Revenue growth has accelerated to 24.20% year-over-year, supported by an asset-light model that achieved a peak gross margin of 83.5% in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 854.84M | 846.1M | 681.26M | 710M | 695.21M | 693.03M | 687.31M | 627.7M | 581.3M | 596.43M | 704.39M | 847.27M | 741.36M | 1.06B | 1.49B | 1.88B | 2.12B | 1.84B | 1.71B | 1.67B | 1.79B | 2.03B | 1.73B | 1.19B | 751.01M | 529.24M | 325.29M | 199.1M | 144.2M | 82.6M |
| Revenue Growth % | 17.75% | 24.2% | -4.05% | 2.13% | 0.31% | 0.83% | 9.5% | 7.98% | -2.54% | -15.33% | -16.86% | 14.29% | -29.89% | -29% | -20.97% | -11.29% | 15.66% | 7.7% | 1.82% | -6.2% | -12.24% | 17.7% | 45.42% | 58.27% | 41.9% | 62.7% | 63.38% | 38.07% | 74.58% | - |
| Cost of Goods Sold | 247.04M | 239.17M | 120.86M | 130.32M | 116.72M | 108.74M | 111.77M | 101.94M | 109.9M | 143.34M | 235.1M | 289.78M | 240.8M | 406.29M | 571.17M | 632.59M | 639.12M | 611.75M | 654.29M | 593.66M | 552.05M | 628.66M | 557.14M | 413.81M | 294.54M | 213.92M | 129.63M | 85.5M | 57.2M | 34.5M |
| COGS % of Revenue | - | 28.27% | 17.74% | 18.36% | 16.79% | 15.69% | 16.26% | 16.24% | 18.91% | 24.03% | 33.38% | 34.2% | 32.48% | 38.42% | 38.35% | 33.57% | 30.09% | 33.31% | 38.37% | 35.44% | 30.92% | 30.9% | 32.23% | 34.81% | 39.22% | 40.42% | 39.85% | 42.94% | 39.67% | 41.77% |
| Gross Profit | 607.8M | 606.93M | 560.4M | 579.68M | 578.49M | 584.29M | 575.55M | 525.76M | 471.4M | 453.09M | 469.29M | 557.5M | 500.56M | 651.08M | 918.1M | 1.25B | 1.49B | 1.22B | 1.05B | 1.08B | 1.23B | 1.41B | 1.17B | 774.8M | 456.47M | 315.32M | 195.66M | 113.6M | 87M | 48.1M |
| Gross Margin % | 71.1% | 71.73% | 82.26% | 81.64% | 83.21% | 84.31% | 83.74% | 83.76% | 81.09% | 75.97% | 66.62% | 65.8% | 67.52% | 61.58% | 61.65% | 66.43% | 69.91% | 66.69% | 61.63% | 64.56% | 69.08% | 69.1% | 67.77% | 65.19% | 60.78% | 59.58% | 60.15% | 57.06% | 60.33% | 58.23% |
| Gross Profit Growth % | - | 8.3% | -3.33% | 0.21% | -0.99% | 1.52% | 9.47% | 11.53% | 4.04% | -3.45% | -15.82% | 11.37% | -23.12% | -29.08% | -26.66% | -15.7% | 21.24% | 16.54% | -2.79% | -12.35% | -12.26% | 20.02% | 51.19% | 69.74% | 44.76% | 61.16% | 72.24% | 30.57% | 80.87% | - |
| Operating Expenses | 400.4M | 410.92M | 386.15M | 429.23M | 448.85M | 435.27M | 432.61M | 439.3M | 400.1M | 391.38M | 500.47M | 589.15M | 556.38M | 815.43M | 974.84M | 1.02B | 1.17B | 999.78M | 964.38M | 960.8M | 1.07B | 1.04B | 879.83M | 577.87M | 343.17M | 246.5M | 156.28M | 111M | 78.1M | 45.7M |
| OpEx % of Revenue | - | 48.57% | 56.68% | 60.46% | 64.56% | 62.81% | 62.94% | 69.98% | 68.83% | 65.62% | 71.05% | 69.53% | 75.05% | 77.12% | 65.46% | 54.19% | 54.93% | 54.44% | 56.55% | 57.37% | 59.76% | 50.96% | 50.9% | 48.62% | 45.69% | 46.58% | 48.04% | 55.75% | 54.16% | 55.33% |
| Selling, General & Admin | 406.75M | 410.92M | 333.33M | 364.87M | 384.55M | 374.16M | 369.65M | 386.68M | 358.67M | 377.39M | 445.68M | 542M | 640.45M | 746.79M | 894.18M | 936.71M | 1.1B | 934.13M | 889.25M | 876.8M | 905.34M | 958.1M | 822.36M | 533.96M | 309.54M | 215.68M | 135.69M | 96.4M | 65.9M | 37.5M |
| SG&A % of Revenue | - | 48.57% | 48.93% | 51.39% | 55.31% | 53.99% | 53.78% | 61.6% | 61.7% | 63.28% | 63.27% | 63.97% | 86.39% | 70.63% | 60.04% | 49.71% | 51.57% | 50.86% | 52.14% | 52.35% | 50.7% | 47.09% | 47.58% | 44.92% | 41.22% | 40.75% | 41.71% | 48.42% | 45.7% | 45.4% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 52.82M | 64.36M | 64.3M | 61.12M | 62.96M | 52.62M | 196K | 665K | 300K | -436K | -148K | 242K | 483K | 1.02B | 1.17B | 999.78M | 964.38M | 960.8M | 1.07B | 1.04B | 879.83M | 577.87M | 343.17M | 30.82M | 20.59M | 14.6M | 12.2M | 8.2M |
| Operating Income | 207.4M | 196M | 174.25M | 150.45M | 129.64M | 149.02M | 142.93M | 86.46M | 71.3M | 34.14M | -32.34M | -92.17M | -72.72M | -214.68M | -183.75M | 39.16M | 246.39M | 222.6M | 77.67M | 120.42M | 166.51M | 369.07M | 291.56M | 196.93M | 113.3M | 68.82M | 39.38M | 2.6M | 8.9M | 2.4M |
| Operating Margin % | 24.26% | 23.17% | 25.58% | 21.19% | 18.65% | 21.5% | 20.8% | 13.77% | 12.27% | 5.72% | -4.59% | -10.88% | -9.81% | -20.3% | -12.34% | 2.08% | 11.6% | 12.12% | 4.55% | 7.19% | 9.32% | 18.14% | 16.87% | 16.57% | 15.09% | 13% | 12.11% | 1.31% | 6.17% | 2.91% |
| Operating Income Growth % | - | 12.48% | 15.82% | 16.05% | -13% | 4.26% | 65.31% | 21.27% | 108.86% | 205.54% | 64.91% | -26.75% | 66.13% | -16.83% | -569.2% | -84.11% | 10.69% | 186.61% | -35.5% | -27.68% | -54.88% | 26.58% | 48.05% | 73.82% | 64.62% | 74.76% | 1414.62% | -70.79% | 270.83% | - |
| EBITDA | 246.57M | 237.63M | 188.9M | 167.33M | 149.37M | 165.78M | 157.72M | 95.61M | 80.69M | 48.13M | -9.6M | -67.23M | -17.26M | -141.53M | -101.94M | 124.53M | 318.02M | 290.2M | 155.36M | 198.6M | 252.92M | 447.79M | 349.38M | 241.11M | 146.93M | 99.64M | 59.97M | 17.2M | 21.1M | 10.6M |
| EBITDA Margin % | 28.84% | 28.09% | 27.73% | 23.57% | 21.49% | 23.92% | 22.95% | 15.23% | 13.88% | 8.07% | -1.36% | -7.93% | -2.33% | -13.39% | -6.84% | 6.61% | 14.97% | 15.8% | 9.11% | 11.86% | 14.16% | 22.01% | 20.21% | 20.28% | 19.56% | 18.83% | 18.44% | 8.64% | 14.63% | 12.83% |
| EBITDA Growth % | 21.38% | 25.8% | 12.89% | 12.03% | -9.9% | 5.11% | 64.97% | 18.48% | 67.67% | 601.47% | 85.73% | -289.49% | 87.8% | -38.84% | -181.86% | -60.84% | 9.59% | 86.8% | -21.77% | -21.48% | -43.52% | 28.17% | 44.9% | 64.09% | 47.46% | 66.14% | 248.69% | -18.48% | 99.06% | - |
| D&A (Non-Cash Add-back) | 39.17M | 41.63M | 14.64M | 16.89M | 19.73M | 16.77M | 14.79M | 9.14M | 9.39M | 13.99M | 22.75M | 24.94M | 55.45M | 73.15M | 81.81M | 85.37M | 71.62M | 67.6M | 77.69M | 78.18M | 86.42M | 78.72M | 57.82M | 44.18M | 33.64M | 30.82M | 20.59M | 14.6M | 12.2M | 8.2M |
| EBIT | 226.64M | 223.3M | 202.05M | 192.53M | 134.67M | 149.99M | 147M | 93.19M | 71.3M | 34.14M | -30.78M | -93.6M | -138.34M | -167.47M | -68.66M | 13.9M | 243M | 230.63M | 129.16M | 113.33M | 156.84M | 381.25M | 291.29M | 185.27M | 104.72M | 68.82M | 39.38M | 20.3M | 10.9M | 2.4M |
| Net Interest Income | 20.06M | 19.84M | 28.38M | 19.58M | 6.47M | 10K | 3.69M | 6.22M | 2.86M | 1.45M | 678K | -41K | 360K | 7K | 1.06M | 534K | 757K | 2.15M | 12.91M | 17.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 26.37M | 26.31M | 28.99M | 19.98M | 6.87M | 930K | 3.85M | 6.39M | 3.54M | 1.9M | 1.26M | 794K | 851K | 1.36M | 1.83M | 1.38M | 1.18M | 2.37M | 13.77M | 18.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.31M | 6.46M | 613K | 404K | 400K | 920K | 167K | 167K | 681K | 451K | 584K | 835K | 491K | 1.35M | 271K | 563K | 377K | 226K | 870K | 1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 21.06M | 20.84M | 27.19M | 41.67M | 4.63M | 51K | 3.9M | 6.56M | 3.05M | 2.11M | 978K | -2.27M | 446K | -21.88M | 2.04M | 30.72M | 4.53M | -4.92M | -11.52M | 23.26M | 20.94M | 14.21M | -6.89M | 2.51M | 1.06M | 915K | 126K | -1.1M | -3M | -3.2M |
| Pretax Income | 228.46M | 216.84M | 201.44M | 192.12M | 134.27M | 149.07M | 146.83M | 93.02M | 74.35M | 36.25M | -31.37M | -94.44M | -72.5M | -221.34M | -181.71M | 41.95M | 246.88M | 224.04M | 97.15M | 143.68M | 187.44M | 383.28M | 295.67M | 199.44M | 114.36M | 69.74M | 39.51M | 19.2M | 7.7M | -800K |
| Pretax Margin % | 26.73% | 25.63% | 29.57% | 27.06% | 19.31% | 21.51% | 21.36% | 14.82% | 12.79% | 6.08% | -4.45% | -11.15% | -9.78% | -20.93% | -12.2% | 2.23% | 11.62% | 12.2% | 5.7% | 8.58% | 10.5% | 18.84% | 17.11% | 16.78% | 15.23% | 13.18% | 12.14% | 9.64% | 5.34% | -0.97% |
| Income Tax | 58.28M | 56.92M | 53.85M | 44.47M | 38.4M | 39.43M | 22.48M | 22.43M | 18.56M | 67.13M | -16.55M | -147.45M | 3.74M | -19.67M | -46.81M | 46.15M | 80.29M | 78.66M | 27.57M | 48.17M | 92.69M | 143.35M | 116.05M | 80.28M | 46.89M | 31.38M | 17.32M | 8.3M | 3.4M | -300K |
| Effective Tax Rate % | 25.51% | 26.25% | 26.73% | 23.15% | 28.6% | 26.45% | 15.31% | 24.11% | 24.96% | 185.17% | 52.76% | 156.14% | -5.15% | 8.89% | 25.76% | 110.01% | 32.52% | 35.11% | 28.38% | 33.53% | 49.45% | 37.4% | 39.25% | 40.25% | 41% | 45% | 43.85% | 43.23% | 44.16% | 37.5% |
| Net Income | 170.18M | 159.91M | 147.59M | 147.65M | 95.87M | 109.64M | 124.26M | 69.98M | 55.18M | -31.9M | -18.71M | 51.88M | -178.16M | -164.26M | -142.8M | 18.57M | 157.77M | 81.22M | 60.14M | 59.55M | 46.57M | 233.88M | 179.62M | 119.17M | 67.47M | 38.35M | 21.41M | 10.9M | 4.3M | -900K |
| Net Margin % | 19.91% | 18.9% | 21.66% | 20.8% | 13.79% | 15.82% | 18.08% | 11.15% | 9.49% | -5.35% | -2.66% | 6.12% | -24.03% | -15.54% | -9.59% | 0.99% | 7.43% | 4.42% | 3.53% | 3.56% | 2.61% | 11.5% | 10.39% | 10.03% | 8.98% | 7.25% | 6.58% | 5.47% | 2.98% | -1.09% |
| Net Income Growth % | 12.08% | 8.35% | -0.04% | 54.02% | -12.56% | -11.77% | 77.57% | 26.82% | 273% | -70.46% | -136.06% | 129.12% | -8.46% | -15.03% | -868.84% | -88.23% | 94.26% | 35.05% | 0.99% | 27.88% | -80.09% | 30.21% | 50.73% | 76.62% | 75.91% | 79.18% | 96.39% | 153.49% | 577.78% | - |
| Net Income (Continuing) | 170.18M | 159.91M | 147.59M | 147.65M | 95.87M | 109.64M | 124.35M | 70.59M | 55.79M | -30.88M | -14.82M | 53.02M | -142.56M | -169.28M | -134.91M | -4.2M | 166.59M | 149.51M | 69.58M | 95.5M | 94.75M | 247.59M | 179.26M | 112.8M | 61.82M | 38.35M | 22.18M | 10.9M | 4.5M | -500K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -17K | -90K | -612K | 0 | 0 | 0 | 0 | -35.6M | 5.02M | 0 | 22.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.68 | 2.42 | 2.19 | 2.18 | 1.39 | 1.55 | 1.74 | 0.97 | 0.77 | -0.46 | -0.27 | 0.76 | -2.64 | -2.46 | -2.13 | 0.25 | 1.94 | 0.94 | 0.67 | 0.63 | 0.47 | 2.26 | 1.71 | 1.12 | 0.33 | 0.43 | 0.28 | 0.02 | 0.03 | -0.02 |
| EPS Growth % | 15.49% | 10.5% | 0.46% | 56.83% | -10.32% | -10.92% | 79.38% | 25.97% | 267.39% | -70.37% | -135.53% | 128.79% | -7.32% | -15.49% | -952% | -87.11% | 106.38% | 40.3% | 6.35% | 34.04% | -79.2% | 32.16% | 52.68% | 239.39% | -23.26% | 53.57% | 1214.55% | -36.98% | 313.92% | - |
| EPS (Basic) | - | 2.47 | 2.25 | 2.22 | 1.41 | 1.57 | 1.79 | 1.00 | 0.79 | -0.46 | -0.28 | 0.76 | -2.65 | -2.46 | -2.16 | 0.25 | 1.94 | 0.95 | 0.67 | 0.64 | 0.48 | 2.32 | 1.75 | 1.17 | 0.34 | 0.44 | 0.28 | 0.02 | 0.04 | -0.02 |
| Diluted Shares Outstanding | 63.43M | 66.16M | 67.24M | 67.83M | 69.03M | 70.88M | 71.27M | 72.08M | 71.48M | 68.95M | 68.37M | 68.33M | 67.52M | 66.74M | 67.07M | 74.5M | 81.21M | 86.57M | 90.09M | 94.41M | 98.06M | 103.38M | 105M | 100.72M | 94.36M | 90.78M | 77.56M | 63.02M | 54.38M | 56.8M |
| Basic Shares Outstanding | 62.5M | 64.81M | 65.65M | 66.47M | 67.93M | 70.02M | 69.41M | 70.09M | 69.6M | 68.61M | 67.35M | 67.86M | 67.17M | 66.65M | 66.16M | 74.5M | 81.21M | 86.57M | 89.83M | 93.7M | 96.19M | 100.97M | 101.63M | 96.41M | 90.4M | 87.5M | 74.75M | 63.02M | 52.17M | 56.8M |
| Dividend Payout Ratio | - | 23.05% | 21.48% | 9.76% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory compliance and enrollment volatility
According to recent quarterly filings, PRDO achieved a 24.20% year-over-year revenue growth rate, signaling a significant departure from the contractionary trends observed in early 2024, which suggests that the company's digital-first enrollment strategy is successfully capturing market share in the competitive for-profit education landscape.
The shift from double-digit revenue declines in early 2024 to current growth levels indicates a successful pivot in student acquisition effectiveness. Investors should monitor whether this acceleration is driven by sustainable organic enrollment or temporary pricing adjustments, as the durability of this trend remains critical for long-term valuation.
As reported in financial statements, the company maintains a robust gross margin profile, peaking at 83.5% in 2024Q2, which highlights the inherent scalability of its proprietary adaptive learning technology compared to traditional campus-based peers that face higher variable costs per student.
The high gross margin reflects the low marginal cost of delivering digital content, though the recent dip to 54% in 2025Q4 warrants investigation into potential shifts in student aid accounting or increased service delivery costs. This volatility suggests that while the model is structurally efficient, it remains sensitive to the specific mix of programs and student support requirements.
Based on the provided income statement data, PRDO has demonstrated an ability to scale operating income alongside revenue, with operating margins reaching 28.5% in 2026Q1, suggesting that management has successfully optimized administrative overhead relative to the company's expanding top-line performance.
The ability to maintain operating margins above 20% for most of the observed period implies that the company is not overly reliant on excessive marketing spend to drive enrollment growth. This operational discipline appears to be a key differentiator, allowing the firm to convert revenue gains into meaningful bottom-line expansion.
Analysis of recent SEC filings reveals that PRDO's net income growth has largely tracked with operational improvements, with stock-based compensation remaining a relatively controlled expense, which suggests that reported EPS figures are not being artificially inflated by aggressive non-cash accounting practices.
The consistent net margin performance, often exceeding 20%, indicates that the company is effectively managing its tax and non-operating items. However, the variability in quarterly EPS suggests that investors should remain cautious regarding the impact of student withdrawal rates on the timing of revenue recognition.
While the company shows strong financial performance, historical data and industry context suggest that the primary risk remains the potential for regulatory intervention, as the firm's reliance on Title IV funding makes it inherently vulnerable to shifts in federal gainful employment and student aid policies.
Short-term growth metrics may mask the underlying risk of program-level closures if regulatory benchmarks are not met. The market's current valuation may reflect a persistent discount due to these external pressures, which could limit multiple expansion regardless of the company's internal operational successes.
Quick answers to the most common questions about buying PRDO stock.
For fiscal year 2025, Perdoceo Education Corporation (PRDO) reported total revenue of $846.1M. This represents a 924.3% increase compared to $82.6M in 1997.
Perdoceo Education Corporation (PRDO) is profitable, generating $159.9M in net income for the fiscal year ending 2025 with a net profit margin of 18.9%.
Perdoceo Education Corporation (PRDO) reported an operating income of $196.0M, resulting in an operating profit margin of 23.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Perdoceo Education Corporation (PRDO) generated $606.9M in gross profit for the year, representing a gross profit margin of 71.7%. This demonstrates the company's core pricing power and production efficiency.