Perdoceo Education Corp 2025年度报告

PERDOCEO EDUCATION CORPORATION Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.YesնNoշ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for thepast 90 days.YesշNoն Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesշNoն Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filerշNon-accelerated filerնEmerging growth companyն If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.ն Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.շ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.ն Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).ն Indicate by check mark whether the Registrant is a shell company, as defined in Rule 12b-2 of the Securities Exchange Act of 1934. YesնNoշ The aggregate market value of the Registrant’s voting common stock held by non-affiliates of the Registrant, based upon the $32.69 per share closing sale priceof the Registrant’s common stock on June 30, 2025 (the last business day of the Registrant’s most recently completed second quarter), was approximately$1,775,000,000. For purposes of this calculation, the Registrant’s directors, executive officers and 10% or greater stockholders have been assumed to be affiliates. Thisassumption of affiliate status is not necessarily a conclusive determination for other purposes. As of February 13, 2026, the number of outstanding shares of theRegistrant’s common stock was 62,478,373. Portions of the definitive Proxy Statement for the Registrant’s 2026 Annual Meeting of Stockholders to be subsequently filed with the Securities and ExchangeCommission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Report tothe extent indicated herein. PERDOCEO EDUCATION CORPORATIONFORM 10-KTABLE OF CONTENTS PagePART IITEM 1.....................................................................................................................................................................BUSINESS1ITEM 1A............................................................................................................................................................RISK FACTORS28ITEM 1B.........................................................................................................................UNRESOLVED STAFF COMMENTS42ITEM 1C.......................................................................................................................................................CYBERSECURITY42ITEM 2................................................................................................................................................................PROPERTIES43ITEM 3..............................................................................................................................................LEGAL PROCEEDINGS43ITEM 4..................................................................................................................................MINE SAFETY DISCLOSURES43PART IIITEM 5...............................................................................................MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS ANDISSUER PURCHASES OF EQUI