**American Public Education, Inc. Reports Fiscal Year 2025 Results**

American Public Education, Inc. (APEI) reported total revenue of $648.9 million for the fiscal year ended December 31, 2025, a 3.9% increase compared to $624.6 million in 2024. This growth was primarily driven by increased revenue in the Rasmussen University (RU) and Hondros College of Nursing (HCN) segments, with contributions from the American Public University System (APUS) segment, offset by a decrease in revenue from Graduate School USA (GSUSA) prior to its sale. Net income available to common stockholders was $25.3 million, or $1.36 per diluted share, compared to $10.1 million, or $0.55 per diluted share, in the prior year.

The company's financial performance was influenced by several strategic and operational developments. A key event was the planned combination of APUS, RU, and HCN into a single institution, American Public University System, with two divisions: APU Global and RU Health+. This combination, aimed at creating synergies and optimizing operations, is expected to be completed in the third quarter of 2026, pending regulatory approvals. APEI also completed the sale of its membership interest in GSUSA on July 25, 2025, for $0.5 million, and redeemed all outstanding shares of Series A Senior Preferred Stock for $43.1 million in June 2025.

Key operational developments included campus consolidations and closures at RU, with the Green Bay, Wisconsin campus closing in December 2025 and plans to close the Wausau campus in December 2026. These actions are part of an ongoing effort to optimize resources and improve operational efficiency. APUS experienced a decrease in TA course registrations in the fourth quarter of 2025 due to a U.S. federal government shutdown, which temporarily suspended DoD TA programs. As of December 31, 2025, APUS had approximately 88,700 students, RU had approximately 15,900 students, and HCN had approximately 4,000 students.

Looking ahead, APEI is focused on several strategic goals, including winning with service-minded students and their families, delivering a return on higher education investment, growing a national nursing platform, building a career learning platform, achieving sustainable growth, focusing on regulatory metrics, and optimizing its cost structure through a shared services model. The company anticipates revenue synergies and cost synergy opportunities through the elimination of redundancies and optimizing operations following the expected completion of the Combination. However, APEI acknowledges potential risks and uncertainties, including those related to regulatory compliance, competition, and the integration of acquired businesses.

About AMERICAN PUBLIC EDUCATION INC

American Public Education, Inc. (APEI) is a leading provider of online and campus-based postsecondary education, serving approximately 106,700 students. Focused on military personnel, veterans, and underserved populations, APEI offers diverse programs through its subsidiaries, including American Public University System and Rasmussen University. The company is expanding its nursing education offerings and plans to consolidate its institutions to enhance efficiency and innovation, addressing significant market demand in healthcare and career learning.

This description was generated via AI from an annual report. Updated 8 months ago.

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