What does American Public Education do and what are its main business segments?

What is the market's earnings forecast for American Public Education next quarter?

Did American Public Education beat or miss consensus estimates last quarter?

What is American Public Education's gross profit margin?

What were the key takeaways from American Public Education's earnings call?

What is the revenue and EPS growth rate for American Public Education year over year?

What guidance did American Public Education's management provide for the next earnings period?

What factors drove the changes in American Public Education's revenue and profit?

- **Revenue Growth**: 2025 full year +4% to $649M, driven by nursing (+14%) and healthcare (+11%).
- **Resilience at APUS**: Q4 down 13.8% YoY due to shutdown, but December registrations +41% YoY.
- **2026 Outlook**: Revenue $685-695M (+6-7%), EBITDA $91.5-100.5M (+6-17%).
- **Strategic Moves**: Debt refinancing saves $3.7M/year, $50M share buyback, 2 new campuses opening in 2026.
- **Segment Shift**: Transitioning to 2 reporting segments (APU Global, RU Health+) starting Q1 2026.

**【CEO Summary Section】**
- Full year 2025 revenue reached $649 million, up 4% YoY, with nursing and healthcare segments driving 14% and 11% growth respectively.
- APUS revenue grew 0.9% YoY despite a 44-day government shutdown impacting registrations, showing resilience with a 41% YoY increase in December registrations.
- 2026 guidance: Revenue $685-695 million (+6-7%), adjusted EBITDA $91.5-100.5 million (+6-17%).
- Strategic initiatives: 2 new campuses (Orlando, Detroit) to open in 2026, and institutional combination targeting Q3 2026.

**【CFO Financial Commentary】**
- Q4 2025 revenue $158.3 million, exceeding guidance; full year adjusted EBITDA $85.7 million (+19% YoY).
- Refinanced $96.4 million debt to $90 million, reducing borrowing rate by 375bps, saving $3.7 million annually.
- Authorized $50 million share repurchase program to offset dilution from stock-based compensation.
- Q1 2026 guidance: Revenue $173-175 million, adjusted EBITDA $25.5-27 million.

**【Q&A Highlights】**
- **Government Shutdown Impact**: Q4 APUS revenue down 13.8% YoY, but December registrations rebounded 41% YoY, offsetting 60% of lost registrations.
- **New Campuses**: Orlando (enrolling Q2 2026) and Detroit (Q1 2027) expected to generate $12 million revenue at 35% EBITDA margin within 18 months.
- **Marketing Strategy**: Digitally-focused for APUS, local recruitment for campuses; veterans and military families channels growing at high-teens.
- **Financial Priorities**: Organic growth (#1), M&A (opportunistic), then share buybacks to mitigate dilution.

American Public Education, Inc. (APEI) Q4 2025 Earnings Call Transcript

- **Revenue Beats Expectations**: Q3 revenue up 7% YoY to $163.2M, driven by nursing and military education growth. 
- **Enrollment Resilience**: Rasmussen on-ground enrollment +13% YoY, APUS registrations recover to 30% of prior year levels in November. 
- **Profit Improvement**: Net income +7x YoY to $5.6M; EBITDA +60% to $20.7M. 
- **Government Shutdown Mitigation**: Using $100M OBBB funds,30% of October registrations processed in November. 
- **Strategic Restructuring**: $28M annual savings from Graduate School USA sale; $6M from preferred stock redemption. 
- **Nursing Growth Engine**: Rasmussen ADN/BSN programs +18% YoY, targeting 2026 combination to scale margins. 
- **Cash Flow Strength**: Free cash flow +56% YoY to $45.2M; unrestricted cash $193.1M.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue for Q3 2025 was $163.2 million, a 7% year-over-year increase. Excluding the sold Graduate School USA, revenue growth was 5% (12% when including the school). 
- **Enrollment Momentum**: Rasmussen saw 10% enrollment growth (5th consecutive quarter of YoY growth), while Hondros College of Nursing grew 18%. APUS net course registrations increased 8% YoY. 
- **Strategic Actions**: Sold Graduate School USA in July 2025, reducing lease liabilities by $28 million annually. Completed HLC approval for institution combination, targeting Q3 2026 implementation. 
- **Government Shutdown Impact**: APUS registrations declined in October (-88% YoY) but improved in November (30% of prior year levels). December registrations are expected to recover as the CR is nearing passage. 
- **Balance Sheet Strength**: Unrestricted cash and equivalents totaled $193.1 million as of Q3 end. 

**【CFO Financial Commentary】**
- **Profitability**: Q3 net income available to common shareholders was $5.6 million ($0.30 EPS), up 7x YoY. Adjusted EBITDA rose 60% to $20.7 million. 
- **Segment Performance**: APUS EBITDA grew 19% YoY to $26.2 million. Rasmussen turned from a $4.5 million loss to $825,000 EBITDA. 
- **Free Cash Flow**: 9M 2025 free cash flow (adjusted EBITDA - CapEx) was $45.2 million. 
- **Guidance Update**: Full-year 2025 revenue now expected at $640-644 million (down $20-24 million due to shutdown). 

**【Q&A Highlights】**
- **TA Recovery**: 30% of October registrations were processed in November using $100M OBBB funds. December registrations could approach pre-shutdown levels if CR passes. 
- **Cost Savings**: $6M annual savings from preferred stock redemption; $4M from lease liability reduction. 
- **Nursing Growth**: Rasmussen on-ground enrollment +13% YoY, driven by ADN/BSN programs. 
- **Integration Progress**: Combination process delay resolved; 2026 implementation on track. 
- **Margin Expansion**: Rasmussen operating leverage from filling campus capacity. 
- **APUS 90/10 Ratio**: Cash payers (grad military) offset TA shortfall, supporting compliance. 
- **Investor Day Preview**: November 20 event to detail multi-year nursing growth plans.

American Public Education, Inc. (APEI) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 2025 revenue up 6.5% to $162.8M, driven by Rasmussen (+12.2%), APUS (+6.1%), and Hondros (+10.5%).
- **Margin Expansion**: Adjusted EBITDA +38% YoY to $15.1M, margin 9.3% vs. 7.1%.
- **Strategic Simplification**: Sold $22.2M in assets, redeemed $43M preferred stock, saving $6M annually.
- **Enrollment Momentum**: Rasmussen enrollment +10% YoY, Hondros +18% YoY, APUS registrations +7% YoY.
- **AI Investment**: New Chief Innovation Officer to modernize learner journey with predictive analytics.
- **Military Education Expansion**: $100M DoD funding may boost APUS growth; 30% market share of active duty students.
- **Free Cash Flow**: $59M-$70M for 2025, supporting growth initiatives.


**【CEO Summary Section】**
- Exceeded Q2 2025 financial guidance for revenue, net income, EPS, and adjusted EBITDA.
- Sold 2 corporate buildings for $22.2M and redeemed $43M preferred stock, saving $6M annually.
- Rasmussen enrollment +10% YoY, Hondros +18% YoY, driving margin expansion.
- Sold Graduate School USA to focus on core healthcare and military businesses.
- Appointed James Kenigsberg as Interim Chief Innovation & Technology Officer to modernize learner journey.
- Combination of APUS, Rasmussen, and Hondros into single institution approved by HLC; DOE timing pending.
- Increased full-year 2025 adjusted EBITDA guidance to $81M-$88M.

**【CFO Financial Commentary】**
- Q2 2025 revenue: $162.8M (+6.5% YoY), driven by Rasmussen (+12.2%), APUS (+6.1%), and Hondros (+10.5%).
- Adjusted EBITDA: $15.1M (+38% YoY), margin 9.3% vs. 7.1% YoY.
- APUS EBITDA: $22.4M (27.4% margin), Rasmussen EBITDA: $0.2M (vs. -$4.7M YoY), Hondros EBITDA: $0.1M (vs. -$0.4M YoY).
- Q3 2025 revenue guidance: $159M-$161M; full-year revenue unchanged at $650M-$660M.
- Free cash flow 2025: $59M-$70M (adjusted EBITDA - CapEx).

**【Q&A Key Highlights】**
- **Military Education Growth**: APUS net course registrations +7% YoY; $100M DoD funding for active duty education may expand TAM.
- **Rasmussen Margins**: Sequential margin decline due to new course material vendor costs and salary increases; long-term operating leverage expected.
- **Cash Deployment**: Prioritize growth (healthcare expansion, tech investment) over dividends or buybacks.
- **Graduate School Sale**: Eliminates $7M annual revenue but improves balance sheet flexibility.
- **Institution Consolidation**: Single institution approval pending DOE timing; expects streamlined marketing and curriculum access.


American Public Education, Inc. (APEI) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue up 6.6% YoY to $164.6M, EBITDA +25% to $21.2M, net income turns positive to $7.5M.
- **Nursing Strength**: Rasmussen Nursing EBITDA +$4.8M YoY, Q2 enrollment +8% YoY, APUS registrations +3.5% YoY.
- **Cost Savings**: $6M annual savings from preferred stock redemption, $20M+ proceeds from asset sales.
- **Risks**: Graduate School revenue down 12% YoY, 2025 EBITDA guidance assumes $2M downside from federal cuts.
- **Leverage**: Rasmussen Nursing sees 60% EBITDA margin flow-through on new enrollment, 4Q of consecutive growth.


**【CEO Opening Remarks】**
- Q1 2025 revenue of $164.6M (+6.6% YoY), adjusted EBITDA of $21.2M (+25% YoY), net income of $7.5M (vs. -$6.2M YoY). Full year EBITDA guidance raised to $77M-$87M.
- Rasmussen Nursing: Q1 EBITDA improved to +$2.1M (vs. -$2.7M YoY), Q2 enrollment +8% YoY. APUS registrations +3.5% YoY, EBITDA margin 30%.
- Simplification initiatives: Preferred stock redemption ($6M annual savings), 2025 campus consolidation, $20M+ proceeds from selling 2 buildings.
- Risk: Graduate School revenue down 12% YoY due to DOGE budget cuts, 2025 revenue guidance held at $650M-$660M.

**【CFO Financial Breakdown】**
- Cost control: Operating expenses +2% YoY, driven by IT cost reductions. Cash flow from ops $37M (vs. $20.7M YoY), ending cash $187.5M.
- Q2 Guidance: Revenue $160M-$162M, adjusted EBITDA $11.5M-$14M, net loss -$2.5M to -$0.7M (includes $2.9M preferred redemption cost).
- Full Year: Free cash flow $55M-$69M, net income $23M-$30M (post-preferred redemption savings).

**【Key Q&A Highlights】**
- APUS resilience: Q1 TA system outage had no material impact, Q2 registrations +5.5% YoY.
- Rasmussen leverage: 60% EBITDA margin flow-through on new enrollment, 4Q of consecutive + enrollment growth.
- Graduate School: 2025 EBITDA loss expected, exploring strategic alternatives.
- Combination Costs: $4M-$5M total for 2025 consolidation, $1.7M in Q2.
- CapEx: Q1 $3.9M, full year $18M-$22M, weighted towards IT modernization.


American Public Education (APEI)-12 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: $624M revenue (+15% YoY), $72.3M EBITDA (vs. $65M guidance). 
- **Rasmussen Turnaround**: Q4 EBITDA $5.5M (vs. -$0.6M YoY), 7% Q1 2025 enrollment growth. 
- **2025 Growth Plan**: $650-660M revenue (+4-5%), $75-85M EBITDA (+3-17%). 
- **Strategic Moves**: $200M+ preferred share redemption, 20+ campus closures, and single-system consolidation. 
- **Margin Expansion**: 19.1% EBITDA margin in Q4, targeting 20%+ in 2025. 
- **Cash Strength**: $132M unrestricted cash, $51.2M free cash flow in 2024.

**【CEO Opening Remarks】**
- **Q4 & Full Year 2024 Results**: Exceeded revenue, net income, and adjusted EBITDA guidance. Rasmussen achieved +4% enrollment growth and $6.4M EBITDA in Q4, marking its first EBITDA-positive half-year. Full-year revenue reached $624M, exceeding original and revised guidance. 
- **2025 Strategic Priorities**: 
  1. **Institution Consolidation**: Merge Rasmussen, Hondros, and APUS into a single system by Q4 2025 to streamline operations and unlock synergies. 
  2. **Preferred Share Redemption**: Plan to redeem $200M+ of preferred shares by Q2 2025, accreting $3M annually to net income. 
  3. **Campus Rationalization**: Closed underperforming campuses, terminated costly leases, and listed two buildings for sale. 
- **2025 Guidance**: Target $650-660M revenue and $75-85M adjusted EBITDA, driven by nursing program growth and cost savings. 

**【CFO Financial Highlights】**
- **Q4 2024 Performance**: 
  - Revenue: $164.1M (+7.4% YoY), exceeding top-end guidance. 
  - Adjusted EBITDA: $31.4M (+22.2% YoY), margin 19.1%. 
  - APUS EBITDA: $28.4M (34.5% margin). 
  - Rasmussen EBITDA: $5.5M (vs. $0.6M YoY). 
- **2024 Full Year**: 
  - Cash flow from ops: $48.9M. 
  - Free cash flow: $51.2M. 
  - Unrestricted cash: $132M (net cash positive). 
- **2025 Outlook**: 
  - Revenue: $650-660M. 
  - EBITDA: $75-85M. 
  - Net income: $19-26M. 
  - CapEx: $18-22M. 

**【Q&A Key Takeaways】**
1. **APUS Enrollment Challenges**: Q1 2025 growth (+1.5-3%) impacted by Army/Air Force portal outage, but April+ registrations normalizing. 
2. **Rasmussen Margin Recovery**: Online enrollment +11.1% YoY in Q1, with EBITDA expected to improve as scale benefits offset $2.1M/yr marketing investment. 
3. **Consolidation Synergies**: Long-term revenue upside from cross-selling post-licensure programs, not immediate cost savings. 
4. **Marketing Effectiveness**: Rasmussen shifted to organic leads (radio, local ads) with 19% conversion rate, reducing CAC by 20%.

Actual												0.16	0.45	0.18	0.47	0.49	0.03	0.0019	0.6702	0.28	-5.82	-0.2	-0.35	-0.38	-2.8133	-0.0076	0.64	-0.06	0.0507	0.1391	0.756	0.5454	0.1022	0.392	0.67
Forecast												0.1667	0.24	0.1467	0.415	0.455	0.0125	0.08	0.415	0.2775	0.1275	-0.25	-0.0033	-0.4533	-0.2325	-0.2482	0.205	-0.1697	0.0675	0.14	0.615	0.295	0.015	0.0867	0.3713
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4.02%	+87.50%	+22.70%	+13.25%	+7.69%	+140.00%	-97.63%	+61.49%	+0.90%	-4664.71%	+20.00%	-10506.06%	+16.17%	-1110.02%	+96.94%	+212.20%	+64.64%	-24.89%	-0.64%	+22.93%	+84.88%	+581.33%	+352.13%	+80.45%

APEI

APEI fundamentals

APEI Q4 2025 Earnings

Earnings Call

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APEI

APEI fundamentals

APEI Q4 2025 Earnings

Earnings Call

APEI Earnings Call Summary for Q4/20255:00 PM on Mar 12, 2026

APEI Earnings Call Summary for Q3/20255:00 PM on Nov 10, 2025

APEI Earnings Call Summary for Q2/20255:00 PM on Aug 6, 2025

APEI Earnings Call Summary for Q1/20255:00 PM on May 12, 2025

APEI Earnings Call Summary for Q4/20245:00 PM on Mar 6, 2025

You can ask Aime