American Public Education (APEI) Q4 2025 earnings summary

Executive summary

• Achieved $649 million in 2025 revenue, up 4% year-over-year, with all institutions posting growth despite a government shutdown, campus closures, and a divestiture.

• Adjusted EBITDA rose 19% to $85.7 million, exceeding guidance; net income available to common stockholders increased 151.6% to $25.3 million.

• Nursing and healthcare segments delivered strong results, offsetting federal shutdown impacts.

• Simplified operations by redeeming preferred equity, selling corporate buildings, and divesting Graduate School USA.

• Multi-year growth path targets $1B revenue and 20–21% adjusted EBITDA margin by 2029.

Financial highlights

• Q4 2025 revenue: $158.3 million, down 3.5% year-over-year due to government shutdown and GSUSA sale.

• Q4 net income available to common stockholders: $12.6 million ($0.67/share), up 9.6% year-over-year.

• Full year 2025 revenue: $648.9 million (+3.9% YoY); adjusted EBITDA: $85.7 million (+18.6% YoY); net income: $25.3 million (+152% YoY); diluted EPS: $1.36 (+147.3% YoY).

• Cash and equivalents at year-end: $176.5 million; total debt: $96.4 million; net cash: $80.1 million.

• Cash flows from operations increased 26.8% to $62.0 million.

Outlook and guidance

• FY 2026 revenue guidance: $685–$695 million; adjusted EBITDA: $91.5–$100.5 million; net income: $41.3–$47.6 million; EPS: $2.15–$2.47.

• Q1 2026 revenue: $173–$175 million; adjusted EBITDA: $25.5–$27 million; net income: $11.1–$12.2 million; EPS: $0.58–$0.64.

• CapEx for 2026: $28–$32 million, with $7 million allocated for new campus openings.

• Multi-year framework targets $890–$925 million revenue and 20–21% EBITDA margin by 2029.