Phoenix Education Partners (PXED) FY2025 results: revenue $1.0 billion
Phoenix Education Partners, Inc. (PXED) reported revenue of $1.0 billion for fiscal 2025, the year ended 31 August 2025. Net income was $134 million, and diluted earnings per share $3.51. The figures are the company's own, from the 10-K it filed with the SEC on 3 November 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new.
- Fourth-quarter net revenue increased: Net revenue was $257.4 million, against $240.2 million a year earlier. Net income was $17.6 million, against $10.0 million.
- Fourth-quarter enrollment reached 79,300: Average Total Degreed Enrollment was 79,300 in the fourth quarter of 2025, against 75,000 in the fourth quarter of 2024.
- Adjusted EBITDA rose in quarter: Adjusted EBITDA was $56.6 million in the fourth quarter, against $41.6 million. For the fiscal year it was $243.9 million, against $229.1 million.
- Cash and securities declined: Cash, restricted cash and marketable securities totaled $194.8 million at August 31, 2025, against $382.9 million a year earlier.
- Distributions drove the decline: Fiscal 2025 distributions totaled $250.6 million, including about $214.4 million to limited partners and $36.2 million to noncontrolling interests.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | Last 8 years |
|---|---|---|
| Revenue | 1,007 | |
| Operating income | 172 | |
| Operating margin | 17.1% | |
| Interest expense | 0.5 | |
| Pre-tax income | 182 | |
| Income tax | 46.7 | |
| Effective tax rate | 25.6% | |
| Net income | 134 | |
| Net margin | 13.3% | |
| Diluted EPS | $3.51 |
$ million except per share.
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Free 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 | Last 8 years |
|---|---|---|
| Operating cash flow | 87.4 | |
| Capital expenditure | 22.5 | |
| Free cash flow | 64.9 | |
| Free cash flow margin | 6.4% | |
| Cash from investing | -20.0 | |
| Cash from financing | -251 | |
| Depreciation and amortisation | 22.0 | |
| Share-based compensation | 2.6 | |
| Buybacks | 0.0 | |
| Dividends paid | 0.0 | |
| Diluted shares, weighted | 38m |
Balance sheet
| $ million | FY2025 | Last 8 years |
|---|---|---|
| Shareholders' equity | 247 | |
| Non-controlling interest | -6.7 | |
| Debt | 64.4 | |
| Operating lease liabilities | 64.4 | |
| Other liabilities | 125 | |
| Total liabilities and equity | 494 | |
| Fixed assets | 38.8 | |
| Goodwill | 3.7 | |
| Intangible assets | 87.3 | |
| Investments | 21.8 | |
| Cash and equivalents | 137 | |
| Receivables | 59.0 | |
| Other assets | 146 | |
| Total assets | 494 |
10-K for the year ended 31 August 2025, filed 3 November 2026: the filing.