Phoenix Education Partners Inc (PXED) is an online higher education company that operates through its subsidiary The University of Phoenix, Inc., offering degree and non-degree certificate programs to working adults in the United States. Revenue is generated on a transactional basis tied to the number of courses taken by enrolled students multiplied by the price per course. The University of Phoenix has operated since its founding in 1976 and positions itself as a pioneer of online higher education for working adults who did not fit the traditional 18-to-22-year-old college model. Net revenue was $484.5 million for the six months ended February 28, 2026, compared to $478.1 million for the six months ended February 28, 2025, a 1.3% increase. Operating income was $39.6 million for the six months ended February 28, 2026, down 50.1% from $79.3 million in the prior-year period. Average Total Degreed Enrollment grew 2.9% in the six months ended February 28, 2026 versus the prior-year period, driven by improving student retention rates, which reached 76.6% for the 2024/2025 cohort versus 59.7% for the 2016/2017 cohort.

Revenue model

Tuition revenue tied to course enrollment: net revenue is a function of total courses taken by enrolled students and the price per course. Tuition rates have not been raised since 2018, per the 10-Q filed 2026-04-07.

Products and services

Online undergraduate and graduate degree programs and non-degree certificate programs delivered through The University of Phoenix, Inc., targeting working adult learners.

Customers and end markets

Working adults in the United States pursuing online higher education. The University focuses on students who did not fit the traditional 18-to-22-year-old college demographic.

Value-chain role

Direct provider of online postsecondary education. Delivers instructional content and student support services; instructional and support costs were $220.5 million for the six months ended February 28, 2026.

Geographic exposure

United States, based on the filing description of operations through The University of Phoenix, Inc. as a U.S.-focused online institution.

Source: SEC 10-Q, filed 2026-04-07

Industry: Services-Educational Services