Perdoceo Education (PRDO) Financials

$34.92 -0.20 (-0.57%)

Closing price 05/13/2026 04:00 PM Eastern

Extended Trading

$35.16 +0.24 (+0.69%)

As of 04:11 AM Eastern

Annual Income Statements for Perdoceo Education

This table shows Perdoceo Education's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	52	-19	-32	55	160	124	110	96	148	148	160
Consolidated Net Income / (Loss)	52	-19	-32	55	70	124	110	96	148	148	160
Net Income / (Loss) Continuing Operations	53	-15	-31	56	71	124	110	96	148	148	160
Total Pre-Tax Income	-94	-31	36	74	93	147	149	134	192	201	217
Total Operating Income	-92	-32	34	71	86	143	149	130	150	174	196
Total Gross Profit	847	704	596	581	1,253	687	693	695	710	681	846
Total Revenue	847	704	596	581	2.65	687	693	695	710	681	846
Operating Revenue	842	704	596	581	1,253	687	693	695	710	681	846
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	939	737	562	510	1,082	544	544	566	560	507	650
Selling, General & Admin Expense	564	478	405	391	532	417	419	426	398	367	411
Depreciation Expense	25	23	14	9.39	9.15	15	17	20	17	15	42
Other Operating Expenses / (Income)	290	235	143	110	541	112	109	117	130	121	198
Impairment Charge	61	1.16	-	0.00	0.00	0.61	0.00	2.99	14	4.45	0.00
Total Other Income / (Expense), net	-2.27	0.98	2.11	3.05	13	3.81	0.05	4.63	42	27	21
Interest Expense	0.84	0.58	0.45	0.68	0.17	0.17	0.92	0.40	0.40	0.61	6.47
Interest & Investment Income	0.79	1.26	1.90	3.54	6.39	3.85	0.93	6.87	20	29	26
Other Income / (Expense), net	-2.23	0.30	0.67	0.20	6.90	0.12	0.04	-1.83	22	-1.19	0.99
Income Tax Expense	-147	-17	67	19	22	22	39	38	44	54	57
Basic Earnings per Share	$0.76	($0.27)	($0.46)	$0.79	$0.99	$1.79	$1.57	$1.41	$2.22	$2.25	$2.47
Weighted Average Basic Shares Outstanding	67.86M	68.37M	68.95M	69.60M	70.09M	69.41M	70.02M	67.93M	66.47M	65.65M	64.81M
Diluted Earnings per Share	$0.76	($0.27)	($0.46)	$0.77	$0.97	$1.74	$1.55	$1.39	$2.18	$2.19	$2.42
Weighted Average Diluted Shares Outstanding	68.33M	68.37M	68.95M	71.48M	70.09M	71.27M	70.88M	69.03M	67.83M	67.24M	66.16M
Weighted Average Basic & Diluted Shares Outstanding	68.30M	69.30M	69.30M	69.80M	70.09M	69.41M	70.02M	67.18M	65.65M	65.91M	62.48M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	$0.22	$0.48	$0.56

This table shows Perdoceo Education's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	41	17	39	38	38	31	44	41	40	35	54
Consolidated Net Income / (Loss)	41	17	39	38	38	31	44	41	40	35	54
Net Income / (Loss) Continuing Operations	41	17	39	38	38	31	44	41	40	35	54
Total Pre-Tax Income	48	22	53	53	52	43	57	56	56	48	68
Total Operating Income	43	16	46	46	45	37	52	51	51	42	63
Total Gross Profit	180	148	168	167	170	176	213	210	212	212	222
Total Revenue	180	148	168	167	170	176	213	210	212	212	222
Operating Revenue	180	148	168	167	170	176	213	210	212	212	222
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	137	132	122	121	125	139	161	158	161	170	159
Selling, General & Admin Expense	92	93	87	89	94	97	101	98	102	110	102
Depreciation Expense	3.91	3.45	3.02	3.07	3.05	5.51	12	10	10	9.66	9.35
Other Operating Expenses / (Income)	34	30	30	28	28	35	49	50	49	50	47
Impairment Charge	7.38	5.55	1.63	0.84	0.00	1.99	0.00	0.00	0.00	-	0.00
Total Other Income / (Expense), net	5.02	6.43	6.57	7.01	7.57	6.04	4.78	4.84	5.06	6.16	5.01
Interest Expense	0.10	0.12	0.34	0.11	0.08	0.08	1.68	1.61	1.59	1.58	1.53
Interest & Investment Income	5.21	6.42	6.79	7.19	7.70	7.31	6.48	6.46	6.65	6.72	6.54
Other Income / (Expense), net	-0.10	0.13	0.12	-0.07	-0.05	-1.19	-0.02	-0.01	0.00	1.02	-0.00
Income Tax Expense	6.78	5.19	13	15	14	12	13	15	16	13	14
Basic Earnings per Share	$0.63	$0.27	$0.60	$0.59	$0.58	$0.48	$0.67	$0.63	$0.62	$0.55	$0.86
Weighted Average Basic Shares Outstanding	65.63M	66.47M	65.56M	65.61M	65.70M	65.65M	65.68M	65.33M	64.65M	64.81M	62.50M
Diluted Earnings per Share	$0.62	$0.26	$0.59	$0.57	$0.57	$0.46	$0.65	$0.62	$0.60	$0.55	$0.85
Weighted Average Diluted Shares Outstanding	67.10M	67.83M	66.84M	67.08M	67.31M	67.24M	66.87M	66.58M	66.01M	66.16M	63.43M
Weighted Average Basic & Diluted Shares Outstanding	65.69M	65.65M	65.60M	65.67M	65.72M	65.91M	65.54M	64.95M	64.32M	62.48M	62.70M
Cash Dividends to Common per Share	$0.11	-	$0.11	$0.11	$0.13	-	$0.13	$0.13	$0.15	-	$0.15

This table details how cash moves in and out of Perdoceo Education's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.03	-66	-32	14	76	1.00	215	-206	0.14	13	0.53
Net Cash From Operating Activities	-21	6.48	-22	57	73	180	191	148	112	162	225
Net Cash From Continuing Operating Activities	-21	6.48	-22	57	73	180	191	148	112	162	225
Net Income / (Loss) Continuing Operations	52	-19	-32	55	70	124	110	96	148	148	160
Consolidated Net Income / (Loss)	52	-19	-32	55	70	124	110	96	148	148	160
Depreciation Expense	25	23	14	9.39	9.15	15	17	20	17	15	42
Non-Cash Adjustments To Reconcile Net Income	70	8.45	6.04	8.62	6.90	16	9.42	13	-7.28	17	12
Changes in Operating Assets and Liabilities, net	-168	-6.01	-9.92	-16	-13	25	55	20	-45	-17	11
Net Cash From Investing Activities	-7.99	-34	-12	-41	7.70	-166	54	-327	-89	-108	-54
Net Cash From Continuing Investing Activities	-7.99	-34	-12	-41	7.70	-166	54	-327	-89	-108	-54
Purchase of Property, Plant & Equipment	-12	-4.13	-6.33	-6.73	-5.17	-9.77	-10	-13	-6.41	-4.63	-8.58
Acquisitions	-1.37	-	-	0.00	0.00	-40	-57	-84	-6.00	-138	0.85
Purchase of Investments	-93	-161	-256	-310	-449	-404	-270	-492	-314	-413	-393
Divestitures	-	-	-	-	-	-	-	-	0.00	0.00	1.04
Sale and/or Maturity of Investments	100	127	251	275	462	287	392	262	238	448	346
Net Cash From Financing Activities	29	-38	1.54	-1.66	-4.84	-13	-30	-28	-23	-41	-171
Net Cash From Continuing Financing Activities	29	-38	1.54	-1.66	-4.84	-13	-30	-28	-23	-41	-171
Repurchase of Common Equity	-	-	-	0.00	-3.88	-18	-25	-23	-8.30	-6.77	-121
Payment of Dividends	-	-	-	-	-	-	0.00	0.00	-14	-32	-37
Issuance of Common Equity	1.40	0.77	2.72	1.68	1.77	5.72	0.86	1.20	2.55	2.23	1.64
Other Financing Activities, net	-0.44	-0.56	-1.19	-3.35	-2.74	-0.91	-5.51	-5.81	-3.21	-4.85	-15
Cash Interest Paid	0.03	0.15	-	-	-	-	-	-	0.00	0.08	6.20
Cash Income Taxes Paid	0.58	0.33	0.12	0.27	0.05	0.61	23	29	42	47	49

This table details how cash moves in and out of Perdoceo Education's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	24	-55	7.81	2.06	110	-107	22	40	-13	-48	33
Net Cash From Operating Activities	33	13	54	39	51	18	65	79	41	40	69
Net Cash From Continuing Operating Activities	33	13	54	39	51	18	65	79	41	40	69
Net Income / (Loss) Continuing Operations	41	17	39	38	38	31	44	41	40	35	54
Consolidated Net Income / (Loss)	41	17	39	38	38	31	44	41	40	35	54
Depreciation Expense	3.91	3.45	3.02	3.07	3.05	5.51	12	10	10	9.66	9.35
Non-Cash Adjustments To Reconcile Net Income	-52	42	11	9.16	12	-14	10	28	-7.70	-17	6.09
Changes in Operating Assets and Liabilities, net	39	-49	0.74	-12	-1.89	-4.88	-0.78	-	-0.94	12	0.00
Net Cash From Investing Activities	-0.72	-57	-31	-29	67	-115	1.18	-8.44	-23	-24	-7.06
Net Cash From Continuing Investing Activities	-0.72	-57	-31	-29	67	-115	1.18	-8.44	-23	-24	-7.06
Purchase of Property, Plant & Equipment	-1.19	-1.61	-1.20	-0.82	-0.98	-1.63	-1.74	-2.75	-1.85	-2.23	-1.74
Purchase of Investments	-46	-109	-105	-100	-63	-146	-100	-93	-110	-90	-82
Sale and/or Maturity of Investments	47	59	75	71	131	170	103	86	90	67	76
Net Cash From Financing Activities	-7.79	-11	-16	-7.13	-8.45	-9.61	-44	-30	-32	-65	-29
Net Cash From Continuing Financing Activities	-7.79	-11	-16	-7.13	-8.18	-9.89	-44	-30	-32	-65	-29
Repurchase of Common Equity	-	-5.57	-6.77	-	-	-	-25	-21	-21	-54	-8.14
Payment of Dividends	-7.22	-7.20	-7.20	-7.42	-8.54	-8.54	-9.20	-8.52	-9.67	-9.47	-10
Issuance of Common Equity	0.44	1.80	1.52	0.29	0.37	0.06	0.98	0.32	0.29	0.06	0.50
Other Financing Activities, net	-1.00	-	-3.44	-	-	-1.41	-11	-1.23	-1.55	-1.30	-12

This table presents Perdoceo Education's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	611	560	447	482	599	722	847	957	1,007	1,237	1,248
Total Current Assets	289	248	211	269	360	467	554	575	655	640	697
Cash & Equivalents	67	50	18	32	109	106	320	109	118	109	111
Restricted Cash	50	9.97	0.79	0.34	0.00	4.00	5.20	9.48	1.01	23	21
Short-Term Investments	115	148	156	196	185	301	174	399	485	460	511
Accounts Receivable	37	24	20	31	1.38	2.87	1.69	3.46	4.54	5.33	5.04
Inventories, net	3.35	1.87	1.11	0.76	0.58	0.60	0.90	1.90	5.00	3.39	4.05
Prepaid Expenses	14	14	7.72	7.77	7.30	8.21	6.92	8.41	12	17	17
Other Current Assets	2.52	0.82	6.39	0.44	57	45	46	43	30	23	27
Plant, Property, & Equipment, net	58	41	33	30	26	28	28	26	21	96	83
Total Noncurrent Assets	264	271	203	183	213	227	265	356	331	501	468
Noncurrent Note & Lease Receivables	3.96	3.06	2.55	0.94	1.24	1.30	1.37	1.85	3.86	22	15
Goodwill	87	87	87	87	87	118	163	244	241	258	266
Intangible Assets	9.30	8.50	7.90	7.90	7.90	16	32	54	36	95	78
Noncurrent Deferred & Refundable Income Taxes	138	158	98	82	60	40	25	25	24	69	57
Other Noncurrent Operating Assets	17	7.61	5.67	4.99	56	51	43	33	26	58	51
Total Liabilities & Shareholders' Equity	611	560	447	482	599	722	847	957	1,007	1,237	1,248
Total Liabilities	273	238	151	127	168	166	197	232	166	277	275
Total Current Liabilities	193	169	113	97	104	104	140	163	111	132	138
Accounts Payable	26	10	8.52	9.20	12	13	11	14	11	13	14
Accrued Expenses	36	79	40	29	27	22	24	24	21	29	24
Current Deferred Revenue	40	28	23	32	25	35	71	72	37	37	38
Current Deferred & Payable Income Tax Liabilities	1.06	1.83	2.19	1.47	1.38	1.40	0.21	7.81	3.97	4.93	5.63
Current Employee Benefit Liabilities	39	41	33	25	28	23	25	40	33	35	44
Other Current Liabilities	-	-	-	-	12	9.79	9.40	6.56	5.70	13	11
Total Noncurrent Liabilities	81	69	38	30	64	62	57	68	55	145	137
Other Noncurrent Operating Liabilities	25	32	22	17	64	62	57	68	55	145	137
Commitments & Contingencies	-	-	-	-	-	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	338	322	296	355	431	556	650	726	841	960	972
Total Preferred & Common Equity	338	322	296	355	431	556	650	726	841	960	972
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	338	322	296	355	431	556	650	726	841	960	972
Common Stock	612	614	622	629	640	659	675	685	696	708	721
Retained Earnings	-58	-76	-108	-53	18	142	252	348	481	596	718
Treasury Stock	-216	-216	-217	-221	-227	-246	-277	-302	-334	-344	-469
Accumulated Other Comprehensive Income / (Loss)	-0.88	-0.26	-0.16	-0.30	0.34	0.36	-0.10	-5.45	-0.67	0.17	1.07

This table presents Perdoceo Education's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	899	963	1,014	1,026	1,052	1,078	1,117	1,269	1,294	1,299	1,289
Total Current Assets	582	585	643	670	706	732	774	686	721	736	747
Cash & Equivalents	147	90	141	166	126	128	238	132	172	159	164
Restricted Cash	2.19	9.48	9.48	8.48	1.02	1.04	0.77	22	22	21	0.82
Short-Term Investments	376	421	428	430	516	546	484	459	466	488	515
Accounts Receivable	2.26	4.31	6.90	12	5.29	4.98	4.11	9.99	9.17	6.15	6.96
Inventories, net	2.04	3.77	2.88	2.18	4.25	4.47	3.87	3.25	2.64	4.02	3.28
Prepaid Expenses	9.25	11	13	10	12	13	11	15	16	16	17
Other Current Assets	44	46	43	42	42	35	32	46	33	41	40
Plant, Property, & Equipment, net	26	26	24	24	21	19	18	89	88	85	81
Total Noncurrent Assets	291	348	341	333	325	327	325	493	485	478	460
Noncurrent Note & Lease Receivables	1.33	-2.57	-3.89	4.63	4.86	8.16	8.66	19	9.06	16	14
Goodwill	184	244	244	241	241	241	241	258	258	258	266
Intangible Assets	44	51	49	40	35	34	33	91	86	82	74
Noncurrent Deferred & Refundable Income Taxes	24	24	22	23	23	23	23	69	69	69	57
Other Noncurrent Operating Assets	37	31	30	24	21	20	19	56	63	53	50
Total Liabilities & Shareholders' Equity	899	963	1,014	1,026	1,052	1,078	1,117	1,269	1,294	1,299	1,289
Total Liabilities	193	202	221	196	186	179	181	298	310	302	289
Total Current Liabilities	140	135	161	139	143	135	141	154	169	165	155
Accounts Payable	13	15	15	15	12	13	14	13	17	20	19
Accrued Expenses	24	27	29	27	28	29	29	22	22	24	24
Current Deferred Revenue	62	45	67	39	61	55	49	63	82	60	52
Current Deferred & Payable Income Tax Liabilities	8.08	20	16	13	17	6.50	10	18	5.97	11	20
Current Employee Benefit Liabilities	27	22	27	41	19	25	34	27	31	39	26
Other Current Liabilities	5.96	6.04	5.70	5.76	5.99	5.40	4.97	10	11	11	14
Total Noncurrent Liabilities	53	67	61	57	43	44	40	144	141	137	134
Other Noncurrent Operating Liabilities	53	67	61	57	43	44	40	144	141	137	134
Commitments & Contingencies	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	706	761	792	830	866	900	935	970	985	998	1,000
Total Preferred & Common Equity	706	761	792	830	866	900	935	970	985	998	1,000
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	706	761	792	830	866	900	935	970	985	998	1,000
Common Stock	682	688	690	692	700	702	705	712	715	718	725
Retained Earnings	332	382	437	471	513	544	573	631	663	693	763
Treasury Stock	-302	-305	-329	-329	-344	-344	-344	-373	-394	-414	-487
Accumulated Other Comprehensive Income / (Loss)	-6.32	-4.12	-5.62	-5.00	-1.62	-1.72	1.57	0.67	0.72	1.23	-1.04

This table displays calculated financial ratios and metrics derived from Perdoceo Education's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.30%	-16.86%	-15.33%	-2.54%	-99.54%	25,855.97%	0.83%	0.31%	2.13%	-4.05%	24.20%
EBITDA Growth	17.05%	86.62%	624.80%	65.78%	26.72%	53.99%	5.06%	-11.03%	28.40%	-0.91%	27.12%
EBIT Growth	32.18%	66.05%	208.60%	105.44%	30.58%	53.23%	4.20%	-14.26%	35.01%	0.30%	13.83%
NOPAT Growth	33.82%	64.91%	-28.42%	284.01%	22.65%	84.47%	-9.45%	-15.55%	24.92%	10.42%	13.22%
Net Income Growth	129.12%	-136.06%	-70.46%	273.00%	26.82%	77.57%	-11.77%	-12.56%	54.02%	-0.04%	8.35%
EPS Growth	128.68%	-135.53%	-70.37%	267.39%	25.97%	79.38%	-10.92%	-10.32%	56.83%	0.46%	10.50%
Operating Cash Flow Growth	82.09%	130.48%	-436.51%	361.54%	28.25%	146.23%	6.20%	-22.46%	-24.40%	44.25%	39.39%
Free Cash Flow Firm Growth	-19.51%	109.03%	-367.14%	264.88%	4.08%	105.13%	-7.27%	-65.88%	141.36%	-103.55%	6,115.76%
Invested Capital Growth	76.35%	-22.00%	2.38%	0.60%	8.48%	6.15%	3.55%	37.77%	14.26%	55.10%	-10.62%
Revenue Q/Q Growth	-14.77%	-5.97%	-1.99%	0.41%	-99.57%	1,287.11%	-1.60%	2.40%	-3.82%	4.37%	4.34%
EBITDA Q/Q Growth	47.36%	-122.45%	435.08%	12.50%	21.93%	-0.45%	-0.37%	-8.31%	-3.42%	13.26%	4.87%
EBIT Q/Q Growth	42.55%	-265.57%	209.82%	14.89%	24.52%	-1.60%	-1.04%	-9.41%	-2.97%	13.01%	3.65%
NOPAT Q/Q Growth	43.31%	-114.43%	-27.87%	2,087.17%	23.98%	0.33%	-1.98%	-9.39%	-2.45%	13.03%	2.68%
Net Income Q/Q Growth	144.60%	-111.93%	-56.43%	1,786.46%	23.78%	-0.37%	-2.30%	-8.15%	0.84%	10.71%	2.49%
EPS Q/Q Growth	143.93%	-111.69%	-53.33%	1,640.00%	24.36%	-0.57%	-0.64%	-7.95%	0.93%	10.05%	3.86%
Operating Cash Flow Q/Q Growth	44.79%	-59.59%	43.98%	122.49%	-41.10%	43.45%	2.53%	-4.12%	-19.63%	2.80%	11.10%
Free Cash Flow Firm Q/Q Growth	-278.34%	-65.29%	32.49%	341.13%	-51.97%	98.90%	3.03%	-58.33%	16.80%	-102.42%	652.86%
Invested Capital Q/Q Growth	734.73%	-13.14%	-24.28%	-16.45%	52.50%	-5.45%	-8.32%	14.70%	5.02%	72.90%	-0.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	47,309.67%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-8.20%	-1.32%	8.18%	13.92%	3,870.92%	22.96%	23.93%	21.22%	26.68%	27.55%	28.20%
Operating Margin	-10.88%	-4.59%	5.72%	12.27%	3,265.18%	20.80%	21.50%	18.65%	21.19%	25.58%	23.17%
EBIT Margin	-11.14%	-4.55%	5.83%	12.30%	3,525.57%	20.81%	21.51%	18.38%	24.30%	25.40%	23.28%
Profit (Net Income) Margin	6.12%	-2.66%	-5.35%	9.49%	2,642.82%	18.08%	15.82%	13.79%	20.80%	21.66%	18.90%
Tax Burden Percent	-54.94%	59.66%	-87.99%	74.22%	75.23%	84.68%	73.55%	71.40%	76.85%	73.27%	73.75%
Interest Burden Percent	100.04%	97.88%	104.16%	104.00%	99.64%	102.58%	100.01%	105.06%	111.35%	116.40%	110.07%
Effective Tax Rate	0.00%	0.00%	185.17%	24.96%	24.11%	15.32%	26.45%	28.60%	23.15%	26.73%	26.25%
Return on Invested Capital (ROIC)	-52.33%	-16.17%	-23.41%	42.45%	49.80%	85.64%	73.99%	51.66%	51.98%	42.19%	41.48%
ROIC Less NNEP Spread (ROIC-NNEP)	-114.75%	-18.24%	-21.88%	41.61%	48.13%	84.73%	73.98%	51.01%	46.27%	38.86%	38.99%
Return on Net Nonoperating Assets (RNNOA)	69.08%	10.49%	13.08%	-25.51%	-32.00%	-60.47%	-55.81%	-37.72%	-33.13%	-25.80%	-24.93%
Return on Equity (ROE)	16.75%	-5.68%	-10.33%	16.94%	17.80%	25.18%	18.18%	13.93%	18.84%	16.39%	16.55%
Cash Return on Invested Capital (CROIC)	-107.59%	8.55%	-25.76%	41.85%	41.66%	79.68%	70.50%	19.89%	38.66%	-1.01%	52.69%
Operating Return on Assets (OROA)	-15.94%	-5.48%	6.91%	15.38%	17.26%	21.66%	19.00%	14.16%	17.56%	15.42%	15.86%
Return on Assets (ROA)	8.76%	-3.20%	-6.34%	11.87%	12.94%	18.82%	13.98%	10.62%	15.03%	13.15%	12.87%
Return on Common Equity (ROCE)	16.75%	-5.68%	-10.33%	16.94%	17.80%	25.18%	18.18%	13.93%	18.84%	16.39%	16.55%
Return on Equity Simple (ROE_SIMPLE)	15.37%	-5.82%	-10.77%	15.54%	16.23%	22.35%	16.86%	13.21%	17.55%	15.38%	0.00%
Net Operating Profit after Tax (NOPAT)	-65	-23	-29	53	66	121	110	93	116	128	145
NOPAT Margin	-7.61%	-3.21%	-4.87%	9.20%	2,477.93%	17.61%	15.81%	13.31%	16.28%	18.74%	17.08%
Net Nonoperating Expense Percent (NNEP)	62.42%	2.07%	-1.53%	0.84%	1.67%	0.91%	0.01%	0.65%	5.71%	3.33%	2.49%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.75%	13.74%	13.31%	14.86%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	66.59%	67.82%	67.90%	67.21%	20,094.30%	60.70%	60.39%	61.29%	56.07%	53.88%	48.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	110.88%	104.59%	94.28%	87.73%	40,879.31%	79.20%	78.50%	81.35%	78.81%	74.42%	76.83%
Earnings before Interest and Taxes (EBIT)	-94	-32	35	71	93	143	149	128	173	173	197
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-69	-9.30	49	81	103	158	166	148	189	188	239
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.71	2.10	2.75	2.19	2.93	1.54	1.24	1.24	1.34	1.81	1.94
Price to Tangible Book Value (P/TBV)	1.00	2.99	4.05	2.99	3.76	2.02	1.77	2.10	2.00	2.87	3.00
Price to Revenue (P/Rev)	0.28	0.96	1.37	1.34	477.09	1.24	1.16	1.30	1.59	2.55	2.23
Price to Earnings (P/E)	4.64	0.00	0.00	14.09	7.88	6.87	7.34	9.41	7.65	11.79	11.80
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.28%	1.81%	1.91%
Earnings Yield	21.53%	0.00%	0.00%	7.10%	12.69%	14.55%	13.62%	10.63%	13.08%	8.48%	8.48%
Enterprise Value to Invested Capital (EV/IC)	0.30	3.81	5.09	4.34	7.07	3.05	2.03	1.85	2.21	3.12	3.78
Enterprise Value to Revenue (EV/Rev)	0.06	0.66	1.07	0.94	366.00	0.65	0.44	0.55	0.74	1.69	1.47
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	13.11	6.78	9.46	2.81	1.84	2.60	2.77	6.12	5.21
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	18.38	7.67	10.38	3.10	2.05	3.00	3.04	6.63	6.31
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	10.25	14.77	3.67	2.79	4.14	4.54	8.99	8.60
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	72.19	0.00	9.62	13.26	2.47	1.60	2.59	4.68	7.10	5.52
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	39.03	0.00	10.40	17.65	3.94	2.92	10.77	6.10	0.00	6.77
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.60	-0.58	-0.60	-0.61	-0.66	-0.71	-0.75	-0.74	-0.72	-0.66	-0.64
Leverage Ratio	1.91	1.78	1.63	1.43	1.38	1.34	1.30	1.31	1.25	1.25	1.29
Compound Leverage Factor	1.91	1.74	1.70	1.48	1.37	1.37	1.30	1.38	1.40	1.45	1.42
Debt to Total Capital	10.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	10.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	89.88%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	2.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	3.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	1.46	2.75	4.76	5.63	5.59	5.58	4.85	4.53	6.67	5.94	6.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.50	1.47	1.87	2.78	3.47	4.50	3.95	3.52	5.90	4.84	5.06
Quick Ratio	1.13	1.31	1.72	2.68	2.85	3.94	3.54	3.13	5.47	4.35	4.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-133	12	-32	53	55	113	104	36	86	-3.05	184
Operating Cash Flow to CapEx	-181.66%	156.82%	-344.11%	846.51%	1,412.54%	1,842.30%	1,828.34%	1,174.22%	1,747.39%	3,493.92%	2,626.40%
Free Cash Flow to Firm to Interest Expense	-158.85	20.51	-70.93	77.45	328.73	674.34	113.51	89.08	212.88	-4.98	28.40
Operating Cash Flow to Interest Expense	-25.44	11.09	-48.31	83.68	437.63	1,077.58	207.73	370.47	277.29	263.61	34.84
Operating Cash Flow Less CapEx to Interest Expense	-39.45	4.02	-62.35	73.80	406.65	1,019.09	196.37	338.92	261.42	256.07	33.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.43	1.20	1.18	1.25	0.00	1.04	0.88	0.77	0.72	0.61	0.68
Accounts Receivable Turnover	19.34	23.26	27.24	22.64	0.16	323.14	303.63	270.04	177.59	138.06	163.23
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	9.75	14.26	16.18	18.37	0.09	25.57	24.70	25.56	29.95	11.66	9.46
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	18.87	15.69	13.40	16.12	2,253.61	1.13	1.20	1.35	2.06	2.64	2.24
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	18.87	15.69	13.40	16.12	2,253.61	1.13	1.20	1.35	2.06	2.64	2.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	157	123	126	126	137	146	151	208	237	368	329
Invested Capital Turnover	6.87	5.03	4.80	4.61	0.02	4.86	4.68	3.88	3.19	2.25	2.43
Increase / (Decrease) in Invested Capital	68	-35	2.92	0.76	11	8.43	5.17	57	30	131	-39
Enterprise Value (EV)	47	467	640	548	969	444	305	384	525	1,148	1,243
Market Capitalization	241	675	815	778	1,263	854	805	902	1,129	1,740	1,887
Book Value per Share	$4.97	$4.69	$4.29	$5.09	$6.13	$8.02	$9.27	$10.81	$12.81	$14.60	$15.12
Tangible Book Value per Share	$3.54	$3.29	$2.91	$3.73	$4.77	$6.09	$6.49	$6.38	$8.59	$9.23	$9.78
Total Capital	376	322	296	355	431	556	650	726	841	960	972
Total Debt	38	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-194	-207	-175	-229	-294	-410	-499	-518	-604	-592	-643
Capital Expenditures (CapEx)	12	4.13	6.33	6.73	5.17	9.77	10	13	6.41	4.63	8.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-97	-128	-77	-57	-38	-47	-85	-106	-60	-84	-84
Debt-free Net Working Capital (DFNWC)	134	79	98	172	257	363	414	412	544	508	559
Net Working Capital (NWC)	96	79	98	172	257	363	414	412	544	508	559
Net Nonoperating Expense (NNE)	-116	-3.93	2.82	-1.68	-4.37	-3.22	-0.04	-3.31	-32	-20	-15
Net Nonoperating Obligations (NNO)	-180	-199	-171	-229	-294	-410	-499	-518	-604	-592	-643
Total Depreciation and Amortization (D&A)	25	23	14	9.39	9.15	15	17	20	17	15	42
Debt-free, Cash-free Net Working Capital to Revenue	-11.51%	-18.20%	-12.92%	-9.76%	-1,420.05%	-6.85%	-12.29%	-15.31%	-8.48%	-12.26%	-9.98%
Debt-free Net Working Capital to Revenue	15.83%	11.21%	16.44%	29.66%	9,689.27%	52.85%	59.77%	59.23%	76.61%	74.57%	66.07%
Net Working Capital to Revenue	11.35%	11.21%	16.44%	29.66%	9,689.27%	52.85%	59.77%	59.23%	76.61%	74.57%	66.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.76	($0.27)	($0.46)	$0.79	$1.00	$1.79	$1.57	$1.41	$2.22	$2.25	$2.47
Adjusted Weighted Average Basic Shares Outstanding	67.86M	68.37M	68.95M	69.60M	70.09M	69.41M	70.02M	67.93M	66.47M	65.65M	64.81M
Adjusted Diluted Earnings per Share	$0.76	($0.27)	($0.46)	$0.77	$0.97	$1.74	$1.55	$1.39	$2.18	$2.19	$2.42
Adjusted Weighted Average Diluted Shares Outstanding	68.33M	68.37M	68.95M	71.48M	72.09M	71.27M	70.02M	69.03M	67.83M	67.24M	66.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.27)	($0.46)	$0.00	$1.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	68.10M	68.54M	69.12M	69.77M	70.15M	70.06M	70.02M	67.18M	65.65M	65.91M	62.48M
Normalized Net Operating Profit after Tax (NOPAT)	-22	-22	24	53	66	122	110	95	127	131	145
Normalized NOPAT Margin	-2.62%	-3.10%	4.01%	9.20%	2,477.93%	17.69%	15.81%	13.62%	17.83%	19.22%	17.08%
Pre Tax Income Margin	-11.15%	-4.45%	6.08%	12.79%	3,512.92%	21.35%	21.51%	19.31%	27.06%	29.57%	25.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-113.05	-54.87	77.16	104.98	559.02	856.62	162.02	319.51	427.09	282.32	30.47
NOPAT to Interest Expense	-77.27	-38.77	-64.47	78.56	392.91	724.80	119.13	231.40	286.20	208.27	22.36
EBIT Less CapEx to Interest Expense	-127.06	-61.94	63.12	95.10	528.04	798.13	150.66	287.96	411.22	274.77	29.14
NOPAT Less CapEx to Interest Expense	-91.27	-45.84	-78.51	68.67	361.93	666.31	107.77	199.85	270.33	200.73	21.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.76%	21.48%	23.05%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	5.54%	14.37%	23.07%	24.11%	15.39%	26.06%	98.58%

This table displays calculated financial ratios and metrics derived from Perdoceo Education's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	62,478,373.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	62,478,373.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.86
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.83%	-16.02%	-13.97%	-10.63%	-5.61%	19.28%	26.59%	25.69%	24.76%	19.96%	4.10%
EBITDA Growth	37.17%	-25.60%	1.91%	-34.25%	1.93%	112.57%	28.56%	25.57%	27.58%	26.73%	14.09%
EBIT Growth	47.59%	-24.76%	7.07%	-34.53%	4.11%	123.92%	11.46%	11.87%	13.90%	19.29%	22.06%
NOPAT Growth	78.92%	-17.31%	8.74%	-5.38%	-11.55%	121.03%	15.80%	12.44%	10.77%	13.87%	24.98%
Net Income Growth	87.19%	7.73%	14.38%	-29.71%	-7.39%	83.06%	10.77%	6.76%	4.17%	12.34%	23.49%
EPS Growth	93.75%	8.33%	18.00%	-28.75%	-8.06%	76.92%	10.17%	8.77%	5.26%	19.57%	30.77%
Operating Cash Flow Growth	-38.30%	-67.46%	1,091.86%	-37.51%	56.31%	33.41%	19.52%	104.49%	-19.13%	127.91%	6.54%
Free Cash Flow Firm Growth	-295.33%	58.75%	265.18%	818.89%	680.84%	-496.65%	-297.76%	-446.60%	-274.92%	167.42%	193.33%
Invested Capital Growth	24.79%	14.26%	-5.57%	7.23%	-5.79%	55.10%	60.09%	44.87%	54.69%	-10.62%	-10.65%
Revenue Q/Q Growth	-3.56%	-17.79%	13.75%	-0.91%	1.85%	3.89%	20.73%	-1.61%	1.09%	-0.11%	4.77%
EBITDA Q/Q Growth	-37.09%	-58.37%	153.11%	-0.82%	-2.47%	-13.18%	53.07%	-3.12%	-0.91%	-13.76%	37.80%
EBIT Q/Q Growth	-38.75%	-62.60%	188.66%	-0.99%	-2.60%	-19.56%	43.69%	-0.62%	-0.83%	-15.76%	47.03%
NOPAT Q/Q Growth	4.97%	-66.90%	182.02%	-3.44%	-1.87%	-17.29%	47.76%	-6.24%	-3.33%	-14.98%	62.18%
Net Income Q/Q Growth	-24.45%	-58.39%	129.47%	-2.57%	-0.45%	-17.75%	38.85%	-6.09%	-2.87%	-11.30%	52.63%
EPS Q/Q Growth	-22.50%	-58.06%	126.92%	-3.39%	0.00%	-19.30%	41.30%	-4.62%	-3.23%	-8.33%	54.55%
Operating Cash Flow Q/Q Growth	-47.10%	-59.55%	313.07%	-29.30%	32.32%	-65.48%	270.06%	20.96%	-47.67%	-2.70%	73.00%
Free Cash Flow Firm Q/Q Growth	-497.61%	-120.25%	374.79%	-61.82%	151.34%	-326.24%	8.92%	33.08%	-26.84%	187.20%	26.08%
Invested Capital Q/Q Growth	7.97%	5.02%	-5.73%	0.31%	-5.14%	72.90%	-2.69%	-9.23%	1.29%	-0.09%	-2.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	26.06%	13.20%	29.36%	29.39%	28.14%	23.52%	29.82%	29.36%	28.78%	24.85%	32.68%
Operating Margin	23.94%	10.78%	27.50%	27.59%	26.38%	21.07%	24.28%	24.52%	24.05%	19.81%	28.47%
EBIT Margin	23.89%	10.87%	27.57%	27.55%	26.35%	20.40%	24.28%	24.52%	24.05%	20.28%	28.47%
Profit (Net Income) Margin	22.96%	11.62%	23.44%	23.05%	22.53%	17.83%	20.51%	19.58%	18.81%	16.70%	24.33%
Tax Burden Percent	85.90%	76.81%	74.63%	72.49%	73.06%	72.81%	77.32%	72.95%	71.13%	73.53%	79.19%
Interest Burden Percent	111.90%	139.23%	113.92%	115.41%	117.03%	120.07%	109.27%	109.44%	109.93%	111.98%	107.94%
Effective Tax Rate	14.10%	23.19%	25.37%	27.51%	26.94%	27.19%	22.68%	27.05%	28.87%	26.47%	20.81%
Return on Invested Capital (ROIC)	74.61%	26.42%	60.85%	61.15%	57.34%	34.54%	46.86%	50.08%	51.19%	35.36%	56.84%
ROIC Less NNEP Spread (ROIC-NNEP)	73.84%	25.54%	60.01%	60.34%	56.50%	33.80%	46.27%	49.55%	50.67%	34.63%	56.23%
Return on Net Nonoperating Assets (RNNOA)	-54.28%	-18.29%	-43.02%	-44.88%	-42.46%	-22.44%	-31.62%	-35.10%	-36.46%	-22.14%	-36.88%
Return on Equity (ROE)	20.33%	8.13%	17.82%	16.27%	14.88%	12.10%	15.25%	14.98%	14.72%	13.22%	19.96%
Cash Return on Invested Capital (CROIC)	36.19%	38.66%	57.10%	47.00%	57.45%	-1.01%	-0.47%	13.30%	9.00%	52.69%	56.82%
Operating Return on Assets (OROA)	18.32%	7.85%	18.68%	17.46%	16.05%	12.38%	15.19%	15.89%	16.14%	13.81%	19.03%
Return on Assets (ROA)	17.61%	8.40%	15.88%	14.61%	13.72%	10.83%	12.83%	12.69%	12.62%	11.37%	16.27%
Return on Common Equity (ROCE)	20.33%	8.13%	17.82%	16.27%	14.88%	12.10%	15.25%	14.98%	14.72%	13.22%	19.96%
Return on Equity Simple (ROE_SIMPLE)	17.65%	0.00%	17.62%	15.16%	14.25%	0.00%	15.65%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	37	12	35	33	33	27	40	37	36	31	50
NOPAT Margin	20.56%	8.28%	20.53%	20.00%	19.27%	15.34%	18.78%	17.89%	17.11%	14.56%	22.54%
Net Nonoperating Expense Percent (NNEP)	0.76%	0.88%	0.84%	0.81%	0.83%	0.74%	0.59%	0.53%	0.52%	0.73%	0.61%
Return On Investment Capital (ROIC_SIMPLE)	-	1.46%	-	-	-	2.82%	4.12%	3.81%	3.63%	3.17%	5.00%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	51.16%	62.71%	51.99%	53.56%	55.17%	54.73%	47.38%	46.66%	48.03%	52.19%	46.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	76.06%	89.22%	72.50%	72.41%	73.62%	78.93%	75.72%	75.48%	75.95%	80.19%	71.53%
Earnings before Interest and Taxes (EBIT)	43	16	46	46	45	36	52	51	51	43	63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	47	20	49	49	48	41	64	62	61	53	72
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.32	1.34	1.33	1.56	1.56	1.81	1.71	2.18	2.45	1.94	2.33
Price to Tangible Book Value (P/TBV)	2.00	2.00	1.95	2.25	2.21	2.87	2.67	3.35	3.72	3.00	3.52
Price to Revenue (P/Rev)	1.48	1.59	1.68	2.12	2.24	2.55	2.29	2.79	3.02	2.23	2.72
Price to Earnings (P/E)	7.49	7.65	7.52	10.30	10.96	11.79	10.93	13.87	15.68	11.80	13.66
Dividend Yield	0.66%	1.28%	1.89%	2.05%	2.07%	1.81%	1.99%	1.59%	1.43%	1.91%	1.56%
Earnings Yield	13.36%	13.08%	13.29%	9.70%	9.13%	8.48%	9.15%	7.21%	6.38%	8.48%	7.32%
Enterprise Value to Invested Capital (EV/IC)	2.18	2.21	2.26	3.25	3.47	3.12	2.93	4.56	5.40	3.78	5.14
Enterprise Value to Revenue (EV/Rev)	0.67	0.74	0.74	1.10	1.13	1.69	1.44	1.93	2.19	1.47	1.92
Enterprise Value to EBITDA (EV/EBITDA)	2.51	2.77	2.66	4.43	4.45	6.12	5.19	6.92	7.81	5.21	6.64
Enterprise Value to EBIT (EV/EBIT)	2.77	3.04	2.88	4.82	4.82	6.63	5.87	8.07	9.35	6.31	7.89
Enterprise Value to NOPAT (EV/NOPAT)	4.15	4.54	4.27	6.24	6.53	8.99	7.87	10.81	12.63	8.60	10.65
Enterprise Value to Operating Cash Flow (EV/OCF)	3.53	4.68	3.12	5.26	4.69	7.10	6.08	6.98	8.77	5.52	7.17
Enterprise Value to Free Cash Flow (EV/FCFF)	6.69	6.10	3.84	7.17	5.86	0.00	0.00	40.58	72.88	6.77	8.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.74	-0.72	-0.72	-0.74	-0.75	-0.66	-0.68	-0.71	-0.72	-0.64	-0.66
Leverage Ratio	1.25	1.25	1.24	1.24	1.21	1.25	1.26	1.26	1.25	1.29	1.30
Compound Leverage Factor	1.40	1.75	1.41	1.43	1.42	1.50	1.38	1.38	1.37	1.44	1.40
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	5.47	6.16	5.83	6.84	6.95	5.57	5.24	6.10	6.90	6.25	7.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.81	5.90	4.95	5.43	5.48	4.84	4.46	4.27	4.47	5.06	4.82
Quick Ratio	4.36	5.47	4.54	5.04	5.14	4.35	3.90	3.83	3.97	4.55	4.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7.89	-17	48	18	46	-104	-94	-63	-80	70	88
Operating Cash Flow to CapEx	2,742.89%	819.38%	4,548.58%	4,675.36%	5,228.51%	1,081.02%	3,749.40%	2,862.57%	2,224.77%	1,795.43%	3,987.87%
Free Cash Flow to Firm to Interest Expense	-81.32	-149.77	142.51	162.76	558.73	-1,233.99	-56.13	-39.22	-50.34	44.23	57.74
Operating Cash Flow to Interest Expense	336.22	113.72	162.66	343.97	621.68	209.51	38.72	48.90	25.90	25.39	45.47
Operating Cash Flow Less CapEx to Interest Expense	323.96	99.84	159.09	336.62	609.79	190.13	37.69	47.19	24.73	23.97	44.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.72	0.68	0.63	0.61	0.61	0.63	0.65	0.67	0.68	0.67
Accounts Receivable Turnover	103.60	177.59	142.25	111.61	81.06	138.06	95.06	108.65	158.04	163.23	100.90
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	29.64	29.95	29.24	30.59	31.36	11.66	13.15	14.40	15.70	9.46	10.03
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	3.52	2.06	2.57	3.27	4.50	2.64	3.84	3.36	2.31	2.24	3.62
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	3.52	2.06	2.57	3.27	4.50	2.64	3.84	3.36	2.31	2.24	3.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	226	237	224	224	213	368	358	325	329	329	320
Invested Capital Turnover	3.63	3.19	2.96	3.06	2.98	2.25	2.50	2.80	2.99	2.43	2.52
Increase / (Decrease) in Invested Capital	45	30	-13	15	-13	131	134	101	116	-39	-38
Enterprise Value (EV)	492	525	505	730	738	1,148	1,048	1,483	1,778	1,243	1,645
Market Capitalization	1,096	1,129	1,148	1,405	1,461	1,740	1,660	2,142	2,446	1,887	2,325
Book Value per Share	$12.65	$12.81	$13.21	$13.71	$14.24	$14.60	$14.72	$15.02	$15.36	$15.12	$16.00
Tangible Book Value per Share	$8.36	$8.59	$9.00	$9.52	$10.07	$9.23	$9.43	$9.77	$10.12	$9.78	$10.57
Total Capital	830	841	866	900	935	960	970	985	998	972	1,000
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-604	-604	-642	-675	-723	-592	-612	-660	-669	-643	-680
Capital Expenditures (CapEx)	1.19	1.61	1.20	0.82	0.98	1.63	1.74	2.75	1.85	2.23	1.74
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-73	-60	-79	-78	-90	-84	-80	-107	-97	-84	-88
Debt-free Net Working Capital (DFNWC)	530	544	564	598	632	508	532	552	572	559	592
Net Working Capital (NWC)	530	544	564	598	632	508	532	552	572	559	592
Net Nonoperating Expense (NNE)	-4.31	-4.94	-4.91	-5.08	-5.53	-4.40	-3.69	-3.53	-3.60	-4.53	-3.97
Net Nonoperating Obligations (NNO)	-604	-604	-642	-675	-723	-592	-612	-660	-669	-643	-680
Total Depreciation and Amortization (D&A)	3.91	3.45	3.02	3.07	3.05	5.51	12	10	10	9.66	9.35
Debt-free, Cash-free Net Working Capital to Revenue	-9.94%	-8.48%	-11.56%	-11.70%	-13.82%	-12.26%	-11.04%	-13.94%	-11.98%	-9.98%	-10.27%
Debt-free Net Working Capital to Revenue	71.84%	76.61%	82.55%	90.16%	96.88%	74.57%	73.28%	71.85%	70.48%	66.07%	69.27%
Net Working Capital to Revenue	71.84%	76.61%	82.55%	90.16%	96.88%	74.57%	73.28%	71.85%	70.48%	66.07%	69.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.63	$0.27	$0.60	$0.59	$0.58	$0.48	$0.67	$0.63	$0.62	$0.55	$0.86
Adjusted Weighted Average Basic Shares Outstanding	65.63M	66.47M	65.56M	65.61M	65.70M	65.65M	65.68M	65.33M	64.65M	64.81M	62.50M
Adjusted Diluted Earnings per Share	$0.62	$0.26	$0.59	$0.57	$0.57	$0.46	$0.65	$0.62	$0.60	$0.55	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	67.10M	67.83M	66.84M	67.08M	67.31M	67.24M	66.87M	66.58M	66.01M	66.16M	63.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.69M	65.65M	65.60M	65.67M	65.72M	65.91M	65.54M	64.95M	64.32M	62.48M	62.70M
Normalized Net Operating Profit after Tax (NOPAT)	43	17	36	34	33	29	40	37	36	31	50
Normalized NOPAT Margin	24.09%	11.16%	21.25%	20.36%	19.27%	16.16%	18.78%	17.89%	17.11%	14.56%	22.54%
Pre Tax Income Margin	26.73%	15.13%	31.41%	31.79%	30.83%	24.49%	26.53%	26.83%	26.44%	22.71%	30.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	443.04	138.55	138.49	410.14	545.63	428.44	30.74	31.90	32.01	27.17	41.36
NOPAT to Interest Expense	381.43	105.57	103.09	297.76	399.10	322.23	23.78	23.28	22.77	19.51	32.76
EBIT Less CapEx to Interest Expense	430.78	124.67	134.91	402.79	533.74	409.06	29.71	30.19	30.85	25.76	40.22
NOPAT Less CapEx to Interest Expense	369.18	91.69	99.52	290.40	387.21	302.85	22.74	21.57	21.61	18.09	31.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.93%	9.76%	14.16%	21.29%	22.77%	21.48%	22.20%	22.54%	23.03%	23.05%	22.29%
Augmented Payout Ratio	6.80%	15.39%	23.50%	30.34%	32.02%	26.06%	38.79%	52.38%	65.79%	98.58%	83.25%

Financials Breakdown Chart

Key Financial Trends

Here are key trends for Perdoceo Education (PRDO) based on the last four years of quarterly statements, focusing on revenue, profitability, cash flow, and liquidity.

Revenue growth: PRDO’s quarterly operating revenue rose from about $176.1 million in Q4 2022 to roughly $212 million in Q4 2025, signaling sustained top-line expansion.
Profitability improvement: Net income attributable to common shareholders climbed to about $35.35 million in Q4 2025, with diluted earnings per share at $0.55, up meaningfully from prior years.
Strong operating cash flow: Net cash from continuing operating activities was around $40.1 million in Q4 2025, indicating solid cash generation relative to reported earnings.
Healthy free cash flow potential: With quarterly capital expenditures near $2.2 million, free cash flow (approx. operating cash flow minus capex) remains substantial in the latest quarter.
Solid balance sheet: As of the latest reported period (Q3 2025), total assets were about $1.30 billion, equity around $998 million, and total liabilities roughly $301 million, reflecting a strong, low-leverage balance sheet.
Shareholder returns activity: The company engaged in meaningful share repurchases in 2025 (e.g., around $54.1 million in Q4 2025, plus sizable buybacks in earlier quarters), complemented by regular per-share dividends, supporting earnings per share estimates over time.
Operating expense intensity: Selling, general & administrative (SG&A) expenses run roughly half of revenue in several quarters (about 47–50%), which can compress margins despite rising top-line performance.
Investing activity pattern: The company consistently reports sizable cash outflows from investing activities due to purchases of investments, with occasional offsetting sales; this can affect near-term liquidity and requires monitoring for market conditions.
High goodwill and intangible asset load: Goodwill (~$258 million) and intangible assets (~$80–90 million in recent periods) create impairment risk if enrollment or pricing dynamics deteriorate, potentially pressuring future earnings.

05/14/26 05:20 AM ETAI Generated. May Contain Errors.

Perdoceo Education Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Perdoceo Education's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Perdoceo Education's net income appears to be on an upward trend, with a most recent value of $159.91 million in 2025, rising from $51.89 million in 2015. The previous period was $147.59 million in 2024. View Perdoceo Education's forecast to see where analysts expect Perdoceo Education to go next.

Perdoceo Education's total operating income in 2025 was $196 million, based on the following breakdown:

Total Gross Profit: $846.10 million
Total Operating Expenses: $650.09 million

Over the last 10 years, Perdoceo Education's total revenue changed from $847.27 million in 2015 to $846.10 million in 2025, a change of -0.1%.

Perdoceo Education's total liabilities were at $275.31 million at the end of 2025, a 0.8% decrease from 2024, and a 0.7% increase since 2015.

In the past 10 years, Perdoceo Education's cash and equivalents has ranged from $18.11 million in 2017 to $319.98 million in 2021, and is currently $110.97 million as of their latest financial filing in 2025.

Over the last 10 years, Perdoceo Education's book value per share changed from 4.97 in 2015 to 15.12 in 2025, a change of 204.5%.

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Financial statements for NASDAQ:PRDO last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Perdoceo Education (PRDO) Financials

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