American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q3 2025 Earnings Presentation
21 slides from American Public Education's earnings presentation, Nov 10, 2025
Slide 1: 3Q 2025 Earnings Presentation
3Q 2025 Earnings Presentation November 2025
Slide 2: Forward-Looking Statements
Statements made in this presentation regarding American Public Education, Inc. or its subsidiary institutions (“APEI” or the “Company”) that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. In s
Slide 3: 3Q'25 Executive Summary
3Q’25 Executive Summary APEI and its three subsidiary institutions transform lives, advance careers and improves communities by providing market-leading post-secondary education to over 107,000 active-duty military, extended military families, veterans, new nurses, and health professionals, segments
Slide 4: Registration & Enrollment Growth Across All Institutions
Registration & Enrollment Growth Across All Institutions 395,900 15,900 4,000 TTM Net Course 4Q’25 Enrollment 4Q’25 Enrollment Registrations APUS has delivered consistently strong Year-over-year Rasmussen campus and HCN delivered its net course registrations since 2020, online enrollments have been
Slide 5: APUS Increased Net Course Registrations by 8% vs 3Q'24
APUS Increased Net Course Registrations by 8% vs 3Q’24 395,900 388,400 381,900 378,400 ▪ Consistent, steady registration growth over past 2 years 370,300 371,900 372,100 367,600 364,000 ▪ Revenue growth driven by increased net course registrations 357,500 352,700 349,800 350,400 347,100 2Q22 3Q22 4Q
Slide 6: RU: Six Consecutive Quarters of YoY Enrollment Growth; HCN: 23 Consecutive
RU: Six Consecutive Quarters HCN: 23 Consecutive of YoY Enrollment Growth Quarters of YoY Enrollment Growth ▪ Rasmussen increased enrollments by 9% in 4Q’25 compared to ▪ HCN continues to deliver consistent year-over-year enrollment 4Q’24 growth ▪ HCN increased enrollment 9% in 4Q’25 compared to 4Q’
Slide 7: Financial Update
Financial Update
Slide 8: Summary 3Q'25 Financial Results
Summary 3Q’25 Financial Results Strong performance from all remaining education units in Millions 3Q’25 3Q’24 Variance APUS $83.1 $77.0 +8% ▪ Revenue was strong across all remaining education units Rasmussen $60.8 $52.6 +16% ▪ Completed the sale of Graduate School USA in July 2025 and therefore reve
Slide 9: 3Q'25 Revenue: All Segments Deliver Growth
3Q’25 Revenue: All Segments Deliver Growth $79.4 $82.4 $80.7 $83.9 $77.0 $81.7 $77.0 $83.1 $59.3 $59.5 $60.8 $57.5 $52.6 $53.1 $53.0 $52.6 $18.9 $16.4 $17.7 $16.4 $18.1 $18.4 $15.8 $15.5 4Q23 4Q24 1Q24 1Q25 2Q24 2Q25 3Q24 3Q25 4Q23 4Q24 1Q24 1Q25 2Q24 2Q25 3Q24 3Q25 4Q23 4Q24 1Q24 1Q25 2Q24 2Q25 3Q2
Slide 10: Consolidated TTM Adj. EBITDA Continues to Improve
Consolidated TTM Adj. EBITDA Continues to Improve TTM Adj. EBITDA1 $88.4 $80.7 $76.5 $72.3 $69.6 $71.8 $66.6 $59.6 ▪ 3Q’25 EBITDA margin of 32% on $83.1 million in revenue 4Q23 4Q24 1Q24 1Q25 2Q24 2Q25 3Q24 3Q25 ▪ Rasmussen delivered $0.8 million of EBITDA in 3Q’25 compared to TTM Adj. EBITDA Margin
Slide 11: Strengthened Balance Sheet & Improved Cash Flow
Strengthened Balance Sheet & Improved Cash Flow $193M in Cash1. Redeemed Preferred Stock in 2Q’25 As of September 30, 9 Months Ended September 30, in Millions 2025 2024 in Millions 2025 2024 Cash1 $193.1 $162.2 Net income (loss) available to $12.7 ($1.4) common stockholders (-) Restricted cash $1.8
Slide 12: Revenue Guidance Update
Revenue Guidance Update APUS and Rasmussen have been outperforming expectations year-to-date in 2025. Revenue growth is offset by the impact of GSUSA and the government shutdown. $22M ($18M) ($20M - $24M) $660M $640M - $644M Top End of APUS & Rasmussen Graduate School (GSUSA) Estimated Impact of Upd
Slide 13: Guidance
Guidance These statements are based on current expectations. These statements are forward looking and actual results may differ materially. ($ in millions) 4Q’25 Revenue $150.0 - $153.5 Net Income avail to common ▪ FY2025 Revenue forecasted to increase 2% - 3% compared $5.9 - $8.3 to 2024 (impacted
Slide 14: Investment Highlights
Large Addressable Market Online education expected to increase to >$100 billion in 5 years Demand for nurses estimated to be 200,000+ per year Improving Performance and Operating Leverage Solid growth, margins and cash flow performance at APUS Rasmussen delivering positive enrollment and positive EB
Slide 15: Appendix
Appendix
Slide 16: Education Unit Profile
Education Unit Profile Segment Summary ($ in millions) 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Revenue $74.0 $73.6 $76.4 $79.4 $ 303.3 $80.7 $77.0 $77.0 $82.4 $ 317.0 $83.9 $81.7 $83.1 APUS EBITDA $18.5 $20.2 $23.3 $30.5 $ 92.5 $24.3 $19.5 $22.0 $28.4 $ 94.3 $25.2 $22.4 $26.
Slide 17: Non-GAAP Disclosures
Non-GAAP Disclosures American Public Education is presenting adjusted EBITDA and urges investors to review the reconciliation of operating income to the comparable GAAP financial measure that is included in the table below (under the caption “GAAP Operating Income to EBITDA”) and not to rely on any
Slide 18: Non-GAAP Disclosures
Non-GAAP Disclosures American Public Education is presenting adjusted EBITDA and urges investors to review the reconciliation of net income to the comparable GAAP financial measure that is included in the table below (under the caption “GAAP Net Income to Adjusted EBITDA”) and not to rely on any sin
Slide 19: Non-GAAP Disclosures
Non-GAAP Disclosures American Public Education is presenting adjusted EBITDA and urges investors to review the reconciliation of net income to the comparable GAAP financial measure that is included in the table below (under the caption “GAAP Net Income to Adjusted EBITDA”) and not to rely on any sin
Slide 20: Non-GAAP Disclosures
Non-GAAP Disclosures American Public Education is presenting adjusted EBITDA and urges investors to review the reconciliation of net income to the comparable GAAP financial measure that is included in the table below (under the caption “GAAP Net Income to Adjusted EBITDA”) and not to rely on any sin
Slide 21: Thank You
Thank You Company Edward Codispoti Chief Financial Officer investorrelations@apei.com Investor Relations Brian M. Prenoveau, CFA MZ Group 561-489-5315 APEI@mzgroup.us
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