American Public Education Inc
NASDAQ:APEI
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.
Earnings Beat: APEI exceeded its guidance ranges for all major financial metrics in Q3 2025, including revenue, net income, EPS, and adjusted EBITDA.
Strong Enrollment: Enrollment momentum continued, with APUS registrations up 8%, Rasmussen enrollments up 10%, and Hondros College of Nursing enrollments up 18% year-over-year.
Balance Sheet Strength: Actions such as the sale of Graduate School USA, redemption of preferred equity, and lifting of a $24.5 million letter of credit restriction significantly improved liquidity and cash flow.
Government Shutdown Impact: Military enrollment at APUS was negatively affected in Q4 due to a government shutdown, but management believes the impact is temporary, not permanent.
Guidance Updated: Full-year 2025 revenue guidance was revised downward to $640–644 million due to the shutdown, but underlying business trends at Rasmussen and Hondros remain strong.
Cost Savings: The company implemented both temporary and permanent cost reductions, with some reductions in force expected to be permanent.
Nursing Demand: Nursing programs continue to see robust demand, especially for first-licensure degrees, with attractive salary prospects driving student interest.
Institutional Combination: The integration of APEI's three institutions remains on track for Q3 2026, with only minor procedural delays.
