KinderCare Learning Companies 1Q26 in Line but Guidance Remains Under Pressure

研报英文原文证据摘录

KinderCare Learning Companies 1Q26 in Line but Guidance Remains Under Pressure

J P M O R G A N North America Equity Research

15 May 2026

KinderCare Learning Companies Neutral

KLC, KLC US

1Q26 in Line but Guidance Remains Under Pressure Price (14 May 26):$4.37

Business & Information Services

After market close yesterday, early childhood education provider KinderCare Andrew C. Steinerman AC

(KLC) reported 1Q26 adjusted EPS of $0.04 before stock-based compensation (1-212) 622-2527

(SBC), coming in five cents ahead of our -$0.01 JPMe. Organic revenue and andrew.steinerman@jpmorgan.com

margin performance were in line with our estimates for the quarter. Specifically, Rohan Kalra

organic revenues declined by ~0.2% y/y on a Same-Day Basis (per our (1-212) 622-0879

calculations). KinderCare’s adjusted EBITDA margin (pre-SBC) contracted ~- rohan.kalra@jpmorgan.com

475bps y/y to 7.7% in the quarter. KinderCare’s most important KPIs continue Alexander E.M. Hess, CFA

to be pressured, albeit demonstrating slight improvement sequentially in the (1-212) 622-8331

alexander.hess@jpmorgan.com

quarter, with average weekly full-time enrollments (FTEs) declining -3% y/y and J.P. Morgan Securities LLC

average same-center occupancy declining -310bps y/y to 66%. Notably,

management flagged that center closures in F2026 will exceed the typical 15

to 20 per year baseline. We will be watching same-center occupancy as a key Key Changes (FYE Dec)

indicator, where the closure of underperforming centers and incremental Prev Cur Δ

magnet family transfers into nearby locations should both act as tailwinds to Adj. EPS - 26E ($) 0.18 0.14 -19.2%

Adj. EPS - 27E ($) 0.38 0.34 -8.3%

the portfolio average. Despite this center purging, the F2026 revenue guide of