Press release
American Public Education Reports Third Quarter 2025 Financial Results that Exceed Top End of Guidance
Revenue, Net Income, EPS and Adjusted EBITDA All Exceeded Guidance and Prior Year CHARLES TOWN, W.Va., Nov. 10, 2025 /PRNewswire/ -- American Public
About this update from American Public Education, Inc.
[{"type":"text","content":"\n Revenue, Net Income, EPS and Adjusted EBITDA All Exceeded Guidance and Prior Year\n \n \n CHARLES TOWN, W.Va., Nov. 10, 2025 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) is a company which, through its three subsidiary education institutions, transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately 108,000 students. APEI has reported unaudited financial and operating results for the third quarter ended September 30, 2025.\n \n \n \n \n \n \n \n \n Key Third Quarter 2025 Highlights\n \n \n Consolidated revenue for Q3 2025 increased 7% year-over-year to $163.2 million.Revenue for the quarter was driven by year-over-year revenue increases of 19% at Hondros College of Nursing (\"HCN\"), 16% at Rasmussen University (\"RU\"), and 8% at American Public University System (\"APUS\"), partially offset by a decrease of 90% at GSUSA (sold in July 2025); excluding Graduate School USA (\"GSUSA\") from both periods, revenue would have increased 12% year-over-year.\n Net income available to common stockholders for Q3 2025 was $5.6 million, or 660%, higher than net income available to common stockholders of $0.7 million in Q3 2024.\n Adjusted EBITDA increased 60% to $20.7 million compared to $12.9 million for Q3 2024, driven by increased revenue and margin expansion of 424 bps.\n Cash flows from operations increased 56% to $73.5 million from $47.3 million for Q3 2024.\n Strong balance sheet with $193.1 million of cash, cash equivalents and restricted cash at September 30, 2025, simplified capital structure and no net debt.\n Edward H. Codispoti joined the Company as its Executive Vice President and Chief Financial Officer effective October 20, 2025.\n \n \n Management Commentary\n \n \"I am very pleased that we have again exceeded our guidance ranges for all metrics by continuing to grow revenue and enrollment and by expanding margins,\" said Angela Selden, President and Chief Executive Officer of APEI. \"Rasmussen delivered double-digit enrollment growth and positive EBITDA in the third quarter. Strong registrations at APUS also meaningfully contributed to revenue growth and margin expansion.\"\n \"In the fourth quarter, campus-based enrollments at Rasmussen continue to accelerate with 13% growth. At APUS, the government shutdown has muted mili...