Phoenix Education Partners operates the University of Phoenix, one of the largest online universities in the U.S., focused on serving working adults — the average student is 38 years old, employed, and balancing family and career. The university offers degree programs across business, IT, health professions, nursing, education, and social sciences, along with non-degree certificates and professional development courses. As of FY25, the university had roughly 81,900 average degreed enrollees, with bachelor's degrees accounting for 70% of enrollment. Tuition for degree programs drives roughly 97% of net revenue. The business model depends heavily on federal Title IV student aid, which accounted for 88.6% of cash basis revenue in FY25 — primarily student loans and federal grants — making regulatory access to these programs a core business risk. Students enroll either directly (roughly 68% of enrollment) or through employer-sponsored partnerships (roughly 32%), where companies partner with the university to upskill their workforce, often providing tuition discounts. The B2B employer channel is a key growth focus, as it drives lower acquisition costs and better student retention. The university also invests in AI tools to identify at-risk students and improve retention, which is critical given the dropout risk profile of adult learners. Growth priorities include expanding employer relationships, growing non-degree certificate offerings, and leveraging AI across enrollment and retention functions.