v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Recognition

Laureate’s revenues primarily consist of tuition and educational service revenues. We also generate other revenues from student fees and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds and waivers. Laureate’s institutions have various billing and academic cycles.

We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers, as follows:

•Identification of the contract, or contracts, with a customer;
•Identification of the performance obligations in the contract;
•Determination of the transaction price;
•Allocation of the transaction price to the performance obligations in the contract; and
•Recognition of revenue when, or as, we satisfy a performance obligation.

We assess collectability on a portfolio basis prior to recording revenue. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue, as applicable.
The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended September 30, 2025 and 2024:
MexicoPeru
Corporate(1)
Total
2025
Tuition and educational services $271,959 $205,691 $— $477,650 119 %
Other33,748 22,471 39 56,258 14 %
Gross revenue305,707 228,162 39 533,908 133 %
Less: Discounts / waivers / scholarships(110,867)(22,817)— (133,684)(33)%
Total $194,840 $205,345 $39 $400,224 100 %
2024
Tuition and educational services$242,049 $184,121 $— $426,170 116 %
Other35,284 19,957 44 55,285 15 %
Gross revenue277,333 204,078 44 481,455 131 %
Less: Discounts / waivers / scholarships(94,816)(18,008)— (112,824)(31)%
Total$182,517 $186,070 $44 $368,631 100 %
(1) Includes the elimination of inter-segment revenues.

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the nine months ended September 30, 2025 and 2024:
MexicoPeru
Corporate(1)
Total
2025
Tuition and educational services $822,251 $565,558 $— $1,387,809 120 %
Other100,999 55,920 143 157,062 13 %
Gross revenue923,250 621,478 143 1,544,871 133 %
Less: Discounts / waivers / scholarships(321,786)(62,543)— (384,329)(33)%
Total $601,464 $558,935 $143 $1,160,542 100 %
2024
Tuition and educational services $803,788 $530,013 $— $1,333,801 117 %
Other116,016 51,702 116 167,834 14 %
Gross revenue919,804 581,715 116 1,501,635 131 %
Less: Discounts / waivers / scholarships(304,624)(53,763)— (358,387)(31)%
Total $615,180 $527,952 $116 $1,143,248 100 %
(1) Includes the elimination of inter-segment revenues.

Contract Balances

The timing of billings, cash collections and revenue recognition results in accounts receivable (contract assets) and Deferred revenue and student deposits (contract liabilities) on the Consolidated Balance Sheets. We have various billing and academic cycles and recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session. Receivables are recognized only to the extent that it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services that will be transferred to the student. We receive advance payments or deposits from our students before revenue is recognized, which are recorded as contract liabilities in deferred revenue and student deposits. Payment terms vary by university with some universities requiring payment in advance of the academic session and other universities allowing students to pay in installments over the term of the academic session.

All of our contract assets are considered accounts receivable and are included within the Accounts and notes receivable balance in the accompanying Consolidated Balance Sheets. Total accounts receivable from our contracts with students were $189,652 and $189,124 as of September 30, 2025 and December 31, 2024, respectively. Contract assets balances are primarily driven by enrollment cycles. The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions. All contract asset amounts are classified as current.
Contract liabilities in the amount of $90,835 and $64,340 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively. The increase in the contract liability balance during the period ended September 30, 2025 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period. Revenue recognized during the nine months ended September 30, 2025 that was included in the contract liability balance at the beginning of the year was approximately $60,967.