Universal Technical Institute Reports Fiscal Year 2026 Third Quarter Results

Universal Technical Institute Reports Fiscal Year 2026 Third Quarter Results Total New Student Start Growth Exceeded Expectations Driven by Strong Demand and Continued Momentum Across New Campuses, Reinforcing Confidence in Long-Term North Star Targets

PHOENIX, Aug. 5, 2026 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, reported financial results for the fiscal 2026 third quarter ended June 30, 2026. Universal Technical Institute, Inc. operates in two reportable segments, Universal Technical Institute (UTI) and Concorde Career Colleges (Concorde), and together with its segments and subsidiaries is referred to as the "Company," "we," "us" or "our."

Financial Highlights

Operational Highlights and North Star Strategy Developments

"Our third quarter results reinforce our confidence in both the demand environment for our students and the strength of the North Star strategy we've been executing," said Jerome Grant, CEO of Universal Technical Institute, Inc. "New student starts grew 11%, exceeding our expectations, driven by a robust performance from our UTI division. Additionally, our newer campuses continue to outperform, with UTI-San Antonio and UTI-Atlanta both tracking well ahead of their launch models, validating the diversification strategy we've been pursuing.

"We have unified all programs under one corporate structure, enabling us to better align resources with demand, improve execution and advance the optimization pillar of North Star while preserving the strength of the UTI and Concorde brands. Over the past several years, we have successfully executed the growth and diversification pillars of North Star, building the programs, campuses and employer relationships needed to meet ever-evolving student demand. That demand is now shifting toward skilled trades faster than anticipated, driving outperformance across newer campuses, capacity expansions and recently launched programs. At the same time, our fourth-quarter high school starts in Auto and Diesel are tracking below plan, as we missed the opportunity to reach every prospective student who expressed interest, creating a clear opportunity to strengthen engagement and improve conversion as we start to look at fiscal 2027."

Financial Results for the Three-Month Period Ended June 30, 2026 Compared to June 30, 2025

"Our third quarter results reflect continued operational strength across the business, with solid enrollment growth, revenue expansion, and disciplined execution against our North Star strategy," said Bruce Schuman, CFO of Universal Technical Institute, Inc. "Average full-time active students increased 5.8% year-over-year, while new student starts increased 10.9%, driven by continued momentum across recently launched campuses, new programs and sustained demand across both divisions.

"Based on the timing of fourth-quarter enrollment trends, we are updating our fiscal 2026 outlook to reflect a more measured fourth-quarter expectation. We now expect fiscal 2026 revenue of $893 million to $900 million, baseline Adjusted EBITDA to exceed $135 million and reported Adjusted EBITDA of $100 million to $103 million, giving effect to approximately $35 million of growth investments. We are also tightening our total new student starts outlook, which is now expected to be between 31,900 and 32,300. Importantly, these adjustments reflect largely timing and, to a lesser degree, mix considerations, rather than a change in the underlying demand environment. Employer demand remains strong, student interest continues to be healthy, and our newer campuses and programs continue to perform well. We believe the investments we are making today are strengthening our platform and positioning Universal Technical Institute, Inc. to deliver on the long-term financial targets outlined in our North Star Phase II strategy."

Financial Results for the Nine-Month Period Ended June 30, 2026 Compared to June 30, 2025

Balance Sheet and Liquidity

At June 30, 2026, total available liquidity was $180.5 million including cash and cash equivalents, short-term investments, and capacity from our revolving credit facility. Total debt at June 30, 2026 was $160.0 million, including $95.0 million drawn on the revolving credit facility. As of June 30, 2026, the Company incurred $85.4 million of cash capital expenditures ("capex") driven primarily by investments in new campus and program expansions for both UTI and Concorde, along with spending associated with curriculum and equipment refresh and upgrades, facility and leasehold improvements and IT investments.

Updated Fiscal 2026 Financial Outlook

Updated

FY 2026

($ in millions, except EPS)

Guidance

New student starts

31,500 - 33,000

31,900 - 32,300

Revenue

$905 - 915

$893 - 900

Net Income

$40 - 45

$32 - 36

Diluted EPS

$0.71 - 0.80

$0.57 - 0.64

Adjusted EBITDA (1)

$114 - 119

$100 - 103

Adjusted free cash flow (1)(2)

$20 - 25

$(20) - 0

(1)

See the "Use of Non-GAAP Financial Information" below. For a detailed reconciliation of the non-GAAP measures, see the tables following the earnings release.

(2)

For FY 2026, assumes approximately $110 million of cash capex, including investments for new campus launches and program expansions, and maintenance capex.

For the Company's most recent investor presentation and quarterly financial supplement, please see its investor relations website at https://investor.uti.edu.

Conference Call

Management will hold a conference call to discuss the financial results for the fiscal 2026 third quarter ended June 30, 2026, on Wednesday, August 5, 2026, at 4:30 p.m. ET.

To participate in the live call, investors are invited to dial (844) 881-0138 (domestic) or (412) 317-6790 (international). A live webcast of the call will be available via the Universal Technical Institute, Inc. investor relations website at https://investor.uti.edu. Please go to the website at least 10 minutes early to register, download and install any necessary audio software. The conference call webcast will be archived for fourteen days at https://investor.uti.edu. Alternatively, the telephone replay can be accessed through August 19, 2026, by dialing (855) 669-9658 (domestic) or (412) 317-0088 (international) and entering passcode 2037119.

Use of Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also discloses certain non-GAAP financial information in this press release and may similarly disclose non-GAAP financial information on the related conference call. These financial measures are not recognized measures under GAAP and are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company discloses these non-GAAP financial measures because it believes that they provide investors an additional analytical tool to clarify its results of operations and identify underlying trends. Additionally, the Company believes that these measures may also help investors compare its performance on a consistent basis across time periods. Additional details on our non-GAAP measures and the tables reconciling these measures to the most directly comparable GAAP measure are provided below.

Adjusted EBITDA: The Company defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for stock-based compensation expense and items not considered normal recurring operations.

Adjusted Free Cash Flow: The Company defines adjusted free cash flow as net cash provided by (used in) operating activities less capital expenditures, adjusted for items not considered normal recurring operations.

Management utilizes adjusted figures as performance measures internally for operating decisions, strategic planning, annual budgeting and forecasting. For the periods presented, our adjustments for items that management does not consider to be normal recurring operations include:

To obtain a complete understanding of our performance, these measures should be examined in connection with net income (loss) and net cash provided by (used in) operating activities, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the Securities and Exchange Commission ("SEC"). Because the items excluded from these non-GAAP measures are significant components in understanding and assessing our financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or net cash provided by (used in) operating activities as a measure of our operating performance or liquidity. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may define and calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure across similarly titled performance measures presented by other companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is provided below and investors are encouraged to review the reconciliations.

Forward Looking Statements

All statements contained in this press release and the related conference call, other than statements of historical fact, are "forward-looking" statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements which address our expected future business and financial performance, may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will," the negative form of these expressions or similar expressions. Examples of forward-looking statements include, among others, statements regarding (1) the Company's expectation that it will meet its fiscal year 2026 guidance for new student start growth, revenue growth, net income, diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash Flow; (2) the Company's expectation that it will continue to expand its value proposition and build a business that can grow in double digits with potential upside, regardless of the economic environment; and (3) the Company's expectation that it will succeed in new program launches next year. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could affect our actual results include, among other things, failure of our schools to comply with the extensive regulatory requirements for school operations; shifts in higher education laws, regulation and policy at the federal and state levels; our failure to maintain eligibility for or our ability to process federal student financial assistance funds; the effect of current and future Title IV Program regulations arising out of negotiated rulemakings, including any potential reductions in funding or restrictions on the use of funds received through Title IV Programs; the effect of future legislative or regulatory initiatives related to veterans' benefit programs; continued Congressional examination of the for-profit education sector; regulatory investigations of, or actions commenced against, us or other companies in our industry; our failure to execute on our growth and diversification strategy, including effectively identifying, establishing and operating additional schools, programs or campuses; our failure to realize the expected benefits of our acquisitions, or our failure to successfully integrate our acquisitions.; our failure to improve underutilized capacity at certain of our campuses; enrollment declines or challenges in our students' ability to find employment as a result of macroeconomic conditions; our failure to maintain and expand existing industry relationships and develop new industry relationships; our ability to update and expand the content of existing programs and develop and integrate new programs in a timely and cost-effective manner while maintaining positive student outcomes; a loss of our senior management or other key employees; failure to comply with the restrictive covenants and our ability to pay the amounts when due under the credit agreement; the effect of our principal stockholder owning a significant percentage of our capital stock, and thus being able to influence certain corporate matters and the potential in the future to gain substantial control over our company; the effect of public health pandemics, epidemics or outbreak, including COVID-19, and other risks that are described from time to time in our public filings. Further information on these and other potential factors that could affect the financial results or condition may be found in the company's filings with the SEC. Any forward-looking statements made by us in this press release and the related conference call are based only on information currently available to us and speak only as of the date on which it is made. We expressly disclaim any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions or circumstances, or otherwise.

Social Media Disclosure

Universal Technical Institute, Inc uses its websites ( https://www.uti.edu/, https://concorde.edu, and https://investor.uti.edu/) and LinkedIn pages ( https://www.linkedin.com/school/universal-technical-institute/ and https://www.linkedin.com/school/concorde-career-colleges/) as channels of distribution of information about its programs, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and the Company may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company's website and its social media accounts in addition to following the company's press releases, SEC filings, public conference calls, and webcasts.

About Universal Technical Institute, Inc.

Founded in 1965, Universal Technical Institute, Inc. (NYSE: UTI) is a national leader in workforce solutions for transportation, skilled trades, healthcare and dental education programs. The company's industry-aligned programs are offered at 35 campuses nationwide and online under the brands Universal Technical Institute (UTI) and Concorde Career Colleges and include auto/diesel, aviation, welding, HVACR, electrical and energy, allied health, dental, nursing, patient care and diagnostic training. For more information, visit www.uti.edu or www.concorde.edu; LinkedIn at @UniversalTechnicalInstitute and @Concorde Career Colleges; or X at @news_UTI and @ConcordeCareer.

Company Contact:

Matt Kempton

VP Corporate Finance & Investor Relations

Universal Technical Institute, Inc.

(623) 445-9392

[email protected]

Media Contact:

Susan Aspey

Vice President, Corporate Affairs & External Communications

Universal Technical Institute, Inc.

(202) 549-0534

[email protected]

Investor Relations Contact:

Matt Glover or Ralf Esper

Gateway Group, Inc.

(949) 574-3860

[email protected]

(Tables Follow)

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended June 30,

Nine Months Ended June 30,

2026

2025

2026

2025

Revenues

$ 218,907

$ 204,298

$ 661,153

$ 613,174

Operating expenses:

Educational services and facilities

118,334

105,604

346,211

308,233

Selling, general and administrative

97,328

84,542

295,671

246,458

Total operating expenses

215,662

190,146

641,882

554,691

Income from operations

3,245

14,152

19,271

58,483

Other income (expense):

Interest income

764

1,445

3,370

4,833

Interest expense

(1,013)

(1,394)

(2,977)

(4,724)

Other income (expense), net

103

149

123

Total other (expense) income, net

(146)

200

423

232

Income before income taxes

3,099

14,352

19,694

58,715

Income tax expense

(820)

(3,689)

(4,155)

(14,453)

Net income

$ 2,279

$ 10,663

$ 15,539

$ 44,262

Earnings per share:

Net income per share - basic

$ 0.04

$ 0.20

$ 0.28

$ 0.82

Net income per share - diluted

$ 0.04

$ 0.19

$ 0.28

$ 0.80

Weighted average number of shares outstanding:

Basic

55,075

54,412

54,891

54,260

Diluted

55,935

55,635

55,818

55,502

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and per share amounts)

(Unaudited)

June 30, 2026

September 30, 2025

Assets

Cash and cash equivalents

$ 130,060

$ 127,361

Restricted cash

5,871

6,769

Short-term investments

40,060

41,784

Receivables, net

49,824

46,078

Notes receivable, current portion

6,707

6,597

Prepaid expenses

17,456

12,526

Other current assets

8,103

5,517

Total current assets

258,081

246,632

Property and equipment, net

338,764

285,852

Goodwill

28,459

Intangible assets, net

25,535

17,352

Notes receivable, less current portion

45,439

41,109

Right-of-use assets for operating leases

182,004

178,861

Deferred tax assets, net

2,324

4,283

Other assets

17,256

23,591

Total assets

$ 897,862

$ 826,139

Liabilities and Shareholders' Equity

Accounts payable and accrued expenses

$ 105,763

$ 104,644

Deferred revenue

70,720

91,525

Operating lease liabilities, current portion

14,814

16,967

Long-term debt, current portion

2,993

2,865

Other current liabilities

4,004

13,670

Total current liabilities

198,294

229,671

Deferred tax liabilities, net

4,144

Operating lease liabilities

184,623

174,838

Long-term debt

157,041

84,234

Other liabilities

9,454

5,142

Total liabilities

553,556

498,029

Commitments and contingencies

Shareholders' equity:

Common stock, $0.0001 par value, 100,000 shares authorized, 55,177 and

54,512 shares issued, 55,095 and 54,430 shares outstanding as of June 30,

2026 and September 30, 2025, respectively.

Paid-in capital

226,727

226,031

Treasury stock, at cost, 82 shares as of June 30, 2026 and September 30, 2025.

(365)

Retained earnings

117,066

101,527

Accumulated other comprehensive income

872

912

Total shareholders' equity

344,306

328,110

Total liabilities and shareholders' equity

$ 897,862

$ 826,139

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Nine Months Ended June 30,

2026

2025

Cash flows from operating activities:

Net income

$ 15,539

$ 44,262

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

28,361

24,452

Amortization of right-of-use assets for operating leases

19,656

17,492

Provision for credit losses

22,403

15,063

Stock-based compensation

9,426

6,402

Deferred income taxes

1,999

579

Training equipment credits earned, net

487

(108)

Unrealized gain (loss) on interest rate swaps, net of taxes

121

(92)

Other gains (losses), net

545

1,179

Changes in assets and liabilities:

Receivables

(26,477)

(21,895)

Prepaid expenses and other current assets

(11,684)

(4,499)

Other assets

2,155

(5,383)

Notes receivable

(4,440)

(4,051)

Accounts payable, accrued expenses and other current liabilities

4,371

6,455

Deferred revenue

(20,805)

(25,495)

Income tax payable/receivable

(7,064)

3,598

Operating lease liabilities

(15,167)

(16,758)

Other liabilities

(2,024)

(975)

Net cash provided by operating activities

17,402

40,226

Cash flows from investing activities:

Purchase of property and equipment

(80,900)

(25,499)

Capitalized costs for intangible assets

(4,496)

—

Purchase of investments

(57,347)

(54,648)

Proceeds from sale of investments

31,668

—

Proceeds received upon maturity of investments

31,300

1,874

Proceeds from insurance policy

—

Net cash used in investing activities

(79,738)

(78,273)

Cash flows from financing activities:

Proceeds from revolving credit facility

195,000

6,000

Payments on revolving credit facility

(120,000)

(56,000)

Payment of term loans and finance leases

(2,133)

(2,010)

Proceeds from stock option exercises

—

659

Payment of payroll taxes on stock-based compensation through shares withheld

(8,730)

(4,675)

Net cash provided by (used in) financing activities

64,137

(56,026)

Change in cash, cash equivalents and restricted cash

1,801

(94,073)

Cash and cash equivalents, beginning of period

127,361

161,900

Restricted cash, beginning of period

6,769

5,572

Cash, cash equivalents and restricted cash, beginning of period

134,130

167,472

Cash and cash equivalents, end of period

130,060

70,672

Restricted cash, end of period

5,871

2,727

Cash, cash equivalents and restricted cash, end of period

$ 135,931

$ 73,399

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT

(In thousands, except for Student Metrics)

(Unaudited)

Student Metrics

Three Months Ended June 30, 2026

Three Months Ended June 30, 2025

UTI

Concorde

Total

UTI

Concorde

Total

Total new student starts

3,491

2,851

6,342

2,829

2,892

5,721

Year-over-year growth

23.4 %

(1.4) %

10.9 %

(3.0) %

9.1 %

2.8 %

Average full-time active students

14,767

10,364

25,131

14,205

9,552

23,757

Year-over-year growth

4.0 %

8.5 %

5.8 %

8.9 %

18.8 %

12.7 %

End of period full-time active students

14,602

9,806

24,408

13,874

8,495

22,369

Year-over-year growth

5.2 %

15.4 %

9.1 %

9.4 %

14.1 %

11.1 %

Nine Months Ended June 30, 2026

Nine Months Ended June 30, 2025

UTI

Concorde

Total

UTI

Concorde

Total

Total new student starts

10,494

8,866

19,360

9,173

8,511

17,684

Year-over-year growth

14.4 %

4.2 %

9.5 %

13.7 %

16.2 %

14.9 %

Average full-time active students

15,557

10,568

26,125

14,815

9,659

24,474

Year-over-year growth

5.0 %

9.4 %

6.7 %

7.9 %

16.9 %

11.3 %

End of period full-time active students

14,602

9,806

24,408

13,874

8,495

22,369

Year-over-year growth

5.2 %

15.4 %

9.1 %

9.4 %

14.1 %

11.1 %

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT

(In thousands)

(Unaudited)

Financial Summary by Segment and Consolidated

As part of Phase II of our North Star growth strategy and to support our new campus growth initiatives, we have further refined our operating model to best pursue future growth goals and support the business. In furtherance of the foregoing, we have centralized the operations of our accounting, finance, information technology, human resources, and real estate departments to leverage economies of scale and create efficiencies to support our continued growth. Due to this centralization, as of October 1, 2025, we have adjusted our allocation methodology to allocate the majority of the Corporate segment's costs to the UTI and Concorde segments based upon a percentage of revenue. Due to these changes in allocation methodology, the prior year segment disclosures have been recast for comparability to the current year presentation.

Three Months Ended June 30, 2026

Three Months Ended June 30, 2025

UTI

Concorde

Corporate

Consolidated

UTI

Concorde

Corporate

Consolidated

Revenue

$ 138,015

$ 80,892

$ —

$ 218,907

$ 131,462

$ 72,836

$ —

$ 204,298

Total operating expenses

132,201

77,721

5,740

215,662

113,737

71,713

4,696

190,146

Net income (loss)

5,020

3,130

(5,871)

2,279

16,439

1,084

(6,860)

10,663

Nine Months Ended June 30, 2026

Nine Months Ended June 30, 2025

UTI

Concorde

Corporate

Consolidated

UTI

Concorde

Corporate

Consolidated

Revenue

$ 423,577

$ 237,576

$ —

$ 661,153

$ 397,168

$ 216,006

$ —

$ 613,174

Total operating expenses

397,732

230,815

13,335

641,882

339,181

204,301

11,209

554,691

Net income (loss)

23,420

6,683

(14,564)

15,539

54,315

11,591

(21,644)

44,262

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT

(In thousands)

(Unaudited)

Major Expense Categories by Segment and Consolidated

Three Months Ended June 30, 2026

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and benefits

$ 58,274

$ 36,699

$ 19,898

$ 114,871

Advertising

16,243

9,696

208

26,147

Occupancy

10,882

6,655

976

18,513

Student related

12,326

5,494

—

17,820

General operations

6,157

4,605

5,634

16,396

Depreciation and amortization

7,284

2,751

375

10,410

Professional and contract services

2,318

1,297

4,258

7,873

Other expenses

1,969

711

952

3,632

Corporate support

16,748

9,813

(26,561)

—

Total Operating Expenses

$ 132,201

$ 77,721

$ 5,740

$ 215,662

Three Months Ended June 30, 2025

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and benefits

$ 51,230

$ 34,122

$ 17,423

$ 102,775

Advertising

15,008

7,534

153

22,695

Occupancy

9,920

6,494

233

16,647

Student related

7,671

6,122

—

13,793

General operations

5,532

5,123

3,146

13,801

Depreciation and amortization

6,048

1,939

328

8,315

Professional and contract services

2,360

1,264

4,590

8,214

Other expenses

1,648

1,182

1,076

3,906

Corporate support

14,320

7,933

(22,253)

—

Total Operating Expenses

$ 113,737

$ 71,713

$ 4,696

$ 190,146

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT

(In thousands)

(Unaudited)

Major Expense Categories by Segment and Consolidated

Nine Months Ended June 30, 2026

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and benefits

$ 169,703

$ 109,649

$ 58,410

$ 337,762

Advertising

53,213

28,988

607

82,808

Occupancy

32,035

19,255

2,866

54,156

Student related

34,648

16,588

—

51,236

General operations

21,818

13,534

16,283

51,635

Depreciation and amortization

20,326

6,991

1,044

28,361

Professional and contract services

7,516

3,857

13,212

24,585

Other expenses

5,862

2,345

3,132

11,339

Corporate support

52,611

29,608

(82,219)

—

Total Operating Expenses

$ 397,732

$ 230,815

$ 13,335

$ 641,882

Nine Months Ended June 30, 2025

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and benefits

$ 153,120

$ 98,130

$ 49,575

$ 300,825

Advertising

44,536

22,791

551

67,878

Occupancy

28,245

18,206

674

47,125

Student related

26,511

17,010

—

43,521

General operations

14,479

12,985

8,322

35,786

Depreciation and amortization

17,947

5,499

1,006

24,452

Professional and contract services

7,330

3,868

13,457

24,655

Other expenses

4,860

2,777

2,812

10,449

Corporate support

42,153

23,035

(65,188)

—

Total Operating Expenses

$ 339,181

$ 204,301

$ 11,209

$ 554,691

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION

(In thousands)

(Unaudited)

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

Three Months Ended June 30, 2026

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 5,020

$ 3,130

$ (5,871)

$ 2,279

Interest expense (income), net

793

(585)

249

Income tax expense

—

820

Depreciation and amortization

7,284

2,751

375

10,410

EBITDA

13,097

5,922

(5,261)

13,758

Stock-based compensation expense

475

248

2,247

2,970

Integration-related costs for completed acquisitions

—

421

Restructuring costs

712

230

154

1,096

Adjusted EBITDA, non-GAAP

$ 14,284

$ 6,400

$ (2,439)

$ 18,245

Three Months Ended June 30, 2025

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 16,439

$ 1,084

$ (6,860)

$ 10,663

Interest expense (income), net

1,288

(1,378)

(51)

Income tax expense

—

3,689

Depreciation and amortization

6,048

1,939

328

8,315

EBITDA

23,775

3,062

(4,221)

22,616

Stock-based compensation expense

464

208

1,986

2,658

Adjusted EBITDA, non-GAAP

$ 24,239

$ 3,270

$ (2,235)

$ 25,274

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION

(In thousands)

(Unaudited)

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

Nine Months Ended June 30, 2026

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 23,420

$ 6,683

$ (14,564)

$ 15,539

Interest expense (income), net

2,426

(2,898)

(393)

Income tax expense

—

4,155

Depreciation and amortization

20,326

6,991

1,044

28,361

EBITDA

46,172

13,753

(12,263)

47,662

Stock-based compensation expense

1,454

747

7,225

9,426

Integration-related costs for completed acquisitions

—

1,356

Restructuring costs

712

230

154

1,096

Adjusted EBITDA, non-GAAP

$ 48,338

$ 14,730

$ (3,528)

$ 59,540

Nine Months Ended June 30, 2025

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 54,315

$ 11,591

$ (21,644)

$ 44,262

Interest expense (income), net

3,682

114

(3,905)

(109)

Income tax expense

—

14,453

Depreciation and amortization

17,947

5,499

1,006

24,452

EBITDA

75,944

17,204

(10,090)

83,058

Stock-based compensation expense

1,370

476

4,556

6,402

Acquisition-related costs

—

873

Integration-related costs for completed acquisitions (1)

—

(700)

Restructuring costs

—

Adjusted EBITDA, non-GAAP

$ 77,357

$ 17,680

$ (5,361)

$ 89,676

(1)

During the nine months ended June 30, 2025, the Company received $0.7 million in funds in final settlement of the outstanding escrow accounts affiliated with the purchase of Concorde on December 1, 2022.

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION

(In thousands)

(Unaudited)

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow

Nine Months Ended June 30,

2026

2025

Net cash provided by operating activities, as reported

$ 17,402

$ 40,226

Purchase of property and equipment

(80,900)

(25,499)

Capitalized costs for intangible assets

(4,496)

—

Free cash flow, non-GAAP

(67,994)

14,727

Adjustments:

Cash outflow (inflow) for integration-related costs for completed acquisitions (1)

1,986

(700)

Cash outflow for acquisition-related costs

—

873

Cash outflow for restructuring costs

411

Adjusted free cash flow, non-GAAP

$ (65,597)

$ 14,959

(1)

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL

INFORMATION FOR UPDATED FISCAL 2026 GUIDANCE

(In thousands)

(Unaudited)

For each of the non-GAAP reconciliations provided for updated fiscal 2026 guidance, we are reconciling to the midpoint of the

guidance range. The adjustments reflected below for updated fiscal 2026 are illustrative only and may change throughout the

year, both in amount or the adjustments themselves.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA for Fiscal 2026 Guidance

Updated

Twelve Months Ended

September 30,

2026

Net income

~$34,000

Interest expense (income), net

~200

Income tax expense

~12,500

Depreciation and amortization

~39,500

EBITDA

~86,200

Stock-based compensation expense

~12,300

Integration-related costs for completed acquisitions

~2,000

Restructuring costs

~1,000

Adjusted EBITDA, non-GAAP

~$101,500

FY 2026 Guidance Range

~$100,000 - 103,000

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow for Fiscal 2026 Guidance

Updated

Twelve Months Ended

September 30,

2026

Net cash provided by operating activities

~$97,000

Purchase of property and equipment & capitalized costs for intangible assets

~(110,000)

Free cash flow, non-GAAP

~(13,000)

Adjustments:

Cash outflow for integration-related costs for completed acquisitions

~2,000

Cash outflow for restructuring costs

~1,000

Adjusted free cash flow, non-GAAP

~$(10,000)

FY 2026 Guidance Range

~$(20,000) - 0

SOURCE Universal Technical Institute, Inc.