruitment to its largest client, Grand Canyon University. In return, it receives a portion of the university's tuition tuition revenue.

The company's revenue inched up as Grand Canyon University's enrollment of students attending class at its Phoenix campus rose 8% year-over-year. Revenue per student also increased. Those gains were partly offset by a 4.7% decline in Grand Canyon University's online enrollment.

The university's on-ground enrollment was 25,350 at the end of September. Its overall enrollment, counting on-ground and online students, totaled 110,928, down 2.2%.

Performance at a glance:

• Revenue grew to $136.4 million, up 24% from the same quarter last year.
• Cost of revenue and operating expenses totaled $172.7 million, up 22% from the year before.
• Net loss widened to $36 million, growing 11% from a year ago.

What you need to know:

Coursera, a major MOOC platform, grew year-over-year revenue in the third quarter thanks to demand for microcredentials and additional customers in its enterprise segment, including businesses, governments and campuses. Microcredential growth — among entry-level professional certificates in particular — helped drive up consumer revenue by 17% to $78 million. Enterprise revenue climbed by 51% to $48 million as Coursera's customer list grew 53% to 1,086.

Strength in the consumer and enterprise segments outpaced struggles in the MOOC provider's degrees segment, where revenue slipped 11% to $10.3 million because of lower student enrollment.

Performance at a glance: 

• Revenue decreased to $167.7 million in the quarter ended June 30, 2022, down 4.5% from the year before. 
• Operating expenses decreased to $133.7 million, down 4.2% from the year before. 
• Profit decreased to $25.8 million, down 3.3% from the year before. 

What you need to know: 

Perdoceo’s revenue declines were largely due to enrollment declines at the two for-profit institutions it oversees: Colorado Technical University and the American InterContinental University System. 

Enrollment decreased 2.3% year over year to 26,000 students at Colorado Technical by the end of June. It dropped even more sharply, by 14.5% from the year before, at American InterContinental University System, which now has about 14,100 students.

Performance at a glance: 

• Revenue decreased to $199.8 million in the quarter ended June 30, 2022, down 0.9% from the year before. 
• Costs and expenses increased to $165.9 million, up 9.7% from the year before. 
• Profit decreased to $25.6 million, down 48.3% from the year before. 

What you need to know:

Grand Canyon Education, or GCE, provides services such as marketing and recruitment to its largest client, Grand Canyon University, in exchange for a cut of the institution’s tuition revenue. But enrollment at the university fell to 92,233 students by the end of June, down 5.7% from the same period last year. Those declines were driven by a decrease in online enrollments, pushing down the company’s revenue. 

Still, GCE earned more revenue per student. That trend was driven by the university increasing room, board and other auxiliary revenue in 2022’s first half compared to the same period in the prior year.

Performance at a glance: 

• Revenue increased to $153.1 million, up 21% from the year before. 
• Cost of revenue and operating expenses rose to $181.6 million, up 32.5% from the year before. 
• Net loss increased to $29.4 million, about three times the loss the year before. 

What you need to know: 

The MOOC platform now counts about 54 million learners and 12,000 customers of Udemy Business, which allows companies to provide training to their workers. Udemy Business is growing rapidly, with revenue reaching $74.6 million in the second quarter, up 77% from the year before. 

The company also snagged high-profile customers for Udemy Business, including Samsung SDS and Cision US.

Performance at a glance: 

• Revenue increased to $114.6 million, up 22.5% from the year before. 
• Cost of revenue and operating expenses increased to $121.2 million, up 14.9% from the year before. 
• Net loss decreased to $12.9 million, down 40.4% from the year before. 

What you need to know: 

CEO Steve Daly touted the company’s market share gains in the learning management system sector. Daly cited a recent report from Edutechnica showing that Instructure’s LMS, Canvas, was used by 42% of U.S. higher education institutions, up from 39% last year. 

The company also experienced growth internationally, though Instructure’s LMS isn’t as widely used in foreign countries as it is in the U.S. “With our international higher education LMS market share in the single digits, we expect this segment to remain our fastest growing segment in the years ahead,” Daly said on a call with analysts.

Performance at a glance: 

• Revenue decreased to $51.4 million, down 25.7% from the year before. 
• Costs and expenses declined to $52.2 million, down 29% from the year before. 
• Net loss increased to $4.7 million, up 15.9% from the year before. 

What you need to know: 

Zovio announced that it terminated its contract with the University of Arizona Global Campus, an online college to which it provided education technology services like enrollment and recruitment. Additionally, it sold this segment of its business to UAGC. 

Under the purchase agreement, UAGC paid Zovio $1, took over an eight-year lease worth $20 million, hired “substantially all” educational services employees and released the company from all obligations under the prior contract. Zovio, meanwhile, paid UAGC $10.5 million and gave the university the right to a security deposit worth $2.7 million for taking over the lease. Read more.

Performance at a glance: 

• Revenue increased to $241.5 million, up 1.8% from the year before. 
• Costs and expenses decreased to $289.4 million, up 5.5% from the year before. 
• Net loss increased to $62.9 million, nearly tripling from the year before. 

What you need to know: 

2U announced across-the-board layoffs as the online program management company reoriented its company around edX, a MOOC platform that it recently acquired. The restructuring is expected to result in $70 million in annual cost savings. 

The company also announced changes to its tuition-share agreements. Companies can contract with 2U to help launch and manage their online programs in return for a share of their revenue — a cut now starting at 35%. Colleges that want more services will pay higher shares. Read more.

Performance at a glance: 

• Revenue increased to $124.8 million, up 22% from the year before. 
• Cost of revenue and operating expenses increased to $172.6 million, up 16.7% from the year before. 
• Net loss increased to $49.3 million, up 6.4% from the year before. 

What you need to know: 

Coursera, one of the world’s most prominent MOOC platforms, reported overall revenue growth in the second quarter. However, revenue from the company’s degree segment declined 4% to $11.4 million. 

The company helps colleges launch online degree programs on its platform in exchange for a cut of their tuition revenue. CEO Jeff Maggioncalda said the degree segment saw declines because enrollment was lower than expected, particularly in programs where the company’s revenue is concentrated. Read more. 

Performance at a glance: 

• Revenue decreased to $273.6 million in the quarter ended June 30, 2022, down 8.6% from the year before. 
• Costs and expenses decreased to $251.7 million, down 7.6% from the year before. 
• Profit decreased to $15.2 million, down 23.8% from the year before. 

What you need to know: 

Strategic Education continued to report enrollment challenges. Enrollment at Strayer and Capella universities decreased to about 77,000 students, declining almost 9% from a year ago. 

However, Karl McDonnell, Strategic Education’s CEO, said demand has been picking up for the company’s U.S. institutions. He also said that Workforce Edge, a tuition benefits platform the company owns, had 45 corporate agreements by the end of the second quarter, up from about 20 at the same time last year. Read more.

Performance at a glance: 

• Revenue decreased to $59.6 million in the quarter ended March 31, 2022, down 19.5% from the year before. 
• Costs and expenses decreased to $68.9 million, down 20.1% from the year before. 
• Net loss decreased to $7.4 million, down 21.7% from the year before. 

What you need to know: 

Zovio officials said they were continuing to explore selling all three segments of the company’s business, which are a boot camp provider, an online tutoring firm and a contract to provide educational services to the University of Arizona Global Campus. 

Randy Hendricks, Zovio’s CEO, said the company is also hoping to improve enrollment at UAGC and grow the two other businesses. Read more.

Performance at a glance: 

• Revenue increased to $253.3 million in the quarter ended March 31, 2022, up 9% from the year before. 
• Costs and expenses increased to $364.7 million, up from 35.3% from the year before. 
• Net loss increased to $125.8 million, nearly tripling from the year before. 

What you need to know: 

2U leaders are hoping that becoming more consumer-centric will help identify more prospective students for the company, which helps colleges launch and run online degrees. They also touted 2U’s recent acquisition of edX, a MOOC platform, and predicted it would account for 10% of the company’s overall lead volume in 2022. 

Chip Paucek, 2U’s CEO, said the company added all of its degree and other educational programs to edX’s website — a pivotal step in making the MOOC platform the company’s consumer-facing brand. Read more.

Performance at a glance: 

• Revenue increased to $365.6 million in the quarter ended March 31, 2022, up 58.8% from the year before. 
• Operating costs and expenses increased to $332.4 million, up 71.1% from the year before. 
• Profit increased to $349.8 million, 14 times higher than it was the year before. 

What you need to know: 

Adtalem CEO Stephen Beard said the for-profit operator had notched several recent wins. They include selling Adtalem’s financial services segment for $1 billion, using $770 million of the proceeds from the sale to pay off debt, and starting to buy back $150 million worth of the company’s shares.  

Adtalem also continued a new operating model meant to share services across the company’s for-profit colleges. Still, enrollment at those institutions continued to decline, particularly in post-licensure nursing programs.

Performance at a glance: 

• Revenue decreased to $183 million in the quarter ended March 31, 2022, down 0.4% from the year before. 
• Operating expenses decreased to $139.3 million, down 2.6% from the year before. 
• Profit increased to $32.1 million, up 4.3% from the year before. 

What you need to know: 

Officials at Perdoceo, which runs the for-profit American InterContinental University System and Colorado Technical University, said they expect enrollment declines to continue for the rest of 2022. By the end of March, total student enrollments at Perdoceo’s institutions were 14.7% lower than they were a year ago. 

Perdoceo CEO Andrew Hurst blamed those declines on the coronavirus pandemic. He said students have been pausing their education or deciding not to enroll altogether.

Performance at a glance: 

• Revenue increased to $244.1 million in the quarter ended March 31, 2022, up 3% from the year before. 
• Costs and expenses increased to $166.7 million, up 9.1% from the year before. 
• Profit decreased to $58.1 million, down 25.6% from the year before. 

What you need to know: 

Grand Canyon Education continued to face enrollment challenges due to the coronavirus pandemic, company leaders said. The company provides education services to more than two dozen colleges, and its largest client is Grand Canyon University. The institution’s enrollment fell to 106,003 students by the end of March, down 4.5% from a year ago. 

Leaders partly blamed the decreases on recruiting challenges caused by reduced access to the sites where prospective students work. However, Grand Canyon University’s on-campus enrollment grew to 21,504 students by the end of the quarter, representing a 9% increase. Read more.

Performance at a glance: 

• Revenue increased to $152.2 million in the quarter ended March 31, 2022, up 22.2% from the year before. 
• Cost of revenue and operating expenses increased to $177.5 million, up 25.9% from the year before. 
• Net loss increased to $25.6 million, up 42.6% from the year before. 

What you need to know: 

Udemy, a prominent MOOC provider, touted new corporate clients in the first quarter, including Baptist Health System and Crocs. It also created a new product for corporate clients that matches Udemy’s courses with workers’ professional aspirations.

Performance at a glance: 

• Revenue increased to $113.5 million in the quarter ended March 31, 2022, up 20.7% from the year before. 
• Cost of revenue and operating expenses decreased to $117.1 million, down 1.2% from the year before. 
• Net loss decreased to $5.5 million, down 83.2% from a year ago. 

What you need to know: 

Instructure, the company that owns the learning management system Canvas, touted several new clients. Starting in the first quarter, all 23 California State University institutions had selected Canvas. 

The company also recently announced the acquisition of Concentric Sky, which developed a tool to award badges for microcredentials. Instructure hopes to use the tool to better reach nontraditional online learners.

Performance at a glance: 

• Revenue decreased to $258.9 million in the quarter ended March 31, 2022, down 10.8% from the year before. 
• Costs and expenses decreased to $245.4 million, down 11.8% from the year before. 
•  Profit decreased to $7 million, down 26.6% from the year before. 

What you need to know:

Karl McDonnell, CEO of Strategic Education, said the company’s declining revenue reflects roughly two years' of falling enrollment at Strayer University, a for-profit college. McDonnell stressed that turning around that trend is the highest priority of the company, which also owns the for-profit Capella University.

Strategic Education finished the quarter with 37 corporate agreements for Workforce Edge, a tuition benefits platform the company helped launch. Officials are hoping the portal will entice workers to enroll in Strayer and Capella universities. It aims to have almost 1,000 students recruited through the platform by the end of 2022.

Performance at a glance: 

• Revenue increased to $120.4 million in the quarter ended March 31, 2022, up 36.3% from the year before. 
• Cost of revenue and operating expenses increased to $157.6 million, up 47.7% from the year before.
• Net loss increased to $38.3 million, roughly doubling from the year before. 

What you need to know: 

Coursera CEO Jeff Maggioncalda said the MOOC platform recently surpassed 100 million registered learners. Maggioncalda contended the company’s growth is partly due to automation requiring workers to learn new skills. 

In turn, college campuses are hoping to bolster the quality of their offerings, Maggioncalda said. Coursera continued to see growth in its enterprise segment, which includes businesses, governments and college customers that contract with the company for access to its educational offerings.

Performance at a glance: 

• Revenue increased to $371.2 million in the quarter ended Dec. 31, 2021, up 58.4% from the year before. 
• Operating costs and expenses increased to $346.5 million, up 68.7% from the year before. 
• Adtalem posted a profit of $17.9 million, down 22.9% from the year before. 

What you need to know: 

Adtalem CEO Stephen Beard touted the company’s recent agreement to sell the company’s financial services segment for $1 billion. The move is meant to help Adtalem, which owns several for-profit colleges, to transition into primarily being a provider of health care education. 

Yet the company continued to face declining enrollment at its institutions. Beard chalked up those dips to coronavirus-related challenges that forced health care workers to delay their education plans. He gave the example of the emergence of the highly contagious omicron variant.

Performance at a glance: 

• Revenue increased to $348.3 million in the quarter ended Sept. 30, 2021, up 29.9% from the year before. 
• Operating costs and expenses increased to $353.1 million, up 52.5% from the year before. 
• Adtalem posted a net loss of $58 million, down from a profit of $19.8 million the year before. 

What you need to know: 

Adtalem Global Education, which runs several for-profit colleges, is continuing its transition to becoming an education provider solely focused on health care, said Stephen Beard, the company’s new CEO. 

During the first quarter, Adtalem continued integrating Walden University, a for-profit institution it acquired in August, into the company. As part of the acquisition, Adtalem is introducing a new operating model to share services across the company’s institutions.