APEI expects Q3 revenue to exceed guidance; govt shutdown to cut Oct revenue by $9.6M

AMERICAN PUBLIC EDUCATION INC

2025-Q3 EPS reported $0.68 vs consensus -$0.09 ▲ beat (+820.3%)

Q3 2025 consolidated revenue expected to exceed top-end of previously disclosed guidance (Aug 6).
APUS net course registrations for Q3 also expected to exceed top-end of guidance.
Due to federal shutdown, ~12,700 APUS course registrations dropped on Oct 11 for non-payment of TA funds.
October 2025 revenue estimated $9.6M lower than otherwise; net course registrations down ~35% YoY in Oct.
Company evaluating mitigation; full Q4/full-year impact not yet determinable.

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