American Public Education Inc
NASDAQ:APEI
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American Public Education Inc
NASDAQ:APEI
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American Public Education Inc
American Public Education, Inc. provides online and on-campus postsecondary education services. The company is headquartered in Charles Town, West Virginia and currently employs 5,800 full-time employees. The company went IPO on 2007-11-09. The firm's segments include American Public University System (APUS), Rasmussen University Segment (RU) and Hondros College of Nursing Segment (HCN). The APUS segment provides online postsecondary education to approximately 88,800 adult learners, directed primarily at the needs of the military, military-affiliated, public service, and service-minded communities through American Military University (AMU), and American Public University (APU). APUS is institutionally accredited by the Higher Learning Commission (HLC). The RU segment provides nursing and health sciences-focused postsecondary education to approximately 17,100 students at its 23 campuses in six states and online. The HCN segment provides nursing education to approximately 2,500 students at six campuses in Ohio, including a campus in Akron.
American Public Education, Inc. provides online and on-campus postsecondary education services. The company is headquartered in Charles Town, West Virginia and currently employs 5,800 full-time employees. The company went IPO on 2007-11-09. The firm's segments include American Public University System (APUS), Rasmussen University Segment (RU) and Hondros College of Nursing Segment (HCN). The APUS segment provides online postsecondary education to approximately 88,800 adult learners, directed primarily at the needs of the military, military-affiliated, public service, and service-minded communities through American Military University (AMU), and American Public University (APU). APUS is institutionally accredited by the Higher Learning Commission (HLC). The RU segment provides nursing and health sciences-focused postsecondary education to approximately 17,100 students at its 23 campuses in six states and online. The HCN segment provides nursing education to approximately 2,500 students at six campuses in Ohio, including a campus in Akron.
Results: APEI delivered FY2025 consolidated revenue of $648.9 million and full year adjusted EBITDA of $85.7 million, outperforming revised guidance.
Segments: Rasmussen and Hondros drove growth (Rasmussen revenue up 13.9% to $246.2 million; Hondros up 11.4% to $75.0 million), while APUS was impacted by a 43‑day federal funding/TA registration interruption in Q4.
Government impact: The Q4 APUS revenue shortfall from the shutdown was quantified at about $12 million to $15 million; APUS saw a 41% increase in TA registrations in December vs. Dec 2024.
Profitability & balance sheet: Net income available to common stockholders was $25.3 million ($1.36 diluted EPS) for FY2025; cash and equivalents totaled $176.5 million and net cash was $80.1 million at year end.
Capital actions: Debt refinanced (principal lowered to $90 million; ~375 bps lower rate; ~$3.7 million expected annual interest savings) and the Board authorized a $50 million share repurchase program.
2026 outlook: FY2026 guidance: revenue $685.0M–$695.0M; adjusted EBITDA $91.5M–$100.5M. Q1 2026 guidance: revenue $173.0M–$175.0M; adjusted EBITDA $25.5M–$27.0M.
Strategy & expansion: Combined institutions legal step completed; targeting single OPE ID early Q3 2026 for 2026 aid year; plan to open Rasmussen Orlando (enrolling 2Q'26) and Hondros Detroit (target Q1'27).
