---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-029264"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2022-03-02T23:59:59+00:00"
generated_at: "2026-06-27T02:17:31.127261+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# APEI Q4 revenue up 79% to $154M, net income $9.4M; Graduate School USA acquired

## Summary
- Q4 2021 consolidated revenue $154.0M (+79.3% YoY), driven by Rasmussen inclusion and HCN growth.
- Net income $9.4M ($0.50 diluted EPS) vs $7.1M ($0.47) in Q4 2020; adjusted EBITDA $29.3M (+85.5%).
- Full year 2021 revenue $418.8M (+30.1%), net income $17.8M ($0.97 EPS), adjusted EBITDA $64.7M.
- APUS net course registrations fell 2% YoY in Q4; HCN enrollment grew 17% to 2,510 students.
- Completed acquisition of Graduate School USA for $1M on Jan 1, 2022, expanding federal workforce training.

## SEC filing metadata
- accession: 0001104659-22-029264
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2022-03-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465922029264/0001104659-22-029264-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465922029264/tm228109d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-029264
- JSON: https://secwatch.observer/filing/0001104659-22-029264.json
- Plain text: https://secwatch.observer/filing/0001104659-22-029264.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.