Franklin Covey Co (NYSE: FC) is an organizational performance improvement company that delivers leadership, productivity, and execution training to enterprises and educational institutions. Revenue comes primarily from subscription-based offerings: the All Access Pass (AAP) for enterprise clients and the Leader in Me membership for K-12 and higher education institutions. The company was incorporated in 1983 in Utah and merged with the Covey Leadership Center in 1997. Consolidated net revenue for fiscal year ended August 31, 2025 totaled $267.1 million. Net income for FY2025 was $3.1 million ($0.24 per diluted share), down from $23.4 million ($1.74 per diluted share) in FY2024. Adjusted EBITDA fell to $28.8 million in FY2025 from $55.3 million in FY2024. The company does not pay dividends and had 12,155,832 shares outstanding as of October 31, 2025. Paul S. Walker serves as President and CEO, with Robert A. Whitman as Chairman of the Board.

Revenue model

Subscription and membership fees are the primary revenue mechanism. Enterprise clients pay for the All Access Pass (AAP), which provides unlimited access to Franklin Covey content, consulting, coaching, and the AI Coach platform. Education clients pay for Leader in Me memberships granting access to digital curriculum, leadership lessons, and proprietary intellectual property. The company also generates revenue from consulting and delivery services attached to these subscriptions.

Products and services

Core offerings include The 7 Habits of Highly Effective People (revised version launched early FY2025), The Four Disciplines of Execution, The Speed of Trust, Multipliers, and the Leader in Me program for K-12 and higher education. The AAP bundles these into a subscription with consulting and coaching support and includes access to the Franklin Covey AI Coach. The Impact Platform serves as the technology delivery layer. In FY2024, the company acquired a license for The Teacher Believed in Me content to extend Leader in Me offerings.

Customers and end markets

Enterprise clients include large and multinational organizations whose senior executive leaders and talent or human resource leaders are the primary buyers. Education clients are K-12 schools and higher education institutions, with U.S. schools partially funded through government programs such as the Elementary and Secondary School Emergency Relief (ESSER) program and charitable organizations. The Education Division works with thousands of education entities globally.

Value-chain role

Franklin Covey operates as a content developer, curriculum publisher, and training services provider. It creates proprietary frameworks and content, delivers them through a technology platform (Impact Platform) and human consultants and coaches, and licenses intellectual property to education institutions. The company sits between content creation and direct client implementation, with no manufacturing or physical distribution.

Geographic exposure

The company operates globally, with the AAP designed to serve multinational clients and deployed in numerous languages. International licensee networks support the Education Division. The 10-K references foreign jurisdictions where deferred income tax valuation allowances were increased in both FY2025 and FY2024, indicating material international operations, though specific country or regional revenue splits are not disclosed in the provided excerpts.

Source: SEC 10-K, filed 2025-11-12

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