Exceeded Guidance Across Key Metrics
American Public Education, Inc. exceeded guidance ranges for revenue, net income, EPS, and adjusted EBITDA for 3Q 2025, driven by registration and enrollment momentum and expanding margins.
Significant Enrollment Growth
APUS registrations increased by 8%, Rasmussen enrollments by 10%, and Hondros College of Nursing enrollments by 18% compared to 3Q 2024.
Improved Financial Position
Unrestricted cash and equivalents totaled $193.1 million as of 09/30/2025. The redemption of preferred equity and sale of Graduate School USA improved cash flow by approximately $10 million per year.
Strong Performance of Nursing and Healthcare Institutions
Rasmussen enrollment increased 10% in 3Q 2025 and 9% in 4Q 2025, while Hondros College of Nursing enrollment increased 18% in 3Q 2025 and 9% in 4Q 2025.
Revenue and EBITDA Growth
Total revenue increased by 7% to $163.2 million in 3Q 2025. Adjusted EBITDA increased by 60% to $20.7 million, with an adjusted EBITDA margin of 13%.