PXED Q3 FY26: Enrollment +2.2%, revenue +0.9%, but $47M share-comp surge cuts operating income 39%

Filed July 14, 2026 · Period ending May 31, 2026 · ~2 min read

Key Changes

• high

  Operating income fell 39% to $91.4M (nine months) as share-based compensation surged $47.6M post-IPO, compressing operating margin from 20.1% to 12.1% despite flat adjusted EBITDA at ~25%.

  MD&A: Share-based compensation verify on EDGAR →
• high

  Cybersecurity breach (Aug 2025) exposed SSNs and bank account numbers; $5.1M in incident costs incurred, consolidated class action pending in Texas federal court, no litigation liability accrued.

  Legal Proceedings: Cybersecurity incident verify on EDGAR →
• high

  Department of Education approved 1,200+ borrower defense claims ($37M discharged loans) tied to 2012–2014 ad campaign; DOE indicated intent to recoup but has not commenced action, no liability accrued.

  Notes: BDR claims verify on EDGAR →