PERDOCEO EDUCATION Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PERDOCEO EDUCATION Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	704	596	581	628	687	693	695	710	681	846
General and administrative	478	405	391	430	417	419	426	398	367	411
Operating expenses	737	562	510	541	544	544	566	560	507	650
Operating income	-32.3	34.1	71.3	86.5	143	149	130	150	174	196
Interest expense	0.58	0.45	0.68	0.17	0.17	0.92	0.4	0.4	0.61	6.47
Interest income	1.26	1.9	3.54	6.39	3.85	0.93	6.87	20	29	26.3
Other non-operating income	0.98	2.11	3.05	6.56	3.81	0.05	4.63	41.7	27.2	20.8
Pre-tax income	-31.4	36.3	74.4	93	147	149	134	192	201	217
Income tax	-16.6	67.1	18.6	22.4	22.5	39.4	38.4	44.5	53.9	56.9
Income from continuing operations	-14.8	-30.9	55.8	70.6	124	110
Net income	-18.7	-31.9	55.2	70	124	110	95.9	148	148	160
EBITDA	-9.6	48.1	80.7	95.6	158	166	149	167	189	238
EPS, basic	-0.27	-0.46	0.79	1.00	1.79	1.57	1.41	2.22	2.25	2.47
EPS, diluted	-0.27	-0.46	0.77	0.97	1.74	1.55	1.39	2.18	2.19	2.42
Shares, basic (weighted)	68.4	68.9	69.6	70.1	69.4	70	67.9	66.5	65.6	64.8
Shares, diluted (weighted)	68.4	68.9	71.5	72.1	71.3	70.9	69	67.8	67.2	66.2
Dividend per share								0.22	0.48	0.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	49.5	18.1	32.4	109	106	320	109	118	109	111
Short-term investments		156	196	185	301	174	399	485	460	511
Receivables	22.8	18.9	28.8	55
Inventory	1.87	1.11	0.76	0.58	0.6	0.9	1.9	5	3.39	4.05
Other current assets	0.82	1.32	0.44	1.94	0.34	2.51	0.6	0.16	0.17	0.21
Total current assets	248	211	269	360	467	554	575	655	640	697
Property, plant and equipment	40.5	33.2	30	26	27.8	28.4	26	21.4	95.5	83.3
Lease right-of-use assets				50.4	44.8	36.7	26.2	19.1	50.1	43.3
Goodwill	87.4	87.4	87.4	87.4	118	163	244	241	258	266
Intangible assets	8.5	7.9	7.9	7.9	15.5	32.2	53.6	36.2	95	77.9
Other non-current assets	7.61	5.67	4.99	5.72	6.43	6.69	6.49	6.84	7.91	8.1
Total assets	560	447	482	599	722	847	957	1,007	1,237	1,248
Accounts payable	10.1	8.52	9.2	11.5	13.3	10.8	13.5	10.8	12.8	14.3
Accrued liabilities	41.2	32.9	24.5	27.6	22.7	25.3	40.3	32.7	35.1	44.4
Deferred revenue	28.4	22.9	32.4	24.6	34.5	70.6	71.6	37.2	36.7	37.8
Total current liabilities	169	113	97.1	104	104	140	163	111	132	138
Lease liabilities				52.4	43.4	35.5	27.3	21.3	50.2	43.8
Other non-current liabilities	31.8	22.1	17.5	11.6	18.4	21.5	40.9	33.5	27.1	30.7
Total liabilities	238	151	127	168	166	197	232	166	277	275
Paid-in capital	613	621	628	639	658	674	684	695	707	721
Retained earnings	-76.2	-108	-52.9	18.1	142	252	348	481	596	718
Treasury stock	-216	-217	-221	-227	-246	-277	-302	-334	-344	-469
Other comprehensive income	-0.26	-0.16	-0.3	0.34	0.36	-0.1	-5.45	-0.67	0.17	1.07
Shareholders' equity	322	296	355	431	556	650	726	841	960	972
Total equity	322	296	355	431	556	650	726	841	960	972
Total liabilities and equity	560	447	482	599	722	847	957	1,007	1,237	1,248
Shares outstanding	68.5	69.1	69.8	70.2	70.1	68.7	67.2	65.5	65.7	62.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-18.7	-31.9	55.2	70	124	110	95.9	148	148	160
Depreciation and amortization	22.7	14	9.39	9.15	14.8	16.8	19.7	16.9	14.6	41.6
Stock-based compensation	3.24	4.97	5.61	9.27	13.4	15	8.75	8.08	10.2	11.7
Deferred income tax	-17.3	65.3	18	21.7	20.4	15.3	-0.68	3.76	2.58	3.59
Change in receivables	6.93	5.13	-10.5	-33.7	7.09	6.63	6.38	15.9	-0	-4.9
Change in payables	-16.3	-1.59	0.7	2.32	0.37	-2.74	1.92	-4.88	-0.73	1.47
Cash from operations	6.48	-21.8	57	73.1	180	191	148	112	162	225
Capital expenditures	-4.13	-6.33	-6.73	-5.17	-9.77	-10.5	-12.6	-6.41	-4.63	-8.58
Acquisitions					-39.8	-57.1	-84.3		-138	0.85
Purchases of investments		-256	-310	-449	-404	-270	-492	-314	-413	-393
Sales and maturities of investments		251	275	462	287	392	262	238	448	346
Cash from investing	-34.4	-11.6	-41.5	7.7	-166	54.3	-327	-88.5	-108	-53.6
Stock issued	0.77	2.72	1.68	1.77	5.72	0.86	1.2	2.55	2.23	1.64
Share buybacks				-3.88	-17.9	-25.3	-23.1	-8.3	-6.77	-121
Dividends paid								-14.4
Cash from financing	-37.8	1.54	-1.66	-4.84	-13.1	-29.9	-27.7	-23.4	-41.1	-171
Exchange rate effect	-0.19	-0.08
Net change in cash	-65.9	-32	13.8	76	1	215	-206	0.14	12.7	0.53
Free cash flow	2.35	-28.1	50.3	67.9	170	181	136	106	157	217
Interest paid	0.15
Income taxes paid	0.33	0.12	0.27	0.05	0.61	23.2	28.9	41.8	46.8	49.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $30.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	24.6%	Operating income / revenue.
EBITDA margin	29.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	27.1%	Pre-tax income / revenue.
Net margin	20.6%	Net income / revenue.
FCF margin	25.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.2%	Cash from operations / revenue.
Effective tax rate	23.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.3%	Net income / average total assets.
Return on invested capital (ROIC)	18.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	24.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	25.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	18.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	20.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	38.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	16.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	1.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.69x	Current assets / current liabilities.
Quick ratio	4.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.29x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	22.6%	Total liabilities / total assets.
Interest coverage	34.1x	Operating income / interest expense.
Working capital	$631.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$698.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	10.9x	Revenue / average property, plant and equipment.
FCF conversion	123.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.79	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.50	Revenue / diluted weighted shares.
FCF per share	$3.43	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.54	Cash from operations / diluted weighted shares.
Book value per share	$16.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.16	Tangible book value / shares outstanding.
Cash per share	$11.73	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	41.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.91B	Share price x shares outstanding.
Enterprise value	$1.17B	Market cap + total debt - cash - short-term investments.
P/E	10.8x	Market cap / net income. Only when net income is positive.
P/S	2.22x	Market cap / revenue.
P/B	1.85x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.73x	Market cap / tangible book value, when positive.
P/FCF	8.75x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.47x	Market cap / cash from operations, when positive.
EV/Sales	1.37x	Enterprise value / revenue.
EV/EBIT	5.57x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.71x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.39x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.4%	Free cash flow / market cap.
Earnings yield	9.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.53x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PERDOCEO EDUCATION Corp's revenue in fiscal 2025?

PERDOCEO EDUCATION Corp reported revenue of $846.1M for fiscal 2025, 24.2% higher than the year before.

Was PERDOCEO EDUCATION Corp profitable in fiscal 2025?

Yes. Net income was $159.9M, a net margin of 18.9%.

How much free cash flow did PERDOCEO EDUCATION Corp generate in fiscal 2025?

Cash from operations of $225.2M minus capital expenditures of $8.6M left free cash flow of $216.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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