Operating income plummeted to $339,000 in 2026Q2, reflecting extreme sensitivity to cost fluctuations as operating margins compressed to a razor-thin 0.2%.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 |
|---|
| Sales/Revenue | 868.99M | 835.62M | 732.69M | 607.41M | 418.76M | 335.08M | 300.76M | 331.5M | 316.96M | 324.26M | 347.15M | 362.67M | 378.39M | 380.27M | 413.55M | 451.9M | 435.92M | 366.63M | 343.46M | 353.37M | 347.07M | 310.8M | 255.15M | 196.5M | 144.37M | 109.49M | 92.08M |
| Revenue Growth % | 11.03% | 14.05% | 20.63% | 45.05% | 24.97% | 11.41% | -9.27% | 4.59% | -2.25% | -6.59% | -4.28% | -4.15% | -0.49% | -8.05% | -8.49% | 3.67% | 18.9% | 6.75% | -2.8% | 1.82% | 11.67% | 21.81% | 29.85% | 36.1% | 31.86% | 18.91% | - |
| Cost of Goods Sold | 439.35M | 420.49M | 384.53M | 329.87M | 207.23M | 166.82M | 155.93M | 178.32M | 182.59M | 181.03M | 194.4M | 194.42M | 200.05M | 199.54M | 211.98M | 223.47M | 212.58M | 193.49M | 186.64M | 186.25M | 173.23M | 145.03M | 116.73M | 92.44M | 70.81M | 59.55M | 48.52M |
| COGS % of Revenue | - | 50.32% | 52.48% | 54.31% | 49.49% | 49.78% | 51.85% | 53.79% | 57.61% | 55.83% | 56% | 53.61% | 52.87% | 52.47% | 51.26% | 49.45% | 48.77% | 52.77% | 54.34% | 52.71% | 49.91% | 46.66% | 45.75% | 47.05% | 49.05% | 54.39% | 52.7% |
| Gross Profit | 209.47M | 415.13M | 348.16M | 277.54M | 211.53M | 168.26M | 144.83M | 153.19M | 134.38M | 143.24M | 152.75M | 168.26M | 178.34M | 180.73M | 201.57M | 228.43M | 223.34M | 173.15M | 156.82M | 167.13M | 173.84M | 165.77M | 138.42M | 104.05M | 73.56M | 49.94M | 43.56M |
| Gross Margin % | 24.11% | 49.68% | 47.52% | 45.69% | 50.51% | 50.22% | 48.15% | 46.21% | 42.39% | 44.17% | 44% | 46.39% | 47.13% | 47.53% | 48.74% | 50.55% | 51.23% | 47.23% | 45.66% | 47.29% | 50.09% | 53.34% | 54.25% | 52.95% | 50.95% | 45.61% | 47.3% |
| Gross Profit Growth % | - | 19.23% | 25.45% | 31.2% | 25.71% | 16.18% | -5.46% | 14% | -6.19% | -6.23% | -9.22% | -5.65% | -1.32% | -10.34% | -11.76% | 2.28% | 28.99% | 10.41% | -6.17% | -3.86% | 4.86% | 19.76% | 33.03% | 41.45% | 47.3% | 14.65% | - |
| Operating Expenses | 368.08M | 331.66M | 289.27M | 256.14M | 189.16M | 153.32M | 148.7M | 160.99M | 169.65M | 145.06M | 171.37M | 165.12M | 172M | 174.8M | 187.46M | 183.33M | 176.79M | 154.5M | 146.12M | 143.38M | 133.1M | 110M | 88.3M | 67.9M | 51.54M | 38.33M | 33.89M |
| OpEx % of Revenue | - | 39.69% | 39.48% | 42.17% | 45.17% | 45.76% | 49.44% | 48.56% | 53.52% | 44.74% | 49.37% | 45.53% | 45.46% | 45.97% | 45.33% | 40.57% | 40.56% | 42.14% | 42.54% | 40.57% | 38.35% | 35.39% | 34.61% | 34.55% | 35.7% | 35.01% | 36.81% |
| Selling, General & Admin | 368.08M | 331.66M | 289.27M | 256.14M | 183.26M | 152.52M | 148.7M | 160.99M | 169.65M | 141.54M | 167.68M | 201.25M | 164.81M | 165.39M | 176.49M | 183.33M | 176.79M | 154.5M | 146.12M | 143.38M | 133.1M | 110M | 88.3M | 67.9M | 51.54M | 38.33M | 33.89M |
| SG&A % of Revenue | - | 39.69% | 39.48% | 42.17% | 43.76% | 45.52% | 49.44% | 48.56% | 53.52% | 43.65% | 48.3% | 55.49% | 43.56% | 43.49% | 42.68% | 40.57% | 40.56% | 42.14% | 42.54% | 40.57% | 38.35% | 35.39% | 34.61% | 34.55% | 35.7% | 35.01% | 36.81% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 5.9M | 800K | 0 | 1.47M | 1.08M | 1.09M | -49K | 140K | 563K | 655K | 10.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 55.16M | 83.47M | 58.89M | 21.4M | 22.37M | 14.95M | -2.58M | -7.8M | -35.27M | -1.82M | -18.62M | -9.22M | 6.34M | 5.93M | 14.12M | 45.1M | 46.55M | 18.64M | 10.7M | 23.75M | 40.74M | 55.78M | 50.12M | 36.16M | 22.02M | 11.61M | 9.66M |
| Operating Margin % | 6.35% | 9.99% | 8.04% | 3.52% | 5.34% | 4.46% | -0.86% | -2.35% | -11.13% | -0.56% | -5.36% | -2.54% | 1.67% | 1.56% | 3.41% | 9.98% | 10.68% | 5.08% | 3.11% | 6.72% | 11.74% | 17.95% | 19.64% | 18.4% | 15.25% | 10.6% | 10.49% |
| Operating Income Growth % | - | 41.73% | 175.2% | -4.36% | 49.69% | 678.44% | 66.88% | 77.88% | -1833.94% | 90.21% | -101.92% | -245.54% | 6.88% | -57.99% | -68.71% | -3.1% | 149.72% | 74.26% | -54.96% | -41.7% | -26.96% | 11.28% | 38.63% | 64.21% | 89.7% | 20.12% | - |
| EBITDA | 78.16M | 140.25M | 110.08M | 67.22M | 55.15M | 44.58M | 34.84M | 9.49M | -18.2M | 16.34M | 468K | 9.93M | 26.81M | 28.09M | 37.93M | 69.95M | 66.44M | 36.21M | 28.3M | 42.5M | 54.95M | 65.56M | 58.93M | 42.54M | 26.97M | 16.14M | 13.55M |
| EBITDA Margin % | 8.99% | 16.78% | 15.02% | 11.07% | 13.17% | 13.3% | 11.58% | 2.86% | -5.74% | 5.04% | 0.13% | 2.74% | 7.09% | 7.39% | 9.17% | 15.48% | 15.24% | 9.88% | 8.24% | 12.03% | 15.83% | 21.09% | 23.1% | 21.65% | 18.68% | 14.74% | 14.72% |
| EBITDA Growth % | -40.47% | 27.42% | 63.76% | 21.88% | 23.71% | 27.96% | 267.15% | 152.13% | -211.36% | 3392.52% | -95.29% | -62.96% | -4.54% | -25.96% | -45.77% | 5.28% | 83.48% | 27.94% | -33.41% | -22.65% | -16.18% | 11.23% | 38.54% | 57.75% | 67.09% | 19.11% | - |
| D&A (Non-Cash Add-back) | 23M | 56.78M | 51.19M | 45.82M | 32.78M | 29.63M | 37.42M | 17.29M | 17.07M | 18.17M | 19.09M | 19.16M | 20.47M | 22.16M | 23.82M | 24.84M | 19.89M | 17.57M | 17.61M | 18.75M | 14.21M | 9.78M | 8.81M | 6.38M | 4.95M | 4.53M | 3.89M |
| EBIT | 57.8M | 89.91M | 65.7M | 27.74M | 22.25M | 15.46M | -2.58M | -4.45M | -32.39M | 650K | -18.09M | -8.34M | 6.34M | 6.03M | 15.1M | 45.65M | 47.29M | 19.35M | 10.7M | 23.75M | 40.74M | 55.78M | 50.12M | 36.16M | 22.02M | 11.61M | 9.66M |
| Net Interest Income | 1.06M | 540K | -3.16M | -3.79M | -1.5M | -282K | 1.14M | -1.73M | -1.89M | -2.48M | -3.2M | -2.13M | -1.62M | 234K | 302K | 252K | 250K | 198K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.39M | 6.17M | 6.31M | 5.86M | 507K | 83K | 1.15M | 1.49M | 1.43M | 900K | 243K | 215K | 223K | 234K | 306K | 258K | 259K | 246K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 190K | 5.63M | 9.47M | 9.66M | 2M | 365K | 10K | 3.22M | 3.31M | 3.38M | 3.44M | 2.34M | 1.85M | 0 | 4K | 6K | 9K | 48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.34M | 805K | -2.66M | -3.31M | -1.93M | 236K | 1.28M | 137K | -422K | -907K | -2.9M | -1.46M | -590K | 889K | 847K | 543K | 729K | 664K | 3.32M | 2.62M | 2.97M | 1.46M | -2.17M | -3.42M | -7.1M | -10.67M | -11.88M |
| Pretax Income | 56.51M | 84.27M | 56.23M | 18.09M | 20.44M | 15.18M | -2.59M | -7.67M | -35.7M | -2.73M | -21.53M | -10.68M | 5.75M | 6.82M | 14.96M | 45.65M | 47.28M | 19.3M | 14.02M | 26.37M | 43.71M | 57.24M | 47.96M | 32.73M | 14.92M | 933K | -2.21M |
| Pretax Margin % | 6.5% | 10.09% | 7.67% | 2.98% | 4.88% | 4.53% | -0.86% | -2.31% | -11.26% | -0.84% | -6.2% | -2.95% | 1.52% | 1.79% | 3.62% | 10.1% | 10.85% | 5.27% | 4.08% | 7.46% | 12.59% | 18.42% | 18.8% | 16.66% | 10.33% | 0.85% | -2.4% |
| Income Tax | 13.93M | 21.26M | 14.23M | 5.76M | -5.41M | 602K | -10.6M | 203K | -3.02M | 5.4M | 26.17M | -1.53M | 3.71M | 3.01M | 5.93M | 18.41M | 18.45M | 7.57M | 5.8M | 10.81M | 16.32M | 21.42M | 19.14M | 12.35M | 5.23M | 10.67M | 34.01M |
| Effective Tax Rate % | 24.65% | 25.22% | 25.3% | 31.87% | -26.45% | 3.96% | 408.71% | -2.65% | 8.45% | -197.62% | -121.57% | 14.34% | 64.56% | 44.12% | 39.63% | 40.33% | 39.03% | 39.22% | 41.4% | 40.98% | 37.35% | 37.42% | 39.9% | 37.74% | 35.05% | 1143.84% | -1535.95% |
| Net Income | 42.68M | 63.02M | 42M | 12.32M | 25.85M | 14.58M | 8.01M | -7.87M | -32.68M | -8.13M | -47.7M | -9.15M | 2.04M | 3.81M | 9.03M | 27.24M | 28.83M | 11.73M | 8.22M | 15.56M | 27.39M | 35.82M | 28.82M | 20.38M | 9.69M | -9.74M | -36.22M |
| Net Margin % | 4.91% | 7.54% | 5.73% | 2.03% | 6.17% | 4.35% | 2.66% | -2.37% | -10.31% | -2.51% | -13.74% | -2.52% | 0.54% | 1% | 2.18% | 6.03% | 6.61% | 3.2% | 2.39% | 4.4% | 7.89% | 11.52% | 11.3% | 10.37% | 6.71% | -8.89% | -39.34% |
| Net Income Growth % | -25.68% | 50.04% | 240.86% | -52.33% | 77.27% | 82.08% | 201.78% | 75.93% | -302.09% | 82.96% | -421.32% | -549.14% | -46.54% | -57.82% | -66.84% | -5.52% | 145.7% | 42.81% | -47.21% | -43.17% | -23.54% | 24.29% | 41.42% | 110.33% | 199.49% | 73.11% | - |
| Net Income (Continuing) | 42.25M | 63.02M | 42M | 12.32M | 25.85M | 14.58M | 8.01M | -7.87M | -32.68M | -8.13M | -47.7M | -9.15M | 2.04M | 3.81M | 9.03M | 26.9M | 28.83M | 11.73M | 8.22M | 15.56M | 27.39M | 35.82M | 28.82M | 20.38M | 9.69M | -9.74M | -36.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.77 | 1.13 | 0.75 | 0.13 | 0.38 | 0.17 | 0.05 | -0.31 | -1.30 | -0.33 | -1.96 | -0.38 | 0.08 | 0.15 | 0.36 | 1.10 | 1.18 | 0.48 | 0.32 | 0.57 | 0.97 | 1.26 | 1.04 | 0.79 | 0.44 | -0.73 | -2.70 |
| EPS Growth % | -26.01% | 50.67% | 476.92% | -65.79% | 123.53% | 218.35% | 117.23% | 76.15% | -293.94% | 83.16% | -415.79% | -575% | -46.67% | -58.33% | -67.27% | -6.78% | 145.83% | 50% | -43.86% | -41.24% | -23.02% | 21.15% | 31.65% | 79.55% | 160.27% | 72.96% | - |
| EPS (Basic) | - | 1.16 | 0.77 | 0.13 | 0.39 | 0.17 | 0.05 | -0.31 | -1.30 | -0.33 | -1.96 | -0.38 | 0.08 | 0.16 | 0.37 | 1.12 | 1.20 | 0.48 | 0.32 | 0.58 | 0.99 | 1.28 | 1.14 | 1.03 | 0.51 | -0.73 | -2.70 |
| Diluted Shares Outstanding | 55.73M | 55.62M | 50.85M | 34.48M | 33.74M | 33.12M | 30.11M | 25.44M | 25.11M | 24.71M | 24.31M | 24.39M | 24.92M | 24.7M | 24.94M | 24.74M | 24.51M | 24.63M | 25.81M | 27.42M | 28.25M | 28.54M | 27.59M | 25.05M | 20.24M | 13.4M | 13.43M |
| Basic Shares Outstanding | 54.8M | 54.3M | 49.43M | 33.98M | 33.22M | 32.77M | 29.81M | 25.44M | 25.11M | 24.71M | 24.31M | 24.08M | 24.64M | 24.52M | 24.71M | 24.43M | 24.04M | 24.25M | 25.57M | 26.77M | 27.8M | 27.9M | 24.66M | 13.54M | 13.4M | 13.4M | 13.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | 1.24% | - | - | - | - | - | 484.78% | 257.74% | 82.21% | 133.39% | 126.03% | - | - | - | - | - | 43.57% | 24.54% | - | - | - |
Regulatory Title IV dependency
As reported in recent financial filings, UTI's year-over-year revenue growth has decelerated to 6.7% in 2026Q2, a notable decline from the double-digit expansion observed throughout 2025, suggesting that the initial tailwinds from the Concorde acquisition and post-pandemic enrollment recovery may be losing their primary momentum.
The deceleration in top-line growth warrants caution, as it may indicate that the company is reaching a saturation point in its core transportation markets. Investors should monitor whether the healthcare segment can provide sufficient organic growth to offset the cooling demand in legacy vocational programs.
According to the latest income statement data, UTI's gross margin experienced a sharp contraction to -49.6% in 2026Q2, representing a significant deviation from the historical 47% to 50% range and suggesting potential volatility in the underlying cost of delivering specialized, lab-intensive educational services.
This sudden margin collapse appears highly anomalous and requires immediate investigation into whether this reflects a one-time accounting adjustment or a structural shift in instructional costs. Such a drastic swing suggests that the company's high fixed-cost model is currently failing to absorb operational expenses effectively.
Based on the provided quarterly figures, UTI's operating income plummeted to $339,000 in 2026Q2, illustrating that the company's profitability is extremely sensitive to minor fluctuations in revenue and SG&A, as the operating margin compressed to a razor-thin 0.2% from previous double-digit levels.
The inability to maintain operating leverage during a period of positive revenue growth suggests that SG&A expenses are not scaling efficiently with the business. This lack of scalability may indicate that the integration of new divisions is creating persistent overhead burdens that erode bottom-line performance.
As indicated by the 2026Q2 results, UTI's net income of $433,000 and EPS of $0.01 highlight a significant deterioration in earnings quality, as the company struggles to translate revenue into consistent shareholder value amidst rising operational costs and potential non-operating items impacting the bottom line.
The sharp drop in EPS compared to prior quarters suggests that the company's earnings power is currently fragile and susceptible to operational friction. Investors should look past the headline revenue figures to determine if the current earnings profile is sustainable or merely a reflection of temporary integration-related inefficiencies.
While management emphasizes a diversified platform, the 2026Q2 income statement suggests that UTI's business model remains vulnerable to cost spikes, as evidenced by the sudden erosion of gross margins and the near-total disappearance of operating income despite continued, albeit slower, top-line revenue growth.
Short-sellers may focus on the company's inability to protect margins, arguing that the high-touch vocational model is inherently difficult to scale profitably. The reliance on federal funding combined with these margin pressures suggests that any regulatory tightening could lead to a rapid deterioration in financial health.
Quick answers to the most common questions about buying UTI stock.
For fiscal year 2025, Universal Technical Institute, Inc. (UTI) reported total revenue of $835.6M. This represents a 807.5% increase compared to $92.1M in 2000.
Universal Technical Institute, Inc. (UTI) is profitable, generating $63.0M in net income for the fiscal year ending 2025 with a net profit margin of 7.5%.
Universal Technical Institute, Inc. (UTI) reported an operating income of $83.5M, resulting in an operating profit margin of 10.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Universal Technical Institute, Inc. (UTI) generated $415.1M in gross profit for the year, representing a gross profit margin of 49.7%. This demonstrates the company's core pricing power and production efficiency.