Our Mission To provide access to higher education opportunities that enable students to develop the knowledge and skills necessary to achieve their professional goals, improve the performance of their organizations and provide leadership and service to their communities. We are a mission-driven organization operating at the forefront of the rapidly evolving post-secondary education market. As one of the largest online education providers and a pioneer in our field, we benefit from the dynamic interplay between technological innovation, education, employment and economic trends. The demands of the modern workforce are continually shifting, and we are focused on transforming the way individuals achieve their educational and career aspirations while balancing the unique demands of being an adult learner. We are focused on delivering a personalized, career-relevant and affordable education to our students through our flexible learning model, skills-aligned curriculum and accessible tuition costs. We have created purpose-built platforms that leverage an artificial intelligence (“AI”)-ready data infrastructure and technology stack to enhance the student experience, increase student success and improve the connectivity between students, educators and employers. The University of Phoenix was founded in 1976 and has been continuously accredited since 1978 by the Higher Learning Commission (“HLC”), an institutional accrediting agency recognized by the U.S. Department of Education. In our nearly five decades of operation, we have served more than 1.1 million alumni (including those who have completed non-degree certificates) and conferred nearly 1.3 million degrees. According to Forbes, we were the university with the highest number of graduates employed at the top 20 Fortune 500 companies as of September 2021. Our student body consists primarily of working adults seeking to advance their careers. Adult learners represent an attractive and growing sub-segment of the higher education market. However, they face unique challenges that are not addressed by traditional programs designed for 18- to 22-year-olds, including the time constraints and responsibilities of work, community and caring for dependents. As a result, these students can significantly benefit from an education solution tailored to their needs. We are dedicated to these adult learners, and we are constantly evolving the flexible, asynchronous learning models and the robust technology solutions designed to meet their unique needs. We believe we provide a differentiated value proposition to both students and employers. Both inside and outside of the classroom, our purpose is to help our students achieve their educational and career goals and to assist employers in upskilling their employees. For the fiscal year ended August 31, 2024, the University’s Average Total Degreed Enrollment was 78,900, including 64,100 undergraduate and 14,800 graduate students. During the first nine months of fiscal year 2025, Average Total Degreed Enrollment increased to 82,700. Students either enroll at the University independently or have the option to enroll through one of our more than 2,500 employer relationships. Many of our students receive discounted tuition benefits under programs offered through our employer relationships, which are classified as business-to-business, or “B2B,” enrollment. These include students who enroll in the University through employer-provided programs, as well as students who enroll independently but are employees of employers with whom we have an employer relationship. We view B2B enrollments as a significant opportunity for further growth. B2B enrollments represented 13,300 Average Total Degreed Enrollment (20% of the University’s Average Total Degreed Enrollment) in fiscal year 2022 and 23,300 Average Total Degreed Enrollment (30% of the University’s Average Total Degreed Enrollment) in fiscal year 2024, reflecting a 32% CAGR. The University currently offers 72 degree-granting and 33 non-degree certificate programs across a wide range of disciplines. Our degree-granting programs represented approximately 97% of our net revenue for fiscal year 2024 and serve a diverse set of students who are seeking to improve their career opportunities: Average Total Degreed Enrollment by degree type for fiscal year 2024: • Bachelor’s: 70% • Master’s: 16% • Associate’s: 11% • Doctoral: 3% Degree completions by discipline for fiscal year 2024: • Business and IT: 63% • Health Professions: 15% • Social and Behavioral Sciences: 12% • Education: 4% • Nursing: 4% • Doctoral Studies: 2% • General Studies: less than 1% Of the University’s enrollment during fiscal year 2024, subject to data availability for each metric: • 76% are currently employed; • 95% of new students are over the age of 22, with an average age of 37; • 64% care for dependents at home; • 61% are first-generation college students; • 62% of students who completed an optional survey identify as members of a minority group; and • 71% are female. Our non-degree offerings for students and employers represent the remaining portion of net revenue and are a growing priority for the University. These non-degree offerings include shorter credit-bearing certificates and non-credit professional development courses that provide students with critical skills for career advancement and benefit employers by upskilling their employees. We are also developing new talent solutions programs for employers, including: (i) Talent Source, a talent-sourcing platform that connects employers with students whose skills profiles align with job postings and (ii) Skillmore, an AI-powered tool that scans an employer’s inventory of sought-after skills and designs development pathways to internal job opportunities. We were organized under the laws of the State of Delaware as a limited partnership on January 9, 2014 and will be converted to a corporation under the laws of the State of Delaware prior to closing of this offering as part of the Reorganization Transactions. Our principal executive offices are located in Phoenix, AZ.
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- Netflix for online degrees
- Amazon for online degrees
- HCA Healthcare for higher education
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- Online Degree Programs: Offering a wide range of accredited bachelor's, master's, and doctoral degrees entirely through online platforms.
- Professional Certifications: Providing non-degree certificate programs and courses designed for specific career advancement and skill acquisition.
- Corporate Training Solutions: Developing customized educational programs and training modules for businesses and organizations to upskill their workforce.
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The symbol PXED is officially associated with Phoenix New Media Limited, a leading new media company in China, which operates internet and mobile platforms providing news, information, and entertainment. This company operates in the digital media sector and is not an education company as "Phoenix Education Partners" would suggest.
Considering Phoenix New Media Limited (symbol: PXED), its major customers are:
- Other Companies (B2B): Phoenix New Media Limited primarily sells advertising space and solutions across its various platforms (e.g., ifeng.com, mobile applications) to a wide range of businesses and advertising agencies. These companies are its core customers, leveraging PXED's extensive reach in China to promote their products and services. Due to the diverse and extensive nature of its advertiser base, specific "major customer companies" whose names are publicly disclosed as consistently representing a significant portion of revenue are not typically identified.
- Individuals (B2C): The company also serves a vast audience of individual users who consume its free content across its platforms. While these individuals are primarily content consumers, a segment of them become direct customers by subscribing to premium content, value-added services, or participating in e-commerce offerings facilitated by PXED.
Given its revenue structure, Phoenix New Media Limited sells primarily to other companies (advertisers).
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Christopher Lynne, Chief Executive Officer, President, and Director
Christopher Lynne was appointed CEO of Phoenix Education Partners in March 2023 and has over 20 years of experience in higher education, focusing on career-focused education for nontraditional students. He has served as president of the University of Phoenix since 2022, having joined the university as CFO in 2018. His previous leadership roles include COO and CFO at Northcentral University, President and COO at HotChalk, and owner of Transcend Education Group. Mr. Lynne holds a B.S. in Accounting from Purdue University and an MBA from the Booth School of Business at the University of Chicago.
Blair Westblom, Chief Financial Officer and Treasurer
Blair Westblom was appointed Chief Financial Officer in January 2023 and is responsible for leading the finance, real estate, and facilities functions. She brings over 21 years of experience in publicly traded and private companies across various industries, including higher education, biotechnology, investment banking, and REITs. Ms. Westblom joined the University of Phoenix in 2010 as associate director of finance. Prior to that, she was a Senior Group Controller at Genentech, a subsidiary of Roche, where she managed the fiscal aspects of its $3 billion biologic oncology business. She also served as a financial analyst at Thomas Weisel Partners, which was subsequently acquired by Stifel Financial, advising on IPOs, private placements, and mergers and acquisitions. Ms. Westblom earned a Bachelor of Arts in Economics and a minor in Business Administration from Vanderbilt University.
Raghu Krishnaiah, Chief Operating Officer
Raghu Krishnaiah serves as the Chief Operating Officer of Phoenix Education Partners.
Srini Medi, Chief Legal Officer & Secretary
Srini Medi holds the position of Chief Legal Officer & Secretary at Phoenix Education Partners, also serving as Senior Vice President, General Counsel.
Jeff Honaker, Chief Accounting Officer
Jeff Honaker is the Chief Accounting Officer for Phoenix Education Partners.
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The clear emerging threat for Phoenix Education Partners (PXED) is the rapid proliferation and increasing mainstream acceptance of alternative online learning platforms and credentialing programs. This includes:
- Massive Open Online Courses (MOOCs) offered by leading universities and platforms such as Coursera and edX, which often provide low-cost or free access to high-quality content and optional paid certificates.
- Specialized online bootcamps and academies focused on in-demand skills (e.g., coding, data science, cybersecurity) that offer faster, career-focused pathways compared to traditional degree programs.
- Industry-backed professional certificate programs, such as those offered by Google, IBM, and Microsoft, which are gaining recognition from employers as valid demonstrations of competency.
These alternatives directly compete with traditional for-profit education models by offering more affordable, flexible, skill-specific, and often quicker routes to career advancement or reskilling, potentially eroding PXED's student enrollment and value proposition.
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Phoenix Education Partners (symbol: PXED), through its subsidiary the University of Phoenix, Inc., focuses primarily on providing online higher education for working adults in the United States. Their core offerings include degree programs in fields like healthcare, IT, and business, as well as short-form certificates and bootcamps in areas such as cybersecurity and data analytics. The company also offers talent solutions programs for employers, including the Talent Source platform and the AI-powered Skillmore tool.
The addressable markets for Phoenix Education Partners' main products and services are sizable and growing:
- For **Online Higher Education** (degree programs, certificates, and bootcamps for working adults):
- The U.S. online higher education market is valued at over $20 billion.
- The online higher education market in the U.S. is projected to grow by an estimated $33.35 billion from 2021 to 2026.
- More broadly, the U.S. online education market, which includes higher education, was valued at $100 billion in 2022 and is projected to reach $686.9 billion by 2030.
- Globally, the online degree market is forecast to reach $74 billion in 2025.
- For **Talent Solutions for Employers** (including upskilling, reskilling, and corporate training platforms):
- This segment is part of the larger online education market. The U.S. online education market, which encompasses corporate demand for upskilling programs, is valued at $74.8 billion.
- Corporate online training programs are experiencing a surge in the U.S., with over 5,000 companies adopting online platforms for employee training in 2024.
- Globally, the online education market was estimated at $49 billion in 2022 and is expected to reach $200 billion by 2030. Another estimate places the global online education market at $49.99 billion in 2023, expected to reach $324.95 billion by 2032.
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Phoenix Education Partners (PXED) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, focusing on expanding its reach and enhancing its educational offerings.
- Expanding Employer Relationships and Business-to-Business (B2B) Enrollment Growth: The company places a strong emphasis on growing its partnerships with employers. This B2B enrollment segment has demonstrated significant growth, with a 32% compound annual growth rate (CAGR) since 2022, and is considered a stable channel for future expansion and regulatory compliance. Approximately 30% of degreed enrollments in fiscal year 2024 came through employer relationships.
- Digital Innovation and Investment in AI-driven Platforms: Phoenix Education Partners plans substantial investments, including $500 million in technology, to advance its AI-driven platforms and data infrastructure. This strategic focus on digital innovation aims to enhance the student experience and improve overall student success.
- Growth in Student Enrollment and Improved Retention: A core driver involves increasing average total degreed enrollment, which was 82,700 during the first nine months of fiscal year 2025. Coupled with this is a focus on improving student retention, which has already seen significant gains, reaching 71.5% post-transformation. Management anticipates strong revenue growth supported by high retention.
- Launch of New Digital Products and Services: The company's strategy includes launching new digital products and expanding its online and hybrid educational offerings. This product and service diversification aims to meet evolving market demands and provide flexible, career-oriented education primarily to adult learners.
- Market Share Expansion in the Online Education Segment: Phoenix Education Partners aims to increase its market share within the competitive online education sector. This growth strategy specifically targets the working adult and career-focused segments, leveraging its resources and technological investments to attract new students.
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Share Issuance
- Phoenix Education Partners (PXED) completed its initial public offering (IPO) on October 10, 2025, with shares beginning to trade on the New York Stock Exchange on October 9, 2025.
- The IPO involved the sale of 4,250,000 shares of common stock at a price of $32.00 per share, resulting in aggregate gross proceeds of approximately $136 million.
- The company did not receive any proceeds from this offering, as all shares were sold by existing shareholders.
Capital Expenditures
- Over the past five years (2020-2025), Phoenix Education Partners has invested approximately $500 million in technology resources.
- The primary focus of these capital expenditures is leveraging artificial intelligence (AI) to improve student retention, enhance student-facing capabilities, and boost internal efficiency.
