Covista Reports Oct. 29: What Chamberlain University and Walden Students Should Watch

Covista Inc., the parent company of Chamberlain University and Walden University, will release its first-quarter results for fiscal 2027 after the stock market closes on Thursday, Oct. 29, 2026. The report covers July 1 through Sept. 30, 2026, which makes it the company's first quarterly report on a period entirely after new federal graduate loan limits took effect. Covista, formerly Adtalem Global Education, will discuss the results on a conference call at 4 p.m. CT (5 p.m. ET) the same day.

This article does not forecast those results. It sets out what Covista has already filed with the Securities and Exchange Commission (SEC) for fiscal 2026, which ended June 30, 2026, and the earlier figures the new numbers will be compared with. All figures were verified as of Oct. 14, 2026.

Chamberlain University and Walden by the Numbers

Covista's fiscal 2026 earnings release, filed Aug. 6, 2026, reported total revenue of $1,954.1 million, up 9.3% from the prior year. Walden University enrollment grew more than eight times faster than Chamberlain's:

Walden now brings in more revenue than Chamberlain. The release called June 2026 Walden's 12th straight quarter of enrollment growth and "the highest total enrollment in university history." For Chamberlain, it highlighted a 16th straight quarter of growth in its pre-licensure Bachelor of Science in Nursing (BSN) program, the track that prepares students for the NCLEX licensing exam.

The company's annual report (Form 10-K) adds detail the release left out. Chamberlain University enrollment fell below the prior year in the November 2025 session (down 1.0%) and the January 2026 session (down 0.7%) before turning positive again in March and May. The 10-K also says "enrollment has declined in post-licensure nursing programs during fiscal year 2026." Post-licensure programs are those for nurses who already hold a license, such as the RN-to-BSN, MSN and DNP. Management, it says, "is focused on optimizing marketing and enrollment operations to address post-licensure enrollment."

Covista's guidance for fiscal 2027 calls for revenue of $2,050 million to $2,090 million, or growth of about 5% to 7%.

New Chamberlain University Campuses

When the 10-K was filed, Chamberlain University had 24 campuses in 16 states and offered its online BSN in 38 states. Citing American Association of Colleges of Nursing data, the company says Chamberlain had the largest pre-licensure, BSN and MSN programs in the country by enrollment in fall 2025. It has announced three new campuses since May:

• Cincinnati: Opened Aug. 20, 2026, as the university's 25th campus, with classes starting Aug. 31, according to the opening announcement.
• Salt Lake City: Chamberlain's first Utah location and 26th campus. The company said in a July 21 release that pre-licensure BSN classes would begin Oct. 26, 2026.
• Nashville: Its first Tennessee campus and 27th location, with BSN classes scheduled to begin Jan. 4, 2027, according to a Sept. 9 announcement.

Covista said in August that the Cincinnati and Salt Lake City campuses were expected to start classes in the first half of fiscal 2027, which runs July through December 2026. The 10-K says fiscal 2026 capital spending of $77.7 million went mainly to technology and "new campus development at Chamberlain." In June, Chamberlain also began a nursing education partnership with Advocate Health, which the company describes as a financially supported pathway into nursing.

What Covista Has Said About Graduate Loan Caps

Since July 1, 2026, new graduate borrowers can no longer take out Grad PLUS loans, and new annual and lifetime caps apply. As of Oct. 14, 2026, Education Department interim guidance lets schools treat MSN, DNP and nurse anesthesia (DNAP) programs as professional degrees, which carry a higher $50,000 annual limit, while a court case continues. The guidance also says schools may consider capping those programs at the $20,500 graduate limit. Our lawsuit tracker follows that case.

Covista's clearest statement on the caps is in the risk factors of its 10-K. Under the heading "Recent changes to federal student loan programs that reduce annual, aggregate, and lifetime borrowing limits and limit federal student aid for part-time students may limit students' ability to finance their education, which may in turn materially and adversely affect our results of operations," the company wrote:

• "Students who are unable to access sufficient federal loan funds may be required to rely more heavily on personal savings, private loans, or other sources of financing, which may be unavailable, more expensive, or less predictable."
• "[S]ome prospective students may choose not to enroll, delay enrollment, enroll part-time, select shorter or lower-cost programs, or discontinue their studies before completion."
• "We are informing prospective students about private financing alternatives available in the market. We cannot predict the extent to which reduced federal loan availability may influence prospective student demand."

The 10-K does not estimate the effect on any one school or program, and it does not mention Walden's graduate nursing students specifically. It does say Covista's schools collectively get 78% of their revenue from federal education assistance funds. The same filing credits Walden's growth in part to "providing flexibility to working adults through part-time" and competency-based Tempo Learning programs, while its risk factor names limits on aid for part-time students as one of the changes. The earnings release does not mention the loan changes.

On the Aug. 6 earnings call, Chairman and CEO Steve Beard told analysts the company did not expect the loan changes to create headwinds for its programs or for students finishing them, according to the transcript posted on Covista's investor site. He said some medical and veterinary students had enrolled early to get ahead of the changes. Covista has not yet reported enrollment for any period after July 1.

What to Watch in the Oct. 29 Report

The new report will set fall 2026 numbers against these figures from a year earlier, taken from the 10-K:

• Chamberlain University's September session: 39,846 students in September 2025, up 2.2% from the year before.
• Walden University enrollment: 52,216 students at Sept. 30, 2025, up 13.6%.
• Post-licensure nursing: whether Covista updates the post-licensure enrollment decline it disclosed for Chamberlain.
• Loan-cap language: whether the quarterly report (Form 10-Q) or the call adds detail on how the July 1 changes are affecting graduate students.
• Guidance: whether the company keeps, raises or lowers its fiscal 2027 revenue range of $2,050 million to $2,090 million.
• Campuses: any update on Salt Lake City's first class and Nashville's January start.

For background on the company's name change, see our explainer on what Adtalem's switch to Covista means for Chamberlain and Walden.

Key Dates

• Oct. 29, 2026, after market close: Covista releases first-quarter fiscal 2027 results, followed by a call at 4 p.m. CT (5 p.m. ET), according to the company's Sept. 29 announcement. Phone participants are told to ask for the "Covista earnings call." The call will also be webcast on Covista's investor relations site, with a replay available for 30 days.
• 10-Q filing: In fiscal 2026, Covista filed each quarterly report on EDGAR on the same day as its earnings release.
• Nov. 11, 2026: Covista's annual shareholder meeting.
• Jan. 4, 2027: Scheduled first BSN classes at Chamberlain's Nashville campus.

Information is from Covista's SEC filings, press releases and investor materials as of Oct. 14, 2026. This article is not investment advice.