Applications to several leading U.S. MBA programs plunged in the 2025/26 admissions cycle, with some schools reporting double‑digit declines driven largely by lower international applicant volumes. Admissions consultants say Round 3 could look different this year as committees recalibrate yield assumptions and conversion uncertainty. At the same time, Indiana University’s Kelley School of Business again topped U.S. News’ online MBA rankings, underscoring persistent demand for high‑quality online and hybrid business credentials even as overall applicant pools shrink. Business schools are responding by expanding specialized degree options and reshaping recruitment and pricing strategies. The twin pressures—fewer applicants for flagship full‑time MBAs and continued strength in elite online offerings—are forcing programs to rethink selectivity, enrollment targets and the role of international talent in class composition.