Perdoceo (NASDAQ: PRDO) grows 2025 revenue 24.2% and lifts 2026 EPS outlook

Rhea-AI Filing Summary

Perdoceo Education Corporation reported strong growth for 2025 and issued higher 2026 guidance. Full-year 2025 revenue rose 24.2% to $846.1 million, with operating income up 12.5% to $196.0 million. Earnings per diluted share increased to $2.42 from $2.19, and adjusted earnings per diluted share grew to $2.61 from $2.26.

Fourth-quarter 2025 revenue grew 20.0% to $211.6 million, while EPS improved to $0.54 and adjusted EPS to $0.59. Total student enrollments reached 44,400 at December 31, 2025, up 7.3% year over year.

Perdoceo ended 2025 with $643.5 million in cash, cash equivalents, restricted cash and short-term investments and generated $225.2 million of operating cash flow. The company repurchased 4.1 million shares for $120.8 million and the board declared a quarterly dividend of $0.15 per share. For 2026, Perdoceo projects EPS of $2.78–$2.93 and adjusted EPS of $2.97–$3.12, assuming stable student demand and no major regulatory disruptions.

Positive

• Strong 2025 growth and profitability: Revenue rose 24.2% to $846.1 million, operating income increased 12.5% to $196.0 million, and adjusted earnings per diluted share grew to $2.61 from $2.26, indicating broad-based earnings expansion.
• Robust cash generation and shareholder returns: Operating cash flow reached $225.2 million and year-end cash, restricted cash and short-term investments totaled $643.5 million, supporting $120.8 million of share repurchases and ongoing quarterly dividends, including a declared $0.15 per-share dividend.

Negative

• None.

Insights

Equity analyst

Perdoceo delivered double‑digit growth in 2025 and guided to higher earnings in 2026 while returning significant cash to shareholders.

Perdoceo Education Corporation grew 2025 revenue 24.2% to $846.1 million and operating income 12.5% to $196.0 million, with net income reaching $159.9 million. Adjusted operating income rose 25.8% to $237.6 million, helped by contributions from the USAHS acquisition and higher total enrollments, which increased 7.3% to 44,400 students as of December 31, 2025.

Profitability remained solid: earnings per diluted share improved to $2.42 from $2.19, and adjusted EPS to $2.61 from $2.26. Operating cash flow strengthened to $225.2 million, supporting a year‑end cash, restricted cash and short‑term investment balance of $643.5 million. Management allocated capital toward growth investments while repurchasing 4.1 million shares for $120.8 million and paying cash dividends totaling $36.9 million.

The 2026 outlook calls for operating income of $212–$225 million, adjusted operating income of $250–$263 million, EPS of $2.78–$2.93 and adjusted EPS of $2.97–$3.12. These targets rely on key assumptions, including stable student interest and retention, continued access to federal student aid, limited regulatory changes and no significant impacts from legal or regulatory matters. The company also highlights risks tied to evolving Department of Education rules, federal loan forgiveness initiatives and broader economic and policy conditions, which could cause actual results to differ from this outlook.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 19, 2026

Perdoceo Education Corporation

(Exact Name of Registrant as Specified in Charter)

Delaware		0-23245		36-3932190
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1750 E. Golf Road, Schaumburg, IL		60173
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (847) 781-3600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	PRDO	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 19, 2026, Perdoceo Education Corporation (the “Company”) issued a press release describing the Company’s financial results for the fiscal quarter and year ended December 31, 2025 and providing the Company’s 2026 outlook. A copy of the press release is being furnished as Exhibit 99.1, and the information contained therein is incorporated herein by reference. Following the issuance of the press release, the Company will host a conference call and webcast on which its financial results for the quarter and year ended December 31, 2025 and 2026 outlook will be discussed.

The information contained in Item 2.02 of this Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the information be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The exhibits required by Item 601 of Regulation S-K are listed in the “Exhibit Index” which is contained in this Current Report on Form 8-K and are incorporated by reference herein.

Exhibit Index

Exhibit Number		Description of Exhibits
99.1		Press release of the Company dated February 19, 2026 reporting the Company’s financial results for the quarter and year ended December 31, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PERDOCEO EDUCATION CORPORATION
By:		/s/ Ashish R. Ghia
		Ashish R. Ghia
		Senior Vice President and Chief Financial Officer

Date: February 19, 2026

PRDO ANNOUNCES 4Q25 AND FULL YEAR RESULTS …PG 1

Exhibit 99.1

PERDOCEO EDUCATION CORPORATION REPORTS FOURTH QUARTER AND

FULL YEAR 2025 RESULTS

Schaumburg, IL. (February 19, 2026) – Perdoceo Education Corporation (NASDAQ: PRDO), a provider of postsecondary education programs through its academic institutions, today reported operating and financial results for the quarter and year ended December 31, 2025.

"I am proud of the educational achievements at our academic institutions that have enabled us to deliver strong 2025 results, which were supported by sustained levels of prospective student interest in our programs and high levels of student retention across all our academic institutions,” said Todd Nelson, President and Chief Executive Officer. “Successfully executing against our strategy of responsible and sustainable growth has allowed us to continue investing across our academic institutions and in initiatives that will further enhance our student’s experiences and academic outcomes. Overall, we will continue to maintain a balanced approach to capital allocation and expect our positive operating momentum to continue into 2026."

Full Year 2025 Results as Compared to Prior Year

•Revenue increased 24.2% to $846.1 million compared to $681.3 million in the prior year.

•Operating income increased 12.5% to $196.0 million, while adjusted operating income increased 25.8% to $237.6 million*.

•Earnings per diluted share was $2.42 as compared to $2.19, while adjusted earnings per diluted share was $2.61 as compared to $2.26*.

•Ended the year with $643.5 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments.

Fourth Quarter 2025 Results as Compared to Prior Year Quarter

•Revenue increased 20.0% to $211.6 million compared to $176.4 million in the prior year quarter.

•Operating income increased 12.8% to $41.9 million, while adjusted operating income increased 20.8% to $51.6 million*.

•Total student enrollments at December 31, 2025 increased by 7.3%.

•Earnings per diluted share was $0.54 as compared to $0.47, while adjusted earnings per diluted share was $0.59 as compared to $0.49*.

•On February 19, 2026 the board of directors declared a quarterly dividend of $0.15 per share.

*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliations attached to this press release.

PRDO ANNOUNCES 4Q25 AND FULL YEAR RESULTS …PG 2

TOTAL STUDENT ENROLLMENTS

•As of December 31, 2025, total student enrollments were 44,400, an increase of 7.3% as compared to 41,380 total student enrollments as of December 31, 2024.

		As of December 31,
Total Student Enrollments		2025				2024				% Change
CTU (1)			29,950				28,090				6.6	%
AIUS (1)			10,560				9,500				11.2	%
USAHS (2)			3,890				3,790				2.6	%
Total			44,400				41,380				7.3	%

REVENUE

•For the quarter ended December 31, 2025, revenue increased 20.0% to $211.6 million compared to revenue of $176.4 million for the prior year quarter.

•For the year ended December 31, 2025, revenue increased 24.2% to $846.1 million compared to revenue of $681.3 million for the prior year.

		For the Quarter Ended December 31,												For the Year Ended December 31,
Revenue ($ in thousands)		2025				2024				% Change				2025				2024				% Change
CTU		$	113,980			$	111,237				2.5	%		$	461,602			$	443,374				4.1	%
AIUS			53,775				54,956				-2.1	%			226,220				227,072				-0.4	%
USAHS (2)			43,725				10,041			NM					157,576				10,041			NM
Corporate and Other			159				197			NM					698				776			NM
Total		$	211,639			$	176,431				20.0	%		$	846,096			$	681,263				24.2	%

(1)Total student enrollments do not include learners participating in: a) non-degree seeking and professional development programs, and b) degree seeking, non-Title IV, self-paced programs at our universities.

(2)Perdoceo completed the acquisition of USAHS on December 2, 2024.

PRDO ANNOUNCES 4Q25 AND FULL YEAR RESULTS …PG 3

OPERATING INCOME

•For the quarter ended December 31, 2025, operating income increased 12.8% to $41.9 million as compared to the prior year quarter.

•For the year ended December 31, 2025, operating income increased by 12.5% to $196.0 million as compared to the prior year.

		For the Quarter Ended December 31,												For the Year Ended December 31,
Operating Income ($ in thousands)		2025				2024				% Change				2025				2024				% Change
CTU		$	39,228			$	43,075				-8.9	%		$	180,597			$	174,686				3.4	%
AIUS			3,977				3,847				3.4	%			35,950				32,756				9.8	%
USAHS (1)			5,169				(2,640	)		NM					3,211				(2,640	)		NM
Corporate and Other			(6,459	)			(7,107	)		NM					(23,758	)			(30,549	)		NM
Total		$	41,915			$	37,175				12.8	%		$	196,000			$	174,253				12.5	%

(1)Perdoceo completed the acquisition of USAHS on December 2, 2024.

ADJUSTED OPERATING INCOME

The Company believes it is useful to present non-GAAP financial measures, such as adjusted operating income, which exclude certain non-cash items, as a means to better understand its operating performance. (See the table below and the GAAP to non-GAAP reconciliations attached to this press release for further details.)

•For the quarter ended December 31, 2025, adjusted operating income of $51.6 million increased 20.8% compared to adjusted operating income of $42.7 million for the prior year quarter.

•For the year ended December 31, 2025, adjusted operating income of $237.6 million increased 25.8% compared to adjusted operating income of $188.9 million for the prior year.

		For the Quarter Ended December 31,								For the Year Ended December 31,
Adjusted Operating Income ($ in thousands)		2025				2024				2025				2024
Operating income		$	41,915			$	37,175			$	196,000			$	174,253
Depreciation and amortization			9,657				5,507				41,627				14,645
Adjusted Operating Income		$	51,572			$	42,682			$	237,627			$	188,898
Increase (Decrease)			20.8	%							25.8	%

PRDO ANNOUNCES 4Q25 AND FULL YEAR RESULTS …PG 4

NET INCOME, EARNINGS PER DILUTED SHARE AND ADJUSTED EARNINGS PER DILUTED SHARE

For the quarter ended December 31, 2025, the Company recorded:

•Net income of $35.3 million compared to $31.5 million for the prior year quarter.

•Earnings per diluted share of $0.54 compared to $0.47 for the prior year quarter.

•Adjusted earnings per diluted share of $0.59 compared to $0.49 for the prior year quarter. (See the GAAP to non-GAAP reconciliations attached to this press release for further details.)

For the year ended December 31, 2025, the Company recorded:

•Net income of $159.9 million compared to $147.6 million for the prior year.

•Earnings per diluted share of $2.42 compared to $2.19 for the prior year.

•Adjusted earnings per diluted share of $2.61 compared to $2.26 for the prior year. (See the GAAP to non-GAAP reconciliations attached to this press release for further details.)

		For the Quarter Ended December 31,									For the Year Ended December 31,
		2025				2024					2025				2024
Net income ($ in thousands)		$	35,348			$	31,464				$	159,914			$	147,590
Earnings per diluted share		$	0.54			$	0.47				$	2.42			$	2.19
Adjusted earnings per diluted share		$	0.59			$	0.49				$	2.61			$	2.26

PRDO ANNOUNCES 4Q25 AND FULL YEAR RESULTS …PG 5

CAPITAL ALLOCATION

During the year ended December 31, 2025, the Company repurchased 4.1 million shares of its common stock for $120.8 million at an average price of $29.17 per share and during the quarter ended December 31, 2025, the Company repurchased 1.8 million shares for $54.1 million at an average price of $29.28 per share.

On January 2, 2026, the board of directors of the Company approved a new common stock repurchase program, authorizing the Company to repurchase up to $100.0 million of its outstanding common stock on the open market. The timing of purchases and the number of shares purchased under the stock repurchase program will depend on a variety of factors including stock price, trading volume and other general market and economic conditions, the Company’s assessment of alternative uses of capital, regulatory requirements and other factors.

On February 19, 2026 the board of directors declared a quarterly dividend of $0.15 per share, which will be paid on March 13, 2026 to holders of record of common stock as of March 2, 2026. Any decision to pay future cash dividends, however, will be made by the board of directors and depend on the Company’s available retained earnings, financial condition and other relevant factors. The Company expects quarterly dividend payments to be an integral and growing part of its balanced capital allocation strategy that also prioritizes investments in student support and technology projects, as well as evaluating future acquisitions and share repurchases.

BALANCE SHEET AND CASH FLOW

•For the quarter ended December 31, 2025, net cash provided by operating activities was $40.1 million, compared to net cash provided by operating activities of $17.6 million for the prior year quarter.

•For the year ended December 31, 2025, net cash provided by operating activities was $225.2 million, compared to net cash provided by operating activities of $161.6 million for the prior year.

•As of December 31, 2025 and December 31, 2024, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $643.5 million and $591.5 million, respectively.

		For the Quarter Ended December 31,												For the Year Ended December 31,
Selected Cash Flow Items ($ in thousands)		2025				2024				% Change				2025				2024				% Change
Net cash provided by operating activities		$	40,110			$	17,599				127.9	%		$	225,240			$	161,594				39.4	%
Capital expenditures		$	2,234			$	1,628				37.2	%		$	8,576			$	4,625				85.4	%

PRDO ANNOUNCES 4Q25 AND FULL YEAR RESULTS …PG 6

OUTLOOK

The Company is providing the following first quarter and full year 2026 outlook, subject to the key assumptions identified below. Please see the GAAP to non-GAAP reconciliations for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details.

	Total Company Outlook
	For the Quarter Ending March 31,			For the Year Ending December 31,
	OUTLOOK	ACTUAL		OUTLOOK	ACTUAL
	2026	2025		2026	2025
Operating Income	$58.6M - $60.6M	$51.7M		$212.8M - $225.8M	$196.0M
Depreciation and amortization	$9.4M	$11.8M		$37.2M	$41.6M
Adjusted Operating Income	$68.0M - $70.0M	$63.5M		$250.0M - $263.0M	$237.6M
Earnings Per Diluted Share	$0.78 - $0.80	$0.65		$2.78 - $2.93	$2.42
Amortization of acquired intangible assets	0.07	0.06		0.25	0.26
Tax effect of adjustments	(0.02)	(0.01)		(0.06)	(0.07)
Adjusted Earnings Per Diluted Share	$0.83 - $0.85	$0.70		$2.97 - $3.12	$2.61

Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share, which is the most directly comparable GAAP measure to adjusted earnings per diluted share, may not follow the same trends stated in the outlook above because of adjustments made for certain non-cash items. The operating income, adjusted operating income, earnings per share and adjusted earnings per share outlook provided above for the first quarter ending March 31, 2026 and year ending December 31, 2026 are based on the following key assumptions and factors, among others: (i) prospective student interest in the Company’s programs and trends in student retention and engagement remain consistent with management’s recent experiences, (ii) no material impact from current or future federal budget reconciliation or other legislative processes on the availability of current levels of federal student aid or the conditions associated with participating in such aid programs, (iii) no significant impact from new or proposed regulations, or from updated interpretations of current regulations, administrative actions by or changes in the structure of federal agencies or other adverse changes in the legal or regulatory environment, including government shutdowns, which may require operational changes in the way the Company’s academic institutions attract, connect with, enroll, support and educate current and prospective students, among other impacts, (iv) any impact on total student enrollments due to elimination of the Grad plus loan program will not be material and prospective students will have access to private lending, (v) no significant operating impacts from the settlement with the U.S. Federal Trade Commission or other legal or regulatory matters, (vi) no material disruptions to the availability of the current levels of federal student aid whether due to the restructuring of federal agencies, government shutdowns, staffing related changes or layoffs or changes to congressional funding priorities, (vii) no material impact from the increased use of AI by prospective students in lieu of search engines, (viii) earnings per diluted share outlook assumes an effective income tax rate of approximately 21.5% for the first quarter and approximately 24.0% for the full year, and (ix) excludes any future impact from the Company’s stock repurchase program. Although these estimates and assumptions are based upon management’s good faith beliefs regarding current and future circumstances and actions that may be undertaken, actual results could differ materially from these estimates. In addition, decisions the Company makes in the future as it continues to evaluate diverse strategies to enhance stockholder value may impact the outlook provided above.

PRDO ANNOUNCES 4Q25 AND FULL YEAR RESULTS …PG 7

CONFERENCE CALL INFORMATION

Perdoceo Education Corporation will host a conference call on Thursday, February 19, 2026 at 5:00 p.m. Eastern time to discuss fourth quarter and full year 2025 results and 2026 outlook. Interested parties can access the live webcast of the conference call at www.perdoceoed.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Both dial-in numbers will use the access code 4671240. Viewers can also access the conference call by following this link https://events.q4inc.com/attendee/379013972. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.perdoceoed.com in the Investor Relations section of the website.

ABOUT PERDOCEO EDUCATION CORPORATION

Perdoceo’s accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs. The Company’s academic institutions – Colorado Technical University (“CTU”), the American InterContinental University System (“AIUS” or “AIU System”) and University of St. Augustine for Health Sciences ("USAHS") – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today’s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. USAHS prepares medical professionals to provide quality medical care to communities across the country primarily through its graduate health sciences degree offerings in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Perdoceo's academic institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers and communities needing a qualified workforce. For more information, please visit www.perdoceoed.com.

Except for the historical and current factual information contained herein, the matters set forth in this release, including statements identified by words such as “believe,” “will,” “expect,” “continue,” “outlook,” “remain,” “focused on,” “should” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and results of operations, include, but are not limited to, the following: declines in enrollment or interest in our programs or our ability to attract and connect with prospective students; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the new 90-10, earnings premium, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education, the "Department"), as well as applicable accreditation standards and state regulatory requirements; the impact of various versions of “borrower defense to repayment” regulations; the final outcome of various legal challenges to the Department's loan discharge and forgiveness efforts; rulemaking or changing interpretations of existing regulations, guidance or historical practices by the Department, or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions; the impact of any federal budget reconciliation or other legislative process on the availability of adequate levels of federal student aid or the conditions associated with participating in such aid programs; the success of our initiatives to improve student experiences, retention and academic outcomes; our continued ability to participate in educational assistance programs for key employers, veterans or other military personnel; our ability to pay dividends on our common stock and execute our stock repurchase program; increased competition; the impact of management changes; and changes in the overall U.S. economy. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequent filings with the Securities and Exchange Commission.

###

PRDO ANNOUNCES 4Q25 AND FULL YEAR RESULTS …PG 8

CONTACT

Investors:

Alpha IR Group

Nick Nelson or Daniel Naik

(312) 445-2870

PRDO@alpha-ir.com

or

Media:

Perdoceo Education Corporation

(847) 585-2600

media@perdoceoed.com

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

		December 31,				December 31,
		2025				2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents, unrestricted		$	110,970			$	109,130
Restricted cash			21,310				22,623
Short-term investments			511,211				459,795
Total cash and cash equivalents, restricted cash and short-term investments			643,491				591,548
Student receivables, net			27,197				22,807
Receivables, other			5,037				5,330
Prepaid expenses			16,881				16,910
Inventories			4,049				3,388
Other current assets			208				171
Total current assets			696,863				640,154
NON-CURRENT ASSETS:
Property and equipment, net			83,314				95,508
Right of use assets, net - operating			43,290				50,099
Right of use assets, net - finance			10,259				15,375
Goodwill			265,697				258,012
Intangible assets, net			77,945				95,006
Student receivables, net			4,811				6,195
Deferred income tax assets, net			57,438				68,774
Other assets			8,100				7,911
TOTAL ASSETS		$	1,247,717			$	1,237,034
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Lease liabilities- operating		$	6,032			$	7,792
Lease liabilities - finance			5,458				5,466
Accounts payable			14,271				12,805
Accrued expenses:
Payroll and related benefits			44,363				35,059
Advertising and marketing costs			7,838				8,135
Income taxes			5,627				4,926
Other			16,374				21,239
Deferred revenue			37,844				36,740
Total current liabilities			137,807				132,162
NON-CURRENT LIABILITIES:
Lease liabilities - operating			43,752				50,224
Lease liabilities - finance			6,097				11,555
Sale lease-back financing			56,992				-
Construction financing			-				56,500
Other liabilities			30,657				27,057
Total non-current liabilities			137,498				145,336
STOCKHOLDERS' EQUITY:
Preferred stock			-				-
Common stock			921				910
Additional paid-in capital			720,574				707,212
Accumulated other comprehensive income			1,070				166
Retained earnings			718,365				595,672
Treasury stock			(468,518	)			(344,424	)
Total stockholders' equity			972,412				959,536
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	1,247,717			$	1,237,034

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts and percentages)

		For the Quarter Ended December 31,
		2025				% of Total Revenue				2024				% of Total Revenue
REVENUE:
Tuition and fees, net		$	210,505				99.5	%		$	175,227				99.3	%
Other			1,134				0.5	%			1,204				0.7	%
Total revenue			211,639								176,431
OPERATING EXPENSES:
Educational services and facilities			49,616				23.4	%			35,199				20.0	%
General and administrative			110,445				52.2	%			96,565				54.7	%
Depreciation and amortization			9,657				4.6	%			5,507				3.1	%
Asset impairment			6				0.0	%			1,985				1.1	%
Total operating expenses			169,724				80.2	%			139,256				78.9	%
Operating income			41,915				19.8	%			37,175				21.1	%
OTHER INCOME:
Interest income			6,722				3.2	%			7,308				4.1	%
Interest expense			(1,580	)			-0.7	%			(84	)			0.0	%
Miscellaneous income (expense)			1,015				0.5	%			(1,186	)			-0.7	%
Total other income			6,157				2.9	%			6,038				3.4	%
PRETAX INCOME			48,072				22.7	%			43,213				24.5	%
Provision for income taxes			12,724				6.0	%			11,749				6.7	%
NET INCOME			35,348				16.7	%			31,464				17.8	%
NET INCOME PER SHARE - BASIC:		$	0.56							$	0.48
NET INCOME PER SHARE -DILUTED:		$	0.54							$	0.47
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic			63,586								65,718
Diluted			64,974								67,456
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
		For the Quarter Ended December 31,
(In Thousands)		2025								2024
NET INCOME		$	35,348							$	31,464
OTHER COMPREHENSIVE LOSS, net of tax:
Foreign currency translation adjustments			45								(35	)
Unrealized loss on investments			(205	)							(1,367	)
Total other comprehensive loss			(160	)							(1,402	)
COMPREHENSIVE INCOME		$	35,188							$	30,062

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts and percentages)

		For the Year Ended December 31,
		2025				% of Total Revenue				2024				% of Total Revenue
REVENUE:
Tuition and fees, net		$	841,402				99.4	%		$	676,071				99.2	%
Other			4,694				0.6	%			5,192				0.8	%
Total revenue			846,096								681,263
OPERATING EXPENSES:
Educational services and facilities			197,540				23.3	%			120,860				17.7	%
General and administrative			410,923				48.6	%			367,052				53.9	%
Depreciation and amortization			41,627				4.9	%			14,645				2.1	%
Asset impairment			6				0.0	%			4,453				0.7	%
Total operating expenses			650,096				76.8	%			507,010				74.4	%
Operating income			196,000				23.2	%			174,253				25.6	%
OTHER INCOME:
Interest income			26,310				3.1	%			28,993				4.3	%
Interest expense			(6,465	)			-0.8	%			(613	)			-0.1	%
Miscellaneous income (expense)			991				0.1	%			(1,193	)			-0.2	%
Total other income			20,836				2.5	%			27,187				4.0	%
PRETAX INCOME			216,836				25.6	%			201,440				29.6	%
Provision for income taxes			56,922				6.7	%			53,850				7.9	%
NET INCOME			159,914				18.9	%			147,590				21.7	%
NET INCOME PER SHARE - BASIC:		$	2.47							$	2.25
NET INCOME PER SHARE -DILUTED:		$	2.42							$	2.19
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic			64,805								65,646
Diluted			66,156								67,242
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
		For the Year Ended December 31,
(In Thousands)		2025								2024
NET INCOME		$	159,914							$	147,590
OTHER COMPREHENSIVE INCOME, net of tax:
Foreign currency translation adjustments			45								(28	)
Unrealized gain on investments			859								860
Total other comprehensive income			904								832
COMPREHENSIVE INCOME		$	160,818							$	148,422

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

		For the Year Ended December 31,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	159,914			$	147,590
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment			6				4,453
Depreciation and amortization expense			41,627				14,645
Bad debt expense			29,492				33,719
Compensation expense related to share-based awards			11,730				10,188
Deferred income taxes			3,830				2,656
Changes in operating assets and liabilities:
Student receivables, gross			(4,898	)			(4	)
Allowance for credit losses			(27,601	)			(27,981	)
Receivables, other			(2,072	)			(8,052	)
Inventories, prepaid expenses, and other current assets			2,510				4,473
Other non-current assets			(383	)			692
Accounts payable			1,466				(727	)
Accrued expenses and other non-current liabilities			9,937				(5,792	)
Deferred revenue			1,104				(10,612	)
Right of use asset and lease liability - operating leases			(1,422	)			(3,654	)
Net cash provided by operating activities			225,240				161,594
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments			(392,760	)			(412,894	)
Sales of available-for-sale investments			345,803				447,502
Purchases of property and equipment			(8,576	)			(4,625	)
Business acquisitions, net of cash acquired			854				(137,766	)
Sale of equity method investment			1,038
Net cash used in investing activities			(53,641	)			(107,783	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock			(120,793	)			(6,769	)
Issuance of common stock			1,643				2,234
Payments of employee tax associated with stock compensation			(7,544	)			(3,436	)
Payments of cash dividends and dividend equivalents			(36,855	)			(31,699	)
Release of cash held in escrow			(300	)			(276	)
Earnout payments for business acquisition			(1,757	)			-
Principal payments for finance leases			(4,977	)			(398	)
Principal payments for failed sale leaseback			(489	)			(735	)
Net cash used in financing activities			(171,072	)			(41,079	)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			527				12,732
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period			131,753				119,021
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period		$	132,280			$	131,753

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1)

(In thousands, unless otherwise noted)

		For the Quarter Ended December 31,								For the Year Ended December 31,
		ACTUAL								ACTUAL
Adjusted Operating Income		2025				2024				2025				2024
Operating income		$	41,915			$	37,175			$	196,000			$	174,253
Depreciation and amortization (2)			9,657				5,507				41,627				14,645
Adjusted Operating Income		$	51,572			$	42,682			$	237,627			$	188,898
		For the Quarter Ending March 31,								For the Year Ending December 31,
		OUTLOOK				ACTUAL				OUTLOOK				ACTUAL
		2026				2025				2026				2025
Operating income		$58.6M - $60.6M				$	51,727			$212.8M - $225.8M				$	196,000
Depreciation and amortization (2)		9.4M					11,807			37.2M					41,627
Adjusted Operating Income		$68.0M - $70.0M				$	63,534			$250.0M - $263.0M				$	237,627

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d)

		For the Quarter Ended December 31,								For the Year Ended December 31,
		ACTUAL								ACTUAL
		2025				2024				2025				2024
Earnings Per Diluted Share		$	0.54			$	0.47			$	2.42			$	2.19
Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets (2)			0.06				0.03				0.26				0.09
Total pre-tax adjustments		$	0.06			$	0.03			$	0.26			$	0.09
Tax effect of adjustments (3)			(0.01	)			(0.01	)			(0.07	)			(0.02	)
Total adjustments after tax			0.05				0.02				0.19				0.07
Adjusted Earnings Per Diluted Share		$	0.59			$	0.49			$	2.61			$	2.26
		For the Quarter Ending March 31,								For the Year Ending December 31,
		OUTLOOK				ACTUAL				OUTLOOK				ACTUAL
		2026				2025				2026				2025
Earnings Per Diluted Share		$0.78 - $0.80				$	0.65			$2.78 - $2.93				$	2.42
Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets (2)		0.07					0.06			0.25					0.26
Total pre-tax adjustments		$	0.07			$	0.06			$	0.25			$	0.26
Tax effect of adjustments (3)		(0.02)				(0.01)				(0.06)					(0.07	)
Total adjustments after tax		0.05					0.05			0.19					0.19
Adjusted Earnings Per Diluted Share		$0.83 - $0.85				$	0.70			$2.97 - $3.12				$	2.61

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d)

(1)The Company believes it is useful to present non-GAAP financial measures, such as adjusted operating income, which may exclude certain non-cash items as a means to understand the core performance of its operations. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help better analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company’s historical results and to provide estimates of future performance.

Adjusted operating income and adjusted earnings per diluted share have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for net income, operating income, earnings per diluted share, or any other performance measure derived in accordance with and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of liquidity.

Non-GAAP financial measures, when viewed in a reconciliation to corresponding GAAP financial measures, provide an additional way of viewing the Company’s results of operations and the factors and trends affecting the Company’s business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP.

Results of operations include the USAHS acquisition as of December 2, 2024.

(2)Amortization for acquired intangible assets relate to definite-lived intangible assets associated with acquisitions.

(3)The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments.

FAQ

How did Perdoceo Education (PRDO) perform financially in full-year 2025?

Perdoceo reported strong 2025 results, with revenue increasing 24.2% to $846.1 million. Operating income rose 12.5% to $196.0 million and net income reached $159.9 million. Diluted EPS improved to $2.42, while adjusted diluted EPS climbed to $2.61 from $2.26.

What were Perdoceo Education’s fourth-quarter 2025 results?

In fourth quarter 2025, Perdoceo’s revenue grew 20.0% to $211.6 million. Net income was $35.3 million, with diluted EPS of $0.54 versus $0.47 a year earlier. Adjusted diluted EPS rose to $0.59 from $0.49, reflecting higher profitability.

What guidance did Perdoceo Education (PRDO) give for 2026 earnings?

For 2026, Perdoceo projects diluted EPS of $2.78–$2.93 and adjusted diluted EPS of $2.97–$3.12. The outlook also includes operating income of $212–$225 million and adjusted operating income of $250–$263 million, assuming stable demand and no major regulatory disruptions.

How are student enrollments trending at Perdoceo Education?

Total student enrollments increased, reaching 44,400 as of December 31, 2025, up 7.3% from 41,380 a year earlier. CTU enrollments grew 6.6%, AIUS 11.2% and USAHS 2.6%. These gains supported revenue growth across the company’s academic institutions.

What is Perdoceo Education’s cash position and cash flow profile?

As of December 31, 2025, Perdoceo held $643.5 million in cash, cash equivalents, restricted cash and short-term investments. For 2025, net cash provided by operating activities totaled $225.2 million, up from $161.6 million in 2024, indicating stronger cash generation.

What capital allocation actions did Perdoceo (PRDO) take in 2025 and early 2026?

In 2025, Perdoceo repurchased 4.1 million shares for $120.8 million at an average price of $29.17. It also paid cash dividends of $36.9 million. The board later authorized a new $100.0 million repurchase program and declared a $0.15 quarterly dividend.

How did the USAHS acquisition impact Perdoceo’s 2025 results?

USAHS, acquired in December 2024, significantly increased 2025 revenue, contributing $157.6 million versus $10.0 million in 2024. USAHS generated 2025 operating income of $3.2 million, compared with an operating loss in 2024, improving the company’s overall growth profile.

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