Adtalem Global Education delivered a solid QQ2 2025 with revenue of $447.7 million, up 13.9% year over year, driven by broad-based growth across Chamberlain, Walden, and the Medical & Veterinary segment. The quarter featured meaningful operating leverage: adjusted EBITDA rose 35.1% to $125.0 million and adjusted EBITDA margin expanded by 440 basis points to 27.9%, supported by enrollment gains and ongoing efficiency initiatives. Net income grew ~90% YoY, and diluted EPS rose ~47% to $1.81 on a 38.4 million weighted-average share base. Management highlighted a strong enrollment trajectory at Chamberlain and Walden (Chamberlain up 11.5% YoY; Walden up 13.2%), with January enrollment demand in Medical & Veterinary showing encouraging signs. The company raised full-year revenue guidance to $1.73â$1.76 billion and adjusted EPS guidance to $6.10â$6.30, signaling confidence in continued operating leverage and a resilient demand environment for healthcare education. On the balance sheet, Adtalem ended Q2 with $194 million in cash and a levered but healthy net debt position (~$670.7 million net debt, ~1.1x adjusted EBITDA net leverage). The business remains committed to its Growth With Purpose strategy, investing in digital transformation, AI-enabled education initiatives, and capacity expansion while returning capital to shareholders via buybacks. Near-term risks include tougher second-half comps and regulatory/regulatory-adjacent uncertainties, though management signaled a positive longer-term outlook with margin expansion and earnings growth supported by improved marketing efficiency and higher enrollment persistence.