v3.26.1
Segment Information
 12 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

19. Segment Information

We present three reportable segments as follows:

Chamberlain – This segment includes the operations of Chamberlain, which offers degree and certificate programs in the nursing and health professions postsecondary education industry.

Walden – This segment includes the operations of Walden, which offers degree and certificate programs, including those in nursing, education, counseling, business, information technology, psychology, public health, social work and human services, public administration and public policy, and criminal justice.

Medical and Veterinary – This segment includes the operations of AUC, RUSM, and RUSVM, collectively referred to as the “medical and veterinary schools,” which offer degree and certificate programs in the medical and veterinary postsecondary education industry.

These segments are consistent with the method by which Covista’s Chief Operating Decision Maker (“CODM”) evaluates performance and allocates resources. Covista’s CODM is our Chief Executive Officer. Our measure of segment profitability utilized by our CODM is adjusted operating income. Our CODM uses this measure to assess the operating results and performance of our segments, perform analytical comparisons to budget, and allocate resources to each segment during monthly operating reviews and annual budget process. Adjusted operating income excludes Home Office expense, restructuring expense, business integration expense, amortization of acquired intangible assets, litigation reserve, asset impairments, strategic advisory costs, loss on assets held for sale, and debt modification costs because these are not associated with the ongoing operations of the segments. “Home Office” includes activities not allocated to a reportable segment and is included to reconcile segment results to the Consolidated Financial Statements. Total assets by segment are not presented as our CODM does not review or allocate resources based on segment assets. The accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies.”

Summary financial information by reportable segment is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended June 30,

​

​

2026

​

2025

​

2024

Revenue:

 

​

​

​

​

​

​

​

​

Chamberlain

​

$

750,212

​

$

725,774

​

$

633,522

Walden

​

​

804,933

​

​

693,430

​

​

595,332

Medical and Veterinary

​

​

398,940

​

​

369,086

​

​

355,798

Consolidated

​

$

1,954,085

​

$

1,788,290

​

$

1,584,652

Cost of educational services:

​

​

​

​

​

​

​

​

​

Chamberlain

​

$

345,263

​

$

321,769

​

$

277,215

Walden

​

​

270,957

​

​

240,084

​

​

221,110

Medical and Veterinary

​

​

217,440

​

​

209,577

​

​

200,223

Other segment expenses(1):

​

​

​

​

​

​

​

​

​

Chamberlain

​

$

261,307

​

$

250,638

​

$

218,507

Walden

​

​

294,253

​

​

269,765

​

​

243,675

Medical and Veterinary

​

​

101,535

​

​

90,257

​

​

84,068

Adjusted operating income:

​

​

​

​

​

​

​

​

​

Chamberlain

​

$

143,642

​

$

153,367

​

$

137,800

Walden

​

​

239,723

​

​

183,581

​

​

130,547

Medical and Veterinary

​

​

79,965

​

​

69,252

​

​

71,507

Total segment adjusted operating income

​

​

463,330

​

​

406,200

​

​

339,854

Reconciliation to Consolidated Financial Statements:

​

​

​

​

​

​

​

​

​

Home Office expense

​

 

(43,843)

​

 

(36,030)

​

 

(31,076)

Restructuring expense

​

 

(6,329)

​

 

(3,314)

​

 

(1,870)

Business integration expense

​

​

—

​

 

—

​

 

(34,215)

Amortization of acquired intangible assets

​

​

(11,220)

​

 

(11,220)

​

 

(35,644)

Litigation reserve

​

​

—

​

 

5,550

​

 

(18,500)

Asset impairments

​

​

—

​

 

(6,442)

​

 

—

Strategic advisory costs

​

​

(18,562)

​

 

(12,000)

​

 

—

Loss on assets held for sale

​

​

—

​

 

(490)

​

 

(647)

Debt modification costs

​

​

—

​

 

(712)

​

 

(848)

Consolidated operating income

​

​

383,376

​

​

341,542

​

​

217,054

Interest expense

​

 

(45,435)

​

 

(52,318)

​

 

(63,659)

Other income, net

​

 

7,178

​

 

9,290

​

 

10,542

Consolidated income from continuing operations before income taxes

​

$

345,119

​

$

298,514

​

$

163,937

Depreciation:

​

​

​

​

​

​

​

​

​

Chamberlain

​

$

23,073

​

$

21,687

​

$

18,752

Walden

​

​

8,103

​

​

7,421

​

​

7,389

Medical and Veterinary

​

​

12,016

​

​

10,853

​

​

11,983

Home Office

​

 

658

​

 

741

​

 

1,552

Consolidated

​

$

43,850

​

$

40,702

​

$

39,676

Amortization of acquired intangible assets:

​

​

​

​

​

​

​

​

​

Walden

​

$

11,220

​

$

11,220

​

$

35,644

Consolidated

​

$

11,220

​

$

11,220

​

$

35,644

   

(1)Other segment expenses for each reportable segment include student services and administrative related expenses.

​

Covista conducts its educational operations in the U.S., Barbados, St. Kitts, St. Maarten, and the U.K. Revenue and long-lived assets by geographic area are as follows (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

Year Ended June 30,

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​

2026

​

2025

​

2024

Revenue by geographic area:

 

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​

​

​

​

​

​

​

Domestic operations

​

$

1,555,145

​

$

1,419,204

​

$

1,228,854

Barbados, St. Kitts, St. Maarten, and the U.K.

​

 

398,940

​

 

369,086

​

 

355,798

Consolidated

​

$

1,954,085

​

$

1,788,290

​

$

1,584,652

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​

​

​

​

​

​

​

​

​

June 30,

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​

2026

​

2025

Long-lived assets by geographic area:

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​

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​

​

​

Domestic operations

​

$

374,707

​

$

308,190

Barbados, St. Kitts, St. Maarten, and the U.K.

​

 

132,306

​

 

139,135

Consolidated

​

$

507,013

​

$

447,325

​

No one customer accounted for more than 10% of Covista’s consolidated revenue for all periods presented.