Q3 2026 Education Industry Trends

Q3 2026 KEY HIGHLIGHTS

The largest transaction in Q3 2026 was YDUQS’ announced merger with Afya Limited, a leading medical education group in Brazil, for $1.7 billion.

There were 99 financially sponsored transactions in the 1st 3 Quarters of 2026, with an aggregate value of $4.3 billion, representing 25 percent of the total volume and 40 percent of the total value, respectively.

Q3 2026 KEY TRENDS

Total transaction volume in Q3 of 2026 rose 7 percent over Q2 of 2026, from 139 to 149.

Total transaction value in Q3 of 2026 more than doubled over Q2 of 2026, from $1.9 billion to $4.3 billion.

Based on volume, the most active market segment that Berkery Noyes tracked in Q3 2026 was K-12 Media and Tech with 27 transactions

MULTIPLES & VALUE TRENDS

The median revenue multiple from 2025 through the 1st 3 Quarters of 2026 fell 22 percent from 1.8x to 1.4x.

The median EBITDA multiple from 2025 through the 1st 3 Quarters of 2026 increased 6 percent, from 14.1x to 15.0x

TOP TEN DEALS THROUGH Q3 2026

The top ten deals by value have seen three new additions since our half year report: the previously mentioned announced merger of YDUQS with Afya Limited, DoorDash’s announced acquisition of Grubhub Campus Dining, a mobile food ordering platform for students, from Wonder Group, for $300 million, and Main Capital Partners’ announced acquisition of Tribal Group, a leading provider of education software and services in the UK, for $256 million.

These three deals, with an aggregate value of $2.3 billion, represented 21 percent of transaction value in the 1st 3 Quarters of 2026.