0001437578-26-000020 | 10-Q | XBRL Viewer | Bright Horizons Family Solutions INC

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FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	$ 39,500		$ 39,500		$ 39,500
Available-for-sale debt securities amortized cost	39,600		39,600		39,300
Cost of services	590,215	$ 549,020	1,138,947	$ 1,058,810
Goodwill impairment loss	6,300		$ 6,302
Discounted cash flow, forecast period			15 years
Full service center-based child care
Fair Value Measurements Disclosure [Line Items]
Impairment losses	19,100		$ 19,100
Cost of services	12,800		12,800
Goodwill impairment loss	6,300
Level 2
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	10,400		10,400		8,600
Level 1
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	$ 29,100		$ 29,100		30,900
Minimum
Fair Value Measurements Disclosure [Line Items]
Debt securities, remaining maturity term	1 year		1 year
Maximum
Fair Value Measurements Disclosure [Line Items]
Debt securities, remaining maturity term	5 years		5 years
Balance Sheet Location [Axis]: us-gaap:OtherAssets
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	$ 26,100		$ 26,100		24,100
Balance Sheet Location [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	13,400		13,400		15,400
Interest rate caps \| Level 2 \| Estimate of Fair Value Measurement
Fair Value Measurements Disclosure [Line Items]
Derivative asset	4,100		4,100		2,200
Interest rate caps \| Balance Sheet Location [Axis]: us-gaap:OtherAssets \| Level 2 \| Estimate of Fair Value Measurement
Fair Value Measurements Disclosure [Line Items]
Derivative asset	3,023		3,023		423
Interest rate caps \| Balance Sheet Location [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent \| Level 2 \| Estimate of Fair Value Measurement
Fair Value Measurements Disclosure [Line Items]
Derivative asset	$ 1,085		$ 1,085		$ 1,763

LEASES - Additional Information (Details) $ in Millions	3 Months Ended
LEASES - Additional Information (Details) $ in Millions	Jun. 30, 2026 USD ($)
Lessee, Lease, Description [Line Items]
Impairment loss on operating lease right-of use assets	$ 11.1
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	10 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	15 years

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 779,178	$ 731,570	$ 1,491,400	$ 1,397,097
Cost of services	590,215	549,020	1,138,947	1,058,810
Gross profit	188,963	182,550	352,453	338,287
Selling, general and administrative expenses	108,002	94,834	205,355	186,695
Amortization of intangible assets	1,144	1,664	2,332	3,268
Income from operations	79,817	86,052	144,766	148,324
Interest expense — net	(14,023)	(10,555)	(26,045)	(20,906)
Income before income tax	65,794	75,497	118,721	127,418
Income tax expense	(25,159)	(20,722)	(43,978)	(34,594)
Net income	$ 40,635	$ 54,775	$ 74,743	$ 92,824
Earnings per common share:
Common stock — basic (in dollars per share)	$ 0.79	$ 0.96	$ 1.41	$ 1.62
Common stock — diluted (in dollars per share)	$ 0.79	$ 0.95	$ 1.40	$ 1.61
Weighted average common shares outstanding:
Common stock — basic (in shares)	51,538,729	57,255,841	52,938,352	57,319,814
Common stock — diluted (in shares)	51,757,065	57,713,111	53,230,622	57,831,930

LEASES - Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted average remaining lease term (in years)	9 years	9 years
Weighted average discount rate	7.10%	7.00%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 40,635	$ 54,775	$ 74,743	$ 92,824
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,600	22,700	47,802	44,609
Impairment losses and other non-cash items			22,934	856
Stock-based compensation expense			14,456	14,986
Deferred income taxes			8,083	5,175
Changes in assets and liabilities:
Accounts receivable			84,938	87,431
Prepaid expenses and other current assets			(3,821)	(1,345)
Accounts payable and accrued expenses			10,519	13,581
Income taxes			(14,523)	(7,882)
Deferred revenue			(42,978)	(27,252)
Leases			(11,693)	(4,523)
Other assets			(3,446)	(4,446)
Other current and long-term liabilities			15,778	6,360
Net cash provided by operating activities			202,792	220,374
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets — net			(39,081)	(34,043)
Proceeds from debt securities and other investments			8,896	7,503
Purchases of debt securities and other investments			(9,219)	(6,322)
Payments and settlements for acquisitions — net of cash acquired			0	(5,106)
Net cash used in investing activities			(39,404)	(37,968)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility			1,241,463	405,000
Payments under revolving credit facility			(1,272,534)	(3,500)
Borrowings of long-term debt — net of issuance costs			373,748	0
Principal payments of long-term debt			0	(451,000)
Payments of revolving credit facility debt issuance costs			(334)	(2,878)
Purchase of treasury stock			(471,531)	(60,330)
Proceeds from issuance of common stock upon exercise of options			0	10,230
Taxes paid related to the net share settlement of stock options and restricted stock			(7,817)	(13,609)
Net cash used in financing activities			(137,005)	(116,087)
Effect of exchange rates on cash, cash equivalents and restricted cash			(1,744)	7,045
Net increase in cash, cash equivalents and restricted cash			24,639	73,364
Cash, cash equivalents and restricted cash — beginning of period			143,158	123,715	$ 123,715
Cash, cash equivalents and restricted cash — end of period	167,797	197,079	167,797	197,079	143,158
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	163,691	179,222	163,691	179,222	140,091
Restricted cash, included in prepaid expenses and other current assets	1,537	15,363	1,537	15,363
Restricted cash, included in other assets	2,569	2,494	2,569	2,494
Total cash, cash equivalents and restricted cash — end of period	$ 167,797	$ 197,079	167,797	197,079	$ 143,158
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments of interest			28,197	28,508
Cash received from cash flow hedges of interest rate risk			1,566	7,798
Cash payments of income taxes (net of refunds in 2026)			50,323
Cash payments of income taxes (net of refunds in 2026)				35,879
Cash paid for amounts included in the measurement of lease liabilities			85,741	78,999
NON-CASH TRANSACTIONS:
Fixed asset purchases recorded in accounts payable and accrued expenses			1,257	1,465
Operating right-of-use assets obtained in exchange for operating lease liabilities — net			11,916	32,329
Treasury stock purchases in other current liabilities			3,559	0
Restricted stock reclassified from other current liabilities to equity upon vesting			$ 0	$ 2,401

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SEGMENT INFORMATION - Additional information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Segment Reporting [Line Items]
Number of operating segments			3
Number of reportable segments			3
Depreciation and amortization \| $	$ 24,600	$ 22,700	$ 47,802	$ 44,609
Full service center-based child care
Segment Reporting [Line Items]
Segment related percentage	85.00%	85.00%	85.00%	85.00%

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease expense	$ 47,604	$ 37,663	$ 85,133	$ 74,058
Variable lease expense	11,034	12,017	22,183	23,354
Total lease expense	$ 58,638	$ 49,680	$ 107,316	$ 97,412

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]
Goodwill impairment loss	$ 6,300	$ 6,302

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options outstanding to purchase shares of common stock excluded from diluted earnings per share (in shares)	1.1	0.9	1.1	1.0

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following tables set forth the computation of basic and diluted earnings per share:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(In thousands, except share data)
Net income	$	40,635	$	54,775	$	74,743	$	92,824

Weighted average common shares outstanding — basic	51,538,729		57,255,841		52,938,352		57,319,814
Effect of dilutive securities	218,336		457,270		292,270		512,116
Weighted average common shares outstanding — diluted	51,757,065		57,713,111		53,230,622		57,831,930

Earnings per common share — basic	$	0.79	$	0.96	$	1.41	$	1.62
Earnings per common share — diluted	$	0.79	$	0.95	$	1.40	$	1.61

For the three and six months ended June 30, 2026 and 2025, basic and diluted earnings per share were calculated using the treasury method. Equity awards outstanding to purchase or receive 1.1 million and 0.9 million shares of common stock were excluded from diluted earnings per share for the three months ended June 30, 2026 and 2025, respectively, since their effect was anti-dilutive. Equity awards outstanding to purchase or receive 1.1 million and 1.0 million shares of common stock were excluded from diluted earnings per share for the six months ended June 30, 2026 and 2025, respectively, since their effect was anti-dilutive.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 27, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-35780
Entity Registrant Name	BRIGHT HORIZONS FAMILY SOLUTIONS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0188269
Entity Address, Address Line One	2 Wells Avenue
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02459
City Area Code	(617)
Local Phone Number	673-8000
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	BFAM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,635,306
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001437578
Current Fiscal Year End Date	--12-31

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Fair Value of Derivative Financial Instruments (Details) - Interest rate caps - Level 2 - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Derivative asset	$ 4,100	$ 2,200
Balance Sheet Location [Axis]: us-gaap:OtherAssets
Derivatives, Fair Value [Line Items]
Derivative asset	3,023	423
Balance Sheet Location [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Derivatives, Fair Value [Line Items]
Derivative asset	$ 1,085	$ 1,763

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 163,691	$ 140,091
Accounts receivable — net of allowance for credit losses of $3,406 and $3,667 at June 30, 2026 and December 31, 2025, respectively	208,829	293,983
Prepaid expenses and other current assets	92,530	69,899
Total current assets	465,050	503,973
Fixed assets — net	559,728	574,200
Goodwill	1,818,900	1,824,175
Other intangible assets — net	191,366	193,452
Operating lease right-of-use assets	636,188	682,069
Other assets	118,818	111,734
Total assets	3,790,050	3,889,603
Current liabilities:
Current portion of long-term debt	9,375	0
Current portion of revolving credit facility	205,953	199,552
Accounts payable and accrued expenses	310,318	292,812
Current portion of operating lease liabilities	110,405	110,229
Deferred revenue	287,695	330,647
Other current liabilities	47,926	32,925
Total current liabilities	971,672	966,165
Long-term debt — net	1,072,058	747,614
Operating lease liabilities	656,996	702,845
Other long-term liabilities	108,483	104,126
Deferred revenue	13,640	14,689
Deferred income taxes	23,682	14,873
Total liabilities	2,846,531	2,550,312
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 475,000,000 shares authorized; 49,244,296 and 55,622,045 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	49	56
Additional paid-in capital	0	424,953
Accumulated other comprehensive loss	(44,173)	(44,850)
Retained earnings	987,643	959,132
Total stockholders’ equity	943,519	1,339,291
Total liabilities and stockholders’ equity	$ 3,790,050	$ 3,889,603

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 779,178	$ 731,570	$ 1,491,400	$ 1,397,097
North America
Disaggregation of Revenue [Line Items]
Revenue	546,470	516,097	1,036,512	994,269
Outside North America
Disaggregation of Revenue [Line Items]
Revenue	232,708	215,473	454,888	402,828
Full service center-based child care
Disaggregation of Revenue [Line Items]
Revenue	557,297	540,267	1,097,931	1,050,814
Full service center-based child care \| North America
Disaggregation of Revenue [Line Items]
Revenue	339,993	340,082	672,589	673,057
Full service center-based child care \| Outside North America
Disaggregation of Revenue [Line Items]
Revenue	217,304	200,185	425,342	377,757
Back-up care
Disaggregation of Revenue [Line Items]
Revenue	193,586	162,670	338,255	291,282
Back-up care \| North America
Disaggregation of Revenue [Line Items]
Revenue	178,182	147,382	308,709	266,211
Back-up care \| Outside North America
Disaggregation of Revenue [Line Items]
Revenue	15,404	15,288	29,546	25,071
Educational advisory services
Disaggregation of Revenue [Line Items]
Revenue	28,295	28,633	55,214	55,001
Educational advisory services \| North America
Disaggregation of Revenue [Line Items]
Revenue	28,295	28,633	55,214	55,001
Educational advisory services \| Outside North America
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Outstanding Borrowing (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule Of Borrowings [Line Items]
Long-term debt	$ 825,000
Deferred financing costs and original issue discount	(3,567)	$ (2,386)
Less current portion of term loans	(9,375)	0
Less current portion of revolving credit facility	(205,953)	(199,552)
Long-term debt	1,072,058	747,614
Revolving credit facility
Schedule Of Borrowings [Line Items]
Long-term debt	465,953	499,552
Line of Credit
Schedule Of Borrowings [Line Items]
Total debt	1,287,386	947,166
Term loan B \| Secured Debt
Schedule Of Borrowings [Line Items]
Long-term debt	450,000	450,000
Term loan A \| Secured Debt
Schedule Of Borrowings [Line Items]
Long-term debt	$ 375,000	$ 0

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Definite-lived intangible assets:
Cost	$ 403,177	$ 402,630
Accumulated amortization	(392,671)	(390,150)
Net carrying amount	10,506	12,480
Intangible Assets:
Cost	584,037	583,602
Accumulated amortization	(392,671)	(390,150)
Net carrying amount	191,366	193,452
Trade names
Indefinite-lived intangible assets:
Trade names	180,860	180,972
Customer relationships
Definite-lived intangible assets:
Cost	386,873	386,482
Accumulated amortization	(381,537)	(379,457)
Net carrying amount	5,336	7,025
Intangible Assets:
Accumulated amortization	(381,537)	(379,457)
Trade names
Definite-lived intangible assets:
Cost	16,304	16,148
Accumulated amortization	(11,134)	(10,693)
Net carrying amount	5,170	5,455
Intangible Assets:
Accumulated amortization	$ (11,134)	$ (10,693)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock, at Cost	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2024		57,404,736
Beginning balance at Dec. 31, 2024	$ 1,278,396	$ 57	$ 622,618	$ 0	$ (110,295)	$ 766,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	14,986		14,986
Issuance of common stock under the Equity Incentive Plan (in shares)		392,065
Issuance of common stock under the Equity Incentive Plan	12,631		12,631
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(107,965)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(13,609)		(13,609)
Purchase of treasury stock	(60,947)			(60,947)
Retirement of treasury stock (in shares)		(518,226)
Retirement of treasury stock		$ (7)	(60,947)	60,947
Other comprehensive income	74,840				74,840
Net income	92,824					92,824
Ending balance (in shares) at Jun. 30, 2025		57,170,610
Ending balance at Jun. 30, 2025	1,399,121	$ 57	575,679	0	(35,455)	858,840
Beginning balance (in shares) at Mar. 31, 2025		57,479,307
Beginning balance at Mar. 31, 2025	1,323,971	$ 57	609,118	0	(89,269)	804,065
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	6,829		6,829
Issuance of common stock under the Equity Incentive Plan (in shares)		47,953
Issuance of common stock under the Equity Incentive Plan	1,979		1,979
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(8,275)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(1,022)		(1,022)
Purchase of treasury stock	(41,225)			(41,225)
Retirement of treasury stock (in shares)		(348,375)
Retirement of treasury stock	0		(41,225)	41,225
Other comprehensive income	53,814				53,814
Net income	54,775					54,775
Ending balance (in shares) at Jun. 30, 2025		57,170,610
Ending balance at Jun. 30, 2025	$ 1,399,121	$ 57	575,679	0	(35,455)	858,840
Beginning balance (in shares) at Dec. 31, 2025	55,622,045	55,622,045
Beginning balance at Dec. 31, 2025	$ 1,339,291	$ 56	424,953	0	(44,850)	959,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	14,456		14,456
Issuance of common stock under the Equity Incentive Plan (in shares)		294,708
Issuance of common stock under the Equity Incentive Plan	0		0
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(107,651)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(7,817)		(7,817)
Purchase of treasury stock	(477,831)			(477,831)
Retirement of treasury stock (in shares)		(6,564,806)
Retirement of treasury stock	0		(431,592)	477,831		(46,232)
Other comprehensive income	677				677
Net income	$ 74,743					74,743
Ending balance (in shares) at Jun. 30, 2026	49,244,296	49,244,296
Ending balance at Jun. 30, 2026	$ 943,519	$ 49	0	0	(44,173)	987,643
Beginning balance (in shares) at Mar. 31, 2026		52,870,361
Beginning balance at Mar. 31, 2026	1,145,630	$ 53	198,526	0	(46,189)	993,240
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	7,032		7,032
Issuance of common stock under the Equity Incentive Plan (in shares)		36,899
Issuance of common stock under the Equity Incentive Plan	0
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(10,808)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(891)		(891)
Purchase of treasury stock	(250,903)			(250,903)
Retirement of treasury stock (in shares)		(3,652,156)
Retirement of treasury stock	0	$ (4)	(204,667)	250,903		(46,232)
Other comprehensive income	2,016				2,016
Net income	$ 40,635					40,635
Ending balance (in shares) at Jun. 30, 2026	49,244,296	49,244,296
Ending balance at Jun. 30, 2026	$ 943,519	$ 49	$ 0	$ 0	$ (44,173)	$ 987,643

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 3,406	$ 3,667
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	475,000,000	475,000,000
Common stock, shares issued (in shares)	49,244,296	55,622,045
Common stock, shares outstanding (in shares)	49,244,296	55,622,045

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(In thousands)
Operating lease expense (1)	$	47,604	$	37,663	$	85,133	$	74,058
Variable lease expense (1)	11,034		12,017		22,183		23,354
Total lease expense	$	58,638	$	49,680	$	107,316	$	97,412

(1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.

Schedule of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term and the weighted average discount rate were as follows:


	June 30, 2026	December 31, 2025

Weighted average remaining lease term (in years)	9	9
Weighted average discount rate	7.1%	7.0%

Schedule of Maturities of Lease Liabilities

The following table summarizes the maturity of lease liabilities as of June 30, 2026:


	Operating Leases

	(In thousands)
Remainder of 2026	$	70,345
2027	156,113
2028	143,386
2029	127,674
2030	106,177
Thereafter	446,789
Total lease payments	1,050,484
Less imputed interest	(283,083)
Present value of lease liabilities	767,401
Less current portion of operating lease liabilities	(110,405)
Long-term operating lease liabilities	$	656,996

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2026
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows: Level 1 — Fair value is derived using quoted prices from active markets for identical instruments. Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets. Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses approximate their fair values due to their short-term nature. Financial instruments that potentially expose the Company to concentrations of credit risk consist mainly of cash and accounts receivable. The Company mitigates its exposure by maintaining its cash in financial institutions of high credit standing. The Company’s accounts receivable are derived primarily from the services it provides, and the related credit risk is dispersed across many clients in various industries with no single client accounting for more than 10% of the Company’s net revenue or accounts receivable. No significant credit concentration risk existed as of June 30, 2026. Long-term Debt — The Company’s term loans are recorded at adjusted cost, net of original issue discounts and deferred financing costs. The fair value of the Company’s term loans is based on current bid prices or prices for similar instruments from active markets and is classified as Level 2. The Company's revolving credit facility is recorded at cost, and its fair value is classified as Level 2. As of June 30, 2026 and December 31, 2025, the estimated fair value approximated the carrying value of the total long-term debt. Derivative Financial Instruments — The Company’s derivative financial instruments, comprised of interest rate cap agreements, are recorded at fair value and estimated using market-standard valuation models. Such models project future cash flows and discount the future amounts to a present value using market-based observable inputs. Additionally, the fair value of the interest rate caps included consideration of credit risk. The Company used a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA were largely based on observable market data, with the exception of certain assumptions regarding credit worthiness. As the magnitude of the CVA was not a significant component of the fair value of the interest rate caps, it was not considered a significant input. The fair value of the interest rate caps is classified as Level 2. As of June 30, 2026, the fair value of the interest rate cap agreements was $4.1 million, of which $1.1 million was recorded in prepaid expenses and other current assets and $3.0 million was recorded in other assets on the consolidated balance sheet. As of December 31, 2025, the fair value of the interest rate cap agreements was $2.2 million, of which $1.8 million was recorded in prepaid expenses and other current assets and $0.4 million was recorded in other assets on the consolidated balance sheet. Debt Securities — The Company’s investments in debt securities, which are classified as available-for-sale, primarily consist of U.S. Treasury and U.S. government agency securities, corporate bonds and certificates of deposits. These securities are held in escrow by the Company’s wholly-owned captive insurance company and were purchased with restricted cash. As such, these securities are not available to fund the Company’s operations. Debt securities are recorded at fair value. As of June 30, 2026, the fair value of the available-for-sale debt securities was $39.5 million and was classified based on the instruments’ maturity dates, with $13.4 million included in prepaid expenses and other current assets and $26.1 million in other assets on the consolidated balance sheet. As of December 31, 2025, the fair value of the available-for-sale debt securities was $39.5 million, with $15.4 million included in prepaid expenses and other current assets and $24.1 million in other assets on the consolidated balance sheet. As of June 30, 2026, debt securities classified as Level 1 and Level 2 had a fair value of $29.1 million and $10.4 million, respectively. As of December 31, 2025, debt securities classified as Level 1 and Level 2 had a fair value of $30.9 million and $8.6 million, respectively. As of June 30, 2026 and December 31, 2025, the amortized cost was $39.6 million and $39.3 million, respectively. The debt securities held at June 30, 2026 had remaining contractual maturities ranging from less than one year to approximately five years. Unrealized gains and losses, net of tax, on available-for-sale debt securities were immaterial for the three and six months ended June 30, 2026 and 2025. Nonrecurring Fair Value Estimates — During the three months ended June 30, 2026, the Company recognized impairment losses of $19.1 million. This includes $12.8 million primarily related to operating lease right-of-use assets and fixed assets, and $6.3 million of goodwill, in its full service center-based child care segment. The Company continues to monitor developments in certain markets which could lead to future impairment. The estimated fair value of the applicable long-lived assets was based on the fair value of the asset groups, calculated using a discounted cash flow model, with unobservable inputs. The fair value of the fixed assets was insignificant given the current and expected cash flows for the related centers and the valuation of the lease right-of-use-assets considered the amount a market participant would pay for use of the asset. The Company classified the long-lived assets as a Level 3 fair value measurement due to the lack of observable inputs used in the model. In performing the quantitative analysis for goodwill, the Company compares the fair value of the reporting unit with its carrying amount. Fair value for each reporting unit is determined by estimating the present value of expected future cash flows, which are forecasted for each of the next 15 years, applying a long-term growth rate to the final year, discounted using the applicable discount rate. Refer to Note 3, Leases, Note 5, Goodwill and Intangible Assets, and Note 11, Segment Information, for additional information about impairment losses.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component were as follows:


	Six months ended June 30, 2026
	Foreign currency translation adjustments(1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total

	(In thousands)
Balance at January 1, 2026	$	(44,516)	$	(552)	$	218	$	(44,850)
Other comprehensive income (loss) before reclassifications — net of tax	(725)		1,998		(289)		984
Less: amounts reclassified from accumulated other comprehensive income — net of tax	—		296		11		307
Net other comprehensive income (loss)	(725)		1,702		(300)		677
Balance at June 30, 2026	$	(45,241)	$	1,150	$	(82)	$	(44,173)


	Six months ended June 30, 2025
	Foreign currency translation adjustments(1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total

	(In thousands)
Balance at January 1, 2025	$	(118,673)	$	8,345	$	33	$	(110,295)
Other comprehensive income (loss) before reclassifications — net of tax	79,891		(488)		140		79,543
Less: amounts reclassified from accumulated other comprehensive income — net of tax	—		4,698		5		4,703
Net other comprehensive income (loss)	79,891		(5,186)		135		74,840
Balance at June 30, 2025	$	(38,782)	$	3,159	$	168	$	(35,455)

(1)Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Maturities of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Debt Disclosure [Abstract]
Remainder of 2026	$ 4,688
2027	9,375
2028	14,062
2029	18,750
2030	328,125
Thereafter	450,000
Total future principal payments	$ 825,000

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill were as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Balance at January 1, 2026	$	1,575,631	$	210,868	$	37,676	$	1,824,175

Adjustments to prior year acquisitions	(217)		—		—		(217)
Impairment loss	(6,302)		—		—		(6,302)
Effect of foreign currency translation	1,656		(412)		—		1,244
Balance at June 30, 2026	$	1,570,768	$	210,456	$	37,676	$	1,818,900

During the three months ended June 30, 2026, the Company identified certain indicators of potential impairment, therefore an interim test for goodwill impairment was performed as of June 30, 2026. For an immaterial foreign reporting unit specializing in tutoring services, the fair value was less than its book value, and therefore, the Company recognized goodwill impairment of $6.3 million. The inputs to the fair value are defined in the fair value hierarchy as level 3 due to the lack of observable inputs used in the model. Refer to Note 9, Fair Value Measurements, and Note 11, Segment Information, for additional information.

The Company also has intangible assets, which consisted of the following as of June 30, 2026 and December 31, 2025:


June 30, 2026	Cost		Accumulated amortization		Net carrying amount

	(In thousands)
Definite-lived intangible assets:
Customer relationships	$	386,873	$	(381,537)	$	5,336
Trade names	16,304		(11,134)		5,170
	403,177		(392,671)		10,506
Indefinite-lived intangible assets:
Trade names	180,860		—		180,860
	$	584,037	$	(392,671)	$	191,366


December 31, 2025	Cost		Accumulated amortization		Net carrying amount

	(In thousands)
Definite-lived intangible assets:
Customer relationships	$	386,482	$	(379,457)	$	7,025
Trade names	16,148		(10,693)		5,455
	402,630		(390,150)		12,480
Indefinite-lived intangible assets:
Trade names	180,972		—		180,972
	$	583,602	$	(390,150)	$	193,452

The Company estimates that it will record amortization expense related to intangible assets existing as of June 30, 2026 as follows:


	Estimated amortization expense

	(In thousands)
Remainder of 2026	$	2,409
2027	3,156
2028	1,776
2029	720
2030	699
Thereafter	1,746
	$	10,506

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rates	38.20%	27.40%	37.00%	27.20%
Increase (decrease) tax, share-based compensation expense	$ 0.5	$ 0.1	$ (3.0)	$ (1.3)
Effective income tax rate	27.00%	27.00%	28.00%	27.00%
Unrecognized tax benefits	$ 1.1		$ 1.1		$ 1.0

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Derivative Financial Instruments Narrative (Details) - USD ($)	Jun. 30, 2026	Feb. 28, 2026	Jul. 31, 2025	Mar. 31, 2025	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Net gain to be reclassified from accumulated other comprehensive loss and recorded to interest expense during the next twelve months	$ 1,000,000.0
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, notional amount		$ 150,000,000	$ 100,000,000	$ 150,000,000	$ 900,000,000
Interest rate cap agreement, threshold for interest rate protection		2.75%	3.00%	3.50%
Interest rate caps \| October 31, 2025
Derivatives, Fair Value [Line Items]
Derivative, notional amount					$ 600,000,000
Interest rate cap agreement, threshold for interest rate protection					2.40%
Interest rate caps \| October 31, 2026
Derivatives, Fair Value [Line Items]
Derivative, notional amount					$ 300,000,000
Interest rate cap agreement, threshold for interest rate protection					2.90%

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rates were 38.2% and 27.4% for the three months ended June 30, 2026 and 2025, respectively, and 37.0% and 27.2% for the six months ended June 30, 2026 and 2025, respectively. The effective income tax rate may fluctuate from quarter to quarter for various reasons, including changes to income before income tax, jurisdictional mix of income before income tax, unbenefited losses, valuation allowances, jurisdictional income tax rate changes, as well as discrete items such as non-deductible transaction costs, the settlement of foreign, federal and state tax matters and the effects of excess tax benefit (shortfall tax expense) associated with the exercise or expiration of stock options and vesting of restricted stock, which is included in tax expense. During the three months ended June 30, 2026 and 2025, the net shortfall tax expense from stock-based compensation increased tax expense by $0.5 million and $0.1 million, respectively. During the six months ended June 30, 2026, the net shortfall tax expense from stock-based compensation increased tax expense by $3.0 million. During the six months ended June 30, 2025, the net excess tax benefit from stock-based compensation decreased tax expense by $1.3 million. For the three months ended June 30, 2026 and 2025, prior to the inclusion of the excess tax benefit (shortfall tax expense), other discrete items and unbenefited losses in certain foreign jurisdictions, the effective income tax rate approximated 27%. For the six months ended June 30, 2026 and 2025, prior to the inclusion of the excess tax benefit (shortfall tax expense), other discrete items and unbenefited losses in certain foreign jurisdictions, the effective income tax rate approximated 28% and 27%, respectively. The Company’s unrecognized tax benefits were $1.1 million and $1.0 million as of June 30, 2026 and December 31, 2025, respectively, inclusive of interest. The Company and its domestic subsidiaries are subject to U.S. federal income tax as well as tax in multiple state jurisdictions. U.S. federal income tax returns are typically subject to examination by the Internal Revenue Service and the statute of limitations for federal tax returns is three years. The Company’s filings for the tax years 2022 through 2024 are subject to audit based upon the federal statute of limitations. State income tax returns are generally subject to examination for a period of three to four years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. The Company’s filings for the tax years 2021 through 2024 are subject to audit based upon the statute of limitations. The Company is also subject to corporate income tax for its subsidiaries located in the United Kingdom, the Netherlands, Australia, India, and Puerto Rico. The tax returns for the Company’s subsidiaries located in foreign jurisdictions are subject to examination for periods ranging from one to six years.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Revenue and Income from Operations by Segment

Revenue, cost of services, other segment items and income from operations by reportable segment were as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Three months ended June 30, 2026
Revenue	$	557,297	$	193,586	$	28,295	$	779,178
Cost of services	469,818		105,379		15,018		590,215
Other segment items (1)	62,419		37,929		8,798		109,146
Income from operations (2)	$	25,060	$	50,278	$	4,479	$	79,817
Interest expense — net							(14,023)
Income before income tax							$	65,794

Three months ended June 30, 2025
Revenue	$	540,267	$	162,670	$	28,633	$	731,570
Cost of services	445,743		88,756		14,521		549,020
Other segment items (1)	54,244		32,991		9,263		96,498
Income from operations	$	40,280	$	40,923	$	4,849	$	86,052
Interest expense — net							(10,555)
Income before income tax							$	75,497

(1)Other segment items for each reportable segment includes selling, general and administrative expenses and amortization expense.

(2)For the three months ended June 30, 2026, income from operations includes $19.1 million of impairment losses related to the full service center-based child care segment, of which $12.8 million was recorded to cost of services and $6.3 million was recorded to selling, general and administrative expenses. Refer to Note 3, Leases, Note 5, Goodwill and Intangible Assets, and Note 9, Fair Value Measurements, for additional information on impairment losses.


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Six months ended June 30, 2026
Revenue	$	1,097,931	$	338,255	$	55,214	$	1,491,400
Cost of services	918,712		189,895		30,340		1,138,947
Other segment items (1)	117,254		72,510		17,923		207,687
Income from operations (2)	$	61,965	$	75,850	$	6,951	$	144,766
Interest expense — net							(26,045)
Income before income tax							$	118,721

Six months ended June 30, 2025
Revenue	$	1,050,814	$	291,282	$	55,001	$	1,397,097
Cost of services	867,863		161,497		29,450		1,058,810
Other segment items (1)	109,417		62,478		18,068		189,963
Income from operations	$	73,534	$	67,307	$	7,483	$	148,324
Interest expense — net							(20,906)
Income before income tax							$	127,418

(1)Other segment items for each reportable segment includes selling, general and administrative expenses and amortization expense.

(2)For the six months ended June 30, 2026, income from operations includes $19.1 million of impairment losses related to the full service center-based child care segment, of which $12.8 million was recorded to cost of services and $6.3 million was recorded to selling, general and administrative expenses in the second quarter. Refer to Note 3, Leases, Note 5, Goodwill and Intangible Assets, and Note 9, Fair Value Measurements, for additional information on impairment losses.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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+ Details

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 258.8	$ 236.5

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company’s reportable segments are comprised of (1) full service center-based child care, (2) back-up care, and (3) educational advisory services. The full service center-based child care segment includes traditional center-based early education and child care, preschool, and elementary education. The Company’s back-up care segment consists of center-based back-up child care, in-home care for children and seniors, school-age programs (including camps and tutoring), pet care, self-sourced reimbursed care, and Sittercity, an online marketplace for families and caregivers. The Company’s educational advisory services segment consists of tuition assistance and student loan repayment program management, workforce education, related educational advising, and college admissions counseling services.

Intercompany activity is eliminated in the segment results. The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; therefore, no segment asset information is produced or included herein.

Revenue, cost of services, other segment items and income from operations by reportable segment were as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Three months ended June 30, 2026
Revenue	$	557,297	$	193,586	$	28,295	$	779,178
Cost of services	469,818		105,379		15,018		590,215
Other segment items (1)	62,419		37,929		8,798		109,146
Income from operations (2)	$	25,060	$	50,278	$	4,479	$	79,817
Interest expense — net							(14,023)
Income before income tax							$	65,794

Three months ended June 30, 2025
Revenue	$	540,267	$	162,670	$	28,633	$	731,570
Cost of services	445,743		88,756		14,521		549,020
Other segment items (1)	54,244		32,991		9,263		96,498
Income from operations	$	40,280	$	40,923	$	4,849	$	86,052
Interest expense — net							(10,555)
Income before income tax							$	75,497

(1)Other segment items for each reportable segment includes selling, general and administrative expenses and amortization expense.


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Six months ended June 30, 2026
Revenue	$	1,097,931	$	338,255	$	55,214	$	1,491,400
Cost of services	918,712		189,895		30,340		1,138,947
Other segment items (1)	117,254		72,510		17,923		207,687
Income from operations (2)	$	61,965	$	75,850	$	6,951	$	144,766
Interest expense — net							(26,045)
Income before income tax							$	118,721

Six months ended June 30, 2025
Revenue	$	1,050,814	$	291,282	$	55,001	$	1,397,097
Cost of services	867,863		161,497		29,450		1,058,810
Other segment items (1)	109,417		62,478		18,068		189,963
Income from operations	$	73,534	$	67,307	$	7,483	$	148,324
Interest expense — net							(20,906)
Income before income tax							$	127,418

(1)Other segment items for each reportable segment includes selling, general and administrative expenses and amortization expense.

Depreciation and amortization expense was $24.6 million and $22.7 million for the three months ended June 30, 2026 and 2025, respectively, and $47.8 million and $44.6 million for the six months ended June 30, 2026 and 2025, respectively. Approximately 85% of depreciation and amortization expense in each period related to the full service center-based child care segment.

- Definition

The entire disclosure for segment reporting.

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+ Details

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Effect of Derivatives Financial Instruments on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivatives, Fair Value [Line Items]
Income tax effect	$ 25,159	$ 20,722	$ 43,978	$ 34,594
Net of income taxes	40,635	54,775	74,743	92,824
Other comprehensive income (loss) before reclassifications — net of tax
Derivatives, Fair Value [Line Items]
Net of income taxes	540	(2,174)	1,702	(5,186)
Other comprehensive income (loss) before reclassifications — net of tax \| Amount of gain (loss) recognized in other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Net of income taxes	674	174	1,998	(488)
Other comprehensive income (loss) before reclassifications — net of tax \| Amount of net gain (loss) reclassified into earnings
Derivatives, Fair Value [Line Items]
Net of income taxes	134	2,348	296	4,698
Cash flow hedges \| Other comprehensive income (loss) before reclassifications — net of tax
Derivatives, Fair Value [Line Items]
Cash flow hedges	732	(2,965)	2,306	(7,075)
Cash flow hedges \| Other comprehensive income (loss) before reclassifications — net of tax \| Amount of gain (loss) recognized in other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Cash flow hedges	913	237	2,707	(666)
Cash flow hedges \| Other comprehensive income (loss) before reclassifications — net of tax \| Amount of net gain (loss) reclassified into earnings
Derivatives, Fair Value [Line Items]
Cash flow hedges	181	3,202	401	6,409
Income tax effect \| Other comprehensive income (loss) before reclassifications — net of tax
Derivatives, Fair Value [Line Items]
Income tax effect	(192)	791	(604)	1,889
Income tax effect \| Other comprehensive income (loss) before reclassifications — net of tax \| Amount of gain (loss) recognized in other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Income tax effect	(239)	(63)	(709)	178
Income tax effect \| Other comprehensive income (loss) before reclassifications — net of tax \| Amount of net gain (loss) reclassified into earnings
Derivatives, Fair Value [Line Items]
Income tax effect	$ (47)	$ (854)	$ (105)	$ (1,711)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per share:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(In thousands, except share data)
Net income	$	40,635	$	54,775	$	74,743	$	92,824

Weighted average common shares outstanding — basic	51,538,729		57,255,841		52,938,352		57,319,814
Effect of dilutive securities	218,336		457,270		292,270		512,116
Weighted average common shares outstanding — diluted	51,757,065		57,713,111		53,230,622		57,831,930

Earnings per common share — basic	$	0.79	$	0.96	$	1.41	$	1.62
Earnings per common share — diluted	$	0.79	$	0.95	$	1.40	$	1.61

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of June 30, 2026 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2026 and 2025 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required in accordance with U.S. GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of June 30, 2026 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2026 and 2025, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows: Level 1 — Fair value is derived using quoted prices from active markets for identical instruments. Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets. Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization — Bright Horizons Family Solutions Inc. (“Bright Horizons” or the “Company”) provides early education and child care, comprehensive back-up care solutions, and educational advisory services for employers and families in the United States, the United Kingdom, the Netherlands, Australia and India. The Company provides services designed to support both working families and employers' workforce strategies by supporting their employees across life and career stages, and improving employee recruitment, engagement, productivity, retention, and career advancement. The Company provides services primarily under multi-year contracts with employer-clients who offer early education and child care, back-up care, and educational advisory services as part of their employee benefits package. As of June 30, 2026, the Company operated 988 early education and child care centers. Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of June 30, 2026 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2026 and 2025 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required in accordance with U.S. GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of June 30, 2026 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2026 and 2025, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year. Stockholders’ Equity — The board of directors of the Company authorized a new share repurchase program of up to $600 million (exclusive of fees, commissions or other expenses) of the Company’s outstanding common stock effective March 9, 2026. The new share repurchase program has no expiration date and canceled and replaced the prior share repurchase program of up to $500 million announced in June 2025, of which approximately $127.6 million remained available thereunder. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities law, including under Rule 10b5-1 plans or accelerated share repurchase programs. During the six months ended June 30, 2026, the Company repurchased approximately 6.6 million shares for $473.2 million under the repurchase program (resulting in a $4.6 million excise tax liability). During the six months ended June 30, 2025, the Company repurchased approximately 0.5 million shares for $60.7 million under the repurchase program (resulting in a $0.2 million excise tax liability). Share repurchases are initially recorded to treasury stock at cost. Upon retirement, the par value of the share repurchases are recorded to common stock with the excess of the purchase price over par first recorded against any available additional paid in capital (“APIC”) and the balance recorded to retained earnings. Due to the volume of share repurchases under the authorized share repurchase program during the six months ended June 30, 2026, the Company has no remaining balance in APIC as of June 30, 2026. All repurchased shares have been retired and, as of June 30, 2026, $328.7 million remained available under the Board-approved repurchase program.

GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Remainder of 2026	$ 2,409
2027	3,156
2028	1,776
2029	720
2030	699
Thereafter	1,746
Net carrying amount	$ 10,506	$ 12,480

ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss, which is included as a component of stockholders’ equity, is comprised of foreign currency translation adjustments and unrealized gains (losses) on cash flow hedges and investments, net of tax.

The changes in accumulated other comprehensive income (loss) by component were as follows:


	Six months ended June 30, 2026
	Foreign currency translation adjustments(1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total

	(In thousands)
Balance at January 1, 2026	$	(44,516)	$	(552)	$	218	$	(44,850)
Other comprehensive income (loss) before reclassifications — net of tax	(725)		1,998		(289)		984
Less: amounts reclassified from accumulated other comprehensive income — net of tax	—		296		11		307
Net other comprehensive income (loss)	(725)		1,702		(300)		677
Balance at June 30, 2026	$	(45,241)	$	1,150	$	(82)	$	(44,173)


	Six months ended June 30, 2025
	Foreign currency translation adjustments(1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total

	(In thousands)
Balance at January 1, 2025	$	(118,673)	$	8,345	$	33	$	(110,295)
Other comprehensive income (loss) before reclassifications — net of tax	79,891		(488)		140		79,543
Less: amounts reclassified from accumulated other comprehensive income — net of tax	—		4,698		5		4,703
Net other comprehensive income (loss)	79,891		(5,186)		135		74,840
Balance at June 30, 2025	$	(38,782)	$	3,159	$	168	$	(35,455)

(1)Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers into segments and geographical regions. Revenue disaggregated by segment and geographical region was as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Three months ended June 30, 2026
North America	$	339,993	$	178,182	$	28,295	$	546,470
Outside North America	217,304		15,404		—		232,708
	$	557,297	$	193,586	$	28,295	$	779,178
Three months ended June 30, 2025
North America	$	340,082	$	147,382	$	28,633	$	516,097
Outside North America	200,185		15,288		—		215,473
	$	540,267	$	162,670	$	28,633	$	731,570


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Six months ended June 30, 2026
North America	$	672,589	$	308,709	$	55,214	$	1,036,512
Outside North America	425,342		29,546		—		454,888
	$	1,097,931	$	338,255	$	55,214	$	1,491,400
Six months ended June 30, 2025
North America	$	673,057	$	266,211	$	55,001	$	994,269
Outside North America	377,757		25,071		—		402,828
	$	1,050,814	$	291,282	$	55,001	$	1,397,097

The classification “North America” is comprised of the Company’s operations in the United States (including Puerto Rico), and the classification “Outside North America” includes the Company’s operations in the United Kingdom, the Netherlands, Australia and India.

Deferred Revenue

The Company records deferred revenue when payments are received in advance of the Company’s performance under the contract, which is recognized as revenue as the performance obligation is satisfied. The Company recognized $258.8 million and $236.5 million as revenue during the six months ended June 30, 2026 and 2025, respectively, which was included in the deferred revenue balance at the beginning of each respective period.

Remaining Performance Obligations

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original contract term of one year or less, or for variable consideration allocated to the unsatisfied performance obligation of a series of services. The transaction price allocated to the remaining performance obligations relates to services that are paid or invoiced in advance. The Company’s remaining performance obligations not subject to the practical expedients were not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SEGMENT INFORMATION - Revenue and Income from Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 779,178	$ 731,570	$ 1,491,400	$ 1,397,097
Cost of services	590,215	549,020	1,138,947	1,058,810
Other segment items	109,146	96,498	207,687	189,963
Income from operations	79,817	86,052	144,766	148,324
Interest expense — net	(14,023)	(10,555)	(26,045)	(20,906)
Income before income tax	65,794	75,497	118,721	127,418
Selling, general and administrative expenses	108,002	94,834	205,355	186,695
Full service center-based child care
Segment Reporting [Line Items]
Revenue	557,297	540,267	1,097,931	1,050,814
Cost of services	12,800		12,800
Impairment losses	19,100		19,100
Selling, general and administrative expenses	6,300		6,300
Full service center-based child care \| Operating Segments
Segment Reporting [Line Items]
Revenue	557,297	540,267	1,097,931	1,050,814
Cost of services	469,818	445,743	918,712	867,863
Other segment items	62,419	54,244	117,254	109,417
Income from operations	25,060	40,280	61,965	73,534
Back-up care
Segment Reporting [Line Items]
Revenue	193,586	162,670	338,255	291,282
Back-up care \| Operating Segments
Segment Reporting [Line Items]
Revenue	193,586	162,670	338,255	291,282
Cost of services	105,379	88,756	189,895	161,497
Other segment items	37,929	32,991	72,510	62,478
Income from operations	50,278	40,923	75,850	67,307
Educational advisory services
Segment Reporting [Line Items]
Revenue	28,295	28,633	55,214	55,001
Educational advisory services \| Operating Segments
Segment Reporting [Line Items]
Revenue	28,295	28,633	55,214	55,001
Cost of services	15,018	14,521	30,340	29,450
Other segment items	8,798	9,263	17,923	18,068
Income from operations	$ 4,479	$ 4,849	$ 6,951	$ 7,483

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill were as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Balance at January 1, 2026	$	1,575,631	$	210,868	$	37,676	$	1,824,175

Adjustments to prior year acquisitions	(217)		—		—		(217)
Impairment loss	(6,302)		—		—		(6,302)
Effect of foreign currency translation	1,656		(412)		—		1,244
Balance at June 30, 2026	$	1,570,768	$	210,456	$	37,676	$	1,818,900

Schedule of Intangible Assets

The Company also has intangible assets, which consisted of the following as of June 30, 2026 and December 31, 2025:


June 30, 2026	Cost		Accumulated amortization		Net carrying amount

	(In thousands)
Definite-lived intangible assets:
Customer relationships	$	386,873	$	(381,537)	$	5,336
Trade names	16,304		(11,134)		5,170
	403,177		(392,671)		10,506
Indefinite-lived intangible assets:
Trade names	180,860		—		180,860
	$	584,037	$	(392,671)	$	191,366


December 31, 2025	Cost		Accumulated amortization		Net carrying amount

	(In thousands)
Definite-lived intangible assets:
Customer relationships	$	386,482	$	(379,457)	$	7,025
Trade names	16,148		(10,693)		5,455
	402,630		(390,150)		12,480
Indefinite-lived intangible assets:
Trade names	180,972		—		180,972
	$	583,602	$	(390,150)	$	193,452

Schedule of Estimated Amortization Expense Related to Intangible Assets

The Company estimates that it will record amortization expense related to intangible assets existing as of June 30, 2026 as follows:


	Estimated amortization expense

	(In thousands)
Remainder of 2026	$	2,409
2027	3,156
2028	1,776
2029	720
2030	699
Thereafter	1,746
	$	10,506

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Senior Secured Credit Facilities Narrative (Details) € in Millions, £ in Millions						1 Months Ended				6 Months Ended
	Jun. 01, 2026 USD ($)	Aug. 21, 2025 USD ($)	Apr. 17, 2025 USD ($)	Apr. 16, 2025 USD ($)	Dec. 11, 2024	Aug. 31, 2025 USD ($)	May 31, 2025 USD ($)	Feb. 28, 2025 USD ($)	Jan. 31, 2025	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 EUR (€)	Jun. 30, 2026 GBP (£)	Jun. 30, 2026 AUD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 GBP (£)	Dec. 31, 2025 AUD ($)	Aug. 20, 2025	Dec. 31, 2024 USD ($)	Dec. 31, 2024 AUD ($)
Debt Instrument [Line Items]
Repayment of debt										$ 0	$ 451,000,000
Weighted average interest rate										6.35%		6.35%	6.35%	6.35%	5.59%	5.59%	5.59%	5.59%
Letters of credit outstanding										$ 20,200,000					$ 20,200,000
Revolving credit facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 1,000,000,000.0		$ 900,000,000	$ 400,000,000
Debt issuance costs	400,000	$ 200,000	$ 2,900,000
Repayment of debt		50,000,000
Debt expense		$ 1,900,000
Effective interest rate for the term loans										4.99%		4.99%	4.99%	4.99%	4.96%	4.96%	4.96%	4.96%
Weighted average interest rate										4.97%	5.83%	4.97%	4.97%	4.97%
Borrowing outstanding under revolving credit facility										$ 459,500,000		€ 48.8	£ 29.3		$ 496,500,000	€ 71.8	£ 31.4
Remaining borrowing capacity										520,100,000					383,700,000
Expected renewal balance										$ 260,000,000
Net leverage ratio										4.25
Revolving credit facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.25%	0.50%
Revolving credit facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%	0.75%
Revolving credit facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%	1.50%
Revolving credit facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%	1.75%
Revolving credit facility \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Revolving credit facility \| Base Rate, Floor Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Revolving credit facility \| Euro Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Revolving credit facility \| Euro Interbank Offered Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
Revolving credit facility \| Euro Interbank Offered Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Revolving credit facility \| Sterling Overnight Index Average Rate, Floor
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Revolving credit facility \| Sterling Overnight Index Average Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.0326%
Revolving credit facility \| Sterling Overnight Index Average Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
Revolving credit facility \| Sterling Overnight Index Average Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Uncommitted Working Capital Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity										$ 6,500,000				$ 9,400,000						$ 3,300,000	$ 5,000,000
Weighted average interest rate										6.22%		6.22%	6.22%	6.22%
Borrowing outstanding under revolving credit facility										$ 6,500,000				$ 9,400,000	$ 3,000,000.0			$ 4,500,000
Secured Debt
Debt Instrument [Line Items]
Effective interest rate for the term loans										5.28%		5.28%	5.28%	5.28%	5.47%	5.47%	5.47%	5.47%
Weighted average interest rate										5.40%	6.06%	5.40%	5.40%	5.40%
Term loan A
Debt Instrument [Line Items]
Debt issuance costs	1,800,000
Term loan A \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	375,000,000
Debt issuance costs	$ 1,400,000
Repayment of debt			$ 362,500,000
Debt expense			$ 600,000
Basis spread on variable rate	0.50%
Percentage of periodic payment	2.50%
Increase in interest rate	5.00%
Term loan A \| Secured Debt \| Quarterly Payment Rate for First Three Years
Debt Instrument [Line Items]
Percentage of periodic payment										2.50%		2.50%	2.50%	2.50%
Term loan A \| Secured Debt \| Payment Rate in Year Four
Debt Instrument [Line Items]
Percentage of periodic payment										5.00%		5.00%	5.00%	5.00%
Term loan A \| Secured Debt \| Payment Rate in Year Five
Debt Instrument [Line Items]
Percentage of periodic payment										7.50%		7.50%	7.50%	7.50%
Term loan A \| Secured Debt \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%									0.50%
Term loan A \| Secured Debt \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%									0.75%
Term loan A \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Term loan A \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%									1.50%
Term loan A \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%									1.75%
Term loan A \| Secured Debt \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%									0.00%
Term loan A \| Secured Debt \| Interest Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Term loan A \| Secured Debt \| Base Rate, Floor Rate
Debt Instrument [Line Items]
Basis spread on variable rate										1.00%
Term loan B \| Secured Debt
Debt Instrument [Line Items]
Repayment of debt						$ 50,000,000.0	$ 39,000,000.0	$ 44,500,000
Percentage of periodic payment																			1.00%
Term loan B \| Secured Debt \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%			1.00%				0.75%
Term loan B \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%			2.00%				1.75%
Term loan B \| Secured Debt \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%			0.50%
Term loan B \| Secured Debt \| Federal Funds Rate And Overnight Bank Funding Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Term loan B \| Secured Debt \| One-Month Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Term loan B \| Secured Debt \| Interest Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Term loan B \| Secured Debt \| Base Rate, Floor Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Revolving Credit Facility - USD Portion \| Revolving credit facility
Debt Instrument [Line Items]
Borrowing outstanding under revolving credit facility										$ 365,000,000.0					$ 370,000,000.0

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue disaggregated by segment and geographical region was as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Three months ended June 30, 2026
North America	$	339,993	$	178,182	$	28,295	$	546,470
Outside North America	217,304		15,404		—		232,708
	$	557,297	$	193,586	$	28,295	$	779,178
Three months ended June 30, 2025
North America	$	340,082	$	147,382	$	28,633	$	516,097
Outside North America	200,185		15,288		—		215,473
	$	540,267	$	162,670	$	28,633	$	731,570


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Six months ended June 30, 2026
North America	$	672,589	$	308,709	$	55,214	$	1,036,512
Outside North America	425,342		29,546		—		454,888
	$	1,097,931	$	338,255	$	55,214	$	1,491,400
Six months ended June 30, 2025
North America	$	673,057	$	266,211	$	55,001	$	994,269
Outside North America	377,757		25,071		—		402,828
	$	1,050,814	$	291,282	$	55,001	$	1,397,097

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS The Company’s growth strategy includes expansion through strategic and synergistic acquisitions. The goodwill resulting from these acquisitions arises largely from synergies expected from combining the operations of the businesses acquired with the Company’s existing operations, including cost efficiencies and leveraging existing client relationships, as well as from benefits derived from gaining the related assembled workforce. 2025 Acquisitions During the year ended December 31, 2025, the Company acquired three centers in the United Kingdom in two separate business acquisitions, which were each accounted for as a business combination. The businesses were acquired for aggregate cash consideration of $6.8 million, net of $0.3 million cash acquired, and $0.1 million of deferred consideration, and are subject to adjustments from the settlement of the final working capital. The Company recorded goodwill of $4.9 million related to the full service center-based child care segment for these acquisitions, which will not be deductible for tax purposes. In addition, the Company recorded intangible assets of $0.5 million. The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 30, 2026, the purchase price allocation for one of these acquisitions remains open as the Company gathers additional information regarding the assets acquired and the liabilities assumed. The operating results for the acquired businesses are included in the consolidated results of operations from the date of acquisition and were not material to the Company’s financial results.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
-Section 55
-Paragraph 29
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

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+ Details

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Remainder of 2026	$ 70,345
2027	156,113
2028	143,386
2029	127,674
2030	106,177
Thereafter	446,789
Total lease payments	1,050,484
Less imputed interest	(283,083)
Present value of lease liabilities	767,401
Less current portion of operating lease liabilities	(110,405)	$ (110,229)
Long-term operating lease liabilities	$ 656,996	$ 702,845

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

Long-term debt obligations were as follows:


	June 30, 2026		December 31, 2025

	(In thousands)
Term loan B	$	450,000	$	450,000
Term loan A	375,000		—
Revolving credit facility	465,953		499,552
Deferred financing costs and original issue discount	(3,567)		(2,386)
Total debt	1,287,386		947,166
Less current portion of term loans	(9,375)		—
Less current portion of revolving credit facility	(205,953)		(199,552)
Long-term debt	$	1,072,058	$	747,614

Schedule of Maturities of Long-Term Debt

As of June 30, 2026, future principal payments of long-term debt are as follows for the years ending December 31:


	Long-term debt

	(In thousands)
Remainder of 2026	$	4,688
2027	9,375
2028	14,062
2029	18,750
2030	328,125
Thereafter	450,000
Total future principal payments	$	825,000

Schedule of Fair Value of Derivative Financial Instruments

The fair value of the derivative financial instruments was as follows for the periods presented:


Derivative financial instruments	Consolidated balance sheet classification	June 30, 2026		December 31, 2025

		(In thousands)
Interest rate caps - asset	Prepaid and other current assets	$	1,085	$	1,763
Interest rate caps - asset	Other assets	$	3,023	$	423

Schedule of Effect of Derivatives Financial Instruments on Other Comprehensive Income (Loss)

The effect of the derivative financial instruments on other comprehensive income (loss) was as follows:


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)

	(In thousands)			(In thousands)
Three months ended June 30, 2026
Cash flow hedges	$	913	Interest expense — net	$	181	$	732
Income tax effect	(239)		Income tax expense	(47)		(192)
Net of income taxes	$	674		$	134	$	540

Three months ended June 30, 2025
Cash flow hedges	$	237	Interest expense — net	$	3,202	$	(2,965)
Income tax effect	(63)		Income tax expense	(854)		791
Net of income taxes	$	174		$	2,348	$	(2,174)


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)

	(In thousands)			(In thousands)
Six months ended June 30, 2026
Cash flow hedges	$	2,707	Interest expense — net	$	401	$	2,306
Income tax effect	(709)		Income tax expense	(105)		(604)
Net of income taxes	$	1,998		$	296	$	1,702

Six months ended June 30, 2025
Cash flow hedges	$	(666)	Interest expense — net	$	6,409	$	(7,075)
Income tax effect	178		Income tax expense	(1,711)		1,889
Net of income taxes	$	(488)		$	4,698	$	(5,186)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

ORGANIZATION AND BASIS OF PRESENTATION (Details) shares in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) center shares	Jun. 30, 2025 USD ($) shares	Mar. 09, 2026 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of childcare and early education centers operated \| center	988
Stock repurchase program, authorized amount (up to)		$ 500,000,000	$ 600,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 328,700,000		$ 127,600,000
Treasury stock repurchased (in shares) \| shares	6.6	0.5
Treasury stock acquired, net of taxes	$ 473,200,000	$ 60,700,000
Excise tax liability	$ 4,600,000	$ 200,000

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

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+ Details

EARNINGS PER SHARE - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net income	$ 40,635	$ 54,775	$ 74,743	$ 92,824
Weighted average common shares outstanding — basic (in shares)	51,538,729	57,255,841	52,938,352	57,319,814
Effect of dilutive securities (in shares)	218,336	457,270	292,270	512,116
Weighted average common shares outstanding — diluted (in shares)	51,757,065	57,713,111	53,230,622	57,831,930
Earnings per common share — basic (in dollars per share)	$ 0.79	$ 0.96	$ 1.41	$ 1.62
Earnings per common share — diluted (in dollars per share)	$ 0.79	$ 0.95	$ 1.40	$ 1.61

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 40,635	$ 54,775	$ 74,743	$ 92,824
Other comprehensive income (loss):
Foreign currency translation adjustments	1,605	55,959	(725)	79,891
Unrealized gain (loss) on cash flow hedges and investments, net of tax	411	(2,145)	1,402	(5,051)
Total other comprehensive income	2,016	53,814	677	74,840
Comprehensive income	$ 42,651	$ 108,589	$ 75,420	$ 167,664

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Goodwill [Roll Forward]
Beginning balance		$ 1,824,175
Adjustments to prior year acquisitions		(217)
Impairment loss	$ (6,300)	(6,302)
Effect of foreign currency translation		1,244
Ending balance	1,818,900	1,818,900
Full service center-based child care
Goodwill [Roll Forward]
Beginning balance		1,575,631
Adjustments to prior year acquisitions		(217)
Impairment loss		(6,302)
Effect of foreign currency translation		1,656
Ending balance	1,570,768	1,570,768
Back-up care
Goodwill [Roll Forward]
Beginning balance		210,868
Adjustments to prior year acquisitions		0
Impairment loss		0
Effect of foreign currency translation		(412)
Ending balance	210,456	210,456
Educational advisory services
Goodwill [Roll Forward]
Beginning balance		37,676
Adjustments to prior year acquisitions		0
Impairment loss		0
Effect of foreign currency translation		0
Ending balance	$ 37,676	$ 37,676

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

- Definition

+ References + Details

ACQUISITIONS (Details) $ in Thousands	6 Months Ended		12 Months Ended
ACQUISITIONS (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) center acquisition
Business Combination [Line Items]
Payments to acquire business, net of cash acquired	$ 0	$ 5,106
Goodwill	$ 1,818,900		$ 1,824,175
2025 Acquisitions
Business Combination [Line Items]
Number of business acquisition transactions \| acquisition			2
Payments to acquire business, net of cash acquired			$ 6,800
Cash acquired			300
Contingent consideration recorded			100
Goodwill			4,900
Intangible assets			$ 500
UNITED KINGDOM \| 2025 Acquisitions
Business Combination [Line Items]
Number of centers acquired \| center			3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,145,630	$ 1,323,971	$ 1,339,291	$ 1,278,396
Other comprehensive income (loss) before reclassifications — net of tax			984	79,543
Less: amounts reclassified from accumulated other comprehensive income — net of tax			307	4,703
Total other comprehensive income	2,016	53,814	677	74,840
Ending balance	943,519	1,399,121	943,519	1,399,121
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(46,189)	(89,269)	(44,850)	(110,295)
Total other comprehensive income	2,016	53,814	677	74,840
Ending balance	(44,173)	(35,455)	(44,173)	(35,455)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(44,516)	(118,673)
Other comprehensive income (loss) before reclassifications — net of tax			(725)	79,891
Less: amounts reclassified from accumulated other comprehensive income — net of tax			0	0
Total other comprehensive income			(725)	79,891
Ending balance	(45,241)	(38,782)	(45,241)	(38,782)
Unrealized gain (loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(552)	8,345
Other comprehensive income (loss) before reclassifications — net of tax			1,998	(488)
Less: amounts reclassified from accumulated other comprehensive income — net of tax			296	4,698
Total other comprehensive income			1,702	(5,186)
Ending balance	1,150	3,159	1,150	3,159
Unrealized gain (loss) on investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			218	33
Other comprehensive income (loss) before reclassifications — net of tax			(289)	140
Less: amounts reclassified from accumulated other comprehensive income — net of tax			11	5
Total other comprehensive income			(300)	135
Ending balance	$ (82)	$ 168	$ (82)	$ 168

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS

Senior Secured Credit Facilities

The Company’s senior secured credit facilities consist of a term loan B facility (“term loan B”) and a term loan A facility (“term loan A” and, together with term loan B, the “term loans”), as well as a $1.0 billion multi-currency revolving credit facility (“revolving credit facility”).

Long-term debt obligations were as follows:


	June 30, 2026		December 31, 2025

	(In thousands)
Term loan B	$	450,000	$	450,000
Term loan A	375,000		—
Revolving credit facility	465,953		499,552
Deferred financing costs and original issue discount	(3,567)		(2,386)
Total debt	1,287,386		947,166
Less current portion of term loans	(9,375)		—
Less current portion of revolving credit facility	(205,953)		(199,552)
Long-term debt	$	1,072,058	$	747,614

On June 1, 2026, the Company amended its existing senior secured credit facilities to, among other changes, issue a $375 million new term loan A facility as well as increase the borrowing capacity of its revolving credit facility from $900 million to $1.0 billion. On the closing date, the proceeds of the term loan A, together with cash on hand, were used to repay outstanding borrowings under the revolving credit facility, including all outstanding interest and related fees and expenses. In conjunction with the amendment, the Company capitalized $1.8 million in fees that will be amortized over the term of the senior secured credit facilities, of which $1.4 million related to the term loan A that have been recorded as deferred financing costs in long-term debt and $0.4 million related to the revolving credit facility that have been recorded in other assets.

On August 21, 2025, the Company amended its existing senior secured credit facilities to, among other changes, refinance the existing term loan B and to extend the maturity date. On the closing date, the Company used its revolving credit facility to prepay $50 million of the outstanding principal amount of the existing term loan B. In conjunction with the amendment, the Company recorded expense of $1.9 million and capitalized $0.2 million in fees to new lenders that have been recorded as deferred financing costs in long-term debt and will be amortized over the term of the credit facility.

On April 17, 2025, the Company amended its existing senior secured credit facilities to, among other changes, increase the borrowing capacity of its revolving credit facility from $400 million to $900 million and extend the maturity date. On the closing date, the Company used $362.5 million from its revolving credit facility to repay the outstanding balances under the previous term loan A. In conjunction with the amendment, the Company recorded expense of $0.6 million and capitalized $2.9 million in fees that have been recorded in other assets and will be amortized over the term of the revolving credit facility.

All borrowings under the credit facilities are subject to variable interest. The effective interest rate for the term loans was 5.28% and 5.47% as of June 30, 2026 and December 31, 2025, respectively, and the weighted average interest rate was 5.40% and 6.06% for the six months ended June 30, 2026 and 2025, respectively, prior to the effects of any interest rate hedge arrangements.

The effective interest rate for the revolving credit facility was 4.99% and 4.96% as of June 30, 2026 and December 31, 2025, respectively, and the weighted average interest rate was 4.97% and 5.83% for the six months ended June 30, 2026 and 2025, respectively, prior to the effects of any interest rate hedge arrangements. The effective interest rate on the revolving credit facility may fluctuate from borrowing to borrowing for various reasons, including changes in the term benchmark or base interest rate, and the selected interest period as terms may vary between under-30 day and over-30 day borrowings.

Term Loan B

As noted above, the terms of the term loan B were amended on August 21, 2025.

The term loan B matures on August 21, 2032. Borrowings under the amended term loan B bear interest at a rate per annum equal to the base rate plus a margin of 0.75% or the term Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.75%. The term SOFR option is one, three or six month SOFR, as selected by the Company, or, with the approval of the applicable lenders, twelve months or less than one month term SOFR, subject to an interest rate floor of 0.50%. The base rate is the highest of (x) the prime rate quoted by The Wall Street Journal, (y) the greater of the federal funds rate and the overnight bank funding rate, in either case, plus 0.50%, and (z) one-month term SOFR plus 1.00%, subject to an interest rate floor of 1.50%.

Prior to the August 2025 amendment, the term loan B required quarterly principal payments equal to 1% per annum of the aggregate principal amount of the term loan B outstanding as of December 11, 2024, the date the Company previously amended its senior secured credit facility, with the remaining principal balance due at maturity. Effective as of December 11, 2024, borrowings under the term loan B bore interest at a rate per annum of 1.00% over the base rate, or 2.00% over the selected term SOFR rate. Effective as of January 2025, borrowings under the term loan B bore interest at a rate per annum of 0.75% over the base rate, or 1.75% over the selected term SOFR rate. The base rate was subject to an interest rate floor of 1.50% and the selected term SOFR rate was subject to an interest rate floor of 0.50%.

In February 2025, the Company voluntarily prepaid $44.5 million of the outstanding principal balance on its term loan B, which satisfied the remaining annual principal payments due until maturity. In May 2025 and August 2025, the Company utilized its revolving credit facility to prepay $39.0 million and $50.0 million, respectively, of the outstanding principal balance on its term loan B to lower borrowing costs.

Term Loan A

As noted above, the Company issued a $375 million term loan A facility on June 1, 2026.

The term loan A matures on April 17, 2030 and requires scheduled quarterly amortization payments equal to 2.5% per annum of the original aggregate principal amount of the term loan A for the period commencing September 30, 2026 through and including June 30, 2028, increasing to 5.0% per annum thereafter through March 30, 2030. The remaining principal balance is due at maturity. Borrowings under the term loan A bear interest at a rate per annum equal to the term SOFR rate plus a margin ranging from 1.25% to 1.75% or base rate plus a margin ranging from 0.25% to 0.75%. The term SOFR option is one, three or six month SOFR, as selected by the Company, or, with the approval of the applicable lenders, twelve months or less than one month SOFR, subject to an interest rate floor of 0.00%. The base rate is the highest of (x) the prime rate quoted by The Wall Street Journal, (y) the greater of the federal funds rate and the overnight bank funding rate, in either case, plus 0.50%, and (z) one-month term SOFR plus 1.00%, subject to an interest rate floor of 1.00%.

As noted above, balances outstanding under the previous term loan A facility were repaid on April 17, 2025 using availability under the revolving credit facility. Prior to the April 2025 debt amendment, the previous term loan A was scheduled to mature on November 23, 2026 and required quarterly principal payments equal to 2.5% per annum of the original aggregate principal amount of the previous term loan A in each of the first three years, 5.0% in the fourth year, and 7.5% in the fifth year. The remaining principal balance was due at maturity. Borrowings under the previous term loan A bore interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate. The base rate was subject to an interest rate floor of 1.00% and the adjusted term SOFR rate was subject to an interest rate floor of 0.00%.

Revolving Credit Facility

As noted above, the terms of the revolving credit facility were amended on June 1, 2026 and April 17, 2025.

The revolving credit facility matures on April 17, 2030. However, if there is any additional material indebtedness maturing on or before April 17, 2030, the maturity date will be 91 days prior to the maturity of that material indebtedness, unless the Company satisfies a minimum liquidity threshold test as of that date. As of June 30, 2026, the Company does not hold any material indebtedness maturing on or before April 17, 2030.

As of June 30, 2026, borrowings outstanding on the revolving credit facility were $459.5 million (composed of $365.0 million, €48.8 million and £29.3 million) and letters of credit outstanding were $20.2 million, with $520.1 million available for borrowing. Since the revolving credit facility has a contractual maturity in excess of 12 months from the balance sheet date and the Company has the ability and intends to renew borrowings of at least $260 million through June 30, 2027, such balance has been presented as long-term on the condensed consolidated balance sheet at June 30, 2026. As of December 31, 2025, borrowings outstanding on the revolving credit facility were $496.5 million (composed of $370.0 million, €71.8 million and £31.4 million) and letters of credit outstanding were $20.2 million, with $383.7 million available for borrowing.

Borrowings held in USD under the revolving credit facility bear interest at a rate per annum ranging from 0.25% to 0.75% over the base rate (as defined in the credit agreement), or 1.25% to 1.75% over the term SOFR rate. The base rate is subject to an interest rate floor of 1.00% and the term SOFR rate is subject to an interest rate floor of 0.00%. Prior to the April 17, 2025 amendment, borrowings under the revolving credit facility bore interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate.

Borrowings held in Euros under the revolving credit facility bear interest at a rate per annum equal to the Euro Interbank Offered Rate “Euribor” subject to an interest rate floor of 0.00% plus applicable margin between 1.25% and 1.75%. Borrowings held in British pounds under the revolving credit facility bear daily interest at a rate per annum equal to the Sterling Overnight Index Average rate, or SONIA, subject to an interest rate floor of 0.00% plus a 0.0326% spread adjustment in addition to an applicable margin between 1.25% and 1.75%.

In 2024, the Company entered into a AU$5 million (USD$3.3 million) uncommitted working capital credit facility in Australia for short-term borrowing purposes. In 2026, the line of credit was increased to AU$9.4 million (USD$6.5 million). As of June 30, 2026 and December 31, 2025, there were AU$9.4 million (USD$6.5 million) and AU$4.5 million (USD$3.0 million) borrowings outstanding under this facility, respectively. The effective interest rate as of June 30, 2026 and December 31, 2025 was 6.35% and 5.59%, respectively, and the weighted average interest rate for the six months ended June 30, 2026 was 6.22% for this working capital credit facility.

Debt Covenants

All obligations under the senior secured credit facilities are secured by substantially all the assets of the Company’s material U.S. subsidiaries. The senior secured credit facilities contain a number of covenants that, among other things and subject to certain exceptions, may restrict the ability of Bright Horizons Family Solutions LLC (the “Borrower”), the Company’s wholly-owned subsidiary, and its restricted subsidiaries, to: incur liens; make investments, loans, advances and acquisitions; incur additional indebtedness or guarantees; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; engage in transactions with affiliates; sell assets, including capital stock of the Company’s subsidiaries; alter the business conducted; enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends; and consolidate or merge.

In addition, the credit agreement governing the senior secured credit facilities requires Bright Horizons Capital Corp. (the “Guarantor”), the Company’s direct subsidiary, to be a passive holding company, subject to certain exceptions. The Company is the ultimate parent of the Guarantor and the Borrower and the Company’s material assets are held, and operations are conducted, by the Borrower and its subsidiaries. The term loan A and the revolving credit facility require the Borrower and its restricted subsidiaries to comply with a maximum first lien net leverage ratio not to exceed 4.25 to 1.00. A breach of the applicable covenant is subject to certain equity cure rights.

As of June 30, 2026, future principal payments of long-term debt are as follows for the years ending December 31:


	Long-term debt

	(In thousands)
Remainder of 2026	$	4,688
2027	9,375
2028	14,062
2029	18,750
2030	328,125
Thereafter	450,000
Total future principal payments	$	825,000

Derivative Financial Instruments

The Company is subject to interest rate risk as all borrowings under the senior secured credit facilities are subject to variable interest rates. The Company’s risk management policy permits using derivative instruments to manage interest rates and other risks. The Company uses interest rate caps to manage a portion of the risk related to changes in cash flows from interest rate movements.

In December 2021, the Company entered into interest rate cap agreements with a total notional value of $900 million, designated and accounted for as cash flow hedges from inception. Interest rate cap agreements for $600 million, which had a forward starting effective date of October 31, 2023 and expired on October 31, 2025, provided the Company with interest rate protection in the event the one-month term SOFR rate increased above 2.4%. Interest rate cap agreements for $300 million, which had a forward starting effective date of October 31, 2023 and expire on October 31, 2026, provide the Company with interest rate protection in the event the one-month term SOFR rate increases above 2.9%.

In March and July 2025, the Company entered into additional interest rate cap agreements with a total notional value of $150 million and $100 million, respectively, designated and accounted for as cash flow hedges from inception. The March and July 2025 interest rate cap agreements, both of which had forward starting effective dates of October 31, 2025, provide the Company with interest rate protection in the event the one-month term SOFR rate increases above 3.5% and 3.0%, respectively, and expire on October 31, 2027 and October 31, 2026, respectively.

In February 2026, the Company entered into an additional interest rate cap agreement with a total notional value of $150 million, designated and accounted for as a cash flow hedge from inception. The interest rate cap agreement, which has a forward starting effective date of October 30, 2026, provides the Company with interest rate protection in the event the one-month term SOFR rate increases above 2.75%, and expires on October 31, 2027.

The fair value of the derivative financial instruments was as follows for the periods presented:


Derivative financial instruments	Consolidated balance sheet classification	June 30, 2026		December 31, 2025

		(In thousands)
Interest rate caps - asset	Prepaid and other current assets	$	1,085	$	1,763
Interest rate caps - asset	Other assets	$	3,023	$	423

The effect of the derivative financial instruments on other comprehensive income (loss) was as follows:


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)

	(In thousands)			(In thousands)
Three months ended June 30, 2026
Cash flow hedges	$	913	Interest expense — net	$	181	$	732
Income tax effect	(239)		Income tax expense	(47)		(192)
Net of income taxes	$	674		$	134	$	540

Three months ended June 30, 2025
Cash flow hedges	$	237	Interest expense — net	$	3,202	$	(2,965)
Income tax effect	(63)		Income tax expense	(854)		791
Net of income taxes	$	174		$	2,348	$	(2,174)


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)

	(In thousands)			(In thousands)
Six months ended June 30, 2026
Cash flow hedges	$	2,707	Interest expense — net	$	401	$	2,306
Income tax effect	(709)		Income tax expense	(105)		(604)
Net of income taxes	$	1,998		$	296	$	1,702

Six months ended June 30, 2025
Cash flow hedges	$	(666)	Interest expense — net	$	6,409	$	(7,075)
Income tax effect	178		Income tax expense	(1,711)		1,889
Net of income taxes	$	(488)		$	4,698	$	(5,186)

During the next 12 months, the Company estimates that a net gain of $1.0 million, pre-tax, will be reclassified from accumulated other comprehensive loss and recorded as a reduction to interest expense related to these derivative financial instruments.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

The Company has operating leases for certain of its full service and back-up early education and child care centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, the Netherlands, and Australia. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. As of June 30, 2026 and December 31, 2025, there were no material finance leases.

Lease Expense

The components of lease expense were as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(In thousands)
Operating lease expense (1)	$	47,604	$	37,663	$	85,133	$	74,058
Variable lease expense (1)	11,034		12,017		22,183		23,354
Total lease expense	$	58,638	$	49,680	$	107,316	$	97,412

(1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.

Operating lease expense for the three months ended June 30, 2026 includes impairment losses on operating lease right-of-use assets of $11.1 million. Refer to Note 9, Fair Value Measurements, and Note 11, Segment Information, for additional information.

Other Information

The weighted average remaining lease term and the weighted average discount rate were as follows:


	June 30, 2026	December 31, 2025

Weighted average remaining lease term (in years)	9	9
Weighted average discount rate	7.1%	7.0%

Maturity of Lease Liabilities

The following table summarizes the maturity of lease liabilities as of June 30, 2026:


	Operating Leases

	(In thousands)
Remainder of 2026	$	70,345
2027	156,113
2028	143,386
2029	127,674
2030	106,177
Thereafter	446,789
Total lease payments	1,050,484
Less imputed interest	(283,083)
Present value of lease liabilities	767,401
Less current portion of operating lease liabilities	(110,405)
Long-term operating lease liabilities	$	656,996

As of June 30, 2026, the Company had not entered into additional operating leases that have not yet commenced.