v3.25.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The components of net changes in stockholders’ equity for the nine months ended September 30, 2025 are as follows:
Laureate Education, Inc. Stockholders
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossNon-controlling interestsTotal stockholders’ equity
SharesAmount
Balance at December 31, 2024150,794 $604 $1,129,511 $291,644 $(462,210)$(2,404)$957,145 
Non-cash share-based compensation— — 2,463 — — — 2,463 
Purchase and retirement of common stock(2,181)(9)(16,339)(25,875)— — (42,223)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding197 1 (1,129)— — — (1,128)
Equitable adjustments to stock-based awards— — (2)— — — (2)
Net loss— — — (19,496)— (57)(19,553)
Foreign currency translation adjustment, net of tax of $0
— — — — 9,336 (3)9,333 
Balance at March 31, 2025148,810 $596 $1,114,504 $246,273 $(452,874)$(2,464)$906,035 
Non-cash share-based compensation— — 3,481 — — — 3,481 
Purchase and retirement of common stock(1,489)(6)(11,153)(17,890)— — (29,049)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding42 — 86 — — — 86 
Equitable adjustments to stock-based awards— — 8 — — — 8 
Net income— — — 95,083 — 2,343 97,426 
Foreign currency translation adjustment, net of tax of $0
— — — — 73,364 — 73,364 
Balance at June 30, 2025147,363 $590 $1,106,926 $323,466 $(379,510)$(121)$1,051,351 
Non-cash share-based compensation— — 3,765 — — — 3,765 
Vesting of restricted stock units, net of shares withheld to satisfy tax withholding6 — — — — — — 
Change in noncontrolling interests— — 321 — — (321)— 
Equitable adjustments to stock-based awards— — 1 — — — 1 
Net income (loss)— — — 34,487 — (108)34,379 
Foreign currency translation adjustment, net of tax of $0
— — — — 28,620 (1)28,619 
Balance at September 30, 2025147,369 $590 $1,111,013 $357,953 $(350,890)$(551)$1,118,115 

Stock Repurchases

On March 13, 2025, the Company entered into a stock purchase agreement with each of Snow Phipps Group, L.P., Snow Phipps Group (B), L.P., Snow Phipps Group (Offshore), L.P., Snow Phipps Group (RPV), L.P. and SPG Co-Investment, L.P. (together, the Snow Phipps Sellers), pursuant to which the Company purchased an aggregate of 521 shares of its common stock from the Snow Phipps Sellers at a purchase price of $17.47 per share for an aggregate purchase price of $9,101.

Additionally, during the nine months ended September 30, 2025, the Company repurchased 3,149 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), for total open market repurchases of approximately $61,485.

The above repurchases were pursuant to the Company’s existing $100,000 stock purchase program that was announced on September 13, 2024. As of September 30, 2025, there was approximately $27,391 of remaining authorization. On October 30, 2025, the Company announced that its Board of Directors had approved a $150,000 increase to the existing authorization for the Company’s stock repurchase program, increasing the dollar value of shares yet to be repurchased under this stock repurchase program, which has no expiration date, to approximately $177,391. The Company intends to finance the repurchases with free cash flow, excess cash and liquidity on-hand, including available capacity under its Revolving Credit Facility. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Exchange Act. Repurchases may be effected pursuant
to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. Under this stock repurchase program, all shares repurchased are immediately retired. Upon retirement of repurchased stock, the excess of the purchase price plus excise tax over par value is allocated to additional paid-in capital, subject to certain limitations. Any remainder is allocated to retained earnings to the extent that positive retained earnings exist.

The components of net changes in stockholders’ equity for the nine months ended September 30, 2024 are as follows:
Laureate Education, Inc. Stockholders

Common stock		Additional paid-in capital
Retained earnings
Accumulated other comprehensive lossNon-controlling interestsTotal stockholders’ equity
SharesAmount
Balance at December 31, 2023157,586 $630 $1,179,721 $41,862 $(272,144)$(2,329)$947,740 
Non-cash share-based compensation— — 1,409 — — — 1,409 
Purchase and retirement of common stock(2,607)(10)(19,512)(13,700)— — (33,222)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding181 1 (774)— — — (773)
Equitable adjustments to stock-based awards— — 21 — — — 21 
Net loss— — — (10,751)— (97)(10,848)
Foreign currency translation adjustment, net of tax of $0
— — — — 26,883 — 26,883 
Balance at March 31, 2024155,160 $621 $1,160,865 $17,411 $(245,261)$(2,426)$931,210 
Non-cash share-based compensation— — 2,887 — — — 2,887 
Purchase and retirement of common stock(2,661)(11)(21,781)(17,411)— — (39,203)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding47 — 91 — — — 91 
Equitable adjustments to stock-based awards— — 19 — — — 19 
Net income— — — 128,130 — 221 128,351 
Foreign currency translation adjustment, net of tax of $0
— — — — (107,546)— (107,546)
Balance at June 30, 2024152,546 $610 $1,142,081 $128,130 $(352,807)$(2,205)$915,809 
Non-cash share-based compensation— — 2,781 — — — 2,781 
Purchase and retirement of common stock(1,895)(7)(14,190)(14,381)— — (28,578)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding34 — 80 — — — 80 
Equitable adjustments to stock-based awards— — (3)— — — (3)
Net income (loss)— — — 85,463 — (136)85,327 
Foreign currency translation adjustment, net of tax of $0
— — — — (80,091)— (80,091)
Balance at September 30, 2024150,685 $603 $1,130,749 $199,212 $(432,898)$(2,341)$895,325 

Share-based Compensation Expense

During the three and nine months ended September 30, 2025 and 2024, the Company recorded share-based compensation expense for restricted stock unit awards of $3,765 and $2,781, respectively, and $9,709 and $7,077, respectively.
Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. Laureate reports changes in AOCI on our Consolidated Statements of Stockholders’ Equity. The components of these balances were as follows:
September 30, 2025December 31, 2024
Laureate Education, Inc.Noncontrolling InterestsTotalLaureate Education, Inc.Noncontrolling InterestsTotal
Foreign currency translation adjustment$(360,384)$961 $(359,423)$(471,704)$965 $(470,739)
Unrealized gain on derivatives10,416 — 10,416 10,416 — 10,416 
Minimum pension liability adjustment(922)— (922)(922)— (922)
Accumulated other comprehensive loss$(350,890)$961 $(349,929)$(462,210)$965 $(461,245)