American Public Education (APEI)
NASDAQ:APEI
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.64Last Year’s EPS
0.41Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple material operational and financial improvements: full-year consolidated revenue growth (3.9% / ~7% on an apples-to-apples basis), strong adjusted EBITDA growth (+18.6%) and a large swing in net income (+152%). Nursing and healthcare units (Rasmussen and Hondros) delivered outsized enrollment and revenue gains, and the company strengthened its balance sheet through debt refinancing and liquidity increases. Management acknowledged a meaningful but manageable disruption at APUS from a federal government shutdown that depressed Q4 results and registrations, but highlighted a strong rebound in TA registrations and provided constructive full-year 2026 guidance. Overall, positive execution on cost savings, portfolio simplification, and strategic consolidation paired with continued organic growth visibility outweighed the near-term operational headwinds.Company Guidance
Full-Year Consolidated Revenue Growth
Consolidated revenue for FY2025 grew to $648.9M, a 3.9% year-over-year increase versus 2024. Excluding the midyear sale of Graduate School USA, comparable consolidated revenue growth was approximately 7%.
Strong Adjusted EBITDA and Margin Expansion
Full-year adjusted EBITDA reached $85.7M, up 18.6% year-over-year, and adjusted EBITDA margin expanded by 164 basis points to 13.2% for FY2025.
Material Net Income Improvement
Net income available to common stockholders increased to $25.3M ($1.36 diluted EPS) for FY2025, a 152% increase from $10.1M ($0.55) in FY2024, driven by operational improvements and the absence of preferred dividends after redemption.
Rasmussen Performance and Enrollment Momentum
Rasmussen full-year revenue grew ~13.9% to $246.2M; Q4 revenue rose 15.9% year-over-year. Q4 enrollments increased ~8.9% to ~15,900 students, marking the sixth consecutive quarter of year-over-year enrollment growth and strong capacity utilization (Fill the Back Row).
Hondros Growth and Enrollment Strength
Hondros full-year revenue increased ~11.4% to $75.0M; Q4 revenue rose ~9.2% year-over-year with Q4 enrollment of ~4,000 students (up ~8.1% YoY).
Operational Actions and Balance Sheet Strengthening
Management executed key corporate actions (redeemed preferred equity, sold corporate buildings, achieved Department of Education releases) and finished FY2025 with cash, cash equivalents and restricted cash of $176.5M (up 11% YoY) and a net cash position of $80.1M.
Debt Refinancing and Interest Savings
Refinanced debt reduced principal from $96.4M to $90M and lowered borrowing rate by ~375 basis points, expected to generate approximately $3.7M of annual interest expense savings (excluding amortization of financing costs).
Capital Allocation and Share Repurchase Authorization
Board authorized a $50M share repurchase program aimed primarily at offsetting stock-based compensation dilution while retaining flexibility for opportunistic repurchases.
Institutional Consolidation and Strategic Growth Plan
Legal combination of the three institutions completed March 2, 2026; targeting one OPE ID effective early Q3 2026 for the 2026 financial aid award year. Company formalized two reporting segments (APUS Global and RU Health+) and reiterated a multiyear plan targeting $890M–$925M revenue by 2029 (8%–9% CAGR) and adjusted EBITDA margins of 20%–21%.
2026 Financial Guidance
Full-year 2026 guidance provided: revenue $685M–$695M, adjusted EBITDA $91.5M–$100.5M, net income available to common shareholders $41.3M–$47.6M, diluted EPS $2.15–$2.47, and CapEx $28M–$32M, reflecting management confidence in growth and margin expansion drivers.
APEI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
APEI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 12, 2026 | $47.58 | $57.66 | +21.19% |
Nov 10, 2025 | $32.99 | $34.60 | +4.88% |
Aug 06, 2025 | $31.53 | $29.03 | -7.93% |
May 12, 2025 | $26.04 | $27.57 | +5.88% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does American Public Education (APEI) report earnings?
American Public Education (APEI) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is American Public Education (APEI) earnings time?
American Public Education (APEI) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is APEI EPS forecast?
APEI EPS forecast for the fiscal quarter 2026 (Q1) is 0.64.
