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American Public Education (APEI) investor relations material
American Public Education Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $162.8M, up 6.5–7% year-over-year, exceeding guidance, with strong enrollment growth and margin improvements across all segments.
Adjusted EBITDA rose 38% to $15.1M, and net loss to common shareholders improved to ($0.3M), impacted by a $3.5M loss on preferred equity redemption.
Completed sale of Graduate School USA and two corporate buildings, unlocking $22M, and released $24.5M in restricted cash.
Redeemed all preferred equity for $43M, saving $6M annually and simplifying capital structure.
Announced leadership changes and investments in technology to modernize student experience.
Financial highlights
Q2 2025 revenue: $162.8M (up 6.5–7% year-over-year); Adjusted EBITDA: $15.1M (up 38%); net loss to common shareholders: ($0.3M).
Cash and equivalents at June 30, 2025: $174.9M–$176.6M, up from year-end 2024.
Free cash flow for the first half of 2025 was $28.7M, up from $16.6M prior year.
Q2 2025 EPS: ($0.02) basic and diluted; six months EPS: $0.40 basic, $0.39 diluted.
Operating margin improved to 4.3% from 1.5% year-over-year; adjusted margin 5.4%.
Outlook and guidance
Full-year 2025 revenue guidance maintained at $650M–$660M (4–6% growth); Adjusted EBITDA guidance raised to $81M–$88M.
Full-year net income guidance: $18M–$24M, reflecting one-time losses.
Q3 2025 revenue expected at $159M–$161M; Adjusted EBITDA at $15M–$17M.
CapEx for 2025 expected at $18M–$22M; free cash flow projected at $59M–$70M.
Tuition increases planned for RU and HCN in late 2025/early 2026; APUS tuition remains competitive.
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