Perdoceo Education Corporation
Perdoceo Education Corporation is a U.S.-based postsecondary education company that operates accredited academic institutions through Colorado Technical University, the American InterContinental University System, and the University of St. Augustine for Health Sciences. Its schools offer online, campus-based, and hybrid programs ranging from associate degrees through doctorates, along with non-degree and continuing education offerings.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueAccredited postsecondary degree offerings across associate through doctoral levels.
Graduate health sciences programs and related clinical education at USAHS.
Professional development and continuing education programs for working adults.
Products
Reported · share of revenue- Tuition and Fees Net99.4 %
- Other0.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company serves adult learners seeking career-focused postsecondary education, including working professionals who need flexible online or hybrid formats. It also serves students pursuing health sciences credentials and employers that sponsor tuition assistance for their employees through corporate engagement programs.
Working adults enrolling in online or hybrid programs for career advancement and credential completion.
Graduate students in physical therapy, occupational therapy, speech-language therapy and nursing.
Employees of partner organizations who receive tuition assistance through employer programs.
Professionals taking short-form or continuing education courses for licensure and development.
Strategy
The company’s strategy centers on enrolling and retaining students, using technology to improve the learning and support experience, and expanding corporate engagement programs. It also emphasizes scalable shared services, student-serving processes, and selective acquisitions to support growth across its institutions.
Student volume drives tuition revenue and operating leverage in the education model.
Digital tools can improve student experience and support efficient delivery across online programs.
Employer partnerships can create a steadier source of student demand and improve enrollment visibility.
Investment in academic quality and selective acquisitions can broaden the platform and support long-term growth.
Geography
Perdoceo is primarily a U.S. education business, with its institutions serving students across the country. Its operations are centered in the United States, and the company’s exposure is tied to domestic higher-education regulation, federal student aid rules, and U.S. labor-market demand for career education.
Risks
Perdoceo depends heavily on federal student aid, enrollment trends, and the ability to recruit and retain students in a highly regulated market. Its online and remote operating model also increases exposure to cybersecurity, privacy, vendor, and technology-disruption risks, while corporate engagement and lead-generation channels can change quickly.
- Regulatory and accreditation oversightImpact: HighLikelihood: High
Higher education providers face federal, state and accreditor scrutiny that can affect program eligibility and compliance costs.
Exposure - Dependence on Title IV student aidImpact: HighLikelihood: Medium
A large share of students rely on federal aid, so changes in eligibility, timing, or access can disrupt operations.
Exposure: Enrollment and liquidity
- Cybersecurity and privacy breachesImpact: HighLikelihood: Medium
The business handles sensitive student data and relies on digital systems and vendors for enrollment and delivery.
Exposure - Lead generation channel disruptionImpact: MediumLikelihood: Medium
The company uses third-party lead aggregators, and changes in that market can reduce or raise the cost of prospective student leads.
Exposure: Student acquisition
- Corporate engagement concentrationImpact: MediumLikelihood: Medium
If employer partners reduce tuition assistance participation, enrollment from those channels can decline.
Exposure: Corporate programs
- Goodwill and acquisition integration riskImpact: MediumLikelihood: Medium
Acquired institutions must be integrated successfully, and goodwill is exposed to impairment if performance weakens.
Exposure: USAHS and future acquisitions
Accounting
Judgemental itemsTuition and fees are earned over time, so enrollment timing and term structure affect quarterly revenue.
Impact: Quarterly comparability and deferred revenue
Bad debt expense depends on estimates of collectability and financial aid completion.
Impact: Net revenue and operating income
Acquired businesses and reporting units must be tested for impairment using fair value estimates.
Impact: Potential non-cash charges
The USAHS acquisition created acquired assets and liabilities that affect depreciation, amortization and operating results.
Impact: Reported earnings and asset base
Campus and administrative facilities are leased, affecting occupancy expense and balance sheet liabilities.
Impact: Operating costs and leverage metrics
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Last updated: 24/09/2026