v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Recognition

Our revenues primarily consist of tuition revenues from enrolled students. We also generate other revenues from student fees, short courses, 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 June 30, 2026 and 2025:
MexicoPeru
Corporate(1)
Total
2026
Tuition and educational services $389,895 $368,647 $— $758,542 123 %
Other36,536 30,472 12 67,020 11 %
Gross revenue426,431 399,119 12 825,562 134 %
Less: Discounts / waivers / scholarships(157,435)(52,264)— (209,699)(34)%
Total $268,996 $346,855 $12 $615,863 100 %
2025
Tuition and educational services$306,224 $320,360 $— $626,584 120 %
Other27,650 22,402 53 50,105 9 %
Gross revenue333,874 342,762 53 676,689 129 %
Less: Discounts / waivers / scholarships(116,505)(36,028)— (152,533)(29)%
Total$217,369 $306,734 $53 $524,156 100 %
(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 six months ended June 30, 2026 and 2025:
MexicoPeru
Corporate(1)
Total
2026
Tuition and educational services $672,238 $422,410 $— $1,094,648 123 %
Other79,182 45,290 28 124,500 14 %
Gross revenue751,420 467,700 28 1,219,148 137 %
Less: Discounts / waivers / scholarships(271,782)(58,891)— (330,673)(37)%
Total $479,638 $408,809 $28 $888,475 100 %
2025
Tuition and educational services $550,293 $359,867 $— $910,160 120 %
Other67,250 33,449 104 100,803 13 %
Gross revenue617,543 393,316 104 1,010,963 133 %
Less: Discounts / waivers / scholarships(210,919)(39,726)— (250,645)(33)%
Total $406,624 $353,590 $104 $760,318 100 %
(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 $285,853 and $244,070 as of June 30, 2026 and December 31, 2025, respectively. The increase in the contract assets balance at June 30, 2026 compared to December 31, 2025 was 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 $121,193 and $80,161 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively. The increase in the contract liability balance during the period ended June 30, 2026 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 six months ended June 30, 2026 that was included in the contract liability balance at the beginning of the year was approximately $64,356.