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Education & training · Consumer Defensive · Fiscal year ends Dec 31
Perdoceo Education reported revenue of $846M in the fiscal year ended Dec 2025, up 24.2% from the year before. Operating income was $196M, an operating margin of 23.2%, and net income was $160M. Operating cash flow of $225M less capital expenditure of $9M left free cash flow of $217M.
Ranks among the 9 education & training companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 693 | 695 | 710 | 681 | 846 |
| Operating income | 149 | 130 | 150 | 174 | 196 |
| Interest expense | 0.9 | 0.4 | 0.4 | 0.6 | 6.5 |
| Income tax | 39.4 | 38.4 | 44.5 | 53.9 | 56.9 |
| Net income | 110 | 95.9 | 148 | 148 | 160 |
| Diluted EPS | 1.55 | 1.39 | 2.18 | 2.19 | 2.42 |
| Diluted shares | 70.9 | 69.0 | 67.8 | 67.2 | 66.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 320 | 109 | 118 | 109 | 111 |
| Inventory | 0.9 | 1.9 | 5.0 | 3.4 | 4.0 |
| Current assets | 554 | 575 | 655 | 640 | 697 |
| Net PP&E | 28.4 | 26.0 | 21.4 | 95.5 | 83.3 |
| Goodwill | 163 | 244 | 241 | 258 | 266 |
| Total assets | 847 | 957 | 1,007 | 1,237 | 1,248 |
| Payables | 10.8 | 13.5 | 10.8 | 12.8 | 14.3 |
| Deferred revenue | 70.6 | 71.6 | 37.2 | 36.7 | 37.8 |
| Current liabilities | 140 | 163 | 111 | 132 | 138 |
| Total liabilities | 197 | 232 | 166 | 277 | 275 |
| Shareholders' equity | 650 | 726 | 841 | 960 | 972 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 191 | 148 | 112 | 162 | 225 |
| Capital expenditure | 10.5 | 12.6 | 6.4 | 4.6 | 8.6 |
| Free cash flow | 181 | 136 | 106 | 157 | 217 |
| Depreciation & amortisation | 16.8 | 19.7 | 16.9 | 14.6 | 41.6 |
| Stock-based compensation | 15.0 | 8.8 | 8.1 | 10.2 | 11.7 |
| Acquisitions | 57.1 | 84.3 | – | 138 | −0.9 |
| Share buybacks | 25.3 | 23.1 | 8.3 | 6.8 | 121 |
| Dividends paid | – | – | 14.4 | – | – |
| Dividend per share | – | – | 0.22 | 0.48 | 0.56 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.3% | 2.1% | −4.0% | 24.2% |
| Operating income growth (YoY) | – | −13.0% | 16.1% | 15.8% | 12.5% |
| EPS growth (YoY) | – | −10.3% | 56.8% | 0.5% | 10.5% |
| Operating margin | 21.5% | 18.6% | 21.2% | 25.6% | 23.2% |
| Net margin | 15.8% | 13.8% | 20.8% | 21.7% | 18.9% |
| Return on equityBlank when equity is negative | 16.9% | 13.2% | 17.5% | 15.4% | 16.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.1% | 16.3% | 16.8% | 15.8% | 17.7% |
| Free cash flow margin | 26.1% | 19.5% | 14.9% | 23.0% | 25.6% |
| Cash conversion (CFO ÷ net income) | 1.74x | 1.55x | 0.76x | 1.09x | 1.41x |
| Interest cover | 162x | 324x | 372x | 284x | 30.3x |
| Current ratio | 3.95x | 3.52x | 5.90x | 4.84x | 5.06x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.