PERDOCEO EDUCATION CORPORATION REPORTS SECOND QUARTER AND YEAR TO DATE 2026 RESULTS
Increases quarterly dividend by 13.3% to $0.17 per share
Schaumburg, IL. (August 6, 2026) – Perdoceo Education Corporation (NASDAQ: PRDO), a provider of postsecondary education programs through its academic institutions, today reported operating and financial results for the second quarter and year to date ended June 30, 2026.
"We delivered another quarter of strong operating performance while building on the sustainable growth we have achieved over the past two years," said Todd Nelson, President and Chief Executive Officer. "The breadth of program offerings across the portfolio of our academic institutions has allowed us to execute against our objective of sustainable and responsible growth. Our balance sheet remains strong, providing us with the flexibility to invest organically while also evaluating incremental investment strategies and return capital to shareholders."
Second Quarter 2026 Results as Compared to Prior Year Quarter
•
Earnings per diluted share increased 21.0% to $0.75 as compared to $0.62, while adjusted earnings per diluted share grew by 19.4% to $0.80 as compared to $0.67*.
•
Operating income increased 6.8% to $54.9 million, while adjusted operating income increased 4.4% to $64.2 million*.
•
Revenue increased 1.8% to $213.4 million as compared to $209.6 million.
•
Total student enrollments at June 30, 2026 increased by 0.7%.
Year to Date 2026 Results as Compared to Prior Year to Date
•
Earnings per diluted share was $1.60 as compared to $1.27, while adjusted earnings per diluted share was $1.70 as compared to $1.37*.
•
Operating income increased 14.4% to $118.0 million, while adjusted operating income increased 9.3% to $136.7 million*.
•
Revenue increased 3.0% to $435.1 million as compared to $422.6 million.
*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliations attached to this press release.
PRDO ANNOUNCES 2Q26 RESULTS …PG 2
TOTAL STUDENT ENROLLMENTS
•
As of June 30, 2026, total student enrollments were 46,830, an increase of 0.7% as compared to 46,500 total student enrollments as of June 30, 2025.
•
Total student enrollments at AIUS was impacted due to a modest decrease in student enrollments at Trident University.
As of June 30,
Total Student Enrollments
2026
2025
% Change
CTU
32,110
31,910
0.6
%
AIUS (1)
10,510
10,620
-1.0
%
USAHS
4,210
3,970
6.0
%
Total
46,830
46,500
0.7
%
(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.
REVENUE
•
For the quarter ended June 30, 2026, revenue increased 1.8% to $213.4 million as compared to revenue of $209.6 million for the prior year quarter.
•
For the year to date ended June 30, 2026, revenue increased 3.0% to $435.1 million as compared to revenue of $422.6 million for the prior year to date.
•
The decrease in revenue at AIUS was primarily due to non-Title IV and professional development programs.
For the Quarter Ended June 30,
For the Year to Date Ended June 30,
Revenue ($ in thousands)
2026
2025
% Change
2026
2025
% Change
CTU
$
115,537
$
114,479
0.9
%
$
236,293
$
230,553
2.5
%
AIUS
57,172
58,214
-1.8
%
114,988
115,778
-0.7
%
USAHS
40,457
36,697
10.2
%
83,465
75,880
10.0
%
Corporate and Other
189
191
NM
352
374
NM
Total
$
213,355
$
209,581
1.8
%
$
435,098
$
422,585
3.0
%
PRDO ANNOUNCES 2Q26 RESULTS …PG 3
OPERATING INCOME
•
For the quarter ended June 30, 2026, operating income of $54.9 million increased 6.8% from $51.4 million for the prior year quarter.
•
For the year to date ended June 30, 2026, operating income of $118.0 million increased 14.4% from $103.1 million for the prior year to date.
For the Quarter Ended June 30,
For the Year to Date Ended June 30,
Operating Income ($ in thousands)
2026
2025
% Change
2026
2025
% Change
CTU (1)
$
44,479
$
46,847
-5.1
%
$
95,022
$
93,607
1.5
%
AIUS
12,607
11,495
9.7
%
25,171
22,716
10.8
%
USAHS
3,645
(1,694
)
NM
9,952
(2,024
)
NM
Corporate and Other
(5,850
)
(5,249
)
NM
(12,142
)
(11,173
)
NM
Total
$
54,881
$
51,399
6.8
%
$
118,003
$
103,126
14.4
%
(1)
Operating income at CTU for both the quarter and year to date ended June 30, 2026 includes increased legal fees related to previously disclosed legal matters as compared to the prior year periods. Excluding these increased legal expenses, operating income would have increased as compared to the prior year quarter.
ADJUSTED OPERATING INCOME
The Company believes it is useful to present non-GAAP financial measures, such as adjusted operating income and adjusted earnings per diluted share, which exclude certain non-cash items, as a means to better understand its operating performance. (See the table below and the GAAP to non-GAAP reconciliations attached to this press release for further details.)
•
For the quarter ended June 30, 2026, adjusted operating income of $64.2 million increased 4.4% compared to adjusted operating income of $61.5 million for the prior year quarter.
•
For the year to date ended June 30, 2026, adjusted operating income of $136.7 million increased 9.3% compared to adjusted operating income of $125.1 million for the prior year to date.
For the Quarter Ended June 30,
For the Year to Date Ended June 30,
Adjusted Operating Income ($ in thousands)
2026
2025
2026
2025
Operating income
$
54,881
$
51,399
$
118,003
$
103,126
Depreciation and amortization
9,344
10,148
18,691
21,955
Adjusted Operating Income
$
64,225
$
61,547
$
136,694
$
125,081
% Increase (Decrease)
4.4
%
9.3
%
PRDO ANNOUNCES 2Q26 RESULTS …PG 4
NET INCOME, EARNINGS PER DILUTED SHARE AND ADJUSTED EARNINGS PER DILUTED SHARE
For the quarter ended June 30, 2026, the Company recorded:
•
Net income of $48.0 million compared to $41.0 million for the prior year quarter.
•
Earnings per diluted share of $0.75 compared to $0.62 for the prior year quarter.
•
Adjusted earnings per diluted share of $0.80 compared to $0.67 for the prior year quarter. (See the GAAP to non-GAAP reconciliations attached to this press release for further details.)
For the year to date ended June 30, 2026, the Company recorded:
•
Net income of $101.9 million compared to $84.7 million for the prior year to date.
•
Earnings per diluted share of $1.60 compared to $1.27 for the prior year to date.
•
Adjusted earnings per diluted share of $1.70 compared to $1.37 for the prior year to date. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)
For the Quarter Ended June 30,
For the Year to Date Ended June 30,
2026
2025
2026
2025
Net income ($ in thousands)
$
47,971
$
41,028
$
101,922
$
84,716
Earnings per diluted share
$
0.75
$
0.62
$
1.60
$
1.27
Adjusted earnings per diluted share
$
0.80
$
0.67
$
1.70
$
1.37
% Increase (Decrease)
19.4
%
24.1
%
CAPITAL ALLOCATION
On August 6, 2026, the board of directors declared a quarterly dividend of $0.17 per share, an increase of 13.3% from the prior quarter, which will be paid on September 10, 2026 to holders of record of common stock as of September 1, 2026. 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 enrollment, student support and technology projects, as well as evaluating acquisitions and repurchases under our authorized stock repurchase program.
BALANCE SHEET AND CASH FLOW
•
For the quarter ended June 30, 2026, net cash provided by operating activities was $74.6 million, compared to net cash provided by operating activities of $78.8 million for the prior year quarter.
•
For the year to date ended June 30, 2026, net cash provided by operating activities was $144.0 million, compared to net cash provided by operating activities of $143.9 million for the prior year to date.
•
As of June 30, 2026 and December 31, 2025, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $734.8 million and $643.5 million, respectively.
For the Quarter Ended June 30,
For the Year to Date Ended June 30,
Selected Cash Flow Items ($ in thousands)
2026
2025
% Change
2026
2025
% Change
Net cash provided by operating activities
$
74,629
$
78,778
-5.3
%
$
144,018
$
143,905
0.1
%
Capital expenditures
$
1,546
$
2,752
-43.8
%
$
3,286
$
4,489
-26.8
%
PRDO ANNOUNCES 2Q26 RESULTS …PG 5
OUTLOOK
The Company is providing the following third quarter outlook along with a full year outlook, subject to the key assumptions identified below. Please see the GAAP to non-GAAP reconciliations for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details.
Total Company Outlook
For Quarter Ending September 30,
For the Year Ending December 31,
OUTLOOK
ACTUAL
OUTLOOK
ACTUAL
2026
2025
2026
2025
Operating Income
$54.5M - $55.5M
$51.0M
$221.2M - $226.2M
$196.0M
Depreciation and amortization
$9.5M
$10.0M
$36.8M
$41.6M
Adjusted Operating Income
$64.0M - $65.0M
$61.0M
$258.0M - $263.0M
$237.6M
Earnings Per Diluted Share
$0.68 - $0.69
$0.60
$2.91 - $2.97
$2.42
Amortization of acquired intangible assets
0.07
0.06
0.25
0.26
Tax effect of adjustments
(0.02)
(0.01)
(0.06)
(0.07)
Adjusted Earnings Per Diluted Share
$0.73 - $0.74
$0.65
$3.10 - $3.16
$2.61
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 future adjustments made for certain significant and non-cash items. The operating income, adjusted operating income, earnings per share and adjusted earnings per share outlook provided above for the third quarter ending September 30, 2026 and year ending December 31, 2026 are based on the following key assumptions and factors, among others: (i) prospective student interest in our academic institutions' programs and trends in student retention and engagement remain consistent with management’s recent experiences, (ii) no material impact from current or future federal budget reconciliations or other legislative activity 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) any impact on total student enrollments due to elimination of the Grad PLUS loan program will not be material as prospective students are assumed to have access to private lending sources, (v) no significant operating impacts from the settlement with the U.S. Federal Trade Commission or other legal or regulatory matters, (vi) 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, (vii) no material impact from the increased use of Artificial Intelligence by prospective students in lieu of traditional Internet search engines, (viii) legal fees relating to current litigation matters remain generally in line with the Company's current expectations, (ix) earnings per diluted share outlook assumes an effective income tax rate of approximately 27.5% for the third quarter and approximately 23.5% for the full year, and (x) 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 2Q26 RESULTS …PG 6
CONFERENCE CALL INFORMATION
Perdoceo Education Corporation will host a conference call on Thursday, August 6, 2026 at 4:30 p.m. Eastern time to discuss the second quarter operating and financial results, and third quarter and full year 2026 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/385690544. 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 current 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 regulations, and earnings premium, 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 reconciliations or other legislative activities on the availability of adequate 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; our ability to successfully defend litigation and other claims brought against us; 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, 2025 and its subsequent filings with the Securities and Exchange Commission.
###
PRDO ANNOUNCES 2Q26 RESULTS …PG 7
CONTACT
Investors:
Alpha IR Group
Nick Nelson
(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)
June 30,
December 31,
2026
2025
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents, unrestricted
$
162,889
$
110,970
Restricted cash
820
21,310
Short-term investments
571,115
511,211
Total cash and cash equivalents, restricted cash and short-term investments
734,824
643,491
Student receivables, net
40,035
27,197
Receivables, other
6,513
5,037
Prepaid expenses
18,450
16,881
Inventories
2,586
4,049
Other current assets
224
208
Total current assets
802,632
696,863
NON-CURRENT ASSETS:
Property and equipment, net
78,632
83,314
Right of use assets, net - operating
39,745
43,290
Right of use assets, net - finance
7,701
10,259
Goodwill
265,697
265,697
Intangible assets, net
69,594
77,945
Student receivables, net
5,008
4,811
Deferred income tax assets, net
57,438
57,438
Other assets
8,044
8,100
TOTAL ASSETS
$
1,334,491
$
1,247,717
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Lease liabilities - operating
$
8,514
$
6,032
Lease liabilities - finance
5,711
5,458
Accounts payable
17,310
14,271
Accrued expenses:
Payroll and related benefits
28,144
44,363
Advertising and marketing costs
7,085
7,838
Income taxes
3,565
5,627
Other
20,391
16,374
Deferred revenue
80,354
37,844
Total current liabilities
171,074
137,807
NON-CURRENT LIABILITIES:
Lease liabilities - operating
39,194
43,752
Lease liabilities - finance
3,176
6,097
Sale lease-back financing
57,178
56,992
Other liabilities
30,460
30,657
Total non-current liabilities
130,008
137,498
STOCKHOLDERS' EQUITY:
Preferred stock
-
-
Common stock
929
921
Additional paid-in capital
727,470
720,574
Accumulated other comprehensive (loss) income
(2,284
)
1,070
Retained earnings
801,038
718,365
Treasury stock
(493,744
)
(468,518
)
Total stockholders' equity
1,033,409
972,412
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
1,334,491
$
1,247,717
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts and percentages)
For the Quarter Ended June 30,
2026
% of Total Revenue
2025
% of Total Revenue
REVENUE:
Tuition and fees, net
$
212,126
99.4
%
$
208,375
99.4
%
Other
1,229
0.6
%
1,206
0.6
%
Total revenue
213,355
209,581
OPERATING EXPENSES:
Educational services and facilities
50,891
23.9
%
50,241
24.0
%
General and administrative
98,239
46.0
%
97,793
46.7
%
Depreciation and amortization
9,344
4.4
%
10,148
4.8
%
Total operating expenses
158,474
74.3
%
158,182
75.5
%
Operating income
54,881
25.7
%
51,399
24.5
%
OTHER INCOME:
Interest income
6,719
3.1
%
6,460
3.1
%
Interest expense
(1,492
)
-0.7
%
(1,611
)
-0.8
%
Miscellaneous income (expense)
98
0.0
%
(10
)
0.0
%
Total other income
5,325
2.5
%
4,839
2.3
%
PRETAX INCOME
60,206
28.2
%
56,238
26.8
%
Provision for income taxes
12,235
5.7
%
15,210
7.3
%
NET INCOME
47,971
22.5
%
41,028
19.6
%
NET INCOME PER SHARE - BASIC:
$
0.77
$
0.63
NET INCOME PER SHARE -DILUTED:
$
0.75
$
0.62
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic
62,664
65,331
Diluted
63,588
66,582
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Quarter Ended June 30,
(In Thousands)
2026
2025
NET INCOME
$
47,971
$
41,028
OTHER COMPREHENSIVE (LOSS) INCOME, net of tax:
Unrealized (loss) gain on investments
(1,244
)
49
Total other comprehensive (loss) income
(1,244
)
49
COMPREHENSIVE INCOME
$
46,727
$
41,077
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 June 30,
2026
% of Total Revenue
2025
% of Total Revenue
REVENUE:
Tuition and fees, net
$
432,748
99.5
%
$
420,223
99.4
%
Other
2,350
0.5
%
2,362
0.6
%
Total revenue
435,098
422,585
OPERATING EXPENSES:
Educational services and facilities
97,956
22.5
%
98,783
23.4
%
General and administrative
200,448
46.1
%
198,721
47.0
%
Depreciation and amortization
18,691
4.3
%
21,955
5.2
%
Total operating expenses
317,095
72.9
%
319,459
75.6
%
Operating income
118,003
27.1
%
103,126
24.4
%
OTHER INCOME:
Interest income
13,255
3.0
%
12,936
3.1
%
Interest expense
(3,018
)
-0.7
%
(3,293
)
-0.8
%
Miscellaneous income (expense)
96
0.0
%
(26
)
0.0
%
Total other income
10,333
2.4
%
9,617
2.3
%
PRETAX INCOME
128,336
29.5
%
112,743
26.7
%
Provision for income taxes
26,414
6.1
%
28,027
6.6
%
NET INCOME
101,922
23.4
%
84,716
20.0
%
NET INCOME PER SHARE - BASIC:
$
1.63
$
1.29
NET INCOME PER SHARE -DILUTED:
$
1.60
$
1.27
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic
62,581
65,504
Diluted
63,506
66,722
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Year to Date Ended June 30,
(In Thousands)
2026
2025
NET INCOME
$
101,922
$
84,716
OTHER COMPREHENSIVE (LOSS) INCOME, net of tax:
Unrealized (loss) gain on investments
(3,354
)
556
Total other comprehensive (loss) income
(3,354
)
556
COMPREHENSIVE INCOME
$
98,568
$
85,272
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Year to Date Ended June 30,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
101,922
$
84,716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
18,691
21,955
Bad debt expense
10,577
13,015
Compensation expense related to share-based awards
6,148
5,443
Changes in operating assets and liabilities
6,680
18,776
Net cash provided by operating activities
144,018
143,905
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments
(194,890
)
(192,891
)
Sales of available-for-sale investments
132,426
189,272
Purchases of property and equipment
(3,286
)
(4,489
)
Business acquisition
-
854
Net cash used in investing activities
(65,750
)
(7,254
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock
756
1,295
Purchase of treasury stock
(14,976
)
(46,082
)
Payments of employee tax associated with stock compensation
(10,250
)
(7,544
)
Payments of cash dividends and dividend equivalents
(19,701
)
(17,718
)
Earnout payments related to business acquisition
-
(1,757
)
Principal payments for finance leases
(2,668
)
(2,432
)
Principal payments for failed sale leaseback
-
(489
)
Net cash used in financing activities
(46,839
)
(74,727
)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
31,429
61,924
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period
132,280
131,753
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period
$
163,709
$
193,677
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1)
(In thousands, unless otherwise noted)
For the Quarter Ended June 30,
For the Year to Date Ended June 30,
ACTUAL
ACTUAL
Adjusted Operating Income
2026
2025
2026
2025
Operating income
$
54,881
$
51,399
$
118,003
$
103,126
Depreciation and amortization (2)
9,344
10,148
18,691
21,955
Adjusted Operating Income
$
64,225
$
61,547
$
136,694
$
125,081
For the Quarter Ending September 30,
For the Year Ending December 31,
OUTLOOK
ACTUAL
OUTLOOK
ACTUAL
2026
2025
2026
2025
Operating income
$54.5M - $55.5M
$
50,959
$221.2M - $226.2M
$
196,000
Depreciation and amortization (2)
9.5M
10,015
36.8M
41,627
Adjusted Operating Income
$64.0M - $65.0M
$
60,974
$258.0M - $263.0M
$
237,627
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d)
For the Quarter Ended June 30,
For the Year to Date Ended June 30,
ACTUAL
ACTUAL
2026
2025
2026
2025
Earnings Per Diluted Share
$
0.75
$
0.62
$
1.60
$
1.27
Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets (2)
0.07
0.06
0.13
0.13
Total pre-tax adjustments
$
0.07
$
0.06
$
0.13
$
0.13
Tax effect of adjustments (3)
(0.02
)
(0.01
)
(0.03
)
(0.03
)
Total adjustments after tax
0.05
0.05
0.10
0.10
Adjusted Earnings Per Diluted Share
$
0.80
$
0.67
$
1.70
$
1.37
For the Quarter Ending September 30,
For the Year Ending December 31,
OUTLOOK
ACTUAL
OUTLOOK
ACTUAL
2026
2025
2026
2025
Earnings Per Diluted Share
$0.68 - $0.69
$
0.60
$2.91 - $2.97
$
2.42
Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets (2)
0.07
0.06
0.25
0.26
Total pre-tax adjustments
0.07
$
0.06
0.25
$
0.26
Tax effect of adjustments (3)
(0.02)
(0.01
)
(0.06)
(0.07
)
Total adjustments after tax
0.05
0.05
0.19
0.19
Adjusted Earnings Per Diluted Share
$0.73 - $0.74
$
0.65
$3.10 - $3.16
$
2.61
PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS (1) (cont’d)
(1)
The Company believes it is useful to present non-GAAP financial measures, such as adjusted operating income and adjusted earnings per diluted share, 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.
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.
(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.
