Universal Technical Institute Reports Fiscal Year 2025 Fourth Quarter and Year-End Results

Met or surpassed fiscal year 2025 guidance ranges for revenue, net income, adjusted EBITDA, diluted EPS, and new student starts

PHOENIX, Nov. 19, 2025 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, reported financial results for the fiscal 2025 fourth quarter and the full year ended September 30, 2025. Universal Technical Institute, Inc. operates in two reportable segments, Universal Technical Institute (UTI) and Concorde Career Colleges (Concorde), and together with its segments and subsidiaries is referred to as the "Company," "we," "us" or "our."

Financial Highlights

Operational Highlights and North Star Strategy Developments

"Fiscal 2025 was an exceptional year for Universal Technical Institute and a defining start to the second phase of our North Star strategy," said Jerome Grant, CEO of Universal Technical Institute, Inc. "We exceeded every major operational target we set and even surpassed our twice-raised revenue guidance range with 14% year-over-year growth. Entering this next chapter, we are executing from the strongest position in our company's history, and these results reinforce the durability of our model and prove that our platform can scale efficiently while maintaining our high quality.

"As we enter fiscal 2026, we are accelerating the next phase of our growth plan. We now expect to open at least two and up to five campuses annually, as well as launch approximately 20 new programs annually, across both the UTI and Concorde divisions. Everything is in place for another strong year, with clear targets, a scalable platform, and a built-out team executing with discipline and precision. The momentum we have created gives us great confidence in our ability to deliver outsized returns and expand our footprint throughout Phase II of our North Star strategy and beyond."

Financial Results for the Three-Month Period Ended September 30, 2025 Compared to 2024

Financial Results for the Year Ended September 30, 2025 Compared to 2024

Balance Sheet and Liquidity

At September 30, 2025, our total available liquidity was $254.5 million, consisting of $127.4 million cash and cash equivalents, $41.8 million of short-term investments, and $85.4 million available from the revolving credit facility. Total debt at September 30, 2025 was $87.1 million, including $20.0 million drawn on the revolving credit facility. For fiscal 2025, the Company incurred $42.0 million of cash capital expenditures ("capex") driven primarily by investments in program expansions for both UTI and Concorde, along with spending associated with curriculum and equipment refresh and upgrades, facility and leasehold improvements, and IT investments.

Fiscal 2026 Financial Outlook

"Fiscal 2025 was another year of outstanding performance and disciplined execution for Universal Technical Institute," said Bruce Schuman, CFO of Universal Technical Institute, Inc. "We delivered revenue of $835.6 million or 14% year-over-year growth, exceeding the upper end of our previously raised guidance ranges for net income, earnings per share, and revenue. We also achieved double-digit increases in both average full-time active students and new student starts. Adjusted EBITDA of $126.5 million landed within our expected range even as we absorbed over $6 million in deliberate growth investments tied to new campuses and programs. These results underscore the scalability of our model, the resilience of our demand environment, and the strong foundation we have established to support the next phase of our growth.

"Looking ahead to fiscal 2026, we expect revenue between $905 and $915 million, or approximately 9% year-over-year growth at the midpoint. Our baseline adjusted EBITDA, excluding planned growth investments, is expected to exceed $150 million, while reported adjusted EBITDA is projected between $114 and $119 million, reflecting approximately $40 million in growth investments for new campuses and program launches. We view these as disciplined, high-return investments that will temporarily moderate margins and then provide meaningful returns as they increase our scale and earnings power. By fiscal 2029, we expect to surpass $1.2 billion in annual revenue and approach $220 million in adjusted EBITDA as we build out a more diversified, efficient, and durable growth engine for the long term."

FY 2025

FY 2026

Year-Over-Year

($ in millions excluding new student starts and EPS)

Actuals

Guidance

Growth (2)

New student starts

29,793

31,500 - 33,000

8 %

Revenue

$835.6

$905 - 915

9 %

Net Income

$63.0

$40 - 45

(33) %

Diluted EPS

$1.13

$0.71 - 0.80

(33) %

Adjusted EBITDA (1)(3)

$126.5

$114 - $119

(8) %

Adjusted free cash flow (1)(3)(4)

$56.0

$20 - 25

(60) %

(1)

See the "Use of Non-GAAP Financial Information" below. For a detailed reconciliation of the non-GAAP measures, see the tables following the earnings release.

(2)

Year-over-year growth percentages are calculated using the fiscal 2026 guidance midpoint.

(3)

Beginning in FY2025, growth investments for program expansion and new campus initiatives will no longer be included as add-backs in Adjusted EBITDA and Adjusted free cash flow calculations, affecting the year-over-year comparability.

(4)

Includes $42.0 million of cash capex for FY 2025 primarily related to program expansions and a consistent level of annual maintenance capex. For FY 2026, assumes approximately $100M of cash capex, including investments for new campus launches and program expansions, and maintenance capex.

For the Company's most recent investor presentation and quarterly financial supplement, please see its investor relations website at https://investor.uti.edu.

Conference Call

Management will hold a conference call to discuss the financial results for the fiscal 2025 fourth quarter and full year ended September 30, 2025, on Wednesday, November 19, 2025, at 4:30 pm EST.

To participate in the live call, investors are invited to dial (844) 881-0138 (domestic) or (412) 317-6790 (international). A live webcast of the call will be available via the Universal Technical Institute investor relations website at https://investor.uti.edu. Please go to the website at least 10 minutes early to register, download and install any necessary audio software. The conference call webcast will be archived for fourteen days at https://investor.uti.edu or the telephone replay can be accessed through December 3, 2025, by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and entering passcode 2202010.

Use of Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also discloses certain non-GAAP financial information in this press release and may similarly disclose non-GAAP financial information on the related conference call. These financial measures are not recognized measures under GAAP and are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company discloses these non-GAAP financial measures because it believes that they provide investors an additional analytical tool to clarify its results of operations and identify underlying trends. Additionally, the Company believes that these measures may also help investors compare its performance on a consistent basis across time periods. Additional details on our non-GAAP measures and the tables reconciling these measures to the most directly comparable GAAP measure are provided below.

Adjusted EBITDA

The Company defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for stock-based compensation expense and items not considered normal recurring operations.

Adjusted Free Cash Flow

The Company defines adjusted free cash flow as net cash provided by (used in) operating activities less capital expenditures, adjusted for items not considered normal recurring operations.

Management utilizes adjusted figures as performance measures internally for operating decisions, strategic planning, annual budgeting and forecasting. For the periods presented, our adjustments for items that management does not consider to be normal recurring operations include:

To obtain a complete understanding of our performance, these measures should be examined in connection with net income (loss) and net cash provided by (used in) operating activities, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the Securities and Exchange Commission ("SEC"). Because the items excluded from these non-GAAP measures are significant components in understanding and assessing our financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or net cash provided by (used in) operating activities as a measure of our operating performance or liquidity. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may define and calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure across similarly titled performance measures presented by other companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is provided below and investors are encouraged to review the reconciliations.

Forward Looking Statements

All statements contained in this press release and the related conference call, other than statements of historical fact, are "forward-looking" statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements which address our expected future business and financial performance, may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will," the negative form of these expressions or similar expressions. Examples of forward-looking statements include, among others, statements regarding (1) the Company's expectation that it will meet its fiscal year 2026 guidance for new student start growth, revenue growth, net income, diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash Flow; (2) the Company's expectation that it will continue to expand its value proposition and build a business that can grow in double digits with potential upside, regardless of the economic environment; and (3) the Company's expectation that it will succeed in new program launches next year. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could affect our actual results include, among other things, failure of our schools to comply with the extensive regulatory requirements for school operations; our failure to maintain eligibility for or our ability to process federal student financial assistance funds; the effect of current and future Title IV Program regulations arising out of negotiated rulemakings, including any potential reductions in funding or restrictions on the use of funds received through Title IV Programs; the effect of future legislative or regulatory initiatives related to veterans' benefit programs; continued Congressional examination of the for-profit education sector; regulatory investigations of, or actions commenced against, us or other companies in our industry; changes in the state regulatory environment or budgetary constraints; our failure to execute on our growth and diversification strategy, including effectively identifying, establishing and operating additional schools, programs or campuses; our failure to realize the expected benefits of our acquisitions, or our failure to successfully integrate our acquisitions.; our failure to improve underutilized capacity at certain of our campuses; enrollment declines or challenges in our students' ability to find employment as a result of macroeconomic conditions; our failure to maintain and expand existing industry relationships and develop new industry relationships; our ability to update and expand the content of existing programs and develop and integrate new programs in a timely and cost-effective manner while maintaining positive student outcomes; a loss of our senior management or other key employees; failure to comply with the restrictive covenants and our ability to pay the amounts when due under our credit agreement, and other risks that are described from time to time in our public filings. Further information on these and other potential factors that could affect the financial results or condition may be found in the company's filings with the SEC. Any forward-looking statements made by us in this press release and the related conference call are based only on information currently available to us and speak only as of the date on which it is made. We expressly disclaim any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions or circumstances, or otherwise.

Social Media Disclosure

Universal Technical Institute (UTI) uses its websites ( https://www.uti.edu/ and https://investor.uti.edu/) and LinkedIn page ( https://www.linkedin.com/school/universal-technical-institute/) as channels of distribution of information about its programs, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and UTI may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company's website and its social media accounts in addition to following the company's press releases, SEC filings, public conference calls, and webcasts.

About Universal Technical Institute, Inc.

Universal Technical Institute, Inc. (NYSE: UTI) was founded in 1965 and is a leading workforce solutions provider serving students, partners and communities nationwide. The company offers high-quality education and support services for in-demand careers via its two divisions: UTI and Concorde Career Colleges. The UTI division operates 15 campuses located in nine states and offers a wide range of transportation, skilled trades, electrical and energy training programs. Concorde operates across 17 campuses in eight states and online, offering programs in the allied health, dental, nursing, patient care and diagnostic fields. For more information, visit www.uti.edu or www.concorde.edu; LinkedIn at @UniversalTechnicalInstitute and @Concorde Career Colleges; or X at @news_UTI and @ConcordeCareer.

Company Contact:

Matt Kempton

VP Corporate Finance & Investor Relations

Universal Technical Institute, Inc.

(623) 445-9392

mkempton@uti.edu

Media Contact:

Susan Aspey

Vice President, Corporate Affairs & External Communications

Universal Technical Institute, Inc.

(202) 549-0534

saspey@uti.edu

Investor Relations Contact:

Matt Glover or Ralf Esper

Gateway Group, Inc.

(949) 574-3860

UTI@gateway-grp.com

(Tables Follow)

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

Twelve Months Ended

September 30,

2025

2024

2025

2024

Revenues

$ 222,442

$ 196,358

$ 835,616

$ 732,687

Operating expenses:

Educational services and facilities

112,258

99,355

420,491

384,529

Selling, general and administrative

85,198

70,981

331,656

289,267

Total operating expenses

197,456

170,336

752,147

673,796

Income from operations

24,986

26,022

83,469

58,891

Other income (expense):

Interest income

1,340

1,472

6,173

6,314

Interest expense

(909)

(2,267)

(5,633)

(9,471)

Other income

142

143

265

496

Total other income (expense), net

573

(652)

805

(2,661)

Income before income taxes

25,559

25,370

84,274

56,230

Income tax expense

(6,803)

(6,530)

(21,256)

(14,229)

Net income

18,756

18,840

63,018

42,001

Preferred stock dividends

—

(1,097)

Income available for distribution

18,756

18,840

63,018

40,904

Income allocated to participating securities

—

(2,855)

Net income available to common shareholders

$ 18,756

$ 18,840

$ 63,018

$ 38,049

Earnings per share:

Net income per share - basic

$ 0.34

$ 0.35

$ 1.16

$ 0.77

Net income per share - diluted

$ 0.34

$ 1.13

$ 0.75

Weighted average number of shares outstanding:

Basic

54,425

53,813

54,301

49,429

Diluted

55,728

55,404

55,615

50,851

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and per share amounts)

(Unaudited)

September 30, 2025

September 30, 2024

Assets

Cash and cash equivalents

$ 127,361

$ 161,900

Restricted cash

6,769

5,572

Held-to-maturity investments

41,784

—

Receivables, net

46,078

31,096

Notes receivable, current portion

6,597

6,200

Prepaid expenses

12,526

11,945

Other current assets

5,517

5,238

Total current assets

246,632

221,951

Property and equipment, net

285,852

264,797

Goodwill

28,459

Intangible assets, net

17,352

18,229

Notes receivable, less current portion

41,109

36,267

Right-of-use assets for operating leases

178,861

158,778

Deferred tax assets

4,283

3,563

Other assets

23,591

12,531

Total assets

$ 826,139

$ 744,575

Liabilities and Shareholders' Equity

Accounts payable and accrued expenses

$ 104,644

$ 83,866

Deferred revenue

91,525

92,538

Operating lease liability, current portion

16,967

22,210

Long-term debt, current portion

2,865

2,697

Other current liabilities

13,670

3,652

Total current liabilities

229,671

204,963

Deferred tax liabilities

4,144

4,696

Operating lease liability

174,838

146,831

Long-term debt

84,234

123,007

Other liabilities

5,142

4,847

Total liabilities

498,029

484,344

Commitments and contingencies

Shareholders' equity:

Common stock, $0.0001 par value, 100,000 shares authorized, 54,512 and

53,899 shares issued, and 54,430 and 53,817 shares outstanding as of

September 30, 2025 and 2024, respectively

Paid-in capital - common

226,031

220,976

Treasury stock, at cost, 82 shares as of September 30, 2025 and 2024

(365)

Retained earnings

101,527

38,509

Accumulated other comprehensive income

912

1,106

Total shareholders' equity

328,110

260,231

Total liabilities and shareholders' equity

$ 826,139

$ 744,575

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

Year Ended September 30,

2025

2024

Cash flows from operating activities:

Net income

$ 63,018

$ 42,001

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

32,958

29,324

Amortization of right-of-use assets for operating leases

23,827

21,861

Provision for credit losses

22,144

7,547

Stock-based compensation

9,151

8,560

Deferred income taxes

(1,337)

4,439

Unrealized loss on interest rate swaps, net of taxes

(194)

(1,357)

Other, net

1,915

1,802

Changes in assets and liabilities:

Accounts and notes receivables

(43,951)

(17,927)

Prepaid expenses and other current assets

(1,724)

(3,651)

Accounts payable, accrued expenses and other current liabilities

11,164

13,195

Deferred revenue

(1,012)

6,800

Income tax payable/receivable

11,357

(2,066)

Operating lease liability

(22,141)

(22,449)

All other assets and liabilities

(7,845)

(2,184)

Net cash provided by operating activities

97,330

85,895

Cash flows from investing activities:

Purchase of property and equipment

(41,978)

(24,298)

Purchase of held-to-maturity investments

(68,371)

—

Proceeds received upon maturity of investments

22,301

—

Other investing activities

169

296

Net cash used in investing activities

(87,879)

(24,002)

Cash flows from financing activities:

Proceeds from revolving credit facility

26,000

41,000

Payments on revolving credit facility

(62,000)

(75,000)

Payment of term loans and finance leases

(2,697)

(2,518)

Preferred share repurchase

—

(11,503)

Payment of preferred stock cash dividend

—

(1,097)

Payment of payroll taxes on stock-based compensation through shares withheld

(4,755)

(2,227)

Proceeds from stock option exercises

659

—

Net cash used in financing activities

(42,793)

(51,345)

Change in cash, cash equivalents and restricted cash

$ (33,342)

$ 10,548

Cash and cash equivalents, beginning of period

$ 161,900

$ 151,547

Restricted cash, beginning of period

5,572

5,377

Cash, cash equivalents and restricted cash, beginning of period

$ 167,472

$ 156,924

Cash and cash equivalents, end of period

$ 127,361

$ 161,900

Restricted cash, end of period

6,769

5,572

Cash, cash equivalents and restricted cash, end of period

$ 134,130

$ 167,472

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT

(In thousands, except for Student Metrics)

(Unaudited)

Student Metrics

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

UTI

Concorde

Total

UTI

Concorde

Total

Total new student starts

7,166

4,943

12,109

7,068

4,424

11,492

Year-over-year growth (decline)

1.4 %

11.7 %

5.4 %

8.7 %

13.7 %

10.6 %

Average full-time active students

15,207

9,842

25,049

14,067

9,113

23,180

Year-over-year growth (decline)

8.1 %

8.0 %

8.1 %

9.2 %

13.8 %

11.0 %

End of period full-time active students

16,841

10,838

27,679

15,873

9,747

25,620

Year-over-year growth (decline)

6.1 %

11.2 %

8.0 %

7.0 %

16.5 %

10.4 %

Year Ended September 30, 2025

Year Ended September 30, 2024

UTI

Concorde

Total

UTI

Concorde

Total

Total new student starts

16,339

13,454

29,793

15,138

11,747

26,885

Year-over-year growth (decline)

7.9 %

14.5 %

10.8 %

6.7 %

39.3 %

18.9 %

Average full-time active students

14,913

9,705

24,618

13,810

8,475

22,285

Year-over-year growth (decline)

8.0 %

14.5 %

10.5 %

9.5 %

10.7 %

10.0 %

End of period full-time active students

16,841

10,838

27,679

15,873

9,747

25,620

Year-over-year growth (decline)

6.1 %

11.2 %

8.0 %

7.0 %

16.5 %

10.4 %

Financial Summary by Segment and Consolidated

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

UTI

Concorde

Corporate

Consolidated

UTI

Concorde

Corporate

Consolidated

Revenue

$ 144,648

$ 77,794

$ —

$ 222,442

$ 130,545

$ 65,813

$ —

$ 196,358

Total operating expenses

117,043

67,671

12,742

197,456

100,101

59,099

11,136

170,336

Net income (loss)

26,807

10,109

(18,160)

18,756

28,760

6,777

(16,697)

18,840

Twelve Months Ended September 30, 2025

Twelve Months Ended September 30, 2024

UTI

Concorde

Corporate

Consolidated

UTI

Concorde

Corporate

Consolidated

Revenue

$ 541,816

$ 293,800

$ —

$ 835,616

$ 486,376

$ 246,311

$ —

$ 732,687

Total operating expenses

447,446

257,671

47,030

752,147

408,620

225,507

39,669

673,796

Net income (loss)

89,901

36,001

(62,884)

63,018

71,646

21,048

(50,693)

42,001

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT

(In thousands, except for Student Metrics)

(Unaudited)

Major Operating Expense Categories by Segment and Consolidated

Three Months Ended September 30, 2025

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and Benefits

$ 52,097

$ 33,875

$ 18,099

$ 104,071

Advertising

12,647

7,784

20,485

Occupancy

11,621

6,563

273

18,457

Student Related

11,734

7,074

—

18,808

General Operations

6,788

4,935

3,541

15,264

Professional and Contract Services

2,557

1,335

4,412

8,304

Depreciation and amortization

6,138

2,055

313

8,506

Other Expenses

1,657

899

1,005

3,561

Corporate Support

11,804

3,151

(14,955)

—

Total Operating Expenses

$ 117,043

$ 67,671

$ 12,742

$ 197,456

Three Months Ended September 30, 2024

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and Benefits

$ 48,081

$ 30,795

$ 13,284

$ 92,160

Advertising

11,459

6,546

18,061

Occupancy

9,052

5,258

169

14,479

Student Related

10,566

6,529

—

17,095

General Operations

3,887

2,537

2,922

9,346

Professional and Contract Services

2,222

2,548

3,884

8,654

Depreciation and amortization

5,973

1,420

369

7,762

Other Expenses

1,139

1,072

568

2,779

Corporate Support

7,722

2,394

(10,116)

—

Total Operating Expenses

$ 100,101

$ 59,099

$ 11,136

$ 170,336

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

SELECTED SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY SEGMENT

(In thousands, except for Student Metrics)

(Unaudited)

Major Operating Expense Categories by Segment and Consolidated

Twelve Months Ended September 30, 2025

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and Benefits

$ 205,859

$ 132,270

$ 66,768

$ 404,897

Advertising

56,754

30,575

217

87,546

Occupancy

39,868

24,769

946

65,583

Student Related

38,245

24,084

—

62,329

General Operations

21,695

17,919

12,249

51,863

Professional and Contract Services

9,925

5,207

17,826

32,958

Depreciation and amortization

24,085

7,554

1,319

32,958

Other Expenses

6,530

3,704

3,779

14,013

Corporate Support

44,485

11,589

(56,074)

—

Total Operating Expenses

$ 447,446

$ 257,671

$ 47,030

$ 752,147

Twelve Months Ended September 30, 2024

UTI

Concorde

Corporate

Consolidated

Operating Expenses

Compensation and Benefits

$ 190,640

$ 116,591

$ 56,373

$ 363,604

Advertising

51,302

25,744

215

77,261

Occupancy

36,202

23,454

714

60,370

Student Related

42,402

22,177

—

64,579

General Operations

15,349

8,516

10,677

34,542

Professional and Contract Services

9,416

8,540

14,216

32,172

Depreciation and amortization

22,855

5,159

1,310

29,324

Other Expenses

6,048

4,033

1,863

11,944

Corporate Support

34,406

11,293

(45,699)

—

Total Operating Expenses

$ 408,620

$ 225,507

$ 39,669

$ 673,796

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION

(In thousands)

(Unaudited)

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Three Months Ended September 30, 2025

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 26,807

$ 10,109

$ (18,160)

$ 18,756

Interest expense (income), net

797

(1,241)

(431)

Income tax expense

—

6,803

Depreciation and amortization

6,159

2,055

292

8,506

EBITDA

33,763

12,177

(12,306)

33,634

Integration-related costs for completed acquisitions

—

396

Stock-based compensation expense

475

233

2,041

2,749

Adjusted EBITDA, non-GAAP

$ 34,238

$ 12,410

$ (9,869)

$ 36,779

Three Months Ended September 30, 2024

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 28,760

$ 6,777

$ (16,697)

$ 18,840

Interest expense (income), net

1,689

(63)

(831)

795

Income tax expense

—

6,530

Depreciation and amortization

5,996

1,419

347

7,762

EBITDA

36,445

8,133

(10,651)

33,927

Integration-related costs for completed acquisitions

187

730

209

1,126

Stock-based compensation expense

778

2,003

2,862

Restructuring costs

—

Facility lease accounting adjustments

—

(650)

—

(650)

Adjusted EBITDA, non-GAAP

$ 37,454

$ 8,294

$ (8,439)

$ 37,309

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION

(In thousands)

(Unaudited)

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Twelve Months Ended September 30, 2025

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 89,901

$ 36,001

$ (62,884)

$ 63,018

Interest expense (income), net

4,479

127

(5,146)

(540)

Income tax expense

—

21,256

Depreciation and amortization

24,169

7,554

1,235

32,958

EBITDA

118,549

43,682

(45,539)

116,692

Acquisition related costs

—

873

Integration-related costs for completed acquisitions (1)

—

(304)

Stock-based compensation expense

1,954

709

6,488

9,151

Restructuring Costs

—

Adjusted EBITDA, non-GAAP

$ 120,546

$ 44,391

$ (38,482)

$ 126,455

(1)

During the twelve months ended September 30, 2025, the Company received $0.7 million in funds in final settlement of the outstanding escrow accounts affiliated with the purchase of Concorde on December 1, 2022. This is offset by additional integration costs incurred during the year.

Twelve Months Ended September 30, 2024

UTI

Concorde

Corporate

Consolidated

Net income (loss)

$ 71,646

$ 21,048

$ (50,693)

$ 42,001

Interest expense (income), net

6,135

(244)

(2,734)

3,157

Income tax benefit

—

14,229

Depreciation and amortization

22,917

5,158

1,249

29,324

EBITDA

100,698

25,962

(37,949)

88,711

Integration-related costs for completed acquisitions

1,150

2,802

2,097

6,049

Stock-based compensation expense

2,080

213

6,267

8,560

Restructuring costs

185

—

185

Facility lease accounting adjustments

—

(650)

—

(650)

Adjusted EBITDA, non-GAAP

$ 104,113

$ 28,327

$ (29,585)

$ 102,855

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION

(In thousands)

(Unaudited)

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow

Twelve Months Ended September 30,

2025

2024

Net cash provided by operating activities, as reported

$ 97,330

$ 85,895

Purchase of property and equipment

(41,978)

(24,298)

Free cash flow, non-GAAP

55,352

61,597

Adjustments:

Cash outflow for acquisition-related costs

873

—

Cash outflow for integration-related costs for completed acquisitions (1)

(304)

6,196

Cash outflow for integration-related property and equipment

—

4,330

Cash outflow for restructuring costs and property and equipment

632

Facility lease accounting adjustments

—

700

Adjusted free cash flow, non-GAAP

$ 55,980

$ 73,455

(1)

UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL

INFORMATION FOR FISCAL 2026 GUIDANCE

(In thousands)

(Unaudited)

For each of the non-GAAP reconciliations provided for fiscal 2026 guidance, we are reconciling to the midpoint of the guidance range. The adjustments reflected below for fiscal 2026 are illustrative only and may change throughout the year, both in amount or the adjustments themselves.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA for Fiscal 2026 Guidance

Twelve Months Ended

September 30,

2026

Net income

~$42,500

Interest (income) expense, net

~1,000

Income tax expense

~15,000

Depreciation and amortization

~39,000

EBITDA

~97,500

Stock-based compensation expense

~12,500

Acquisition related costs (1)

~3,000

Integration-related costs for completed acquisitions

~3,500

Adjusted EBITDA, non-GAAP

~$116,500

FY 2026 Guidance Range

$114,000-$119,000

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow for Fiscal 2026 Guidance

Twelve Months Ended

September 30,

2026

Net cash provided by operating activities

~$116,000

Purchase of property and equipment

~(100,000)

Free cash flow, non-GAAP

~16,000

Adjustments:

Cash outflow for acquisition related costs (1)

~3,500

Cash outflow for integration-related costs for completed acquisitions

~3,000

Adjusted free cash flow, non-GAAP

~$22,500

FY 2026 Guidance Range

$20,000-$25,000

(1)

FY26 projected spend on acquisition related costs is an estimate and is fully contingent on whether the Company pursues an acquisition this year.

SOURCE Universal Technical Institute, Inc.