The components of net changes in stockholders’ equity for the nine months ended September 30, 2025 are as follows:


	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2024	150,794	$	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 withholding	197	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, 2025	148,810	$	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 withholding	42	—		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, 2025	147,363	$	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 withholding	6	—		—		—		—		—		—
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, 2025	147,369	$	590	$	1,111,013	$	357,953	$	(350,890)	$	(551)	$	1,118,115

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 loss		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2023	157,586	$	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 withholding	181	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, 2024	155,160	$	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 withholding	47	—		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, 2024	152,546	$	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 withholding	34	—		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, 2024	150,685	$	603	$	1,130,749	$	199,212	$	(432,898)	$	(2,341)	$	895,325