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- American Public Education, Inc. (APEI) expects its **Q3 2025 consolidated revenue** and **net course registrations for American Public University System (APUS)** to exceed the top-end of its previously disclosed guidance range.  **[1201792_0001104659-25-099257_tm2528712d1_8k.htm:1]** 
- Due to the U.S. federal government shutdown and temporary suspension of the tuition assistance program, approximately **12,700 APUS course registrations were dropped** for non-payment on October 11, 2025.  **[1201792_0001104659-25-099257_tm2528712d1_8k.htm:1]** 
- APUS estimates that the government shutdown will result in approximately **$9.6 million lower revenue in October 2025** and a **35% decline in net course registrations** for October 2025 compared to October 2024.  **[1201792_0001104659-25-099257_tm2528712d1_8k.htm:1]** 
- The company is currently unable to determine the full impact of the ongoing government shutdown on its **fourth quarter and full year 2025 operating results**.  **[1201792_0001104659-25-099257_tm2528712d1_8k.htm:1]**

American Public Education, Inc. Updates Q3 2025 Results and Government Shutdown Impact

AMERICAN PUBLIC EDUCATION (APEI)