{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-26-027043","form_type":"8-K","ticker":"APEI","cik":"0001201792","company_name":"AMERICAN PUBLIC EDUCATION INC","filed_at":"2026-03-12T23:59:59+00:00","discovered_at":"2026-05-14T18:02:34.652125+00:00","generated_at":"2026-05-15T12:57:24.055067+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"APEI Q4 net income +9.6%, FY revenue +3.9%; guides FY2026 rev $685-695M","bullets":["Q4 2025 revenue $158.3M (-3.5% YoY); full-year revenue $648.9M (+3.9% YoY).","Q4 net income available to common stockholders $12.6M ($0.67 diluted EPS), up 6.3% YoY.","Full-year adjusted EBITDA $85.7M (+18.6% YoY); operating cash flow $62.0M (+26.8%).","Completed debt refinancing on March 9, 2026, reducing borrowing rate by 375 bps; expects ~$3.7M annual interest savings.","Board authorized $50M share repurchase program on March 10, 2026; Q1 2026 guidance calls for rev $173-175M."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-027043","json":"https://secwatch.observer/filing/0001104659-26-027043.json","markdown":"https://secwatch.observer/filing/0001104659-26-027043.md","text":"https://secwatch.observer/filing/0001104659-26-027043.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/0001104659-26-027043-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/tm268372d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T12:57:24.055067+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"06fcd8f4bafed02064dc9bacac6ba5f2b5593fdb","claim":"AMERICAN PUBLIC EDUCATION INC reported the twelve months ended December 31, 2025 results: revenue $648.9 million, net income $25.3 million, EPS $1.36 per share.","evidence_excerpt":"Full Year 2025 Highlights (as Compared to Full Year 2024) · Consolidated revenue of $648.9 million, a 3.9% year-over year increase, reflecting the effects of the federal government shutdown in the fourth quarter of 2025 and the sale of GSUSA in July 2025. o RU segment revenue growth of 13.9% year-over-year to $246.2 million, primarily driven by increased enrollments . o HCN segment revenue growth of 11.4% year-over-year to $75.0 million, primarily driven by increased enrollments. o APUS segment revenue growth of 0.9% year-over-year to $319.8 million, impacted by the federal government shutdown in the fourth quarter of 2025. · Net income available to common stockholders increased 151.6% to $25.3 million, compared to $10.1 million. · Adjusted EBITDA increased 18.6% to $85.7 million. · Net income per diluted common share increased 147.3% to $1.36 per share, compared to $0.55 per share.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/0001104659-26-027043-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the twelve months ended December 31, 2025"},{"label":"Revenue","value":"$648.9 million"},{"label":"Net income","value":"$25.3 million"},{"label":"EPS","value":"$1.36 per share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"3e27aa35bf7eaadb7bd8bb032992abaec4f2b26f","claim":"AMERICAN PUBLIC EDUCATION INC reported the three months ended December 31, 2025 results: revenue $158.3 million, net income $12.6 million, EPS $0.67.","evidence_excerpt":"Consolidated revenue of $158.3 million, a 3.5% year-over year decrease, reflecting the effects of the federal government shutdown in the fourth quarter of 2025 and the sale of Graduate School USA (“GSUSA”) in July 2025. o Rasmussen University (“RU”) segment revenue growth of 15.9% year-over-year to $66.6 million, primarily driven by increased enrollments . o Hondros College of Nursing (“HCN”) segment revenue growth of 9.5% year-over-year to $20.7 million, primarily driven by increased enrollments . o American Public University System (“APUS”) segment revenue decreased 13.8%, primarily driven by the government shutdown in the fourth quarter of 2025. o Excluding the effect of the sale of GSUSA in July 2025, consolidated revenue would have been flat when compared to the prior year period. · Net income available to common stockholders increased 9.6% to $12.6 million, compared to $11.5 million. · Adjusted EBITDA decreased 8.6% to $28.7 million, impacted by the government shutdown in the fou","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/0001104659-26-027043-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the three months ended December 31, 2025"},{"label":"Revenue","value":"$158.3 million"},{"label":"Net income","value":"$12.6 million"},{"label":"EPS","value":"$0.67"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"b3320cd10febaede3ee195ac85b97600ef9f8f9d","claim":"AMERICAN PUBLIC EDUCATION INC reported full year 2026 results: revenue $685.0 - $695.0, net income $41.3 - $47.6, EPS $2.15 per - $2.47 per share. Guidance initiated.","evidence_excerpt":"Full Year 2026 Full Year 2025 Revenue $685.0 - $695.0 $648.9 Net Income Available to Common Stockholders $41.3 - $47.6 $25.3 Adjusted EBITDA $91.5 - $100.5 $85.7 Diluted Earnings per Share $2.15 per - $2.47 per share $1.36 per share","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/0001104659-26-027043-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"full year 2026"},{"label":"Revenue","value":"$685.0 - $695.0"},{"label":"Net income","value":"$41.3 - $47.6"},{"label":"EPS","value":"$2.15 per - $2.47 per share"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"},{"claim_id":"b6d36f29aae568f709119d2cef23b926a613250d","claim":"AMERICAN PUBLIC EDUCATION INC reported first quarter 2026 results: revenue $173.0 - $175.0, net income $11.1 - $12.2, EPS $0.58 per - $0.64 per share. Guidance initiated.","evidence_excerpt":"First Quarter 2026 First Quarter 2025 APU Global Net registrations 106,600 +4.0% y/y 102,500 RU Health+ Enrollment 19,400 +7.8% y/y 18,000 Revenue $173.0 - $175.0 $164.6 Includes $3.7 of GSUSA Revenue Net Income Available to Common Stockholders $11.1 - $12.2 $7.5 Adjusted EBITDA $25.5 - $27.0 $21.2 Diluted Earnings per Share $0.58 per - $0.64 per share $0.41","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/0001104659-26-027043-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"first quarter 2026"},{"label":"Revenue","value":"$173.0 - $175.0"},{"label":"Net income","value":"$11.1 - $12.2"},{"label":"EPS","value":"$0.58 per - $0.64 per share"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}