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Adtalem Global Education Inc.

For the period ended Jun 30, 2025. Filed Aug 7, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Aug 7, 2025

CVSA$113.98+3.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Table of Contents

Page
PART I
Item 1.Business1
Item 1A.Risk Factors15
Item 1B.Unresolved Staff Comments28
Item 1C.Cybersecurity28
Item 2.Properties30
Item 3.Legal Proceedings31
Item 4.Mine Safety Disclosures31
​Information About Our Executive Officers31
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities33
Item 6.[Reserved]35
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations35
Item 7A.Quantitative and Qualitative Disclosures About Market Risk50
Item 8.Financial Statements and Supplementary Data51
Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure88
Item 9A.Controls and Procedures88
Item 9B.Other Information89
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections89
PART III
Item 10.Directors, Executive Officers and Corporate Governance89
Item 11.Executive Compensation90
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters90
Item 13.Certain Relationships and Related Transactions, and Director Independence90
Item 14.Principal Accountant Fees and Services90
PART IV
Item 15.Exhibits and Financial Statement Schedules90
​Signatures95

Cautionary Disclosure Regarding Forward-Looking Statements

Certain statements contained in this Annual Report on Form 10-K are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. In particular, information appearing under “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” includes forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Adtalem’s future growth. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “future,” “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “potential,” “range,” and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. Important factors that could cause actual results to differ materially from the expectations expressed or implied by our forward-looking statements are disclosed in Item 1A. “Risk Factors,” and elsewhere in this document (including, without limitation, in conjunction with the forward-looking statements themselves and under the heading “Critical Accounting Estimates”), all of which should be read in conjunction with the forward-looking statements in this Annual Report on Form 10-K. You should evaluate forward-looking statements in the context of these risks and uncertainties and are cautioned to not place undue reliance on such forward-looking statements. We caution you that these factors may not contain all of the factors that are important to you. We cannot assure you that we will realize the results, performance or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. All forward-looking statements are based on information available to us as of the date any such statements are made, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.