PRDO

MKT CAP:$2B

Perdoceo Education Corporation

Market Cap

$2B

Consumer Defensive·Education & Training Services·🇺🇸 United States·NASDAQ

Consumer Def.·Education·🇺🇸·NASDAQ

Stock Price

$33.66+$4.56 (+15.67%)

Apr 24, 2026

Company Details

Perdoceo Education Corporation provides postsecondary education through online, campus-based, and blended learning programs in the United States. The company operates in two segments, Colorado Technical University and American InterContinen...

CEO

Todd S. Nelson

IPO Date

Jan 29, 1998

Website

www.perdoceoed.com

Key Metrics TTM

Revenue

$846M

+24.2% YoY

Net Income

$160M

EPS (Diluted)

$2.41

Free Cash Flow

$217M

Revenue / Share

$13.02

Gross Margin

71.7%

Operating Margin

23.2%

Net Margin

18.9%

FCF Margin

25.6%

P/S

2.4x

P/E

12.7x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 19, 2026

$846M+24.2%EPS $2.42

Q4 2025

Feb 19, 2026

$212M+20.0%EPS $0.54

Q3 2025

Nov 4, 2025

$212M+24.8%EPS $0.60

Q2 2025

Jul 31, 2025

$210M+25.7%EPS $0.62

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$183M	$155M	$44M
Q2 22	$168M	$140M	$34M
Q3 22	$168M	$138M	$29M
Q4 22	$176M	$145M	$23M
Q1 23	$196M	$162M	$43M
Q2 23	$187M	$154M	$48M
Q3 23	$180M	$146M	$43M
Q4 23	$148M	$118M	$16M
Q1 24	$168M	$138M	$46M
Q2 24	$167M	$139M	$46M
Q3 24	$170M	$142M	$45M
Q4 24	$176M	$141M	$37M
Q1 25	$213M	$164M	$52M
Q2 25	$210M	$159M	$51M
Q3 25	$212M	$169M	$51M
Q4 25	$212M	$114M	$42M

Valuation

Quarter	P/S	P/E
Q1 22	2.9x	18.2x
Q2 22	3.0x	18.4x
Q3 22	3.0x	19.4x
Q4 22	2.9x	21.1x
Q1 23	2.9x	20.6x
Q2 23	2.8x	15.9x
Q3 23	2.7x	13.8x
Q4 23	2.8x	13.7x
Q1 24	3.0x	13.3x
Q2 24	3.1x	14.8x
Q3 24	3.1x	15.2x
Q4 24	3.0x	13.7x
Q1 25	2.8x	13.3x
Q2 25	2.6x	13.1x
Q3 25	2.5x	13.0x
Q4 25	2.4x	12.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$22M	$17M
Q2 22	$33M	$31M
Q3 22	$53M	$51M
Q4 22	$41M	$37M
Q1 23	$5M	$3M
Q2 23	$62M	$60M
Q3 23	$33M	$31M
Q4 23	$13M	$12M
Q1 24	$54M	$53M
Q2 24	$39M	$38M
Q3 24	$51M	$50M
Q4 24	$18M	$16M
Q1 25	$65M	$63M
Q2 25	$79M	$76M
Q3 25	$41M	$39M
Q4 25	$40M	$38M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$2M
Q3 22	$2M
Q4 22	$4M
Q1 23	$2M
Q2 23	$2M
Q3 23	$1M
Q4 23	$2M
Q1 24	$1M
Q2 24	$824.0K
Q3 24	$975.0K
Q4 24	$2M
Q1 25	$2M
Q2 25	$3M
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-0.4%	-2.6%
Q2 22	-4.5%	-4.2%
Q3 22	-3.2%	+2.2%
Q4 22	+10.2%	+22.5%
Q1 23	+6.9%	+9.3%
Q2 23	+11.3%	+3.5%
Q3 23	+6.8%	-1.6%
Q4 23	-16.0%	-14.0%
Q1 24	-14.0%	-19.9%
Q2 24	-10.6%	-12.8%
Q3 24	-5.6%	-8.6%
Q4 24	+19.3%	+5.5%
Q1 25	+26.6%	+32.2%
Q2 25	+25.7%	+31.0%
Q3 25	+24.8%	+28.7%
Q4 25	+20.0%	+21.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	1.3%
Q2 22	$2M	1.1%
Q3 22	$2M	1.1%
Q4 22	$3M	1.4%
Q1 23	$2M	1.2%
Q2 23	$2M	1.1%
Q3 23	$2M	1.3%
Q4 23	$1M	1.0%
Q1 24	$2M	1.4%
Q2 24	$2M	1.3%
Q3 24	$3M	1.7%
Q4 24	$3M	1.6%
Q1 25	$3M	1.3%
Q2 25	$3M	1.2%
Q3 25	$3M	1.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$60M	$33M
Q2 22	$60M	$30M
Q3 22	$63M	$33M
Q4 22	$75M	$31M
Q1 23	$71M	$31M
Q2 23	$67M	$26M
Q3 23	$62M	$23M
Q4 23	$63M	$23M
Q1 24	$57M	$24M
Q2 24	$66M	$23M
Q3 24	$67M	$27M
Q4 24	$70M	$27M
Q1 25	$73M	$28M
Q2 25	$65M	$27M
Q3 25	$72M	$30M
Q4 25	$110M	—

Revenue Segments

Quarter	A I U S	C T U	Product and Service, Other	Tuition And Fees Net	University of St. Augustine for Health Sciences, LLC
Q1 23	$71M	$124M	—	—	—
Q2 23	—	—	$2M	$185M	—
Q3 23	—	—	$2M	$178M	—
Q1 24	$55M	$114M	—	—	—
Q2 24	$54M	$113M	—	—	—
Q3 24	$54M	$116M	—	—	—
Q1 25	$54M	$120M	—	—	$39M
Q2 25	$55M	$118M	—	—	$37M
Q3 25	$57M	$117M	—	—	$38M
Q4 25	$61M	$107M	—	—	$44M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$190M	$308M	$498M
Q2 22	$149M	$367M	$516M
Q3 22	$147M	$376M	$523M
Q4 22	$109M	$399M	$509M
Q1 23	$90M	$421M	$511M
Q2 23	$141M	$428M	$569M
Q3 23	$166M	$430M	$595M
Q4 23	$118M	$485M	$603M
Q1 24	$126M	$516M	$641M
Q2 24	$128M	$546M	$674M
Q3 24	$238M	$484M	$722M
Q4 24	$109M	$460M	$569M
Q1 25	$132M	$459M	$591M
Q2 25	$172M	$466M	$638M
Q3 25	$159M	$488M	$647M
Q4 25	$132M	$511M	$643M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	70M	-1.1%	-2.7%
Q2 22	69M	-0.6%	-3.5%
Q3 22	69M	-0.9%	-4.1%
Q4 22	68M	-0.2%	-2.7%
Q1 23	69M	+0.1%	-1.5%
Q2 23	69M	+0.0%	-0.9%
Q3 23	67M	-2.1%	-2.1%
Q4 23	67M	+0.1%	-1.8%
Q1 24	67M	-0.5%	-2.4%
Q2 24	67M	+0.4%	-2.1%
Q3 24	67M	+0.4%	+0.3%
Q4 24	67M	+0.2%	+0.4%
Q1 25	67M	-0.9%	+0.0%
Q2 25	67M	0.0%	-0.3%
Q3 25	66M	-1.3%	-1.9%
Q4 25	65M	-1.6%	-3.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$42.5K	4K
Q2 22	$39.0K	4K
Q3 22	$39.2K	4K
Q4 22	$39.1K	5K
Q1 23	$43.5K	5K
Q2 23	$41.5K	5K
Q3 23	$40.0K	5K
Q4 23	$34.0K	4K
Q1 24	$38.7K	4K
Q2 24	$38.3K	4K
Q3 24	$39.0K	4K
Q4 24	$31.0K	6K
Q1 25	$37.4K	6K
Q2 25	$36.8K	6K
Q3 25	$37.2K	6K
Q4 25	$35.3K	6K

Revenue / Employee