Earnings summaries and quarterly performance for AMERICAN PUBLIC EDUCATION.
Executive leadership at AMERICAN PUBLIC EDUCATION.
Angela Selden
Detailed
President and Chief Executive Officer
CEO
Craig MacGibbon
Detailed
Executive Vice President and Chief Information Officer
Edward Codispoti
Detailed
Executive Vice President and Chief Financial Officer
Nuno Fernandes
Detailed
President, American Public University System
Thomas Beckett
Detailed
Senior Vice President, General Counsel and Secretary
Board of directors at AMERICAN PUBLIC EDUCATION.
Research analysts who have asked questions during AMERICAN PUBLIC EDUCATION earnings calls.
Jasper Bibb
Truist Securities
4 questions for APEI
Also covers: ABM, AMN, APG +14 more
Matthew Filek
William Blair
2 questions for APEI
Also covers: ALRM, EXPI, LRN
Raj Sharma
Texas Capital Bank
2 questions for APEI
Also covers: ASPU, CXW, EZPW +4 more
Stephen Sheldon
William Blair & Company
2 questions for APEI
Also covers: AGYS, ALRM, CBRE +11 more
Alexander Paris
Barrington Research Associates, Inc.
1 question for APEI
Also covers: ATGE, CSV, FC +10 more
Eric Martinuzzi
Lake Street Capital Markets
1 question for APEI
Also covers: ASPU, ASUR, BCOV +24 more
Griffin Boss
B. Riley Securities
1 question for APEI
Also covers: ASTS, CMTL, EGLXF +7 more
Luke Horton
Northland Capital Markets
1 question for APEI
Also covers: CDLX, LINC, SEMR +2 more
Maxwell Michaelis
Lake Street Capital Markets
1 question for APEI
Also covers: BCOV, BLZE, CLBT +10 more
Rajiv Sharma
B. Riley Securities
1 question for APEI
Also covers: ASPS, ASPU, DFIN +6 more
Recent press releases and 8-K filings for APEI.
APEI Outlines 2029 Financial Targets and Growth Strategies
APEI
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- APEI projects organic revenue between $890 million and $925 million by 2029, with a total revenue target of $1 billion including strategic investments. This represents a 9%-12% revenue CAGR.
- The company aims for adjusted EBITDA between $182 million and $200 million by 2029, achieving a 20%-21% enterprise margin and a 24%-27% adjusted EBITDA CAGR.
- Growth will be driven by APUS Global, focusing on maximizing military market share, expanding with veterans and families, new program development, global expansion, and AI-driven digital transformation.
- RU Health Plus plans include leveraging nursing program ladders, forming partnerships with health systems, and expanding with two new campuses annually starting in 2026, each requiring a $3.5 million capital investment and targeting $12 million revenue at scale with 35% EBITDA margins.
- APEI reported a strong balance sheet with $191.3 million in unrestricted cash and $60 million in free cash flow for the trailing twelve months of 2025, with $300-$400 million available for capital allocation over the next four years after CapEx.
Nov 20, 2025, 2:00 PM
APEI Outlines 2029 Revenue and EBITDA Targets at Investor Day
APEI
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- APEI projects organic revenue between $890 million and $925 million by 2029, with a goal to reach $1 billion including strategic investments. This represents a revenue CAGR of 9% to 12%.
- The company targets adjusted EBITDA between $182 million and $200 million by 2029, achieving an enterprise margin of 20% to 21%. This implies an adjusted EBITDA CAGR of 24% to 27%.
- APUS Global plans to drive growth by maximizing tuition assistance, expanding into veteran and military family markets, introducing 23 new degree programs in English and 30 programs in Spanish, and leveraging AI for profitability. APUS aims for a 31% EBITDA margin by 2029.
- RU Health Plus initiatives include "filling the back row" by increasing student enrollment in existing campuses to 90% capacity (an additional 5,900 students) by 2029, leveraging nursing program ladders, forming healthcare partnerships, and expanding campuses. This division targets $485 million to $505 million of revenue and 18%-20% EBITDA margins by 2029.
- APEI reported a strong balance sheet with $191.3 million in unrestricted cash and $96.4 million in debt, resulting in a current leverage ratio of 1.1 times. The company generated $60 million in free cash flow for the trailing 12-month period ending 2025 and expects to generate $300 million to $400 million in cash over the next four years after CapEx.
Nov 20, 2025, 2:00 PM
APEI Outlines Ambitious 2029 Financial Targets and Growth Strategy
APEI
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- APEI projects organic revenue between $890 million and $925 million by 2029, with a goal to reach $1 billion in total revenue including strategic investments, representing a 9%-12% revenue CAGR.
- The company targets adjusted EBITDA between $182 million and $200 million by 2029, achieving a 20%-21% enterprise margin and a 24%-27% adjusted EBITDA CAGR.
- Growth will be driven by APUS Global initiatives, including maximizing military market share, expanding with veterans and families, launching 23 new degree programs in English, converting 30 programs to Spanish, and leveraging AI for efficiency.
- RU Health Plus plans to add two new campuses annually starting in 2026, each requiring a $3.5 million capital investment and projected to generate $12 million in revenue at scale with a 35% EBITDA margin.
- APEI maintains a strong balance sheet with $191.3 million in unrestricted cash and $96.4 million in debt, and expects to generate $300-$400 million in cash for further investments or shareholder returns after CapEx by 2029.
Nov 20, 2025, 2:00 PM
APEI Outlines 2029 Financial Targets and Growth Strategy
APEI
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- **APEI projects significant growth by 2029, targeting organic revenue between $890 million and $925 million, with a potential to reach $1 billion including strategic investments, representing a 9% to 12% revenue CAGR. **
- **The company anticipates adjusted EBITDA to grow at a CAGR of 24% to 27% by 2029, reaching between $182 million and $200 million, with an enterprise margin of 20%-21%. **
- **Recent performance shows strong momentum, with TTM revenue growth accelerating to 7% and margins expanding by 530 basis points in the most recent period, alongside a 173% increase in free cash flow to $60 million in TTM 2025. **
- **Strategic initiatives include APUS's focus on military/veteran market expansion and digital transformation for margin optimization, and RU Health Plus's plan to expand nursing programs, leverage existing capacity, and add two new campuses annually starting in 2026. **
- **APEI maintains a strong balance sheet with $191.3 million in unrestricted cash and a reduced leverage ratio of 1.1 times. **
Nov 20, 2025, 2:00 PM
American Public Education, Inc. Reports Strong Q3 2025 Financial Results Exceeding Guidance
APEI
Earnings
Guidance Update
CFO Change
- American Public Education, Inc. (APEI) reported Q3 2025 financial results that exceeded the top end of its guidance across all key metrics.
- For Q3 2025, consolidated revenue increased 7% year-over-year to $163.2 million.
- Net income available to common stockholders for Q3 2025 was $5.6 million, a 660% increase from the prior year, with diluted EPS at $0.30.
- Adjusted EBITDA for Q3 2025 increased 60% to $20.7 million compared to the prior year period.
- The company provided Fourth Quarter 2025 guidance, projecting consolidated revenue between $150.0 million and $153.5 million and diluted EPS between $0.32 and $0.45.
Nov 10, 2025, 10:00 PM
APEI Reports Strong Q3 2025 Results, Updates Guidance, and Announces CFO Change
APEI
Earnings
Guidance Update
CFO Change
- American Public Education (APEI) reported strong Q3 2025 financial results, with revenue of $163.2 million (up 7% year-over-year) and adjusted EBITDA of $20.7 million (up 60% year-over-year), driven by enrollment growth across its institutions.
- Enrollments in Q3 2025 increased significantly, with APUS registrations up 8%, Rasmussen enrollments up 10%, and Hondros College of Nursing enrollments growing 18% compared to Q3 2024.
- The company strengthened its balance sheet by completing the sale of Graduate School USA in July 2025, eliminating a $28 million lease liability, and redeeming preferred equity, resulting in $193.1 million in unrestricted cash as of September 30, 2025.
- APEI provided Q4 2025 guidance, expecting consolidated revenue between $150 million and $153.5 million and adjusted EBITDA between $18.5 million and $22 million, noting a projected 23-33% decrease in APUS registrations due to the government shutdown.
- Ed Codespody was appointed as the new Chief Financial Officer on October 20, 2025, succeeding Rick Sunderland.
Nov 10, 2025, 10:00 PM
APEI Announces Strong Q3 2025 Financial Results and Positive FY 2025 Guidance
APEI
Earnings
Guidance Update
Revenue Acceleration/Inflection
- APEI reported strong Q3 2025 financial results, with revenue of $163.2 million, net income of $5.6 million, and diluted EPS of $0.30, marking significant year-over-year improvements from Q3 2024 figures of $153.1 million revenue, $0.7 million net income, and $0.04 diluted EPS.
- The company achieved strong enrollment and registration growth across its institutions, with APUS increasing net course registrations by 8% year-over-year in Q3 2025, Rasmussen increasing enrollments by 9% in 4Q'25 compared to 4Q'24, and HCN increasing enrollment by 9% in 4Q'25 compared to 4Q'24.
- APEI's balance sheet strengthened, reporting $193.1 million in cash & equivalents as of September 30, 2025, and $94.9 million in unrestricted cash, net of debt. The company also completed the sale of Graduate School USA in July 2025.
- For the full year 2025, APEI provided guidance forecasting revenue between $640 million and $644 million, net income available to common shareholders between $17.2 million and $19.6 million (or $0.93 to $1.06 per diluted share), and Adjusted EBITDA between $75 million and $79 million.
Nov 10, 2025, 10:00 PM
American Public Education Reports Strong Q3 2025 Results, Updates Full-Year Guidance, and Announces CFO Change
APEI
Earnings
CFO Change
Guidance Update
- American Public Education (APEI) reported strong Q3 2025 financial results, exceeding guidance with revenue of $163.2 million (an increase of 7% from the prior year period), net income of $5.6 million (almost seven times higher than the prior year), and adjusted EBITDA of $20.7 million (a 60% increase compared to the prior year period).
- The company achieved significant enrollment growth in Q3 2025, with APUS net course registrations increasing 8%, Rasmussen enrollments increasing 10%, and Hondros College of Nursing enrollments increasing 18% compared to Q3 2024.
- APEI strengthened its balance sheet through strategic actions, including the sale of Graduate School USA on July 25, 2025, which eliminated a $28 million lease liability, and the redemption of preferred equity at the end of Q2 2025 for $43.1 million, resulting in an approximate $10 million annual pre-tax increase in cash flow.
- The company provided updated full-year 2025 guidance, anticipating consolidated revenue between $640 million and $644 million and adjusted EBITDA between $75 million and $79 million, with Q4 2025 results impacted by a government shutdown.
- Ed Codespody joined APEI as the new Chief Financial Officer on October 20, 2025.
Nov 10, 2025, 10:00 PM
APEI Reports Strong Q3 2025 Results and CFO Transition
APEI
Earnings
CFO Change
Revenue Acceleration/Inflection
- American Public Education (APEI) reported strong third quarter 2025 financial results, exceeding guidance with revenue of $163.2 million, a 7% increase year-over-year, and adjusted EBITDA of $20.7 million, up 60%. Net income was $5.6 million, and diluted EPS was $0.30.
- The company achieved significant enrollment growth across its segments: APUS registrations increased 8%, Rasmussen enrollments grew 10% (totaling 14,900 students), and Hondros College of Nursing enrollments rose 18% (to approximately 3,700 students) compared to Q3 2024.
- Ed Codispodi was appointed as the new Chief Financial Officer on October 20, 2025, with former CFO Rick Sunderland transitioning to an Executive Advisor role.
- APEI completed the sale of Graduate School USA on July 25, 2025, incurring a $3.9 million loss related to the sale, and is pursuing a revised process for the combination of its institutions, with an expected implementation in 3Q 2026.
Nov 10, 2025, 10:00 PM
American Public Education Reports Strong Q3 2025 Financial Results Exceeding Guidance
APEI
Earnings
Guidance Update
CFO Change
- American Public Education (APEI) reported strong third quarter 2025 financial results, with consolidated revenue increasing 7% year-over-year to $163.2 million, net income available to common stockholders rising 660% to $5.6 million, and Adjusted EBITDA growing 60% to $20.7 million, all exceeding guidance.
- The company maintained a strong balance sheet with $193.1 million of cash, cash equivalents, and restricted cash at September 30, 2025, and no net debt.
- Revenue growth was driven by year-over-year increases of 19% at Hondros College of Nursing, 16% at Rasmussen University, and 8% at American Public University System.
- Edward H. Codispoti was appointed Executive Vice President and Chief Financial Officer effective October 20, 2025.
- For the full year 2025, APEI projects consolidated revenue between $640 million and $644 million and Adjusted EBITDA between $75 million and $79 million.
Nov 10, 2025, 9:32 PM
Quarterly earnings call transcripts for AMERICAN PUBLIC EDUCATION.
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