Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

17. SEGMENT REPORTING

Our segments are determined in accordance with FASB ASC Topic 280—Segment Reporting and are based on how the Company's chief operating decision maker ("CODM") evaluates performance and allocates resources. Perdoceo's CODM as defined under ASC Topic 280 is its President and Chief Executive Officer. Each segment is comprised of an accredited postsecondary education institution that offers a variety of academic programs.

Our three reporting segments are described below.

Colorado Technical University (CTU) is committed to providing industry-relevant higher education to a diverse student population, including non-traditional adult learners seeking career advancement and the military community. CTU utilizes innovative technology and experienced faculty, enabling the pursuit of academic and professional goals for learners. CTU offers academic programs in the career-oriented disciplines of business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of December 31, 2025, students enrolled at CTU represented approximately 67% of our total enrollments. Approximately 98% of CTU’s students are enrolled in programs offered fully online. Students at CTU's ground-based campuses take both in-person and virtual classes.

The American InterContinental University System (AIUS or AIU System) is committed to providing industry-relevant higher education opportunities for a diverse student population, including non-traditional adult learners and the military community. AIUS places emphasis on the educational, professional and academic growth of each student. AIUS offers academic programs in the career-oriented disciplines of business studies, information technologies, education, behavioral sciences and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of December 31, 2025, students enrolled at AIUS represented approximately 24% of our total enrollments. Approximately 97% of AIUS’ students are enrolled in programs offered fully online. Students at AIUS' ground-based campus take both in-person and virtual classes.

University of St. Augustine for Health Sciences (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 and prepares professionals to serve and provide quality medical care to communities across the country. Students pursue their degrees through a network of campuses and through its online programs. As of December 31, 2025, students enrolled at USAHS represented approximately 9% of our total enrollments.

We evaluate segment performance based on operating results. Specifically, our CODM analyzes segment revenue and operating expenses which are directly attributable to the cost to serve and educate prospective students, when making decisions to allocate resources based on segment performance. Adjustments to reconcile segment results to consolidated results are included under the caption “Corporate and Other,” which primarily includes unallocated corporate activity. Substantially all revenue earned by our reporting segments are generated in the United States of America (“U.S.”) and segment and total assets are substantially held in the

U.S. Additionally, interest, net and other miscellaneous income (expense) are not material by segment and are not reviewed by our CODM by segment.

Summary financial information by reporting segment is as follows (dollars in thousands):

	Revenue		Operating Income (Loss)			Depreciation and Amortization		Capital Expenditures		Total Assets (1)
For the Year Ended December 31, 2025
CTU (2)	$	461,602	$	180,597		$	5,563	$	5	$	172,405
AIUS (2)		226,220		35,950			5,466		148		170,825
USAHS (3)		157,576		3,211			30,316		5,514		287,985
Corporate and Other		698		(23,758	)		282		2,909		616,502
Total	$	846,096	$	196,000		$	41,627	$	8,576	$	1,247,717
For the Year Ended December 31, 2024
CTU (2)	$	443,374	$	174,686		$	5,618	$	125	$	175,115
AIUS (2)		227,072		32,756			6,186		143		164,985
USAHS (3)		10,041		(2,640	)		2,516		311		306,552
Corporate and Other		776		(30,549	)		325		4,046		590,382
Total	$	681,263	$	174,253		$	14,645	$	4,625	$	1,237,034
For the Year Ended December 31, 2023
CTU (2)	$	456,169	$	150,699		$	8,404	$	141
AIUS (2)		253,057		38,592			8,149		704
USAHS (3)		-		-			-		-
Corporate and Other		778		(38,845	)		334		5,566
Total	$	710,004	$	150,446		$	16,887	$	6,411

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(1)Total assets are presented on a consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.

(2)The prior period operating results for CTU and AIUS were recast to reflect the transition of Hippo Education from CTU to AIUS.

(3)USAHS includes results of operations starting from the acquisition date on December 2, 2024.

Significant expense category by reporting segment is as follows (dollars in thousands):

	For the Year Ended December 31, 2025
Significant expense categories	CTU (1)		AIUS (1)		USAHS (2)
Academics and student related	$	61,323	$	45,639	$	64,465
Advertising and marketing		54,771		42,904		15,183
Admissions		48,092		35,541		5,324
Administrative (3)		89,458		46,555		21,405
Bad debt		19,441		9,607		442
Depreciation and amortization		5,563		5,466		30,316
All other expenses (4)		2,357		4,558		17,230
	For the Year Ended December 31, 2024
Significant expense categories	CTU (1)		AIUS (1)		USAHS (2)
Academics and student related	$	59,904	$	45,331	$	5,343
Advertising and marketing		54,662		45,120		1,181
Admissions		46,118		35,141		524
Administrative (3)		78,701		42,021		1,476
Bad debt		19,907		13,612		201
Depreciation and amortization		5,618		6,186		2,516
All other expenses (4)		3,778		6,905		1,440
	For the Year Ended December 31, 2023
Significant expense categories	CTU (1)		AIUS (1)		USAHS (2)
Academics and student related	$	67,016	$	51,473	$	-
Advertising and marketing		63,198		39,390		-
Admissions		50,157		41,202		-
Administrative (3)		79,249		54,391		-
Bad debt		20,203		13,028		-
Depreciation and amortization		8,404		8,149		-
All other expenses (4)		17,243		6,832		-

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(1)The prior period operating results for CTU and AIUS were recast to reflect the transition of Hippo Education from CTU to AIUS.

(2)USAHS includes financial information starting from the acquisition date on December 2, 2024.

(3)Administrative expense includes allocations from Corporate and Other.

(4)All other expenses primarily include occupancy and asset impairment.