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."

Third Quarter 2025 Results as Compared to Prior Year Quarter

• Total student enrollments at September 30, 2025 increased by 15.1%.
• Revenue increased 24.8% to $211.9 million compared to $169.8 million in the prior year quarter.
• Operating income increased 13.8% to $51.0 million, while adjusted operating income increased 27.4% to $61.0 million.*
• 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.*
• Ended the quarter with $668.6 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments.

Year to Date 2025 Results as Compared to Prior Year to Date

• Revenue increased 25.7% to $634.5 million compared to $504.8 million in the prior year to date.
• Operating income increased 12.4% to $154.1 million, while adjusted operating income increased 27.2% to $186.1 million.*
• 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.*

TOTAL STUDENT ENROLLMENTS

• 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.

REVENUE

• 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.
• 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.

OPERATING INCOME

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

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.)

• 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.
• 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.

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

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

• Net income of $39.9 million compared to $38.3 million for the prior year quarter.
• Earnings per diluted share of $0.60 compared to $0.57 for the prior year quarter.
• 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:

• Net income of $124.6 million compared to $116.1 million for the prior year to date.
• Earnings per diluted share of $1.87 compared to $1.73 for the prior year to date.
• 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.)

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

• 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.
• 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.
• 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.

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.

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.

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.

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