UTI · Universal Technical Institute, Inc.

Universal Technical Institute delivered Q2 FY2026 revenue growth of 6.7% to $221.4 million, fueled by a 7.2% increase in average full-time active students to 26,385 and robust new student starts up 13.8% to 7,569. Both segments contributed: UTI at $142.7 million (6.3% YoY) and Concorde at $78.7 million (7.5% YoY). However, profitability compressed sharply with operating expenses rising 16.0% to $221.1 million, driven by student growth and $11 million in strategic investments for new campuses and programs, resulting in operating income of just $0.3 million (down from $16.9 million) and net income of $0.4 million. Adjusted EBITDA declined 51.0% to $14.1 million, reflecting baseline performance of $25.1 million offset by growth costs. For the first half, revenue grew 8.2% to $442.2 million, but net income fell 60.5% to $13.3 million amid $19 million in investments. CEO Jerome Grant highlighted strong demand, North Star strategy execution, and new campus successes—UTI-San Antonio exceeded starts by 60%, Atlanta pacing well for July—positioning for AI-driven labor shifts. CFO Bruce Schuman reaffirmed full-year FY2026 guidance across all metrics, expressing confidence in scaling, utilization, and long-term cash flows. Balance sheet remains solid with $202.4 million liquidity versus $130.7 million debt, supporting $52.7 million YTD capex for expansions. Investor materials (Exhibits 99.2-99.3) detail segment trends and 5-year targets of $1.2 billion revenue and $220 million Adjusted EBITDA by FY2029.