--- 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" generated_at: "2026-05-15T12:57:24.055067+00:00" event_type: "earnings" sentiment: "positive" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # APEI Q4 net income +9.6%, FY revenue +3.9%; guides FY2026 rev $685-695M ## Summary - 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. ## SEC filing metadata - 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 - event_type: earnings - sentiment: positive - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 2.02, 9.01 - 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 ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-26-027043 - JSON: https://secwatch.observer/filing/0001104659-26-027043.json - Plain text: https://secwatch.observer/filing/0001104659-26-027043.txt ## Key facts - Earnings Releases 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. - Period: the twelve months ended December 31, 2025 - Revenue: $648.9 million - Net income: $25.3 million - EPS: $1.36 per share - Result: reported results source text: 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_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/0001104659-26-027043-index.htm - Earnings Releases 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. - Period: the three months ended December 31, 2025 - Revenue: $158.3 million - Net income: $12.6 million - EPS: $0.67 - Result: reported results source text: 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_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/0001104659-26-027043-index.htm - Earnings Releases 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. - Period: full year 2026 - Revenue: $685.0 - $695.0 - Net income: $41.3 - $47.6 - EPS: $2.15 per - $2.47 per share - Guidance: initiated - Result: guidance update source text: 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_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/0001104659-26-027043-index.htm - Earnings Releases 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. - Period: first quarter 2026 - Revenue: $173.0 - $175.0 - Net income: $11.1 - $12.2 - EPS: $0.58 per - $0.64 per share - Guidance: initiated - Result: guidance update source text: 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_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465926027043/0001104659-26-027043-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.