Covista Inc. · NYSE:CVSA
Covista — Q3 2026 Earnings Presentation
24 slides from Covista's earnings presentation, May 7, 2026
Slide 1: Third Quarter 2026 Earnings
Third Quarter 2026 Earnings May 7, 2026 covista.com
Slide 2: Cautionary Disclosure Regarding Forward-Looking Statements
CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain as
Slide 3: America's Largest Healthcare Educator
AMERICA’S LARGEST HEALTHCARE EDUCATOR 5 institutions | 24K healthcare graduates a year | 290K+ healthcare alumni
Slide 4: Indispensable to healthcare & positioned for long-term demand
Indispensable to healthcare & positioned for long-term demand Durable healthcare shortages Purpose at Scale Distinct platform creating structural, unlocks our next serving students and long-term demand growth engine employers at scale Deep clinical Regulatory and accreditation Balance sheet strength
Slide 5: The next horizon in our journey
The next horizon in our journey Purpose at Scale FY27-> Growth with Purpose Scaled solution addressing FY24-> healthcare’s most significant challenges Operational excellence Focus and Clarity Focused execution, Platform extension delivering organic growth Operational excellence Employer integration
Slide 6: Q3 FY26 performance
Q3 FY26 performance Chamberlain University $487.0m 40.8k students • Returned to positive total enrollment growth and delivered the REVENUE highest enrollment in university history +4.5% vs. prior year • Strong leading indicators for FY27 enrollment growth backed by sustained double-digit expansion i
Slide 7: Business highlights
Business highlights 1 Strong Q3 revenue and adjusted EPS1 ▪ 11th straight quarter of total enrollment growth ▪ Raising full year outlook for revenue and adjusted earnings per share Strong financial flexibility supporting value creation activities 2 ▪ Trailing twelve months free cash flow1 of $336 mi
Slide 8: Total enrollment trends
Total enrollment trends 91.8k 97.4k 97.0k 100.6k Year-over-Year Q3 ‘26 Q2 ‘26 % change +10.2% +8.0% +6.3% +6.8% +0.5% (1.0)% Total enterprise enrollments1 Year-over-Year % +12.3% +13.0% change enterprise Q4 ‘25 Q1 ‘26 Q2 ‘26 Q3 ‘26 +4.1% +2.4% Walden: 11th straight quarter of YoY total enrollment gr
Slide 9: Total Covista performance
Total Covista performance $ in Millions, except per share data Q3 ‘26 Q3 ‘25 ∆ vs. Q3 ‘25 Total Enrollment • Growth driven by Walden and Medical & Revenue $487.0 Veterinary $466.1 +4.5%3 Adj. EBITDA1 margin 1 Adj. EBITDA $127.9 $127.8 +0.1%3 • Revenue growth and operational efficiencies offset by on
Slide 10: Chamberlain performance
Chamberlain performance $ in Millions Q3 ‘26 Q3 ‘25 ∆ vs. Q3 ‘25 Total Enrollment • Growth driven by pre-licensure nursing Revenue $197.0 $192.6 +2.3% programs and MSN programs • Application volumes up double-digits YoY 1 1 Adj. EBITDA $58.5 $56.8 +2.9% Adj. EBITDA margin • Operational leverage from
Slide 11: Walden performance
Walden performance $ in Millions Q3 ‘26 Q3 ‘25 ∆ vs. Q3 ‘25 Total Enrollment • Growth in healthcare & non-healthcare programs Revenue $186.6 $178.4 +4.6%3 1 Adj. EBITDA 1 $49.7 $54.0 (7.9)%3 Adj. EBITDA margin • Revenue growth and operational efficiencies 1 generating leverage, offset by one less we
Slide 12: Med/Vet performance
Med/Vet performance $ in Millions Q3 ‘26 Q3 ‘25 ∆ vs. Q3 ‘25 Revenue $103.5 $95.0 +8.9% 1 Adj. EBITDA $27.5 $22.9 +20.1% Total Enrollment 1 • Growth led by Medical % Margin 26.5% 24.0% +250 bps • New enrollment up YoY at both Med & Vet 1 2 Adj. EBITDA margin Total Enrollment 5,344 5,133 +4.1% • Reve
Slide 13: Healthy cash generation & disciplined capital allocation
Healthy cash generation & disciplined capital allocation Trailing Twelve Months Free Cash Flow1 ($M) $368 0.7x Net Leverage1 Ratio $319 $336 Q3 FY ’26 $287 $283 $66m Returned to shareholders Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 through share repurchases Operating Cash Flow2 $335 $333 $375 $428 $406 in
Slide 14: Raising FY26 guidance
Raising FY26 guidance REVENUE $1,930m – $1,945m Underlying Themes YoY approx. growth +8% +9% Revenue growth higher in 1H ‘26 vs. 2H ’26 PRIOR GUIDANCE $1,900m – $1,940m 100 bps adj. EBITDA1 margin expansion; operational excellence delivering efficiencies Increased level of investments ADJ. EPS1 $7.9
Slide 15: Slide 15
Slide 16: Appendix
covista Appendix
Slide 17: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Covista’s ongoing operations as seen through the eyes of management and are useful fo
Slide 18: Adjusted operating income disclosure (1/2)
Adjusted operating income disclosure (1/2) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2026 2025 $ % 2026 2025 $ % Chamberlain: Operating income $ 47,696 $ 47,516 $ 180 0.4 % $ 105,302 $ 115,716 $ (10,414) (9.0) % Restru
Slide 19: Adjusted operating income disclosure (2/2)
Adjusted operating income disclosure (2/2) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2026 2025 $ % 2026 2025 $ % Home O ffice: Operating loss $ (17,021) $ (20,001) $ 2,980 14.9 % $ (47,858) $ (38,962) $ (8,896) (22.8)
Slide 20: Non-GAAP adjusted EBITDA disclosure (1/2)
Non-GAAP adjusted EBITDA disclosure (1/2) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2026 2025 $ % 2026 2025 $ % Chamberlain: Adjusted operating income (GAAP) $ 47,895 $ 47,493 $ 402 0.8 % $ 107,326 $ 117,628 $ (10,302)
Slide 21: Non-GAAP adjusted EBITDA disclosure (2/2)
Non-GAAP adjusted EBITDA disclosure (2/2) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2026 2025 $ % 2026 2025 $ % Home O ffice: Adjusted operating loss $ (9,525) $ (8,047) $ (1,478) (18.4) % $ (28,937) $ (25,930) $ (3,00
Slide 22: Adjusted earnings disclosure
Adjusted earnings disclosure (unaudited) (in thousands, except per share data) Three Months Ended Nine Months Ended March 31, March 31, 2026 2025 2026 2025 Net income (GAAP) $ 41,637 $ 60,832 $ 179,845 $ 182,853 Restructuring expense 863 510 5,228 2,926 Amortization of acquired intangible assets 2,8
Slide 23: Free cash flow disclosure
Free cash flow disclosure (unaudited) (in thousands) Twelve Months Ended FY25 FY25 FY26 FY26 FY26 Q3 Q4 Q1 Q2 Q3 Net cash provided by operating activities-continuing operations (GAAP) $ 335,069 $ 333,734 $ 374,796 $ 427,890 $ 406,335 Capital expenditures (47,914) (50,327) (55,936) (59,880) (69,872)
Slide 24: Net leverage disclosure
Net leverage disclosure (unaudited) (in thousands) Twelve Months Ended March 31, 2026 Covista: Net income (GAAP) $ 234,057 Loss from discontinued operations 15,620 Interest expense 46,489 Other income, net (6,933) Provision for income taxes 75,625 Depreciation and amortization 68,607 Stock-based com