Adtalem is a for-profit healthcare education company operating five institutions in the U.S. and Caribbean, serving over 90,000 students. Adtalem trains nurses, physicians, veterinarians, and behavioral health professionals, positioning itself as a supplier of healthcare workers to address chronic U.S. workforce shortages. Adtalem's two largest businesses are Chamberlain University, the largest nursing school in the U.S. by enrollment, which offers pre-licensure BSN programs across 23 physical campuses and online, plus graduate nursing programs; and Walden University, a fully online university targeting working adults over 25 with degrees in nursing, social work, counseling, psychology, and other fields. Adtalem's third segment includes two Caribbean medical schools — Ross University School of Medicine and American University of the Caribbean — plus Ross University School of Veterinary Medicine, which train students for U.S. licensure exams and residency placement. Adtalem earns revenue primarily through per-credit or per-program tuition. Revenue scales with total enrollment and revenue per student, which is driven by tuition rates and program mix. Because Adtalem's cost base is largely fixed, enrollment growth drives meaningful operating leverage. Roughly 77% of consolidated revenue is funded by federal financial aid, creating stable demand but also regulatory obligations around Title IV compliance. Key growth initiatives include expanding Chamberlain's online BSN program, adding new campuses and programs, and using AI and predictive analytics to improve student retention and outcomes.