# EDGAR Filing Document

**Accession Number:** 0001046568
**File Stem:** 0001193125-25-264617
**Filing Date:** 2025-11
**Character Count:** 47449
**Document Hash:** 947938e9fd5588131e082fe96e7274ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-264617.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001193125-25-264617

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PERDOCEO EDUCATION Corp
- **CENTRAL INDEX KEY:** 0001046568
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 363932190
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-23245
- **FILM NUMBER:** 251448808

**BUSINESS ADDRESS:**
- **STREET 1:** 1750 E. GOLF ROAD
- **CITY:** SCHAUMBURG
- **STATE:** IL
- **ZIP:** 60173
- **BUSINESS PHONE:** 847-781-3600

**MAIL ADDRESS:**
- **STREET 1:** 1750 E. GOLF ROAD
- **CITY:** SCHAUMBURG
- **STATE:** IL
- **ZIP:** 60173

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAREER EDUCATION CORP
- **DATE OF NAME CHANGE:** 19970923

?xml version='1.0' encoding='ASCII'? 8-K

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 8-K

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported):** November 4, 2025

------

Perdoceo Education Corporation

**(Exact Name of Registrant as Specified in Charter)**

------

---

| | | |
|:---|:---|:---|
| Delaware | 0-23245 | 36-3932190 |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| 1750 E. Golf Road**,** Schaumburg**,** IL | 60173 |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**847**)** 781-3600

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock, $0.01 par value | &nbsp;&nbsp;PRDO | &nbsp;&nbsp;Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On November 4, 2025, Perdoceo Education Corporation (the "Company") issued a press release describing the Company's financial results for the quarter and year to date ended September 30, 2025 and providing the Company's 2025 outlook. A copy of the press release is being furnished as Exhibit 99.1, and the information contained therein is incorporated herein by reference. Following the issuance of the press release, the Company will host a conference call and webcast on which its financial results for the quarter and year to date ended September 30, 2025 and outlook will be discussed.

The information contained in Item 2.02 of this Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the information be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

The exhibits required by Item 601 of Regulation S-K are listed in the "Exhibit Index" which is contained in this Current Report on Form 8-K and are incorporated by reference herein.

------

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Exhibits** |
| 99.1 | [<u>Press release of the Company dated November 4, 2025 reporting the Company's financial results for the quarter and year to date ended September 30, 2025.</u>](prdo-ex99_1.htm)<br>|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)<br>|

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| PERDOCEO EDUCATION CORPORATION | PERDOCEO EDUCATION CORPORATION |
| By: | /s/ Ashish R. Ghia |
|  | Ashish R. Ghia |
|  | Senior Vice President and Chief Financial Officer |

---

Date: November 4, 2025

------

## Exhibit 99.1

**PRDO ANNOUNCES 3Q25 AND YEAR TO DATE RESULTS …PG 1**

**Exhibit 99.1**

![img8661304_0.jpg](img8661304_0.jpg)

**PERDOCEO EDUCATION CORPORATION REPORTS THIRD QUARTER AND**

**YEAR TO DATE 2025 RESULTS**

Schaumburg, IL. (November 4, 2025) – Perdoceo Education Corporation (NASDAQ: PRDO), a provider of postsecondary education programs, today reported operating and financial results for the quarter and year to date ended September 30, 2025.

"Operating performance across our academic institutions was ahead of our expectations, supported by strong levels of prospective student interest for our programs, and sustained levels of high student retention and engagement," said Todd Nelson, President and Chief Executive Officer. "We continued to invest in academics, student technology and student support processes that we believe will further enhance academic outcomes and student experiences. Finally, in line with our overall capital allocation strategy, we returned $30.3 million of capital during the quarter in the form of share repurchases and dividend payments, reflecting confidence in our long-term strategy and the strength of the balance sheet."

**<u>Third Quarter 2025 Results as Compared to Prior Year Quarter</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total student enrollments at September 30, 2025 increased by 15.1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue increased 24.8% to $211.9 million compared to $169.8 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operating income increased 13.8% to $51.0 million, while adjusted operating income increased 27.4% to $61.0 million.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Earnings per diluted share was $0.60 as compared to $0.57, while adjusted earnings per diluted share was $0.65 as compared to $0.59.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ended the quarter with $668.6 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments.

**<u>Year to Date 2025 Results as Compared to Prior Year to Date</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue increased 25.7% to $634.5 million compared to $504.8 million in the prior year to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operating income increased 12.4% to $154.1 million, while adjusted operating income increased 27.2% to $186.1 million.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Earnings per diluted share was $1.87 as compared to $1.73, while adjusted earnings per diluted share was $2.02 as compared to $1.77.\*

***\*****See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release.*

------

**PRDO ANNOUNCES 3Q25 AND YEAR TO DATE RESULTS …PG 2**

**TOTAL STUDENT ENROLLMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of September 30, 2025, total student enrollments were 46,520, an increase of 15.1% as compared to 40,400 total student enrollments as of September 30, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
| **<u>Total Student Enrollments</u>** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;CTU <sup>(1)</sup> | 32000 | 30000 | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIUS <sup>(1)</sup> | 10100 | 10400 | -2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;USAHS <sup>(2)</sup> | 4420 | - | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 46520 | 40400 | 15.1% |

---

**REVENUE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the quarter ended September 30, 2025, revenue increased 24.8% to $211.9 million compared to revenue of $169.8 million for the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the year to date ended September 30, 2025, revenue increased 25.7% to $634.5 million compared to revenue of $504.8 million for the prior year to date.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |
| **<u>Revenue ($ in thousands)</u>** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;CTU | $117069 | $112275 | 4.3% | $347622 | $332137 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIUS | 56667 | 57354 | -1.2% | 172445 | 172116 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;USAHS <sup>(2)</sup> | 37971 | - | NM | 113851 | - | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | 165 | 199 | NM | 539 | 579 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $211872 | $169828 | 24.8% | $634457 | $504832 | 25.7% |

---

(1)Total student enrollments do not include learners participating in: a) non-degree seeking and professional development programs, and b) degree seeking, non-Title IV, self-paced programs at our universities.

(2)Perdoceo completed the acquisition of USAHS on December 2, 2024.

------

**PRDO ANNOUNCES 3Q25 AND YEAR TO DATE RESULTS …PG 3**

**OPERATING INCOME**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the quarter ended September 30, 2025, operating income increased 13.8% to $51.0 million as compared to the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the year to date ended September 30, 2025, operating income increased by 12.4% to $154.1 million as compared to the prior year to date.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |
| **<u>Operating Income ($ in thousands)</u>** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;CTU | $47762 | $44742 | 6.7% | $141369 | $131611 | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIUS | 9257 | 8520 | 8.7% | 31973 | 28909 | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;USAHS <sup>(1)</sup> | 66 | - | NM | (1958) | - | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | (6126) | (8468) | NM | (17299) | (23442) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $50959 | $44794 | 13.8% | $154085 | $137078 | 12.4% |

---

(1)Perdoceo completed the acquisition of USAHS on December 2, 2024.

**ADJUSTED OPERATING INCOME**

The Company believes it is useful to present non-GAAP financial measures, such as adjusted operating income, which exclude certain significant and non-cash items, as a means to better understand its operating performance. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the quarter ended September 30, 2025, adjusted operating income of $61.0 million increased 27.4% compared to adjusted operating income of $47.8 million for the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the year to date ended September 30, 2025, adjusted operating income of $186.1 million increased 27.2% compared to adjusted operating income of $146.2 million for the prior year to date.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |
| **<u>Adjusted Operating Income ($ in thousands)</u>** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | $**50959** | $**44794** | $**154085** | $**137078** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 10015 | 3053 | 31970 | 9138 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Operating Income** | $**60974** | $**47847** | $**186055** | $**146216** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Increase (Decrease)* | ***27.4***<br>*%*** |  | ***27.2***<br>*%*** |  |

---

------

**PRDO ANNOUNCES 3Q25 AND YEAR TO DATE RESULTS …PG 4**

**NET INCOME, EARNINGS PER DILUTED SHARE AND ADJUSTED EARNINGS PER DILUTED SHARE**

For the quarter ended September 30, 2025, the Company recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income of $39.9 million compared to $38.3 million for the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Earnings per diluted share of $0.60 compared to $0.57 for the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted earnings per diluted share of $0.65 compared to $0.59 for the prior year quarter. (See the GAAP to non-GAAP reconciliation attached to this press release for further details.)

For the year to date ended September 30, 2025, the Company recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income of $124.6 million compared to $116.1 million for the prior year to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Earnings per diluted share of $1.87 compared to $1.73 for the prior year to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted earnings per diluted share of $2.02 compared to $1.77 for the prior year to date. (See the GAAP to non-GAAP reconciliation attached to this press release for further details.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income ($ in thousands) | $39850 | $38255 | $124566 | $116126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per diluted share | $0.60 | $0.57 | $1.87 | $1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings per diluted share | $0.65 | $0.59 | $2.02 | $1.77 |

---

------

**PRDO ANNOUNCES 3Q25 AND YEAR TO DATE RESULTS …PG 5**

**CAPITAL ALLOCATION**

During the year to date ended September 30, 2025, the Company repurchased 2.3 million shares of its common stock for $66.7 million at an average price of $29.07 per share and during the quarter ended September 30, 2025, the Company repurchased 0.7 million shares for $20.6 million at an average price of $31.27 per share.

On October 31, 2025 the board of directors declared a quarterly dividend of $0.15 per share, which will be paid on December 12, 2025 for holders of record of common stock as of November 28, 2025. Any decision to pay future cash dividends, however, will be made by the board of directors and depend on the Company's available retained earnings, financial condition and other relevant factors. The Company expects quarterly dividend payments to be an integral and growing part of its balanced capital allocation strategy that also prioritizes investments in student support and technology projects, as well as evaluating future acquisitions and share repurchases.

**BALANCE SHEET AND CASH FLOW**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the quarter ended September 30, 2025, net cash provided by operating activities was $41.2 million, compared to net cash provided by operating activities of $51.0 million for the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the year to date ended September 30, 2025, net cash provided by operating activities was $185.1 million, compared to net cash provided by operating activities of $144.0 million for the prior year to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of September 30, 2025 and December 31, 2024, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $668.6 million and $591.5 million, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |
| **<u>Selected Cash Flow Items ($ in thousands)</u>** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $41225 | $50978 | -19.1% | $185130 | $143995 | 28.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | $1853 | $975 | 90.1% | $6342 | $2997 | 111.6% |

---

------

**PRDO ANNOUNCES 3Q25 AND YEAR TO DATE RESULTS …PG 6**

**OUTLOOK** 

The Company is providing the following fourth quarter and full year outlook, subject to the key assumptions identified below. Please see the GAAP to non-GAAP reconciliation for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Company Outlook** | **Total Company Outlook** | **Total Company Outlook** | **Total Company Outlook** |
|  | **For the Quarter Ending December 31,** | **For the Quarter Ending December 31,** | **For the Year Ending December 31,** | **For the Year Ending December 31,** |
|  | **OUTLOOK** | **ACTUAL** | **OUTLOOK** | **ACTUAL** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operating Income** | **$38.1M - $40.1M** | **$37.2M** | **$192.2M - $194.2M** | **$174.3M** |
| &nbsp;&nbsp;Depreciation and amortization | $9.8M | $5.5M | $41.8M | $14.6M |
| **Adjusted Operating Income** | **$47.9M - $49.9M** | **$42.7M** | **$234.0M - $236.0M** | **$188.9M** |
| **Earnings Per Diluted Share** | **$0.48 - $.50** | **$0.47** | **$2.35 - $2.37** | **$2.19** |
| &nbsp;&nbsp;Amortization of acquired intangible assets | 0.06 | 0.03 | 0.26 | 0.09 |
| &nbsp;&nbsp;Tax effect of adjustments | (0.01) | (0.01) | (0.07) | (0.02) |
| **Adjusted Earnings Per Diluted Share** | **$0.53 - $0.55** | **$0.49** | **$2.54 - $2.56** | **$2.26** |

---

Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share, which is the most directly comparable GAAP measure to adjusted earnings per diluted share, may not follow the same trends stated in the outlook above because of adjustments made for certain non-cash items. The operating income, adjusted operating income, earnings per share and adjusted earnings per share outlook provided above for 2025 are based on the following key assumptions and factors, among others: (i) prospective student interest in the Company's programs and trends in student retention and engagement remain consistent with management's recent experiences and future expectations, (ii) no significant impact from current or future federal budget reconciliation or other legislative processes on the availability of current levels of federal student aid or the conditions associated with participating in such aid programs, (iii) no significant impact from new or proposed regulations, or from updated interpretations of current regulations, administrative actions by or changes in the structure of federal agencies or other adverse changes in the legal or regulatory environment, including government shutdowns, which may require operational changes in the way the Company's academic institutions attract, connect with, enroll, support and educate current and prospective students, among other impacts, (iv) no significant operating impacts from the settlement with the U.S. Federal Trade Commission or other legal or regulatory matters, (v) no material disruptions to the availability of the current levels of federal student aid whether due to the restructuring of federal agencies, government shutdowns, staffing related changes or layoffs or changes to congressional funding priorities, (vi) earnings per diluted share outlook assumes an effective income tax rate of approximately 27.0% for the fourth quarter and approximately 26.5% for the full year, and (vii) excludes any future impact from the Company's stock repurchase program. Although these estimates and assumptions are based upon management's good faith beliefs regarding current and future circumstances and actions that may be undertaken, actual results could differ materially from these estimates. In addition, decisions the Company makes in the future as it continues to evaluate diverse strategies to enhance stockholder value may impact the outlook provided above.

------

**PRDO ANNOUNCES 3Q25 AND YEAR TO DATE RESULTS …PG 7**

**CONFERENCE CALL INFORMATION**

Perdoceo Education Corporation will host a conference call on Tuesday, November 4, 2025 at 5:00 p.m. Eastern time to discuss third quarter and year to date 2025 results and 2025 outlook. Interested parties can access the live webcast of the conference call at www.perdoceoed.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Both dial-in numbers will use the access code 4671240. Viewers can also access the conference call by following this link https://events.q4inc.com/attendee/713147017. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.perdoceoed.com in the Investor Relations section of the website.

**ABOUT PERDOCEO EDUCATION CORPORATION**

Perdoceo's accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs. The Company's academic institutions – Colorado Technical University ("*CTU*"), the American InterContinental University System ("*AIUS*" or "*AIU System*") and University of St. Augustine for Health Sciences ("*USAHS"*) – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today's busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. USAHS prepares medical professionals to provide quality medical care to communities across the country primarily through its graduate health sciences degree offerings in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Perdoceo's academic institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers and communities needing a qualified workforce. For more information, please visit www.perdoceoed.com.

*Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as "believe," "will," "expect," "continue," "outlook," "remain," "focused on," "should" and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and results of operations, include, but are not limited to, the following: declines in enrollment or interest in our programs or our ability to attract and connect with prospective students; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the new 90-10, gainful employment, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education, the "Department"), as well as applicable accreditation standards and state regulatory requirements; the impact of various versions of "borrower defense to repayment" regulations; the final outcome of various legal challenges to the Department's loan discharge and forgiveness efforts; rulemaking or changing interpretations of existing regulations, guidance or historical practices by the Department, or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions; the impact of any federal budget reconciliation or other legislative process on the availability of current levels of federal student aid or the conditions associated with participating in such aid programs; the success of our initiatives to improve student experiences, retention and academic outcomes; our continued ability to participate in educational assistance programs for key employers, veterans or other military personnel; our ability to pay dividends on our common stock and execute our stock repurchase program; increased competition; the impact of management changes; and changes in the overall U.S. economy. Further information about these and other relevant risks and uncertainties may be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequent filings with the Securities and Exchange Commission.*

###

------

**PRDO ANNOUNCES 3Q25 AND YEAR TO DATE RESULTS …PG 8**

**CONTACT**

**Investors:**

Alpha IR Group

Nick Nelson or Daniel Naik

(312) 445-2870

PRDO@alpha-ir.com

or

**Media:**

Perdoceo Education Corporation

(847) 585-2600

media@perdoceoed.com

------

**PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(unaudited)** |  |
| **ASSETS** |  |  |
| **CURRENT ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, unrestricted | $159470 | $109130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 21309 | 22623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 487843 | 459795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents, restricted cash and short-term investments | 668622 | 591548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Student receivables, net | 41302 | 22807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables, other | 6148 | 5330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 15877 | 16910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 4016 | 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 188 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 736153 | 640154 |
| **NON-CURRENT ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 85194 | 95508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use assets, net - operating | 45050 | 50099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use assets, net - finance | 11538 | 15375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 258191 | 258012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 82120 | 95006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Student receivables, net | 4868 | 6195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets, net | 68774 | 68774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 7496 | 7911 |
| **TOTAL ASSETS** | $**1299384** | $**1237034** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **CURRENT LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability - operating | $5750 | $7792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - finance | 5334 | 5466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 20218 | 12805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related benefits | 38989 | 35059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and marketing costs | 7588 | 8135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 10670 | 4926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 16295 | 21239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 59796 | 36740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 164640 | 132162 |
| **NON-CURRENT LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability - operating | 46014 | 50224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - finance | 7518 | 11555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale lease-back financing | 56878 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction financing | - | 56500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 26483 | 27057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 136893 | 145336 |
| **STOCKHOLDERS' EQUITY:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 921 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 717385 | 707212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 1230 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 692761 | 595672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (414446) | (344424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 997851 | 959536 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**1299384** | $**1237034** |

---

------

**PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME** 

(In thousands, except per share amounts and percentages)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** |
|  | **2025** | **% of<br>Total<br>Revenue** | **2024** | **% of<br>Total <br>Revenue** |
| **REVENUE:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tuition and fees, net | $210674 | 99.4% | $168442 | 99.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1198 | 0.6% | 1386 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 211872 |  | 169828 |  |
| **OPERATING EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational services and facilities | 49141 | 23.2% | 28287 | 16.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 101757 | 48.0% | 93694 | 55.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 10015 | 4.7% | 3053 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 160913 | 75.9% | 125034 | 73.6% |
| Operating income | 50959 | 24.1% | 44794 | 26.4% |
| **OTHER INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 6652 | 3.1% | 7702 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (1592) | -0.8% | (82) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous income (expense) | 2 | 0.0% | (52) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 5062 | 2.4% | 7568 | 4.5% |
| **PRETAX INCOME** | 56021 | 26.4% | 52362 | 30.8% |
| Provision for income taxes | 16171 | 7.6% | 14107 | 8.3% |
| **NET INCOME** | 39850 | 18.8% | 38255 | 22.5% |
| **NET INCOME PER SHARE - BASIC:** | $0.62 |  | $0.58 |  |
| **NET INCOME PER SHARE - DILUTED:** | $0.60 |  | $0.57 |  |
| **WEIGHTED AVERAGE SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 64647 |  | 65699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 66007 |  | 67312 |  |
| **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** |
|  | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** |  |
| **(In Thousands)** | **2025** |  | **2024** |  |
| **NET INCOME** | $39850 |  | $38255 |  |
| **OTHER COMPREHENSIVE INCOME, net of tax:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | - |  | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investments | 508 |  | 3243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income | 508 |  | 3289 |  |
| **COMPREHENSIVE INCOME** | $40358 |  | $41544 |  |

---

------

**PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME** 

(In thousands, except per share amounts and percentages)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |
|  | **2025** | **% of<br>Total<br>Revenue** | **2024** | **% of<br>Total<br>Revenue** |
| **REVENUE:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tuition and fees, net | $630897 | 99.4% | $500844 | 99.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3560 | 0.6% | 3988 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 634457 |  | 504832 |  |
| **OPERATING EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational services and facilities | 147924 | 23.3% | 85661 | 17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 300478 | 47.4% | 270487 | 53.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 31970 | 5.0% | 9138 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairment | - | 0.0% | 2468 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 480372 | 75.7% | 367754 | 72.8% |
| Operating income | 154085 | 24.3% | 137078 | 27.2% |
| **OTHER INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 19588 | 3.1% | 21685 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (4885) | -0.8% | (529) | -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expense | (24) | 0.0% | (7) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 14679 | 2.3% | 21149 | 4.2% |
| **PRETAX INCOME** | 168764 | 26.6% | 158227 | 31.3% |
| Provision for income taxes | 44198 | 7.0% | 42101 | 8.3% |
| **NET INCOME** | 124566 | 19.6% | 116126 | 23.0% |
| **NET INCOME PER SHARE - BASIC:** | $1.91 |  | $1.77 |  |
| **NET INCOME PER SHARE - DILUTED:** | $1.87 |  | $1.73 |  |
| **WEIGHTED AVERAGE SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 65215 |  | 65622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 66510 |  | 67110 |  |
| **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** |
|  | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |  |
| **(In Thousands)** | **2025** |  | **2024** |  |
| **NET INCOME** | $124566 |  | $116126 |  |
| **OTHER COMPREHENSIVE INCOME, net of tax:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | - |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investments | 1064 |  | 2227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income | 1064 |  | 2234 |  |
| **COMPREHENSIVE INCOME** | $125630 |  | $118360 |  |

---

------

**PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $124566 | $116126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment | - | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 31970 | 9138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 20928 | 21364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense related to share-based awards | 8603 | 7385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | - | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | (937) | (13280) |
| Net cash provided by operating activities | 185130 | 143995 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of available-for-sale investments | (303248) | (266842) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of available-for-sale investments | 278926 | 277111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (6342) | (2997) |
| &nbsp;&nbsp;&nbsp;&nbsp;Business acquisition | 854 | - |
| Net cash (used in) provided by investing activities | (29810) | 7272 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 1581 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury stock | (66721) | (6769) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of employee tax associated with stock compensation | (7544) | (3435) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of cash dividends and dividend equivalents | (27383) | (23156) |
| &nbsp;&nbsp;&nbsp;&nbsp;Release of cash held in escrow | (300) | (276) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnout payments for business acquisition | (1757) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments for finance lease | (3681) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments for failed sale leaseback | (489) | - |
| Net cash used in financing activities | (106294) | (31466) |
| **NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH** | 49026 | 119801 |
| **CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period** | 131753 | 119021 |
| **CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period** | $180779 | $238822 |

---

------

**PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES**

**UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS** <sup>(1)</sup>

(In thousands, unless otherwise noted)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |
|  | **ACTUAL** | **ACTUAL** | **ACTUAL** | **ACTUAL** |
| **<u>Adjusted Operating Income</u>** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | $**50959** | $**44794** | $**154085** | $**137078** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization <sup>(2)</sup> | 10015 | 3053 | 31970 | 9138 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Operating Income** | $**60974** | $**47847** | $**186055** | $**146216** |
|  | **For the Quarter Ending December 31,** | **For the Quarter Ending December 31,** | **For the Year Ending December 31,** | **For the Year Ending December 31,** |
|  | **OUTLOOK** | **ACTUAL** | **OUTLOOK** | **ACTUAL** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | **$38.1M - $40.1M** | $**37175** | **$192.2M - $194.2M** | $**174253** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization <sup>(2)</sup> | 9.8M | 5507 | 41.8M | 14645 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Operating Income** | **$47.9M - $49.9M** | $**42682** | **$234.0M - $236.0M** | $**188898** |

---

------

**PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES**

**UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS** <sup>(1)</sup> **(cont'd)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Year to Date Ended September 30,** | **For the Year to Date Ended September 30,** |
|  | **ACTUAL** | **ACTUAL** | **ACTUAL** | **ACTUAL** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earnings Per Diluted Share** | $0.60 | $0.57 | $1.87 | $1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Pre-tax adjustments included in operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization for acquired intangible assets <sup>(2)</sup> | 0.06 | 0.02 | 0.19 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total pre-tax adjustments** | $0.06 | $0.02 | $0.19 | $0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tax effect of adjustments** <sup>(3)</sup> | (0.01) | - | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total adjustments after tax** | 0.05 | 0.02 | 0.15 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Earnings Per Diluted Share** | $0.65 | $0.59 | $2.02 | $1.77 |
|  | **For the Quarter Ending December 31,** | **For the Quarter Ending December 31,** | **For the Year to Date Ending December 31,** | **For the Year to Date Ending December 31,** |
|  | **OUTLOOK** | **ACTUAL** | **OUTLOOK** | **ACTUAL** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earnings Per Diluted Share** | $0.48 - $0.50 | $0.47 | $2.35 - $2.37 | $2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Pre-tax adjustments included in operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization for acquired intangible assets <sup>(2)</sup> | 0.06 | 0.03 | 0.26 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total pre-tax adjustments** | 0.06 | $0.03 | 0.26 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tax effect of adjustments** <sup>(3)</sup> | (0.01) | (0.01) | (0.07) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total adjustments after tax** | 0.05 | 0.02 | 0.19 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Earnings Per Diluted Share** | $0.53 - $0.55 | $0.49 | $2.54 - $2.56 | $2.26 |

---

------

**PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES**

**UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS** <sup>(1)</sup> **(cont'd)**

(1)The Company believes it is useful to present non-GAAP financial measures, such as adjusted operating income, which may exclude certain non-cash items as a means to understand the core performance of its operations. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help better analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company's historical results and to provide estimates of future performance.

The Company believes adjusted operating income and adjusted earnings per diluted share allow it to analyze and assess its operations and compare current operating results with the operational performance of other companies in its industry because it does not give effect to potential differences caused by items it does not consider reflective of underlying operating performance, such as depreciation and amortization. In the future the Company may incur expenses similar to the adjustments presented above and the presentation of adjusted operating income and adjusted earnings per diluted share should not be construed as an inference that the Company's future results will be unaffected by expenses that are unusual, non-routine or non-recurring. Adjusted operating income and adjusted earnings per diluted share have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for net income, operating income, earnings per diluted share, or any other performance measure derived in accordance with and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of liquidity.

Non-GAAP financial measures, when viewed in a reconciliation to corresponding GAAP financial measures, provide an additional way of viewing the Company's results of operations and the factors and trends affecting the Company's business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP.

Results of operations include the USAHS acquisition as of December 2, 2024.

(2)Amortization for acquired intangible assets relate to definite-lived intangible assets associated with acquisitions.

(3)The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments.

------