Perdoceo Education (PRDO) FY2025 results: revenue $846 million, up 24.2% on the year
Perdoceo Education Corp. (PRDO) reported revenue of $846 million for fiscal 2025, the year ended 31 December 2025, up 24.2% on the year before. Net income was $160 million, up 8.4%, and diluted earnings per share $2.42. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$846 million
+24.2% on the year
FY2018FY2025
Operating margin
23.2%
25.6% a year earlier
FY2018FY2025
Net income
$160 million
+8.4% on the year
FY2018FY2025
Diluted EPS
$2.42
+10.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 12 new.
Quarter revenue up 20.0%: Fourth-quarter revenue was $211.6 million, against $176.4 million a year earlier. Tuition and fees, net were 99.5% of quarterly revenue.
Full-year revenue up 24.2%: Full-year revenue was $846.1 million against $681.3 million. The prior year included USAHS only from its December 2, 2024 acquisition.
Adjusted operating income up 25.8%: Adjusted operating income was $237.6 million for the year and $51.6 million for the quarter, up 20.8%. Adjusted figures add back depreciation and amortization.
CTU quarterly operating income fell: CTU operating income was $39,228 thousand in the quarter, down 8.9%, and $180,597 thousand for the year, up 3.4%.
Total enrollments up 7.3%: Total student enrollments were 44,400 at December 31, 2025, against 41,380 a year earlier.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
225
162
112
+39.4%
Capital expenditure
8.6
4.6
6.4
+85.4%
Free cash flow
217
157
106
+38.0%
Free cash flow margin
25.6%
23.0%
14.9%
Cash from investing
-53.6
-108
-88.5
Cash from financing
-171
-41.1
-23.4
Depreciation and amortisation
41.6
14.6
16.9
+184.2%
Share-based compensation
11.7
10.2
8.1
+15.1%
Buybacks
121
6.8
8.3
+1,684.5%
Dividends paid
n/a
n/a
14.4
Dividend per share
$0.56
$0.48
$0.22
+16.7%
Diluted shares, weighted
66m
67m
68m
-1.6%
Shares outstanding at period end
62m
66m
66m
-4.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
972
960
841
+1.3%
Debt
n/a
n/a
0.0
Operating lease liabilities
43.8
50.2
21.3
-12.9%
Finance lease liabilities
6.1
11.6
n/a
-47.2%
Other liabilities
225
216
145
+4.5%
Total liabilities and equity
1,248
1,237
1,007
+0.9%
Fixed assets
83.3
95.5
21.4
-12.8%
Goodwill
266
258
241
+3.0%
Intangible assets
77.9
95.0
36.2
-18.0%
Investments
511
460
485
+11.2%
Cash and equivalents
111
109
118
+1.7%
Inventory
4.0
3.4
5.0
+19.5%
Other assets
195
216
100
-10.0%
Total assets
1,248
1,237
1,007
+0.9%
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.