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Critical incident detected

Data breach / PII exposure

Time-sensitive event — see the red-flag panel below for the source-quoted detail.

Red Flags Detected

  • Cybersecurity Breach Exposing Ssns and Bank Account Numbers (new) — August 2025 Oracle EBS breach led to consolidated class action; $5.1M in costs incurred, no litigation liability accrued, outcome uncertain.
  • Department of Education Borrower Defense Recoupment Risk (new) — DOE approved $37M in loan discharges tied to 2012–2014 ad campaign and indicated intent to recoup from the University, though no action commenced; no liability accrued.
NYSE: PXED Phoenix Education Partners, Inc. 10-Q

PXED Q3 FY26: revenue $271.8M, net income $39.2M. Enrollment +0.0%, revenue +0.9%, but 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 ($1.5 million, 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

    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 →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Jul 16, 2026 · How we verify