American Public Education Inc (APEI)

American Public Education Reports First Quarter 2026 Financial Results and Raises 2026 Full-Year GuidanceMay 11, 2026 4:05 PM
PR Newswire (US) CHARLES TOWN, W.Va., May 11, 2026 /PRNewswire/ -- American Public Education, Inc. (the "Company") (Nasdaq: APEI), a company that transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately 109,000 students, has reported financial and operational results for the first quarter ended March 31, 2026. "In the first quarter, we delivered strong results across our key financial metrics. We also took a significant step forward in the institutional combination when we received Higher Learning Commission approval on April 28 to consolidate our APUS, Rasmussen and Hondros College of Nursing programs, locations and operations into a single accredited institution. We remain on pace to complete our planned institutional combination at the start of the third quarter," said Angela Selden, President and Chief Executive Officer of APEI.Selden concluded, "Q1 2026 is the first quarter of a four-year strategic plan, and the strength of our results gives us the confidence to raise our full-year 2026 guidance on both revenue and adjusted EBITDA. We believe the foundation is built, the strategy is working, and we are just getting started."Key First Quarter 2026 Highlights (as Compared to First Quarter 2025)Consolidated revenue of $174.7 million, a 6.2% year-over year increase.Excluding the effect of the sale of GSUSA in July 2025, consolidated revenue would have increased 8.7% when compared to the prior period.Health+ segment revenue growth of 11.0% year-over-year to $85.4 million, primarily driven by increased enrollments and modest price increases.Military+ segment revenue growth of 6.5% year-over-year to $89.4 million, primarily driven by increased registrations.Net income available to common stockholders increased 137.6% to a record $17.7 million, compared to $7.5 million.Adjusted EBITDA increased 37.5% to $29.2 million, compared to $21.2 million.Net income per diluted common share increased 129.3% to $0.94, compared to $0.41.Opened a new Rasmussen University campus in Orlando, Florida, introducing the University's Practical Nursing Diploma (LPN) program to the Orlando market for the first time.Cash Flows from Operations increased 71.1% to $63.3 millionBalance Sheet and LiquidityTotal cash, cash equivalents, and restricted cash were $221.0 million at March 31, 2026, compared to $176.5 million at December 31, 2025, representing an increase of $44.5 million, or 25.2%.Debt Refinancing and Repurchase ProgramOn March 9, 2026, the Company refinanced debt, reducing its borrowing rate by 375 basis points at then-current leverage levels. The reduction, combined with a reduction in principal, is expected to generate approximately $3.7 million in annual interest expense savings (excluding debt cost amortization).On March 10, 2026, the Company's Board of Directors authorized a share repurchase program of up to $50 million in the aggregate of the Company's common stock. The program replaces the Company's prior repurchase authorizations. The Company repurchased a total of 17,840 shares through the end of the first quarter.Registrations and Enrollment 
Q1 2026
Q1 2025
% Change Military+1
For the three months ended March 31, 
Net Course Registrations106,600
102,500
4.0 %Health+2
For the three months ended March 31, 
Total Student Enrollment19,400
18,000
7.8 %



1.Military+ Net Course Registrations represents the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. Excludes students in doctoral programs. 
2.Health+ Total Student Enrollment represents students in an active status as of the full-term census or billing date. Second Quarter and Full Year 2026 OutlookThe following statements are based on APEI's current expectations. These statements are forward-looking and actual results may differ materially. APEI undertakes no obligation to update publicly any forward-looking statements for any reason unless required by law. Refer to APEI's earnings conference call and presentation for further details.In millions, except enrollment, net
registrations and per share dataSecond Quarter 2026Second Quarter
2025Military+ Net registrations98,300-100,300 +2.0-4.0% y/y96,400Health+ Enrollment19,600 +7.1% y/y18,300Revenue$170.0 - $172.0$162.8Includes $3.4 of GSUSA
RevenueNet Income (Loss) Available to
Common Stockholders$6.5 - $7.5($0.3)Adjusted EBITDA$16.5 - $18.0$15.1Diluted Earnings per Share$0.34 per - $0.39 per share($0.02) In millions, except per share dataFull Year 2026Full Year 2025Revenue$686.0 - $696.0$648.9 Includes $8.0 of GSUSA
RevenueNet Income Available to Common
Stockholders$44.9 - $51.6$25.3Adjusted EBITDA$93.0 - $102.0$85.7Diluted Earnings per Share$2.33 per - $2.68 per share$1.36 per shareCapital Expenditures$28.0 - $32.0$15.9First Quarter 2026 Earnings CallThe Company will hold a conference call on Monday, May 11, 2026, at 5:00 PM Eastern Time to discuss its financial results for the first quarter ended March 31, 2026.Date: Monday, May 11, 2026
Time: 5:00 PM Eastern Time (2:00 PM Pacific Time)
USA International Toll Dial-in: +1 (646) 307-1963
USA – Toll-Free Dial-in: (800) 715-9871
Conference ID: 60598
Webcast: 1Q26 Webcast LinkThe Company will also provide a link on its website at https://www.apei.com/overview/default.aspx for those who wish to stream the call via webcast. If dialing in, please call the conference telephone number 5 to10 minutes prior to the start time.A replay of the conference call will also be available through the Company's website through May 25, 2026.Non-GAAP Financial MeasuresThis press release contains the non-GAAP financial measures of EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted EBITDA (EBITDA less non-cash expenses such as stock compensation and non-recurring expenses), adjusted EBITDA margin, segment EBITDA, and segment EBITDA margin. APEI believes that the use of these measures is useful because they allow investors to better evaluate APEI's operating profit and cash generation capabilities.For the three months ended March 31, 2026, and 2025, adjusted EBITDA excludes stock compensation, loss on disposals of long-lived assets, loss on sale of subsidiary, transition services, severance expense, other professional fees, and loss on leases.These non-GAAP measures should not be considered in isolation or as an alternative to measures determined in accordance with generally accepted accounting principles in the United States (GAAP). The principal limitation of our non-GAAP measures is that they exclude expenses that are required by GAAP to be recorded. In addition, non-GAAP measures are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses are excluded.APEI is presenting EBITDA and adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of EBITDA and adjusted EBITDA to the comparable GAAP financial measures that are included in the tables following this press release (under the captions "GAAP Net Income to Adjusted EBITDA" "GAAP Outlook Net Income to Outlook Adjusted EBITDA" and "Education Unit Profile – Segment Summary") and not to rely on any single financial measure to evaluate its business.About American Public Education
American Public Education, Inc. (Nasdaq: APEI), through its two segments, Military+ and Health+, provides education that transforms lives, advances careers, and improves communities.Military+ provides online postsecondary education to approximately 89,500 adult learners, directed primarily at the needs of military, veterans, extended military and veteran families, and other public service and service-minded communities through American Public University System, which includes: American Military University and American Public University.Health+ provides nursing- and health sciences-focused postsecondary education to approximately 19,400 students at 27 campuses in eight states and online through Rasmussen University and Hondros College of Nursing.Both American Public University System and Rasmussen University are institutionally accredited by the Higher Learning Commission (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros College of Nursing is accredited by the Accrediting Bureau of Health Education Schools (ABHES). Forward Looking StatementsStatements made in this press release regarding American Public Education, Inc. or its subsidiary institutions ("APEI" or the "Company") that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. Forward-looking statements include, without limitation, statements regarding expectations for growth, registration, enrollments, demand, revenues, net income, earnings per share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, debt refinancing and share repurchase program, the growth and profitability of APEI, and related growth strategies, and plans with respect to and future impacts of recent, current and future initiatives, including the planned combination of American Public University System, Rasmussen University and Hondros College of Nursing into one consolidated institution.Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, among others, risks related to: APEI's failure to comply with, or adverse actions relating to, regulatory and accrediting agency requirements, including the "90/10 Rule", and to maintain institutional accreditation and the impacts of any actions APEI may take to prevent or correct such failure; changes in the post-secondary education regulatory environment as a result of U.S. federal elections, including any changes by or as a result of actions of the current administration to the operations of the Department of Education or changes to or the elimination or implementation of laws, regulations, standards, policies, and practices; potential or actual government shutdowns and uncertainties in the estimated impacts of any such shutdowns on APEI and Military+ and its prospective and current students, and APEI's inability to mitigate these impacts; government budget and federal workforce uncertainty; the impact, timing, and projected benefits of the planned combination of American Public University System, Rasmussen University, and Hondros College of Nursing into one consolidated institution; APEI's dependence on the effectiveness of its ability to attract students who persist in its institutions' programs; changing market demands;  declines in enrollments at APEI's subsidiaries; APEI's inability to effectively market its institutions' programs; APEI's inability to maintain strong relationships with the military and maintain course registrations and enrollments from military students; the loss or disruption of APEI's ability to receive funds under Title IV or TA programs or the reduction, elimination, or suspension of federal funds; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll students who are likely to succeed; APEI's need to successfully adjust to future market demands by updating existing programs and developing new programs; APEI's loss of eligibility to participate in Title IV programs or ability to process Title IV financial aid; economic and market conditions and changes in interest rates; difficulties involving acquisitions; APEI's indebtedness, including the refinancing thereof; APEI's dependence on and the need to continue to invest in its technology infrastructure, including with respect to third-party vendors; the inability to recognize the intended benefits of APEI's cost savings and reduction and revenue generating efforts; APEI's ability to manage and limit its exposure to bad debt; and the various risks described in the "Risk Factors" section and elsewhere in APEI's Annual Report on Form 10-K for the year ended December 31, 2025, and in other filings with the SEC. You should not place undue reliance on any forward-looking statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future.Company Contact
Frank Tutalo
Associate Vice President, Public RelationsAmerican Public Education, Inc.
ftutalo@apei.comInvestor Relations
Shannon Devine
MZ North America
Direct: 203-858-8811
APEI@mzgroup.usAmerican Public Education, Inc.Consolidated Statement of Income(In thousands, except per share data)

Three Months Ended

March 31,

2026

2025

(unaudited)








Revenue $174,738

$164,551
Costs and expenses:






Instructional costs and services
74,630


74,944
Selling and promotional
37,867


35,205
General and administrative
36,290


36,407
Depreciation and amortization
4,154


3,992
Loss on assets held for sale
-


1,527
Loss on disposals of long-lived assets
154


230
    Total costs and expenses
153,095


152,305
Income from operations before






interest and income taxes
21,643


12,246
Loss on extinguishment of debt
(1,672)


-
Interest expense, net
(725)


(887)
Income before income taxes
19,246


11,359
Income tax expense
1,515


2,466
Net income$17,731

$8,893
Preferred stock dividends
-


1,432
Net income available to common stockholders$17,731

$7,461








Income per common share:






Basic$0.97

$0.42
Diluted$0.94

$0.41








Weighted average number of






   common shares:






Basic
18,282


17,840
Diluted
18,804


18,417









Three Months Ended
Segment Information: March 31,

2026

2025
Revenue:






  Military+ Segment$89,443

$83,946
  Health+ Segment$85,356

$76,927
  Corporate and other1$(61)

$3,678
Income (loss) from operations before






interest and income taxes:






   Military+ Segment$30,718

$24,126
  Health+ Segment$517

$(818)
  Corporate and other$(9,592)

$(11,062)

1. Corporate and Other includes tuition and contract training revenue earned by GSUSA and the elimination of intersegment revenue for courses taken by employees of one segment at other segments. American Public Education, Inc.Consolidated Balance Sheet(In thousands)

As of March 31, 2026

As of December 31, 2025ASSETS(Unaudited)



Current assets:





Cash, cash equivalents, and restricted cash$220,998

$176,499Accounts receivable, net of allowance of
$21,820 in 2026 and $21,113 in 2025
38,710


65,662Prepaid expenses
19,152


14,197Income tax receivable
3,267


3,458Total current assets
282,127


259,816Property and equipment, net
68,800


70,598Operating lease assets, net
54,925


57,686Deferred income taxes
38,247


39,176Intangible assets, net
28,221


28,221Goodwill
59,593


59,593Other assets, net
6,001


6,328Total assets$537,914

$521,418LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable$8,138

$4,822Accrued compensation and benefits
22,317


22,463Accrued liabilities
22,643


13,375Deferred revenue and student deposits
25,193


23,016Lease liabilities, current
11,182


11,374Long-term debt, current
5,063


-Total current liabilities
94,536


75,050Lease liabilities, long-term
54,010


56,921Long-term debt, net
83,203


94,665Total liabilities$231,749

$226,636






Stockholders' equity:





Common stock, $.01 par value; 100,000,000
shares authorized; 18,411,154 issued and
outstanding in 2026; 18,125,860 issued and
outstanding in 2025
184


181Additional paid-in capital
305,750


311,119Accumulated other comprehensive loss
-


(18)Retained earnings (accumulated deficit)
231


(16,500)Total stockholders' equity
306,165


294,782Total liabilities and stockholders' equity$537,914

$521,418






Education Unit ProfileSegment Summary($ in millions)




1Q26
1Q25Military+


Revenue$         89.4
$       83.9Operating Income130.7
24.1+ Depreciation and Amortization1.0
1.0EBITDA$         31.8
$       25.2EBITDA Margin36 %
30 %



Health+


Revenue$         85.4
$       76.9Operating Income10.5
(0.8)+ Depreciation and Amortization2.7
2.6EBITDA$           3.2
$         1.9EBITDA Margin4 %
2 %



Graduate School USA


Revenue$             -
$         3.7Operating Income1-
(2.2)+ Depreciation and Amortization-
0.1EBITDA$             -
$       (2.1)



Corporate



EBITDA 3$         (9.2)
$       (8.6)



American Public Education, Inc.


Consolidated Revenue$      174.7
$    164.6Consolidated EBITDA25.8
16.2+ Adjustments 23.4
5.0Consolidated Adjusted EBITDA$         29.2
$       21.2Adjusted EBITDA Margin17 %
13 %
1.Operating Income reflects income (loss) from operations before interest and income taxes in our Q1 2026 10-Q.2.Adjustments include stock compensation expense, loss on disposals of long-lived assets, loss on assets held for sale, and other professional fees.3.Corporate results include unallocated corporate activity and eliminations.GAAP Net Income Available to Common Stockholders to Adjusted EBITDA:The following table sets forth the reconciliation of the Company's reported GAAP net income available to common stockholders to the calculation of adjusted EBITDA for the three months ended March 31, 2026 and 2025:
Consolidated
3 Months Ended
March 31,(in thousands)2026

2025Net income available to common stockholders$17,731

$7,461Preferred stock dividends
-


1,432Net income
17,731


8,893Income tax expense
1,515


2,466Interest expense, net
725


887Loss on extinguishment of debt
1,672


-Depreciation and amortization
4,154


3,992EBITDA
25,797


16,238






Loss on assets held for sale
-


1,527Other professional fees
943


989Stock compensation
2,327


2,263Loss on disposals of long-lived assets
154


230Adjusted EBITDA$29,221

$21,247GAAP Outlook Net Income Available to Common Stockholders to Outlook Adjusted EBITDA: The following table sets forth the reconciliation of the Company's outlook GAAP net income available to common stockholders to the calculation of outlook adjusted EBITDA for the three months ended June 30, 2026 and twelve months ended December 31, 2026.
Three Months Ending

Twelve Months Ending
June 30, 2026

December 31, 2026(in thousands)Low

High

Low
HighNet Income$6,475

$7,493

$44,927
$51,595Income tax expense
3,071


3,553


16,299

18,631Interest income, net
(400)


(400)


(300)

(300)Loss on extinguishment of debt
-


-


1,672

1,672Depreciation and amortization
4,154


4,154


18,102

18,102EBITDA
13,300


14,800


80,700

89,700Stock compensation
2,100


2,100


8,700

8,700Other professional fees
1,100


1,100


3,400

3,400Other
-


-


200

200Adjusted EBITDA$16,500

$18,000

$93,000
$102,000  View original content to download multimedia:https://www.prnewswire.com/news-releases/american-public-education-reports-first-quarter-2026-financial-results-and-raises-2026-full-year-guidance-302768649.htmlSOURCE American Public Education, Inc. Original: American Public Education Reports First Quarter 2026 Financial Results and Raises 2026 Full-Year Guidance

Rasmussen University Launches Weekend Practical Nursing (LPN) Program at Fort Myers CampusApril 21, 2026 4:15 PM
PR Newswire (US)

Weekend LPN program to help students balance life while meeting the growing demand for nurses in Southwest FloridaFORT MYERS, Fla., April 21, 2026 /PRNewswire/ -- Rasmussen University is excited to announce the launch of a new weekend Practical Nursing (LPN) Diploma program at its Fort Myers campus, expanding access to high-quality nursing education in Southwest Florida. Enrollment is now open with weekend classes beginning in July.







The weekend program mirrors the successful model currently offered at the Rasmussen University Tampa/Brandon, Central Pasco, and Orlando, Fla. campuses—combining flexible Friday–Sunday scheduling with academic support and real-world learning experiences. Students will engage in a mix of on-campus and online coursework, hands-on field experience, and optional self-directed assessments to prepare them to sit for the NCLEX-PN® and become safe, competent Licensed Practical Nurses (LPNs)."We've seen tremendous success with our weekend LPN programs across Florida," said Terri Hothem, area dean of nursing, Rasmussen University. "These programs help students balance work, family, and education while gaining the essential skills and confidence needed for a rewarding nursing career. We're proud to bring this opportunity to Fort Myers and support the growing demand for practical nurses in our community."Strong Demand for Licensed Practical Nurses in FloridaFlorida's healthcare sector continues to experience increasing demand for Licensed Practical Nurses. According to projected workforce data from the Florida Center for Nursing, the nursing workforce was able to meet about 85% of demand in 2022, and that number is projected to drop to roughly 55% by 2037, underscoring a growing shortage of practical nurses in the state."A career as a LPN offers meaningful work in diverse settings, including hospitals, long-term care facilities, physician offices, and home health agencies, and serves as a vital pathway to continued growth in the nursing profession," said Hothem.About the Rasmussen University Practical Nursing ProgramRasmussen University's Practical Nursing Diploma program prepares students to enter the nursing profession with the skills, knowledge, and confidence needed to provide safe, compassionate care, and can be completed in as few as 15 months1. Students gain hands-on experience through clinical placements and lab simulations while learning from experienced nursing faculty.The program is designed to make nursing education accessible for working adults and career changers:Eight start dates per yearNo prerequisite coursework required for admissionNo waiting list at many campuses for qualified applicantsNo need to apply twice"Accessible, high-quality nursing education makes a real difference for both students and the patients they serve," said Tom Toner, campus executive director, Rasmussen University—Fort Myers. "By expanding our weekend LPN program to Fort Myers, we're helping more individuals launch meaningful healthcare careers right here in Southwest Florida."To learn more about the new weekend Practical Nursing Diploma program at the Fort Myers campus, please visit: https://www.rasmussen.edu/locations/florida/fort-myers/NCLEX-PN is a registered trademark of the National Council of State Boards of Nursing, Inc.1Completion time is dependent on transfer credits accepted and the number of courses completed each term.ABOUT RASMUSSEN UNIVERSITY:
Rasmussen University, a university accredited by the Higher Learning Commission—an institutional accreditation agency recognized by the U.S. Department of Education (www.hlcommission.org)—is committed to enriching our communities by providing innovative, career-ready higher learning and outstanding healthcare education. The University offers undergraduate and graduate programs online and in person at 20 campuses across the country across eight areas of study. Since 1900, Rasmussen has been creating opportunities, transforming lives, and strengthening communities through person-centered career-focused education. In 2025, the University celebrated 125 years of empowering students to achieve their goals and make a lasting impact. Rasmussen University is a wholly owned subsidiary of American Public Education, Inc. (Nasdaq: APEI). Learn more at www.rasmussen.edu.ABOUT AMERICAN PUBLIC EDUCATION, INC.:
American Public Education, Inc. (Nasdaq: APEI), through its institutions American Public University System (APUS), Rasmussen University and Hondros College of Nursing provides education that transforms lives, advances careers, and improves communities.Contact: Molly Andersen
Mobile: 903.920.4366
Email: molly.andersen@rasmussen.edu



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Original: Rasmussen University Launches Weekend Practical Nursing (LPN) Program at Fort Myers Campus

American Public Education, Inc. Schedules First Quarter 2026 Earnings Call and Announces Upcoming Conference ParticipationApril 21, 2026 4:05 PM
PR Newswire (US)

CHARLES TOWN, W.Va., April 21, 2026 /PRNewswire/ -- American Public Education, Inc. (the "Company") (Nasdaq: APEI), a company that transforms lives, advances careers, and improves communities by providing online and campus-based postsecondary education to approximately 109,000 students, will host a conference call on Monday, May 11, 2026 at 5:00 PM Eastern Time to discuss its financial results for the first quarter ended March 31, 2026. Financial results will be issued in a press release prior to the call.







Date: Monday, May 11, 2026
Time: 5:00 PM Eastern Time (2:00 PM Pacific Time)
USA / International Toll Dial-in: +1 (646) 307-1963
USA – Toll-Free Dial-in: (800) 715-9871
Conference ID: 60598
Webcast: 1Q26 Webcast LinkThe Company will also provide a link at https://www.apei.com/overview/default.aspx for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time.A replay of the conference call will also be available through May 25, 2026.The Company also announced that management will participate in the following upcoming investor conferences.William Blair Growth Stock Conference, taking place on Wednesday, June 3, 2026, at the Loews Hotel in Chicago, IL. Management will also host a presentation on the same day at 2:20pm ET, which will also be viewable via webcast here.DA Davidson Technology & Consumer Conference, taking place Wednesday through Friday, June 10-12, 2026, at the Four Seasons Hotel in Nashville, TN.Truist Securities Industrials & Services Conference, taking place Tuesday and Wednesday, June 16-17, 2026, at the JW Marriott Essex House in New York, NY.Northland Growth Conference, taking place virtually on Tuesday, June 23, 2026.Management will be available for one-on-one meetings with investors during each event. For conference details or to schedule a meeting, please contact your respective conference representative or investor relations at APEI@mzgroup.us.About American Public EducationAmerican Public Education, Inc. (Nasdaq: APEI), through its two segments, APU Global and RU Health+, provides education that transforms lives, advances careers, and improves communities.APU Global provides online postsecondary education to approximately 89,500 adult learners, directed primarily at the needs of military, veterans, extended military families, and other public service and service-minded communities through American Public University System, which includes: American Military University and American Public University.RU Health+ provides nursing- and health sciences-focused postsecondary education to approximately 19,400 students at 26 campuses in eight states and online through Rasmussen University and Hondros College of Nursing.Both American Public University System and Rasmussen University are institutionally accredited by the Higher Learning Commission (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros College of Nursing is accredited by the Accrediting Bureau of Health Education Schools (ABHES).Company Contact
Frank Tutalo
Associate Vice President, Public Relations
American Public Education, Inc.
ftutalo@apei.comInvestor Relations
Shannon Devine
MZ North America
Direct: 203-858-1945
APEI@mzgroup.us



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Original: American Public Education, Inc. Schedules First Quarter 2026 Earnings Call and Announces Upcoming Conference Participation

Rasmussen University to Celebrate 450 Graduates at its Illinois Commencement CeremonyApril 13, 2026 4:15 PM
PR Newswire (US)

Regional Nurse Executive to inspire and encourage graduates in their professional journeysDEKALB, Ill., April 13, 2026 /PRNewswire/ -- Rasmussen University is pleased to celebrate the achievements of more than 450 graduates during its 2026 Illinois Commencement Ceremony on Thursday, April 16 at 6 p.m. at the NIU Convocation Center. In addition to the in-person celebration, more than 130 graduates will join via livestream. Graduates registered for the ceremony come from 24 different states and locally from Rasmussen's four Illinois campuses: Rockford, Romeoville/Joliet, Aurora/Naperville, and Mokena/Tinley Park.







The ceremony will recognize graduates from the Classes of 2025 and 2026, honoring those who completed their programs over the past year. The event will bring together graduates, families, faculty and staff to celebrate their accomplishments and mark the beginning of their next chapter as professionals and community leaders across the University's eight areas of study: business, design, education, health sciences, human services, justice studies, nursing, and technology."This ceremony is one of the most meaningful moments of the academic year," said Dr. Carrie Daninhirsch, provost at Rasmussen University. "Rasmussen is proud to continue honoring a legacy rooted in expanding opportunity through education. Each graduate represents the perseverance and dedication that education makes possible, and we're excited to see the impact they will make in their communities and careers."Commencement SpeakersThe ceremony will feature remarks from several distinguished speakers representing the Rasmussen community and the industries its graduates serve.Keynote Speaker:
Kristie Geil, DNP, MSN, RN, CENP, chief nursing officer at UW Health Northern Illinois, will deliver the keynote address. Dr. Geil, a recognized nurse leader with nearly 30 years of healthcare experience, has led initiatives across rural hospitals and complex healthcare systems in Illinois and Wisconsin. Her work emphasizes patient safety, quality outcomes, workforce development, and community-centered care.Rasmussen University selected Dr. Geil as the keynote speaker to highlight the growing demand for skilled healthcare professionals and to inspire graduates—particularly those in nursing and health sciences, which comprise a large portion of Rasmussen's graduates—to lead and innovate in the evolving healthcare landscape. Dr. Geil earned her Doctor of Nursing Practice in Leadership from Bradley University and is deeply committed to developing the next generation of nurse leaders.Graduate Speaker:
Beatrice Agbayewa, a December 2025 graduate of Rasmussen University's Associate's Degree in Nursing program at the Romeoville/Joliet campus, will represent the graduating class. Inspired by a close friend who began the program, Agbayewa started her nursing journey but stepped away after facing medical setbacks. Determined to finish what she started, she returned to complete her degree—earning a place on the Dean's List and Honor Roll while serving as president of the Rasmussen Student Nurses Association. She credits Rasmussen's faculty and advisors for their guidance and support along the way.Alumni Speaker:
Doris Jones, a 2021 graduate of Rasmussen University who earned her Bachelor of Science in Early Childhood Education Leadership, summa cum laude, will welcome graduates into the University's alumni community. Jones currently serves as assistant director at the Bright Horizons UChicago Child Development Center Drexel.During the ceremony, Jones will help lead the Alumni Pinning Ceremony, a special tradition symbolizing each graduate's transition from student to alumnus and their entry into Rasmussen's community of more than 84,000 alumni.Additional 2026 Commencement CeremoniesThe Illinois ceremony is the first of three commencement celebrations taking place across the country in 2026.Florida Commencement
Saturday, June 13, 2026
Yuengling Center, Tampa, FLMinnesota Commencement
Saturday, September 19, 2026
Roy Wilkins Auditorium, St. Paul, MNTo learn more about Rasmussen University's 2026 commencement ceremonies, visit:
https://www.rasmussen.edu/student-experience/graduation/.ABOUT RASMUSSEN UNIVERSITY:
Rasmussen University, a university accredited by the Higher Learning Commission—an institutional accreditation agency recognized by the U.S. Department of Education (www.hlcommission.org)—is committed to enriching our communities by providing innovative, career-ready higher learning and outstanding healthcare education. The University offers undergraduate and graduate programs online and in person at 20 campuses across the country across eight areas of study. Since 1900, Rasmussen has been creating opportunities, transforming lives, and strengthening communities through person-centered career-focused education. In 2025, the University celebrated 125 years of empowering students to achieve their goals and make a lasting impact. Rasmussen University is a wholly owned subsidiary of American Public Education, Inc. (Nasdaq: APEI). Learn more at www.rasmussen.edu.ABOUT AMERICAN PUBLIC EDUCATION, INC.:
American Public Education, Inc. (Nasdaq: APEI), through its institutions American Public University System (APUS), Rasmussen University and Hondros College of Nursing provides education that transforms lives, advances careers, and improves communities.Contact: Molly Andersen
Mobile: 903.920.4366
Email: molly.andersen@rasmussen.edu 










View original content to download multimedia:https://www.prnewswire.com/news-releases/rasmussen-university-to-celebrate-450-graduates-at-its-illinois-commencement-ceremony-302740918.htmlSOURCE Rasmussen University

Original: Rasmussen University to Celebrate 450 Graduates at its Illinois Commencement Ceremony

American Public Education Reports Strong Fourth Quarter and Full Year 2025 Financial ResultsMarch 12, 2026 4:05 PM
PR Newswire (US)

~ Provides Q1 and FY 2026 Guidance ~CHARLES TOWN, W.Va., March 12, 2026 /PRNewswire/ -- American Public Education, Inc. (the "Company") (Nasdaq: APEI), a company that transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately 109,000 students, has reported financial and operational results for the fourth quarter and full year ended December 31, 2025.







"In 2025, we set ambitious financial and operating goals, and I am proud to report that we delivered $649 million or a 3.9% increase in revenue growth, where notably each of our three institutions produced year-over-year revenue growth. We also delivered $86 million or an 18.6% year-over-year improvement in adjusted EBITDA," said Angela Selden, President and Chief Executive Officer of APEI. "We simplified and strengthened APEI by redeeming our preferred equity, and by selling corporate buildings and Graduate School USA.  Further, the Department of Education lifted both the Letter of Credit and the growth restrictions that had prevented Rasmussen from opening new campuses and adding new programs for the past six years."Selden concluded, "As we introduce full year 2026 guidance, we remain committed to driving sustained growth, expanding margins, and delivering on our strategic priorities to continue to build long-term shareholder value."Key Fourth Quarter 2025 Highlights (as Compared to Fourth Quarter 2024)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.Rasmussen University ("RU") segment revenue growth of 15.9% year-over-year to $66.6 million, primarily driven by increased enrollments.Hondros College of Nursing ("HCN") segment revenue growth of 9.5% year-over-year to $20.7 million, primarily driven by increased enrollments.American Public University System ("APUS") segment revenue decreased 13.8%, primarily driven by the government shutdown in the fourth quarter of 2025.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 fourth quarter of 2025.Net income per diluted common share increased 6.3% to $0.67, compared to $0.63.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.RU segment revenue growth of 13.9% year-over-year to $246.2 million, primarily driven by increased enrollments.HCN segment revenue growth of 11.4% year-over-year to $75.0 million, primarily driven by increased enrollments.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.Cash flows from operations increased 26.8% to $62.0 million.Debt Refinancing and Repurchase ProgramOn March 9, 2026, the Company completed a refinancing of its debt that reduced its borrowing rate by 375 basis points at current leverage levels. The reduction in borrowing rate, combined with the reduction in principal, is expected to generate approximately $3.7 million in annual interest expense savings (excluding debt cost amortization).On March 10, 2026, the Company's Board of Directors authorized a common stock repurchase program of up to $50 million in the aggregate. The program replaces the Company's prior repurchase authorizations.Registrations and Enrollment 
 Q4 2025  Q4 2024  % Change American Public University System 1 


For the three months ended December 31, 


Net Course Registrations                                                                                                                               82,20097,100-15.3 %Rasmussen University 2 


For the three months ended December 31, 


Total Student Enrollment                                                                                                                       15,90014,6008.9 %Hondros College of Nursing 3 


For the three months ended December 31, 


Total Student Enrollment                                                                                                                       4,0003,7009.2 %

1.APUS Net Course Registrations represents the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. Excludes students in doctoral programs. 2.RU Total Student Enrollment represents students in an active status as of the full-term census or billing date. 3.HCN Total Student Enrollment represents the approximate number of students enrolled in a course after the date by which students may drop a course without financial penalty. First Quarter and Full Year 2026 OutlookThe following statements are based on APEI's current expectations. These statements are forward-looking and actual results may differ materially. APEI undertakes no obligation to update publicly any forward-looking statements for any reason unless required by law. Refer to APEI's earnings conference call and presentation for further details.In millions, except enrollment, net
registrations and per share dataFirst Quarter 2026First Quarter
2025APU Global Net registrations106,600 +4.0% y/y102,500RU Health+ Enrollment19,400 +7.8% y/y18,000Revenue$173.0 - $175.0$164.6Includes $3.7 of GSUSA
RevenueNet Income Available to Common
Stockholders$11.1 - $12.2$7.5Adjusted EBITDA$25.5 - $27.0$21.2Diluted Earnings per Share$0.58 per - $0.64 per share$0.41 In millions, except per share dataFull Year 2026Full Year 2025Revenue$685.0 - $695.0$648.9Net Income Available to Common
Stockholders$41.3 - $47.6$25.3Adjusted EBITDA$91.5 - $100.5$85.7Diluted Earnings per Share$2.15 per - $2.47 per share$1.36 per shareCapital Expenditures$28.0 - $32.0$15.9Fourth Quarter and Full Year 2025 Earnings CallThe Company will hold a conference call on Thursday, March 12, 2026, at 5:00 PM Eastern Time to discuss its financial results for the fourth quarter and full year ended December 31, 2025.Date: Thursday, March 12, 2026
Time: 5:00 PM Eastern Time (2:00 PM Pacific Time)
USA / International Toll Dial-in: +1 (646) 307-1963
USA – Toll-Free Dial-in: (800) 715-9871
Conference ID: 60598
Webcast: 4Q25 Webcast LinkThe Company will also provide a link on its website at https://www.apei.com/overview/default.aspx for those who wish to stream the call via webcast. If dialing in, please call the conference telephone number 5 to10 minutes prior to the start time.A replay of the conference call will also be available through the Company's website through March 26, 2026.Non-GAAP Financial MeasuresThis press release contains the non-GAAP financial measures of EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted EBITDA (EBITDA less non-cash expenses such as stock compensation and non-recurring expenses), adjusted EBITDA margin, segment EBITDA, and segment EBITDA margin. APEI believes that the use of these measures is useful because they allow investors to better evaluate APEI's operating profit and cash generation capabilities.For the three months ended December 31, 2025, and fiscal year 2025, adjusted EBITDA excludes stock compensation, loss on disposals of long-lived assets, loss on sale of subsidiary, transition services, severance expense, other professional fees, and loss on leases.These non-GAAP measures should not be considered in isolation or as an alternative to measures determined in accordance with generally accepted accounting principles in the United States (GAAP). The principal limitation of our non-GAAP measures is that they exclude expenses that are required by GAAP to be recorded. In addition, non-GAAP measures are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses are excluded.APEI is presenting EBITDA and adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of EBITDA and adjusted EBITDA to the comparable GAAP financial measures that are included in the tables following this press release (under the captions "GAAP Net Income to Adjusted EBITDA" "GAAP Outlook Net Income to Outlook Adjusted EBITDA" and "Education Unit Profile – Segment Summary") and not to rely on any single financial measure to evaluate its business.About American Public EducationAmerican Public Education, Inc. (Nasdaq: APEI), through its institutions, American Public University System, or APUS, Rasmussen University, and Hondros College of Nursing, provides education that transforms lives, advances careers, and improves communities.APUS, which operates through American Military University and American Public University, is the leading educator to active-duty military and veteran students* and serves approximately 88,700 adult learners worldwide via accessible and affordable higher education.Rasmussen University is a 126-year-old nursing and health sciences-focused institution that serves approximately 15,900 students across its 18 campuses in five states and online. It also has schools of Business, Technology, Design, Early Childhood Education and Justice Studies.Hondros College of Nursing focuses on educating pre-licensure nursing students at eight campuses (six in Ohio, one in Indiana, and one in Michigan). It is the largest educator of Practical Nursing (Licensed Practical Nurse) nurses in the state of Ohio** and serves approximately 4,000 total students.Both APUS and Rasmussen University are institutionally accredited by the Higher Learning Commission (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros College of Nursing is accredited by the Accrediting Bureau of Health Education Schools (ABHES).    *Based on FY 2023 Department of Defense tuition assistance data, as reported by Military Times, and Veterans Administration student enrollment data as of 2024.**Based on information compiled by the National Council of State Boards of Nursing and Ohio Board of Nursing.Forward Looking StatementsStatements made in this presentation regarding American Public Education, Inc. or its subsidiary institutions ("APEI" or the "Company") that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. Forward-looking statements include, without limitation, statements regarding expectations for growth, registration, enrollments, demand, revenues, net income, earnings per share, EBITDA and adjusted EBITDA, adjusted EBITDA margin, debt refinancing and share repurchase program, the growth and profitability of APEI, and related growth strategies, plans with respect to and future impacts of recent, current and future initiatives, including the planned combination of American Public University System, Rasmussen University and Hondros College of Nursing into one consolidated institution, and the impact of the U.S federal government shutdown in the fourth quarter of 2025.Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, among others, risks related to: APEI's failure to comply with regulatory and accrediting agency requirements, including the "90/10 Rule", and to maintain institutional accreditation and the impacts of any actions APEI may take to prevent or correct such failure; changes in the post-secondary education regulatory environment as a result of U.S. federal elections, including any changes by or as a result of actions of the current administration to the operations of the Department of Education or changes to or the elimination or implementation of laws, regulations, standards, policies, and practices; potential or actual government shutdowns, including the U.S federal government shutdown in the fourth quarter of 2025, uncertainties in the estimated impact of the shutdown on APEI and its prospective and current students, and APEI's inability to mitigate these impacts; government budget and federal workforce uncertainty; the impact, timing, and projected benefits of the planned combination of APUS, RU, and HCN into one consolidated institution; APEI's dependence on the effectiveness of its ability to attract students who persist in its institutions' programs; changing market demands;  declines in enrollments at APEI's subsidiaries; APEI's inability to effectively market its institutions' programs; APEI's inability to maintain strong relationships with the military and maintain course registrations and enrollments from military students; the loss or disruption of APEI's ability to receive funds under Title IV or TA programs or the reduction, elimination, or suspension of federal funds; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll students who are likely to succeed; APEI's need to successfully adjust to future market demands by updating existing programs and developing new programs; APEI's loss of eligibility to participate in Title IV programs or ability to process Title IV financial aid; economic and market conditions and changes in interest rates; difficulties involving acquisitions; APEI's indebtedness, including the refinancing thereof; APEI's dependence on and the need to continue to invest in its technology infrastructure, including with respect to third-party vendors; the inability to recognize the intended benefits of APEI's cost savings and reduction and revenue generating efforts; APEI's ability to manage and limit its exposure to bad debt; and the various risks described in the "Risk Factors" section and elsewhere in APEI's Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by those risks described in the "Risk Factors" section and elsewhere in APEI's Annual Report on Form 10-K for the year ended December 31, 2025 to be filed today, March 12, 2026, and in other filings with the SEC. You should not place undue reliance on any forward-looking statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future.Company Contact
Frank Tutalo
Director, Public Relations
American Public Education, Inc.
ftutalo@apei.com Investor Relations
Shannon Devine
MZ North America
Direct: 203-858-1945
APEI@mzgroup.us American Public Education, Inc.Consolidated Statement of Income(In thousands, except per share data)







Three Months Ended
December 31,
2025

2024






Revenue $158,330

$164,110Costs and expenses:





Instructional costs and services
68,955


71,661Selling and promotional
30,860


29,057General and administrative
35,339


36,228Depreciation and amortization
4,122


3,863Loss on assets held for sale
-


1,618Loss on disposals of long-lived assets
87


148    Total costs and expenses
139,363


142,575Income from operations before





interest and income taxes
18,967


21,535Interest expense, net
(1,166)


(585)Income before income taxes
17,801


20,950Income tax expense
5,193


7,986Net income$12,608

$12,964Preferred stock dividends
-


1,459Net income available to common stockholders$12,608

$11,505






Income per common share:





Basic$0.70

$0.65Diluted$0.67

$0.63






Weighted average number of





   common shares:





Basic
18,095


17,686Diluted
18,798


18,366







 Three Months EndedSegment Information: December 31,
2025

2024Revenue:





  APUS Segment$71,028

$82,364  RU Segment$66,629

$57,489  HCN Segment$20,733

$18,941  Corporate and other1$(60)

$5,316Income (loss) from operations before





interest and income taxes:





  APUS Segment$19,977

$27,279  RU Segment$7,328

$3,603  HCN Segment$1,167

$697  Corporate and other$(9,505)

$(10,044)
1. Corporate and Other includes tuition and contract training revenue earned by GSUSA and the elimination of intersegment revenue for courses taken by employees of one segment at other segments. 
Twelve Months Ended
December 31,
2025

2024






Revenues $648,862

$624,559Costs and expenses:





Instructional costs and services
297,020


295,703Selling and promotional
137,252


128,810General and administrative
144,582


141,961Depreciation and amortization
16,148


19,303Loss on sale of subsidiary
3,877


-Loss on assets held for sale
1,527


1,618Loss on leases
77


3,715Loss on disposals of long-lived assets
444


383   Total costs and expenses
600,927


591,493Income from operations before





interest and income taxes
47,935


33,066Interest expense, net
(4,230)


(2,127)Income before income taxes
43,705


30,939Income tax expense
12,148


10,419Equity investment loss
-


(4,407)Net income$31,557

$16,113Preferred stock dividends
2,751


6,056Loss on redemption of preferred stock
3,501


-Net income available to common stockholders$25,305

$10,057






Income per common share:





Basic$1.40

$0.57Diluted$1.36

$0.55






Weighted average number of





   common shares:





Basic
18,011


17,625Diluted
18,660


18,149 
Twelve Months EndedSegment Information: December 31,
2025

2024Revenues:





  APUS Segment$319,842

$317,049  RU Segment$246,231

$216,262  HCN Segment$74,983

$67,290  Corporate and other1$7,806

$23,958Income (loss) from operations before





interest and income taxes:





  APUS Segment$90,825

$89,422  RU Segment$4,040

$(21,798)  HCN Segment$(854)

$(1,122)  Corporate and other$(46,076)

$(33,436)
1.  Corporate and Other includes tuition and contract training revenue earned by GSUSA and the elimination of intersegment revenue for courses taken by employees of one segment at other segments. American Public Education, Inc.Consolidated Balance Sheet
(In thousands)

As of December 31,
2025

As of December 31,
2024ASSETS




Current assets:





Cash, cash equivalents, and restricted cash$176,499

$158,941Accounts receivable, net of allowance of $21,113 in 2025 and $19,280
in 2024
65,662


62,465Prepaid expenses
14,197


13,748Income tax receivable
3,458


949Assets held for sale
-


24,469Total current assets
259,816


260,572Property and equipment, net
70,598


73,383Operating lease assets, net
57,686


94,776Deferred income taxes
39,176


47,311Intangible assets, net
28,221


28,221Goodwill
59,593


59,593Other assets, net
6,328


6,247Total assets$521,418

$570,103LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable$4,822

$7,847Accrued compensation and benefits
22,463


20,546Accrued liabilities
13,375


13,735Deferred revenue and student deposits
23,016


23,474Lease liabilities, current
11,374


13,553Total current liabilities
75,050


79,155Lease liabilities, long-term
56,921


93,645Long-term debt, net
94,665


93,424Total liabilities$226,636

$266,224






Stockholders' equity:





Preferred stock, $.01 par value; 10,000,000 shares authorized; 0 shares
issued and outstanding in 2025; 400 shares issued and outstanding in
2024 ($117,439 liquidation preference per share, $46,976 in aggregate,
for 2024)
-


39,691Common stock, $.01 par value; 100,000,000 shares authorized;
18,125,860 issued and outstanding in 2025; 17,712,575 issued and
outstanding in 2024
181


177Additional paid-in capital
311,119


305,823Accumulated other comprehensive loss
(18)


(7)Accumulated deficit
(16,500)


(41,805)Total stockholders' equity
294,782


303,879Total liabilities and stockholders' equity$521,418

$570,103 Education Unit Profile





Segment Summary





($ in millions)














4Q24
4Q25
FY2024
FY2025









American Public University System







Revenue82.4
71.0
317.0
319.8
Operating Income27.3
20.0
89.4
90.8
+ Depreciation and Amortization1.2
1.0
4.8
4.0
EBITDA28.4
21.0
94.3
94.8
EBITDA Margin35 %
30 %
30 %
30 %









Rasmussen University







Revenue57.5
66.6
216.3
246.2
Operating Income3.6
7.3
(21.8)
4.1
+ Depreciation and Amortization1.9
2.2
11.6
8.5
EBITDA5.5
9.5
(10.2)
12.6
EBITDA Margin10 %
14 %
-5 %
5 %









Hondros College of Nursing







Revenue18.9
20.7
67.3
75.0
Operating Income0.7
1.2
(1.1)
(0.9)
+ Depreciation and Amortization0.5
0.5
1.7
2.1
EBITDA1.2
1.7
0.6
1.2
EBITDA Margin6 %
8 %
1 %
2 %









Graduate School USA







Revenue5.4
-
24.3
8.0
Operating Income(0.9)
-
(2.0)
(5.7)
+ Depreciation and Amortization0.1
-
0.6
0.2
EBITDA(0.8)
-
(1.4)
(5.5)









Corporate







EBITDA(9.0)
(9.1)
(30.8)
(39.1)









American Public Education, Inc.







Consolidated Revenue164.1
158.3
624.6
648.9
Consolidated EBITDA25.4
23.1
52.4
64.1
+ Adjustments6.1
5.6
19.9
21.6
Consolidated Adjusted EBITDA31.4
28.7
72.3
85.7
Adjusted EBITDA Margin19 %
18 %
12 %
13 %
1. Operating Income reflects income (loss) from operations before interest, income taxes in our 2025 10-K.       2. Adjustments include stock compensation expense, loss on disposals of long-lived assets, loss on assets held for sale, loss on sale of subsidiary, transition services, severance expense, loss on leases and other professional fees.3. Corporate results include unallocated corporate activity and eliminations.                                                                                                                           GAAP Net Income Available to Common
Stockholders to Adjusted EBITDA:


























The following table sets forth the reconciliation of the Company's reported GAAP net
income available to common stockholders to the calculation of adjusted EBITDA for
the three months and twelve months ended December 31, 2025 and 2024:






















Consolidated

3 Months
Year Ended

Dec 31,
Dec 31,
(in thousands, except per share data)2025
20242025
2024Net income available to common stockholders$12,608

$11,505
$25,305

$10,057Preferred stock dividends
-


1,459

2,751


6,056Loss on redemption of preferred stock
-


-

3,501


-Net income$12,608

$12,964
$31,557

$16,113Income tax expense
5,193


7,986

12,148


10,419Interest expense, net
1,166


585

4,230


2,127Equity investment loss
-


-

-


4,407Depreciation and amortization
4,122


3,863

16,148


19,303EBITDA
23,089


25,398

64,083


52,369













Loss on leases
-


-

77


3,715Loss on assets held for sale
-


1,618

1,527


1,618Loss on sale of subsidiary
-


-

3,362


-Other professional fees
228


1,404

3,733


2,217Stock compensation
2,217


2,166

8,352


7,668Loss on disposals of long-lived assets
87


148

444


383Transition services costs
821


659

821


3,798Severance expense
2,244


-

3,327


530Adjusted EBITDA$28,686

$31,393
$85,726

$72,298 GAAP Outlook Net Income Available to Common Stockholders to Outlook Adjusted EBITDA: 
The following table sets forth the reconciliation of the Company's outlook GAAP net income available to common stockholders
to the calculation of outlook adjusted EBITDA for the three months ended March 31, 2026 and twelve months ending December
31, 2026: 






Three Months Ending

Twelve Months Ending

March 31, 2026

December 31, 2026
(in thousands, except per share data)Low
High
Low
HighNet Income$11,117

$12,167

$41,304

$47,604Income tax expense
4,764


5,214


18,387


21,087Interest expense, net
900


900


400


400Loss on extinguishment of debt
1,600


1,600


1,600


1,600Depreciation and amortization
4,315


4,315


18,102


18,102EBITDA
22,696


24,196


79,793


88,793Stock compensation
2,258


2,258


8,652


8,652Professional Services
524


524


3,033


3,033Other costs
22


22


22


22Adjusted EBITDA$25,500

$27,000

$91,500

$100,500 



View original content to download multimedia:https://www.prnewswire.com/news-releases/american-public-education-reports-strong-fourth-quarter-and-full-year-2025-financial-results-302712802.htmlSOURCE American Public Education, Inc.

Original: American Public Education Reports Strong Fourth Quarter and Full Year 2025 Financial Results

American Public Education, Inc. Completes Refinancing with New $130 Million Senior Secured Credit FacilityMarch 12, 2026 4:08 PM
PR Newswire (US)

~ Proactive Step, Strengthens Liquidity, Reduces Borrowing Costs by ~$3.7 Million While Accelerating Growth ~CHARLES TOWN, W.Va., March 12, 2026 /PRNewswire/ -- American Public Education, Inc. (the "Company") (Nasdaq: APEI), a company that transforms lives, advances careers, and improves communities by providing online and campus-based postsecondary education to approximately 109,000 students, today announced that it has completed a comprehensive refinancing and entered into a new five-year, $130.0 million senior secured credit facility consisting of a $90.0 million senior secured term loan and a $40.0 million senior secured revolving credit facility (the "New Facility"). The New Facility reduces the Company's borrowing spread by 375 basis points based on current leverage levels and is expected to generate approximately $3.7 million in annual interest savings while strengthening APEI's balance sheet and providing increased financial flexibility to invest in its growth strategy.







The new Credit Agreement was entered into with PNC Bank, National Association, as administrative agent and collateral agent, PNC Capital Markets LLC, as joint lead arranger and sole bookrunner, M&T Bank, N.A. as a joint lead arranger, and a syndicate of lenders (collectively, the "Lenders").The New Facility is scheduled to mature on March 9, 2031, and borrowings thereunder are subject to a revolver commitment fee ranging from 0.20% to 0.35% and bear interest at a rate equal to SOFR plus between 1.75% and 2.75% depending on the Company's consolidated total net leverage ratio.Proceeds from the New Facility, together with cash on hand, were used to refinance the Company's existing $20.0 million senior secured revolving credit facility and to repay approximately $96.4 million outstanding under its prior $175.0 million senior secured term loan. The transaction reduces the Company's total outstanding debt, extends its maturity by over four years, and lowers its borrowing rate, providing the Company with the liquidity and flexibility to continue investing in enrollment growth across its three institutions."This transaction delivers three concrete improvements to our capital structure: an approximately 375 basis point reduction in our borrowing spread based on current leverage levels, a reduction in our total debt balance, and a five-year extension of our maturity runway to 2031," said Edward Codispoti, Executive Vice President and Chief Financial Officer of American Public Education, Inc. "Together, these improvements significantly lower our annual interest expense and reduce near-term cash outflows, giving us additional ability to invest in enrollment growth at Rasmussen, APUS, and Hondros and continue executing on our long-term strategy. The terms we achieved are a direct reflection of the progress we have made as a business and the confidence our banking partners have in APEI's trajectory."In connection with the refinancing, the Company expects to record a one-time loss on extinguishment of debt of approximately $1.6 million in the first quarter of 2026, primarily related to the write-off of unamortized deferred financing costs. This non-cash charge reflects the elimination of the prior financing structure and the transition to the New Facility.About American Public EducationAmerican Public Education, Inc. (Nasdaq: APEI), through its institutions, American Public University System, or APUS, Rasmussen University, and Hondros College of Nursing, provides education that transforms lives, advances careers, and improves communities.APUS, which operates through American Military University and American Public University, is the leading educator to active-duty military and veteran students* and serves approximately 89,000 adult learners worldwide via accessible and affordable higher education. Rasmussen University is a 126-year-old nursing and health sciences-focused institution that serves approximately 15,900 students across its 18 campuses in five states and online. It also has schools of Business, Technology, Design, Early Childhood Education, and Justice Studies.Hondros College of Nursing focuses on educating pre-licensure nursing students at eight campuses (six in Ohio, one in Indiana, and one in Michigan). It is the largest educator of PN (LPN) nurses in the state of Ohio** and serves approximately 4,000 total students.Both APUS and Rasmussen University are institutionally accredited by the Higher Learning Commission (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros College of Nursing is accredited by the Accrediting Bureau of Health Education Schools (ABHES).   *Based on FY 2023 Department of Defense tuition assistance data, as reported by Military Times, and Veterans Administration student enrollment data as of 2024.**Based on information compiled by the National Council of State Boards of Nursing and Ohio Board of Nursing.Forward Looking StatementsStatements made in this presentation regarding American Public Education, Inc. or its subsidiary institutions ("APEI" or the "Company") that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. Forward-looking statements include, without limitation, statements regarding expectations for growth, registration, enrollments, demand, revenues, net income, earnings per share, EBITDA and adjusted EBITDA, adjusted EBITDA margin, debt refinancing and share repurchase program, the growth and profitability of APEI, and related growth strategies, plans with respect to and future impacts of recent, current and future initiatives, including the planned combination of American Public University System, Rasmussen University and Hondros College of Nursing into one consolidated institution, and the impact of the U.S federal government shutdown in the fourth quarter of 2025.Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, among others, risks related to: APEI's failure to comply with regulatory and accrediting agency requirements, including the "90/10 Rule", and to maintain institutional accreditation and the impacts of any actions APEI may take to prevent or correct such failure; changes in the post-secondary education regulatory environment as a result of U.S. federal elections, including any changes by or as a result of actions of the current administration to the operations of the Department of Education or changes to or the elimination or implementation of laws, regulations, standards, policies, and practices; potential or actual government shutdowns, including the U.S federal government shutdown in the fourth quarter of 2025, uncertainties in the estimated impact of the shutdown on APEI and its prospective and current students, and APEI's inability to mitigate these impacts; government budget and federal workforce uncertainty; the impact, timing, and projected benefits of the planned combination of APUS, RU, and HCN into one consolidated institution; APEI's dependence on the effectiveness of its ability to attract students who persist in its institutions' programs; changing market demands;  declines in enrollments at APEI's subsidiaries; APEI's inability to effectively market its institutions' programs; APEI's inability to maintain strong relationships with the military and maintain course registrations and enrollments from military students; the loss or disruption of APEI's ability to receive funds under Title IV or TA programs or the reduction, elimination, or suspension of federal funds; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll students who are likely to succeed; APEI's need to successfully adjust to future market demands by updating existing programs and developing new programs; APEI's loss of eligibility to participate in Title IV programs or ability to process Title IV financial aid; economic and market conditions and changes in interest rates; difficulties involving acquisitions; APEI's indebtedness, including the refinancing thereof; APEI's dependence on and the need to continue to invest in its technology infrastructure, including with respect to third-party vendors; the inability to recognize the intended benefits of APEI's cost savings and reduction and revenue generating efforts; APEI's ability to manage and limit its exposure to bad debt; and the various risks described in the "Risk Factors" section and elsewhere in APEI's Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by those risks described in the "Risk Factors" section and elsewhere in APEI's Annual Report on Form 10-K for the year ended December 31, 2025 to be filed today, March 12, 2026, and in other filings with the SEC. You should not place undue reliance on any forward-looking statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future.Company Contact
Frank Tutalo
Associate Vice President, Public Relations
American Public Education, Inc.
ftutalo@apei.comInvestor Relations
Shannon Devine
MZ North America
Direct: 203-858-1945
APEI@mzgroup.us



View original content to download multimedia:https://www.prnewswire.com/news-releases/american-public-education-inc-completes-refinancing-with-new-130-million-senior-secured-credit-facility-302712738.htmlSOURCE American Public Education, Inc.

Original: American Public Education, Inc. Completes Refinancing with New $130 Million Senior Secured Credit Facility

American Public Education, Inc. Schedules Fourth Quarter and Full Year 2025 Earnings Call Thursday, March 12, 2026 at 5:00pm ETFebruary 19, 2026 8:15 AM
PR Newswire (US)

CHARLES TOWN, W.Va., Feb. 19, 2026 /PRNewswire/ -- American Public Education, Inc. (the "Company") (Nasdaq: APEI), a company which transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately 109,000 students, will hold a conference call on Thursday, March 12, 2026 at 5:00 PM Eastern Time to discuss its financial results for the fourth quarter and full year ended December 31, 2025. Financial results will be issued in a press release prior to the call.







Date: Thursday, March 12, 2026
Time: 5:00 PM Eastern Time (2:00 PM Pacific Time)
USA / International Toll Dial-in: +1 (646) 307-1963
USA – Toll-Free Dial-in: (800) 715-9871
Conference ID: 60598
Webcast: 4Q25 Webcast LinkThe Company will also provide a link at https://www.apei.com/overview/default.aspx for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time.A replay of the conference call will also be available through March 26, 2026.About American Public EducationAmerican Public Education, Inc. (Nasdaq: APEI), through its institutions, American Public University System, or APUS, Rasmussen University, and Hondros College of Nursing, provides education that transforms lives, advances careers, and improves communities.APUS, which operates through American Military University and American Public University, is the leading educator to active-duty military and veteran students* and serves approximately 88,700 adult learners worldwide via accessible and affordable higher education.Rasmussen University is a 125-year-old nursing and health sciences-focused institution that serves approximately 15,900 students across its 18 campuses** in five states and online. It also has schools of Business, Technology, Design, Early Childhood Education and Justice Studies.Hondros College of Nursing focuses on educating pre-licensure nursing students at eight campuses (six in Ohio, one in Indiana, and one in Michigan). It is the largest educator of PN (LPN) nurses in the state of Ohio*** and serves approximately 4,000 total students.Both APUS and Rasmussen University are institutionally accredited by the Higher Learning Commission (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros College of Nursing is accredited by the Accrediting Bureau of Health Education Schools (ABHES).*Based on FY 2023 Department of Defense tuition assistance data, as reported by Military Times, and Veterans Administration student enrollment data as of 2024.**Not including the Green Bay, Wisconsin campus or the Wausau, Wisconsin campus. RU closed the Green Bay, Wisconsin campus effective December 31, 2025, as planned and intends to close the Wausau, Wisconsin campus effective December 31, 2026. ***Based on information compiled by the National Council of State Boards of Nursing and Ohio Board of Nursing.Company Contact
Frank Tutalo
Director, Public Relations
American Public Education, Inc.

Rasmussen University Opens New Orlando Campus, Expanding Florida FootprintFebruary 12, 2026 4:15 PM
PR Newswire (US)

New Orlando campus to help meet region's growing healthcare workforce needsORLANDO, Fla., Feb. 12, 2026 /PRNewswire/ -- American Public Education Inc. (Nasdaq: APEI) is proud to announce the opening of a new Rasmussen University campus in Orlando, Florida further expanding its footprint throughout the state and reinforcing its long-standing commitment to educating the region's future nurses. Located at 8541 Southpark Circle, the new Orlando campus increases access to high-quality nursing education while helping address critical healthcare workforce shortages across the region.







Notably, the Orlando campus introduces Rasmussen University's Practical Nursing Diploma (LPN) program to the Orlando market for the first time, alongside the Bachelor of Science in Nursing (BSN) and Professional Nursing Associate's degree (ADN) programs. Enrollment is now underway, with classes beginning in April."As APEI's healthcare division, which includes Rasmussen University, begins its next chapter of growth, I am very pleased to introduce Rasmussen University's sixth campus to the Florida market, said Angela Selden, chief executive officer of American Public Education, Inc. "With the healthcare industry facing significant staffing challenges—particularly in nursing—expanding our presence in Orlando and the introduction of an LPN program allows us to create new entry points into the nursing profession and strengthen the local healthcare workforce."Purpose-built to support hands-on learning, the two-story Orlando campus features well-equipped nursing skills and simulation labs, collaborative classrooms, and dedicated spaces for faculty and student engagement. These learning environments incorporate modern technology and realistic clinical tools to help prepare students for success in today's healthcare settings."Rasmussen has proudly served Central Florida since 2007. We are thrilled to officially open our Orlando campus and welcome students from across Orange, Osceola, and surrounding counties," said Mark Arnold, president of Rasmussen University. "Alongside our North Orlando and Ocala campuses, this new location strengthens our ability to serve Central Florida students and supports the region's growing demand for well-prepared nursing professionals."About the Rasmussen University Nursing ProgramsRasmussen University is a national leader in prelicensure nursing education, offering multiple entry points and a full nursing education ladder for students at different career stages. Programs range from LPN to ADN and BSN degrees, as well as graduate-level Master of Science in Nursing (MSN) and Doctor of Nursing Practice (DNP)programs. Students learn from experienced faculty, train in modern simulation centers, and gain hands-on experience through clinical rotations with healthcare partners.Practical Nursing Diploma (LPN): Designed for students seeking entry into the nursing profession, this program prepares students for the NCLEX-PN® licensing exam and licensure as licensed practical nurses (LPNs), with opportunities to bridge into the ADN or BSN program for career advancement.ACEN-accredited1 Professional Nursing Associate's Degree (ADN): Designed for students seeking to enter the nursing profession and become registered nurses.CCNE-accredited2 Bachelor of Science in Nursing (BSN): For students pursuing bachelor's-level preparation in nursing, with a strong focus on clinical excellence and career readiness.To learn more about Rasmussen University's nursing programs, visit www.rasmussen.edu/degrees/nursing.To learn more about the new Rasmussen University Orlando campus, visit https://www.rasmussen.edu/locations/florida/orlando/.1The associate nursing program at Rasmussen University at the Ocala campus (with an off-campus instructional site in North Orlando and Orlando) located in Ocala, Florida, is accredited by the:
Accreditation Commission for Education in Nursing (ACEN)
3390 Peachtree Road NE, Suite 1400
Atlanta, GA 30326
(404) 975-5000
The most recent accreditation decision made by the ACEN Board of Commissioners for the associate nursing program is Continuing Accreditation.
View the public information disclosed by the ACEN regarding this program at
https://www.acenursing.org/search-programs.2The baccalaureate degree program in nursing at Rasmussen University is accredited by the Commission on Collegiate Nursing Education (CCNE), 655 K Street, NW Suite 750, Washington, DC 20001, 202-887-6791.ABOUT RASMUSSEN UNIVERSITY:
Rasmussen University, a university accredited by the Higher Learning Commission—an institutional accreditation agency recognized by the U.S. Department of Education (www.hlcommission.org)—is committed to enriching our communities by providing innovative, career-ready higher learning and outstanding healthcare education. The University offers undergraduate and graduate programs online and in person at 20 campuses across the country across eight areas of study. Since 1900, Rasmussen has been creating opportunities, transforming lives, and strengthening communities through person-centered career-focused education. In 2025, the University celebrated 125 years of empowering students to achieve their goals and make a lasting impact. Rasmussen University is a wholly owned subsidiary of American Public Education, Inc. (Nasdaq: APEI). Learn more at www.rasmussen.edu.ABOUT AMERICAN PUBLIC EDUCATION, INC.:
American Public Education, Inc. (Nasdaq: APEI), through its institutions American Public University System (APUS), Rasmussen University and Hondros College of Nursing provides education that transforms lives, advances careers, and improves communities.FORWARD LOOKING STATEMENTS:
Statements made in this press release regarding APEI or its subsidiaries that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. In some cases, forward-looking statements can be identified by words such as "anticipate," "believe," "seek," "could," "estimate," "expect," "intend," "may," "plan," "should," "will," "would," and similar words or their opposites. Forward-looking statements include, without limitation, statements regarding the Company's future path, expected growth, registration, enrollments, revenues, net income, Adjusted EBITDA and EBITDA, capital expenditures, the growth and profitability of Rasmussen University, plans with respect to recent, current and future initiatives, and the impact of the government shutdown on prospective and current students, the Company, and APUS.Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, among others, risks related to: APEI's failure to comply with regulatory and accrediting agency requirements, including the "90/10 Rule", and to maintain institutional accreditation and the impacts of any actions APEI may take to prevent or correct such failure; changes in the post-secondary education regulatory environment as a result of U.S. federal elections, including any changes by or as a result of actions of the current administration to the operations of the Department of Education or changes to or the elimination or implementation of laws, regulations, standards, policies, and practices; potential or actual government shutdowns, including the U.S federal government shutdown that began on October 1, 2025, uncertainties in the estimated impact of the shutdown on APEI and its prospective and current students, and APEI's inability to mitigate these impacts; government budget and federal workforce uncertainty; the impact, timing, and projected benefits of the planned combination of APUS, RU, and HCN into one consolidated institution; APEI's dependence on the effectiveness of its ability to attract students who persist in its institutions' programs; changing market demands; declines in enrollments at APEI's subsidiaries; APEI's inability to effectively market its institutions' programs; APEI's inability to maintain strong relationships with the military and maintain course registrations and enrollments from military students; the loss or disruption of APEI's ability to receive funds under Title IV or TA programs or the reduction, elimination, or suspension of federal funds; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll students who are likely to succeed; APEI's need to successfully adjust to future market demands by updating existing programs and developing new programs; APEI's loss of eligibility to participate in Title IV programs or ability to process Title IV financial aid; economic and market conditions and changes in interest rates; difficulties involving acquisitions; APEI's indebtedness and preferred stock, including the refinancing or redemption thereof; APEI's dependence on and the need to continue to invest in its technology infrastructure, including with respect to third-party vendors; the inability to recognize the intended benefits of APEI's cost savings and reduction and revenue generating efforts; APEI's ability to manage and limit its exposure to bad debt; and the various risks described in the "Risk Factors" section and elsewhere in APEI's Annual Report on Form 10-K for the year ended December 31, 2024, and in other filings with the SEC. You should not place undue reliance on any forward-looking statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future.Contact: Molly Andersen
Mobile: 903.920.4366
Email: molly.andersen@rasmussen.edu










View original content to download multimedia:https://www.prnewswire.com/news-releases/rasmussen-university-opens-new-orlando-campus-expanding-florida-footprint-302686918.htmlSOURCE American Public Education, Inc.

Original: Rasmussen University Opens New Orlando Campus, Expanding Florida Footprint

APEI Bullish Mid to Long investment. Up 100% in the last month.

APEI bearish 22.55

overbought at a resistance level
low risk high reward trade


















normal chart


log chart

Anyone on this board, I like the University, graduated from the University, and know it makes a great deal of money!

why is this trading in such a tight range?

Director purchases 100,000 shares

Timothy Weglicki purchased 103,500 shares total on Wednesday/Friday this week.

Considering where the stock is sitting, the purchases are clearly an indicator it's either approaching being undervalued, or already is.

http://www.insider-alerts.com/Data/20120601/0001181431-12-033946.xml

~ Tuesday! $APEI ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $APEI ~ Earnings expected on Tuesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=APEI&p=D&b=3&g=0&id=p88783918276&a=237480049




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~ Google Finance: http://www.google.com/finance?q=APEI
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=APEI#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=APEI+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=APEI
Finviz: http://finviz.com/quote.ashx?t=APEI
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<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=APEI >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

Short Sales (past twelve months)

Date Short Interest % Change Avg. Daily Share Volume Days to Cover Split New Issue
Dec 15, 2010 1,463,306 -13.67 214,026 6.84 No No
Nov 30, 2010 1,695,077 -5.97 138,091 12.28 No No
Nov 15, 2010 1,802,640 -20.48 433,104 4.16 No No
Oct 29, 2010 2,267,012 5.20 252,435 8.98 No No
Oct 15, 2010 2,154,945 5.56 242,378 8.89 No No
Sept 30, 2010 2,041,424 10.42 266,139 7.67 No No
Sept 15, 2010 1,848,713 -8.43 159,393 11.60 No No

Source: pinksheets.com

In June 2011, APUS was re-granted regional accreditation from the Higher Learning Commission of the North Central Association of Colleges and Schools after a lengthy comprehensive evaluation which occured between 2010 and 2011. APUS is due for its next comprehensive evaluation to maintain its accreditation status in 2020/2021.

Source: Wikipedia.org