0001193125-26-059331
SEC filingNotes show $846M revenue, $160M net income, $643M cash/investments, $511M short-term investments, no long-term debt.
Perdoceo Education Corporation describes itself as a provider of quality postsecondary education through its three accredited academic institutions: Colorado Technical University (CTU), the American InterContinental University System (AIUS), and the University of St. Augustine for Health Sciences (USAHS). These institutions offer fully online, campus-based, and hybrid learning programs from associate to doctoral levels, as well as non-degree and professional development offerings. The company focuses on non-traditional adult learners and military communities, leveraging technology and personalized learning.
The company's reporting segments correspond directly to its accredited institutions. CTU offers programs in business, nursing, healthcare, computer science, engineering, IT, project management, cybersecurity, and criminal justice. AIUS comprises three universities – AIU, Trident, and CalSouthern – providing programs in business, IT, education, behavioral sciences, and criminal justice. USAHS delivers graduate health sciences degrees in physical therapy, occupational therapy, speech-language pathology, and nursing, along with continuing education.
Key technology assets include the intellipath® personalized learning platform, virtual assistants using Large Language Models, mobile applications for CTU and AIUS students (with 97% opt-in), a two-way messaging platform, and Blackboard for USAHS. AIUS also offers a 'Ready' course for pre-enrollment experience. These tools aim to enhance student engagement and academic outcomes.
Marketing efforts use data analytics to target motivated students likely to succeed. Admissions advisors and financial aid teams support enrollment. Employer-sponsored programs are significant: approximately 38.3% of CTU and 7.5% of AIUS enrollments come through such partnerships. Students are primarily U.S.-based (substantially all), with 91% enrolled in fully online programs. International students are a minor part.
The postsecondary education industry is highly fragmented with about 5,600 Title IV-eligible institutions. Perdoceo competes with for-profit, public, and private non-profit institutions, particularly those offering online programs. The company notes that for-profit institutions serve a niche of non-traditional students not fully addressed by traditional universities.
Five strategic priorities are outlined: optimize student enrollment processes, enhance student retention and engagement, use technology as a differentiator, leverage scalable shared services for organic and inorganic growth, and invest in student-serving processes. These are guided by core principles of enhancing academic outcomes, elevating academic quality, and focusing on governance and compliance.
As of December 31, 2025, the company had 6,000 employees: 2,039 at CTU, 1,648 at AIUS, 1,435 at USAHS, and the remainder in corporate functions. Diversity data shows full-time employees are 52% White, 23% Black, 13% Hispanic, 6% Asian, and 33% male, 67% female. The company emphasizes compliance training, technology proficiency for faculty, and employee retention.
As of December 31, 2025, Perdoceo held $110.97M in cash and equivalents, $21.31M in restricted cash, and $511.21M in short-term investments (available-for-sale debt securities), totaling $643.49M in highly liquid assets. The company carries no traditional long-term debt; obligations consist of $61.34M in lease liabilities (operating and finance) and $56.99M in failed sale-leaseback financing from USAHS’s St. Augustine campus, totaling $118.33M. Shareholders’ equity stands at $972.41M, driven by retained earnings of $718.37M.
The Notes disclose no material purchase commitments beyond lease obligations. Future minimum lease payments (operating and finance) total $75.12M, with $14.99M due in 2026. The failed sale-leaseback requires $154.07M in future payments through 2050, with $5.04M due in 2026.
In 2025, Perdoceo returned $158.0M to shareholders: $120.8M in share repurchases (4.1M shares) and $37.2M in dividends ($0.56 per share, up from $0.48 in 2024). Capital expenditures were $8.6M (1.0% of revenue). No debt was issued or repaid; the failed sale-leaseback added $56.5M in financing obligations. The company also made $1.8M in earnout payments related to the USAHS acquisition.
Segment revenue (Note 6) for 2025: CTU $461.6M (55% of total), AIUS $226.2M (27%), USAHS $157.6M (19%). Corporate and other revenue was $0.7M. CTU grew 4.1% YoY, while AIUS declined 0.4%. USAHS, acquired December 2, 2024, contributed a full year in 2025 versus one month in 2024. Operating income by segment is not disclosed in the Notes. All operations are domestic; no geographic mix is provided.
The provided document excerpt does not include the Consolidated Statements of Cash Flows. While the filing includes references to pages 78-79 for the cash flow statement, the actual numerical data is not present in the extracted content. Therefore, no analysis of CFO vs net income, capex intensity, or free cash flow coverage can be performed. The excerpt primarily contains the audit report and auditor opinions, which confirm the financial statements are fairly presented but provide no cash flow specifics.
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