Perdoceo Education Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Perdoceo Education Corp reported revenue of $846.1M (+24.2% year on year) and net income of $159.9M (+8.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenue | $846.1M | $681.3M | $710.0M | $695.2M |
| Educational services and facilities | $197.5M | $120.9M | $130.3M | $116.7M |
| General and administrative | $410.9M | $367.1M | $398.1M | $426.1M |
| Depreciation and amortization | $41.6M | $14.6M | $16.9M | $19.7M |
| Asset impairment | $6.0K | $4.5M | $14.3M | $3.0M |
| Total operating expenses | $650.1M | $507.0M | $559.6M | $565.6M |
| Operating income | $196.0M | $174.3M | $150.4M | $129.6M |
| Interest income | $26.3M | $29.0M | $20.0M | $6.9M |
| Interest expense | ($6.5M) | ($613.0K) | ($404.0K) | ($400.0K) |
| Miscellaneous income (expense) | $991.0K | ($1.2M) | $22.1M | ($1.8M) |
| Total other income | $20.8M | $27.2M | $41.7M | $4.6M |
| PRETAX INCOME | $216.8M | $201.4M | $192.1M | $134.3M |
| Provision for income taxes | $56.9M | $53.9M | $44.5M | $38.4M |
| NET INCOME | $159.9M | $147.6M | $147.7M | $95.9M |
| NET INCOME PER SHARE - BASIC: | $2.47 | $2.25 | $2.22 | $1.41 |
| NET INCOME PER SHARE - DILUTED: | $2.42 | $2.19 | $2.18 | $1.39 |
| Basic | 64.8M | 65.6M | 66.5M | 67.9M |
| Diluted | 66.2M | 67.2M | 67.8M | 69.0M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenue | $213.4M | $221.7M | $211.9M | $209.6M |
| Educational services and facilities | $50.9M | $47.1M | $49.1M | $50.2M |
| General and administrative | $98.2M | $102.2M | $101.8M | $97.8M |
| Depreciation and amortization | $9.3M | $9.3M | $10.0M | $10.1M |
| Total operating expenses | $158.5M | $158.6M | $160.9M | $158.2M |
| Operating income | $54.9M | $63.1M | $51.0M | $51.4M |
| Interest income | $6.7M | $6.5M | $6.7M | $6.5M |
| Interest expense | ($1.5M) | ($1.5M) | ($1.6M) | ($1.6M) |
| Miscellaneous income (expense) | $98.0K | ($2.0K) | $2.0K | ($10.0K) |
| Total other income | $5.3M | $5.0M | $5.1M | $4.8M |
| PRETAX INCOME | $60.2M | $68.1M | $56.0M | $56.2M |
| Provision for income taxes | $12.2M | $14.2M | $16.2M | $15.2M |
| NET INCOME | $48.0M | $54.0M | $39.9M | $41.0M |
| NET INCOME PER SHARE - BASIC: | $0.77 | $0.86 | $0.62 | $0.63 |
| NET INCOME PER SHARE - DILUTED: | $0.75 | $0.85 | $0.60 | $0.62 |
| Basic | 62.7M | 62.5M | 64.6M | 65.3M |
| Diluted | 63.6M | 63.4M | 66.0M | 66.6M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents, unrestricted | $111.0M | $109.1M | $118.0M | $109.4M |
| Restricted cash | $21.3M | $22.6M | $1.0M | $9.5M |
| Total cash, cash equivalents and restricted cash | $132.3M | $131.8M | $119.0M | $118.9M |
| Short-term investments | $511.2M | $459.8M | $485.1M | $399.3M |
| Total cash and cash equivalents, restricted cash and short-term investments | $643.5M | $591.5M | $604.2M | $518.2M |
| Student receivables, gross | $68.3M | $63.9M | $64.0M | $81.2M |
| Allowance for credit losses | ($41.1M) | ($41.1M) | ($34.6M) | ($38.6M) |
| Student receivables, net | $27.2M | $22.8M | $29.4M | $42.6M |
| Receivables, other | $5.0M | $5.3M | $4.5M | $3.5M |
| Prepaid expenses | $16.9M | $16.9M | $11.7M | $8.4M |
| Inventories | $4.0M | $3.4M | $5.0M | $1.9M |
| Other current assets | $208.0K | $171.0K | $155.0K | $597.0K |
| Total current assets | $696.9M | $640.2M | $655.0M | $575.1M |
| Property and equipment, net of accumulated depreciation of $86,908 and $67,492 as of December 31, 2025 and 2024, respectively | $83.3M | $95.5M | $21.4M | $26.0M |
| Right of use assets, net - operating | $43.3M | $50.1M | $19.1M | $26.2M |
| Right of use assets, net - finance | $10.3M | $15.4M | — | — |
| Goodwill | $265.7M | $258.0M | $241.2M | $243.5M |
| Intangible assets, net of amortization of $44,786 and $27,725 as of December 31, 2025 and 2024, respectively | $77.9M | $95.0M | $36.2M | $53.6M |
| Student receivables, gross | $9.1M | $8.6M | $7.0M | $6.3M |
| Allowance for credit losses | ($4.3M) | ($2.4M) | ($3.2M) | ($4.5M) |
| Student receivables, net | $4.8M | $6.2M | $3.9M | $1.9M |
| Deferred income tax assets, net | $57.4M | $68.8M | $23.8M | $24.6M |
| Other assets | $8.1M | $7.9M | $6.8M | $6.5M |
| TOTAL ASSETS | $1.2B | $1.2B | $1.0B | $957.4M |
| Lease liabilities - operating | $6.0M | $7.8M | $5.7M | $6.6M |
| Lease liabilities - finance | $5.5M | $5.5M | — | — |
| Accounts payable | $14.3M | $12.8M | $10.8M | $13.5M |
| Payroll and related benefits | $44.4M | $35.1M | $32.7M | $40.3M |
| Advertising and marketing costs | $7.8M | $8.1M | $7.2M | $9.0M |
| Income taxes | $5.6M | $4.9M | $4.0M | $7.8M |
| Other | $16.4M | $21.2M | $13.5M | $14.6M |
| Deferred revenue | $37.8M | $36.7M | $37.2M | $71.6M |
| Total current liabilities | $137.8M | $132.2M | $111.0M | $163.4M |
| Lease liabilities - operating | $43.8M | $50.2M | $21.3M | $27.3M |
| Lease liabilities - finance | $6.1M | $11.6M | — | — |
| Sale lease-back financing | $57.0M | — | — | — |
| Other liabilities | $30.7M | $27.1M | $33.5M | $40.9M |
| Total non-current liabilities | $137.5M | $145.3M | $54.9M | $68.1M |
| Common stock, $0.01 par value; 300,000,000 shares authorized; 92,072,703 and 91,023,660 shares issued, 62,478,373 and 65,719,224 shares outstanding as of December 31, 2025 and 2024, respectively | 921.0K | 910.0K | 903.0K | 894.0K |
| Additional paid-in capital | $720.6M | $707.2M | $694.8M | $684.2M |
| Accumulated other comprehensive income | $1.1M | $166.0K | ($666.0K) | ($5.4M) |
| Retained earnings | $718.4M | $595.7M | $480.6M | $347.8M |
| Treasury stock, at cost, 29,594,330 and 25,304,436 shares as of December 31, 2025 and 2024, respectively | -468.5M | -344.4M | -334.2M | -301.6M |
| Total stockholders' equity | $972.4M | $959.5M | $841.4M | $725.8M |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1.2B | $1.2B | $1.0B | $957.4M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents, unrestricted | $162.9M | $164.3M | $159.5M | $172.1M |
| Restricted cash | $820.0K | $815.0K | $21.3M | $21.6M |
| Total cash, cash equivalents and restricted cash | $163.7M | $165.1M | $180.8M | $193.7M |
| Short-term investments | $571.1M | $514.8M | $487.8M | $465.9M |
| Total cash and cash equivalents, restricted cash and short-term investments | $734.8M | $680.0M | $668.6M | $659.6M |
| Student receivables, gross | $76.4M | $77.1M | $80.7M | $71.3M |
| Allowance for credit losses | ($36.3M) | ($37.5M) | ($39.4M) | ($38.1M) |
| Student receivables, net | $40.0M | $39.6M | $41.3M | $33.2M |
| Receivables, other | $6.5M | $7.0M | $6.1M | $9.2M |
| Prepaid expenses | $18.4M | $17.2M | $15.9M | $16.4M |
| Inventories | $2.6M | $3.3M | $4.0M | $2.6M |
| Other current assets | $224.0K | $357.0K | $188.0K | $200.0K |
| Total current assets | $802.6M | $747.3M | $736.2M | $721.2M |
| Property and equipment, net of accumulated depreciation of $94,689 and $86,908 as of June 30, 2026 and December 31, 2025, respectively | $78.6M | $81.0M | $85.2M | $87.7M |
| Right of use asset, net - operating | $39.7M | $41.5M | $45.0M | $46.8M |
| Right of use asset, net - finance | $7.7M | $9.0M | $11.5M | $12.8M |
| Goodwill | $265.7M | $265.7M | $258.2M | $258.2M |
| Intangible assets, net of amortization of $53,137 and $44,786 as of June 30, 2026 and December 31,2025, respectively | $69.6M | $73.8M | $82.1M | $86.4M |
| Student receivables, gross | $9.3M | $9.2M | $9.4M | $9.1M |
| Allowance for credit losses | ($4.3M) | ($4.2M) | ($4.5M) | ($4.2M) |
| Student receivables, net | $5.0M | $4.9M | $4.9M | $4.8M |
| Deferred income tax assets, net | $57.4M | $57.4M | $68.8M | $68.8M |
| Other assets | $8.0M | $8.1M | $7.5M | $7.7M |
| TOTAL ASSETS | $1.3B | $1.3B | $1.3B | $1.3B |
| Lease liabilities-operating | $8.5M | $8.4M | $5.8M | $5.4M |
| Lease liabilities-finance | $5.7M | $5.6M | $5.3M | $5.2M |
| Accounts payable | $17.3M | $18.7M | $20.2M | $16.6M |
| Payroll and related benefits | $28.1M | $26.5M | $39.0M | $31.4M |
| Advertising and marketing costs | $7.1M | $7.1M | $7.6M | $6.7M |
| Income taxes | $3.6M | $19.8M | $10.7M | $6.0M |
| Other | $20.4M | $17.0M | $16.3M | $15.8M |
| Deferred revenue | $80.4M | $52.2M | $59.8M | $81.7M |
| Total current liabilities | $171.1M | $155.2M | $164.6M | $168.8M |
| Lease liabilities-operating | $39.2M | $41.5M | $46.0M | $48.2M |
| Lease liabilities-finance | $3.2M | $4.6M | $7.5M | $8.9M |
| Sale lease-back financing | $57.2M | $57.1M | $56.9M | $56.8M |
| Other liabilities | $30.5M | $30.5M | $26.5M | $27.1M |
| Total non-current liabilities | $130.0M | $133.7M | $136.9M | $141.0M |
| Common stock, $0.01 par value; 300,000,000 shares authorized; 92,899,239 and 92,072,703 shares issued, 62,577,055 and 62,478,373 shares outstanding as of June 30, 2026 and December 31, 2025, respectively | 929.0K | 928.0K | 921.0K | 920.0K |
| Additional paid-in capital | $727.5M | $724.2M | $717.4M | $713.9M |
| Accumulated other comprehensive (loss) income | ($2.3M) | ($1.0M) | $1.2M | $722.0K |
| Retained earnings | $801.0M | $762.7M | $692.8M | $662.9M |
| Treasury stock, at cost; 30,322,184 and 29,594,330 shares as of June 30, 2026 and December 31, 2025, respectively | -493.7M | -486.9M | -414.4M | -393.8M |
| Total stockholders' equity | $1.0B | $999.9M | $997.9M | $984.6M |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1.3B | $1.3B | $1.3B | $1.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $159.9M | $147.6M | $147.7M | $95.9M |
| Asset impairment | $6.0K | $4.5M | $14.3M | $3.0M |
| Depreciation and amortization expense | $41.6M | $14.6M | $16.9M | $19.7M |
| Bad debt expense | $29.5M | $33.7M | $33.2M | $41.6M |
| Compensation expense related to share-based awards | $11.7M | $10.2M | $8.1M | $8.8M |
| Deferred income taxes | $3.8M | $2.7M | $3.8M | ($720.0K) |
| Student receivables, gross | ($4.9M) | ($4.0K) | $15.9M | $6.4M |
| Allowance for credit losses | ($27.6M) | ($28.0M) | ($38.6M) | ($39.0M) |
| Receivables, other | ($2.1M) | ($8.1M) | ($3.9M) | ($1.7M) |
| Inventories, prepaid expenses, and other current assets | $2.5M | $4.5M | ($3.0M) | $2.6M |
| Other non-current assets | ($383.0K) | $692.0K | $478.0K | $843.0K |
| Accounts payable | $1.5M | ($727.0K) | ($4.9M) | $1.9M |
| Accrued expenses and other non-current liabilities | $9.9M | ($5.8M) | ($19.2M) | $22.3M |
| Deferred revenue | $1.1M | ($10.6M) | ($34.4M) | ($11.8M) |
| Right of use asset and lease liability - operating leases | ($1.4M) | ($3.7M) | — | — |
| Net cash provided by operating activities | $225.2M | $161.6M | $112.0M | $148.2M |
| Purchases of available-for-sale investments | ($392.8M) | ($412.9M) | ($314.3M) | ($492.1M) |
| Sales of available-for-sale investments | $345.8M | $447.5M | $238.2M | $262.3M |
| Purchases of property and equipment | ($8.6M) | ($4.6M) | ($6.4M) | ($12.6M) |
| Business acquisitions, net of cash acquired | $854.0K | ($137.8M) | — | ($84.3M) |
| Sale of equity method investment | $1.0M | — | — | — |
| Net cash used in investing activities | ($53.6M) | ($107.8M) | ($88.5M) | ($326.8M) |
| Purchase of treasury stock | ($120.8M) | ($6.8M) | ($8.3M) | ($23.1M) |
| Issuance of common stock | $1.6M | $2.2M | $2.5M | $1.2M |
| Payments of employee tax associated with stock compensation | ($7.5M) | ($3.4M) | ($2.2M) | ($1.6M) |
| Payments of cash dividends and dividend equivalents | ($36.9M) | ($31.7M) | — | — |
| Release of cash held in escrow | ($300.0K) | ($276.0K) | ($1.0M) | ($4.2M) |
| Earnout payments for business acquisition | ($1.8M) | — | — | — |
| Principal payments for finance leases | ($5.0M) | ($398.0K) | — | — |
| Principal payments for failed sale leaseback | ($489.0K) | ($735.0K) | — | — |
| Net cash used in financing activities | ($171.1M) | ($41.1M) | ($23.4M) | ($27.7M) |
| NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $527.0K | $12.7M | $137.0K | ($206.3M) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the year | $131.8M | $119.0M | $118.9M | $325.2M |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the year | $132.3M | $131.8M | $119.0M | $118.9M |
| Income taxes paid | $49.3M | $46.8M | $41.8M | $28.9M |
| Interest paid on finance leases and failed sale-leaseback | $6.2M | — | — | — |
| Non-cash additions to property and equipment | $383.0K | $247.0K | $329.0K | ($2.0M) |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $101.9M | $54.0M | $124.6M | $84.7M |
| Depreciation and amortization expense | $18.7M | $9.3M | $32.0M | $22.0M |
| Bad debt expense | $10.6M | $5.7M | $20.9M | $13.0M |
| Compensation expense related to share-based awards | $6.1M | $3.2M | $8.6M | $5.4M |
| Changes in operating assets and liabilities | $6.7M | ($2.8M) | ($937.0K) | $18.8M |
| Net cash provided by operating activities | $144.0M | $69.4M | $185.1M | $143.9M |
| Purchases of available-for-sale investments | ($194.9M) | ($81.6M) | ($303.2M) | ($192.9M) |
| Sales of available-for-sale investments | $132.4M | $76.3M | $278.9M | $189.3M |
| Purchases of property and equipment | ($3.3M) | ($1.7M) | ($6.3M) | ($4.5M) |
| Net cash used in investing activities | ($65.8M) | ($7.1M) | ($29.8M) | ($7.3M) |
| Issuance of common stock | $756.0K | $502.0K | $1.6M | $1.3M |
| Purchase of treasury stock | ($15.0M) | ($8.1M) | ($66.7M) | ($46.1M) |
| Payments of employee tax associated with stock compensation | ($10.3M) | ($10.3M) | ($7.5M) | ($7.5M) |
| Payments of cash dividends and dividend equivalents | ($19.7M) | ($10.3M) | ($27.4M) | ($17.7M) |
| Principal payments for finance lease | ($2.7M) | ($1.3M) | ($3.7M) | ($2.4M) |
| Net cash used in financing activities | ($46.8M) | ($29.5M) | ($106.3M) | ($74.7M) |
| NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $31.4M | $32.8M | $49.0M | $61.9M |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period | $132.3M | $132.3M | $131.8M | $131.8M |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period | $163.7M | $165.1M | $180.8M | $193.7M |
Perdoceo Education Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.