The present article aims to analyze the performance of Brazilian Higher Education considering the specificities of the different administrative categories and streams of undergraduate students in a context of expansion, diversification and commodification of education. This research consists of a bibliographic research and a descriptive study of a cohort that uses the database of the National Institute of Studies and Research in INEP. The results reveal the fragmentation, flexibilization, heterogeneity of the Brazilian higher education system, as well as the expansion of the HEIs and the access conditions, but with limited performance, considering the graduation rates of the students. The Brazilian higher education system is being shaped largely as a market, and increasingly in the hands of private national and international for-profit institutions, whose purpose tends to be limited to providing educational services that do not necessarily lead to the conclusion of undergraduate studies.