PRDOMEDIUM SIGNALFINANCIAL10-K

Perdoceo shows improved operating performance with strong cash generation, though accounts receivable increased substantially and capital spending declined sharply.

The company delivered solid operating income growth of 12.5% alongside robust 39% growth in operating cash flow, indicating healthy underlying business performance. However, the substantial increase in accounts receivable warrants monitoring as it could signal collection challenges or changes in payment terms with students.

Comparing 2026-02-19 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

Perdoceo's financial profile shows mixed signals with strong operational cash generation growing 39% to $225.2M and operating income advancing 12.5% to $196.0M. However, accounts receivable nearly doubled to $55.0M, which could indicate collection timing issues, while capital expenditures dropped significantly from $11.7M to $4.1M, suggesting reduced investment in infrastructure or facilities.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
+91.4%
$28.8M$55.0M

Receivables surged 91.4% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Capital Expenditure
Cash Flow
-64.7%
$11.7M$4.1M

Capex reduced 64.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
+39.4%
$161.6M$225.2M

Operating cash flow surged 39.4% — exceptional cash generation, highest quality earnings signal.

Inventory
Balance Sheet
+19.5%
$3.4M$4.0M

Inventory built 19.5% — monitor whether demand supports this build or if write-downs may follow.

Operating Income
P&L
+12.5%
$174.3M$196.0M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-18
ADDED
As of February 13, 2026, the number of outstanding shares of the Registrant s common stock w as 62,478,373 .
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 When used in this Annual Report on Form 10-K, the terms we, us, our, the Company, Perdoceo and PEC refer to Perdoceo Education Corporation and our wholly-owned subsidiaries.
USAHS USAHS is dedicated to offering graduate education opportunities in health sciences to a diverse range of students.
USAHS focuses on developing professional healthcare practitioners through innovative and personalized classroom, clinical, and distance education opportunities.
USAHS offers graduate degrees in health sciences, primarily in physical therapy, occupational therapy, speech-language therapy and nursing, along with continuing education programs, which together prepare professionals to serve and provide quality medical care to communities across the country.
Student Enrollments Statistics Total student enrollments as of December 31, 2025 and 2024 were approximately 44,400 students and 41,380 students, respectively, with approximately 91% enrolled in our institutions fully-online academic programs for each of the years ended December 31, 2025 and 2024.
Substantially all of the students attending our institutions reside within the United States.
Total student enrollments and student enrollment statistics stated above and presented below 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.
We aim to establish our academic institutions as leading online postsecondary education providers for non-traditional students, including adult learners, guided by the following core principles: enhance academic outcomes; further elevate academic quality and integrity; and 2 focus on governance and compliance.
REMOVED
As of February 11, 2025, the number of outstanding shares of the Registrant s common stock was 65,914,275 .
USAHS is among the nation's reputable universities offering graduate health sciences degrees, primarily 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 needing a qualified workforce.
When used in this Annual Report on Form 10-K, the terms we, us, our, the Company, Perdoceo and PEC refer to Perdoceo Education Corporation and our wholly-owned subsidiaries.
Additionally, CTU also offers non-degree and professional development programs.
AIUS also provides non-degree and professional development programs.
USAHS USAHS is among the nation's reputable universities offering graduate health sciences degrees, primarily in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs.
Founded in 1979, USAHS educates students through its network of campuses in San Marcos, California; St.
Augustine and Miami, Florida; and Austin and Dallas, Texas; and through its online programs.
USAHS focuses on developing professional healthcare practitioners through innovative and personalized classroom learning and robust clinical opportunities.
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