Revenue: As of FY2026 Q1, the actual value is USD 221.74 M, beating the estimate of USD 218.43 M.

EPS: As of FY2026 Q1, the actual value is USD 0.85, beating the estimate of USD 0.79.

EBIT: As of FY2026 Q1, the actual value is USD 58.11 M.

Segment Revenue

• Colorado Technical University (CTU) revenue was $120,756 thousand for the quarter ended March 31, 2026, marking a 4.0% increase from the prior year quarter.
• The American InterContinental University System (AIUS) revenue was $57,816 thousand for the quarter ended March 31, 2026, representing a 0.4% increase from the prior year.
• University of St. Augustine for Health Sciences (USAHS) revenue reached $43,008 thousand for the quarter ended March 31, 2026, an increase of 9.8% year-over-year.
• Corporate and Other revenue was $163 thousand for the quarter ended March 31, 2026, a decrease of 10.9% from the prior year quarter.

Segment Operating Income (Loss)

• CTU reported an operating income of $50,543 thousand for the quarter ended March 31, 2026, an 8.1% increase from the previous year.
• AIUS’s operating income was $12,564 thousand for the quarter ended March 31, 2026, up 12.0% from the prior year.
• USAHS achieved an operating income of $6,307 thousand for the quarter ended March 31, 2026, compared to an operating loss of - $330 thousand in the prior year quarter.
• Corporate and Other recorded an operating loss of - $6,292 thousand for the quarter ended March 31, 2026, compared to - $5,924 thousand in the prior year quarter.

Segment Operating Margin

• CTU’s operating margin was 41.9% for the quarter ended March 31, 2026, an increase from 40.3% in the prior year quarter.
• AIUS’s operating margin stood at 21.7% for the quarter ended March 31, 2026, up from 19.5% in the prior year quarter.
• USAHS’s operating margin improved to 14.7% for the quarter ended March 31, 2026, from -0.8% in the prior year quarter.

Total Student Enrollments

• CTU had total student enrollments of 34,050 as of March 31, 2026, a 1.9% increase from the prior year.
• AIUS reported total student enrollments of 10,320 as of March 31, 2026, a decrease of -2.2% from the prior year.
• USAHS’s total student enrollments were 4,370 as of March 31, 2026, an increase of 3.1% from the prior year.

Significant Expense Categories by Segment (Quarter Ended March 31, 2026 vs 2025)

• Academics and student related expenses were $15,174 thousand for CTU (vs $14,761 thousand), $11,224 thousand for AIUS (vs $11,510 thousand), and $14,196 thousand for USAHS (vs $15,416 thousand).
• Advertising and marketing expenses were $13,687 thousand for CTU (vs $13,251 thousand), $10,864 thousand for AIUS (vs $10,729 thousand), and $3,765 thousand for USAHS (vs $3,978 thousand).
• Admissions expenses were $12,235 thousand for CTU (vs $12,135 thousand), $8,960 thousand for AIUS (vs $8,944 thousand), and $1,287 thousand for USAHS (vs $1,387 thousand).
• Administrative expenses were $22,832 thousand for CTU (vs $21,270 thousand), $10,991 thousand for AIUS (vs $10,985 thousand), and $6,016 thousand for USAHS (vs $5,148 thousand).
• Bad debt expenses were $4,618 thousand for CTU (vs $5,874 thousand), $929 thousand for AIUS (vs $1,624 thousand), and $199 thousand for USAHS (vs $61 thousand).
• Depreciation and amortization expenses were $1,081 thousand for CTU (vs $1,411 thousand), $1,183 thousand for AIUS (vs $1,444 thousand), and $7,040 thousand for USAHS (vs $8,870 thousand).

Consolidated Operational Metrics

• Net income for Q1 2026 was $53,951 thousand, up from $43,688 thousand in Q1 2025.
• Operating income for Q1 2026 was $63,122 thousand, increasing from $51,727 thousand in Q1 2025.
• Pretax income for Q1 2026 was $68,130 thousand, compared to $56,505 thousand in Q1 2025.
• Provision for income taxes was $14,179 thousand for Q1 2026, up from $12,817 thousand in Q1 2025.
• The effective tax rate for Q1 2026 was 20.8%, a decrease from 22.7% in Q1 2025.
• Educational services and facilities expense was $47,065 thousand for Q1 2026, down from $48,542 thousand in Q1 2025.
• General and administrative expense was $102,209 thousand for Q1 2026, an increase from $100,928 thousand in Q1 2025.
• Depreciation and amortization expense was $9,347 thousand for Q1 2026, down from $11,807 thousand in Q1 2025.
• Adjusted Operating Income (non-GAAP) was $72,469 thousand for Q1 2026, an increase from $63,534 thousand in Q1 2025.
• Adjusted Earnings Per Diluted Share (non-GAAP) was $0.90 for Q1 2026, up from $0.70 in Q1 2025.
• Share-based compensation expense was $3,174 thousand for Q1 2026, an increase from $2,857 thousand in Q1 2025.

Cash Flow

• Net cash provided by operating activities was $69,389 thousand for Q1 2026, up from $65,127 thousand for Q1 2025.
• Net cash used in investing activities was - $7,061 thousand for Q1 2026, compared to net cash provided of $1,182 thousand for Q1 2025.
• Net cash used in financing activities was - $29,487 thousand for Q1 2026, an improvement from - $44,413 thousand for Q1 2025.
• Cash, cash equivalents and restricted cash at the end of the period were $165,121 thousand for Q1 2026, up from $153,649 thousand for Q1 2025.

Unique Metrics

• Student receivables, net, were $39,587 thousand as of March 31, 2026, an increase from $27,197 thousand as of December 31, 2025.
• Allowance for credit losses was $41,734 thousand as of March 31, 2026, a decrease from $45,411 thousand as of December 31, 2025.
• Deferred revenue, net, was $52,249 thousand as of March 31, 2026, up from $37,844 thousand as of December 31, 2025.
• Treasury stock purchased amounted to $8,137 thousand (0.2 million shares) for Q1 2026, down from $25,192 thousand (1.0 million shares) for Q1 2025.
• Approximately $91.9 million was available under the Common Stock Repurchase Program as of March 31, 2026.
• Capital expenditures were $1,740 thousand for Q1 2026, consistent with $1,737 thousand for Q1 2025.

Future Outlook and Strategy

Perdoceo Education Corporation projects higher full-year adjusted operating income for 2026 compared to 2025, driven by revenue growth across all academic institutions and lower operating expenses due to disciplined investment. The company anticipates full-year 2026 capital expenditures to be approximately 1.5% of revenue, with the effective tax rate projected to be between 22.5% and 23.5%.