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Form 8-K

sec.gov

8-K — AMERICAN PUBLIC EDUCATION INC

Accession: 0001104659-26-093372

Filed: 2026-08-10

Period: 2026-08-10

CIK: 0001201792

SIC: 8200 (SERVICES-EDUCATIONAL SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2622572d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2622572d1_ex99-1.htm)

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8-K — FORM 8-K

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0001201792

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2026-08-10

2026-08-10

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UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

WASHINGTON, D.C.

20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

August 10, 2026

American

Public Education, Inc.

(Exact name

of registrant as specified in its charter)

Delaware

001-33810

01-0724376

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

111

W. Congress Street

Charles

Town, West Virginia

25414

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including

area code: 304-724-3700

Check the appropriate box below if the

Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common

Stock, $0.01 par value per share

APEI

Nasdaq

Global Select Market

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934

(§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate

by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Section 2 – Financial Information

Item 2.02    Results of Operations and Financial

Condition.

On August 10, 2026, American Public Education, Inc. (the “Company”)

issued a press release reporting financial results for the three and six months ended June 30, 2026.  A copy of the Company’s

press release is attached to this report as Exhibit 99.1 and is incorporated in this report by reference.  The Company

has scheduled a webcast for 5:00 p.m. ET on August 10, 2026, to discuss its financial results.

Section 9 – Financial Statements

and Exhibits

Item 9.01     Financial Statements and

Exhibits.

(d)

Exhibits

99.1

American Public Education, Inc. press release August 10, 2026, reporting financial results for the three and six months ended June 30, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,

the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

American Public Education, Inc.

Date:

August 10, 2026

By:

/s/ Edward Codispoti

Edward Codispoti

Executive Vice President and Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2622572d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

American Public Education Reports Second Quarter

2026 Financial Results

~

Completed Institutional Combination Subsequent to Quarter End, Creating a Single HLC-Accredited Institution ~

~

Raises Full Year 2026 Revenue, Net Income and Adjusted EBITDA Guidance ~

CHARLES

TOWN, W.V. – August 10, 2026 -- American Public Education, Inc. (the “Company”) (Nasdaq: APEI), a company

that transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately

109,000 students, has reported financial and operational results for the second quarter ended June 30, 2026.

"I am pleased with the strong financial

results we delivered in the second quarter, reflecting continued demand across our businesses and disciplined execution against our strategic

priorities, including the opening of Health+’s new Orlando campus, part of our “Trailblazer” campus opening strategy.  Following

the end of the quarter, I am very pleased to announce that we completed the combination of American Public University System, Rasmussen

University, and Hondros College of Nursing into one Higher Learning Commission-accredited institution named American Public University

System,” said Angela Selden, President and Chief Executive Officer.

Selden concluded, "As we raise revenue,

net income and adjusted EBITDA guidance for 2026, we remain focused on disciplined execution and building on the momentum established

in the first half of the year."

Key Second Quarter 2026 Highlights (as Compared to Second Quarter

2025)

· Consolidated revenue

of $171.7 million, a 5.5% year-over-year increase, compared to $162.8 million.

o Excluding

revenue from Graduate School USA (GSUSA), which was sold in July 2025, consolidated revenue

would have increased 7.8% when compared to the prior period.

o Health+

segment revenue growth of 11.0% year-over-year to $86.2 million, primarily driven by increased

enrollments and modest tuition increases.

o Military+

segment revenue growth of 4.7% year-over-year to $85.5 million, primarily driven by increased

net course registrations.

· Net

income available to common stockholders increased to $9.8 million, compared to a loss of

($0.3) million.

· Adjusted EBITDA increased

36.8% to $20.7 million, compared to $15.1 million.

· Net income per diluted

common share increased to $0.52, compared to a loss of ($0.02).

· Cash flows from operations

were $12.1 million, compared to $14.8 million.

Balance Sheet and

Liquidity

· Total

cash, cash equivalents, restricted cash and short-term investments were $222.8 million

at June 30, 2026, compared to $176.5 million at December 31, 2025, representing an increase

of $46.3 million, or 26.2%.

Repurchase Program

· As

previously announced, on March 10, 2026, the Board approved a common stock repurchase program

of up to $50 million in the aggregate, replacing our prior repurchase authorizations. During

the three and six months ended June 30, 2026, the Company repurchased 70,365 and 88,205 shares

of common stock, respectively. As of June 30, 2026, there remains $45.0 million available

under our share repurchase authorization.

Registrations

and Enrollment

Q2 2026

Q2 2025

% Change

Military+1

For the three months ended June 30,

Net Course Registrations

98,300

96,400

2.0%

Health+ 2

For the three months ended June 30,

Total Student Enrollment

19,600

18,300

6.6%

1. Military+ Net Course Registrations represents the approximate aggregate

number of courses for which students remain enrolled after the date by which they may drop

a course without financial penalty. Excludes students in doctoral programs.

2. Health+ Total Student Enrollment represents students in an active

status as of the full-term census or billing date.

Third Quarter and Full Year 2026 Outlook

The following statements are based on APEI's

current expectations. These statements are forward-looking and actual results may differ materially. APEI undertakes no obligation to

update publicly any forward-looking statements for any reason unless required by law. Refer to APEI's earnings conference call and presentation

for further details.

In

millions, except enrollment, net

registrations and per share data

Third

Quarter 2026

Third

Quarter 2025

Military+

Net Registrations

101,000-103,000

+1.0%-3.0% y/y

100,000

Health+

Enrollment

19,100

+2.5% y/y

18,600

Revenue

$164.5

- $167.0

$163.2

Net

Income Available to Common Stockholders

$3.4

- $5.4

$5.6

Adjusted

EBITDA

$14.0

- $17.0

$20.7

Diluted

Earnings per Share

$0.18

- $0.29

$0.30

In

millions, except per share data

Full

Year 2026

Full

Year 2025

Revenue

$690.0

- $698.0

$648.9

Includes $8.0 of GSUSA Revenue

Net

Income Available to Common Stockholders

$46.5

- $52.5

$25.3

Adjusted

EBITDA

$96.0

- $104.0

$85.7

Diluted

Earnings per Share

$2.48

- $2.79 per share

$1.36

per share

Capital

Expenditures

$25.0

- $28.0

$15.9

Second Quarter 2026 Earnings Call

The Company will hold a conference call on Monday,

August 10, 2026, at 5:00 PM Eastern Time to discuss its financial results for the second quarter ended June 30, 2026.

Date:

Monday, August 10, 2026

Time:

5:00 PM Eastern Time (2:00 PM Pacific Time)

USA

– Toll-Free Dial-in: (833) 461-5787

Conference

ID: 397456726

Webcast:

2Q26 Webcast Link

The

Company will also provide a link on its website at https://www.apei.com/overview/default.aspx for those who wish to stream

the call via webcast. If dialing in, please call the conference telephone number 5 to10 minutes prior to the start time.

A replay of the conference call will also be

available through the Company’s website through August 24, 2026.

Non-GAAP Financial Measures

This press release contains the non-GAAP financial

measures of EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted EBITDA (EBITDA less non-cash expenses

such as stock compensation and non-recurring expenses), adjusted EBITDA margin, segment EBITDA, and segment EBITDA margin. APEI believes

that the use of these measures is useful because they allow investors to better evaluate APEI's operating profit and cash generation

capabilities.

Adjusted EBITDA for the three months ended June

30, 2026, and 2025, excludes stock compensation, loss on disposals of long-lived assets, other professional fees, and in the three months

ended June 30, 2025, loss on sale of subsidiary.

These non-GAAP measures should not be considered

in isolation or as an alternative to measures determined in accordance with generally accepted accounting principles in the United States

(GAAP). The principal limitation of our non-GAAP measures is that they exclude expenses that are required by GAAP to be recorded. In

addition, non-GAAP measures are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses

are excluded.

APEI is presenting EBITDA and adjusted EBITDA

in connection with its GAAP results and urges investors to review the reconciliation of EBITDA and adjusted EBITDA to the comparable

GAAP financial measures that are included in the tables following this press release (under the captions "GAAP Net Income to Adjusted

EBITDA" "GAAP Outlook Net Income to Outlook Adjusted EBITDA" and “Education Unit Profile – Segment Summary”)

and not to rely on any single financial measure to evaluate its business.

About American Public Education

American

Public Education, Inc. (Nasdaq: APEI), through its two segments, Military+ and Health+, provides education

that transforms lives, advances careers, and improves communities.

Military+ provides online postsecondary

education to approximately 89,400 adult learners, directed primarily at the needs of military, veterans, extended military and veteran

families, and other public service and service-minded communities through American Public University System, which includes: American

Military University and American Public University.

Health+ provides nursing- and health sciences-focused

postsecondary education to approximately 19,600 students at 27 campuses in eight states and online through Rasmussen University and Hondros

College of Nursing.

American

Public University System, which includes American Military University, American Public University, Rasmussen University, and Hondros

College of Nursing, is a consolidated institution institutionally accredited by the Higher Learning Commission (HLC),

an institutional accreditation agency recognized by the U.S. Department of Education.

Forward Looking Statements

Statements made in this press release regarding

American Public Education, Inc. ("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. Forward-looking statements include,

without limitation, statements regarding expectations for growth, registration, enrollments, demand, revenues, net income, earnings per

share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, the growth and profitability of APEI, and related growth strategies, and plans

with respect to and future impacts of recent, current and future initiatives, including the recently completed combination of American

Public University System, Rasmussen University and Hondros College of Nursing into one consolidated institution and the expected benefits

and future impacts thereof.

Forward-looking statements are subject to risks

and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks

and uncertainties include, among others, risks related to: APEI's failure to comply with, or adverse actions relating to, regulatory

and accrediting agency requirements, including the "90/10 Rule", and to maintain institutional accreditation and the impacts

of any actions APEI may take to prevent or correct such failure; changes in the post-secondary education regulatory environment as a

result of U.S. federal elections, including any changes by or as a result of actions of the current administration to the operations

of the Department of Education or changes to or the elimination or implementation of laws, regulations, standards, policies, and practices;

potential or actual government shutdowns and uncertainties in the estimated impacts of any such shutdowns on APEI and Military+ and its

prospective and current students, and APEI's inability to mitigate these impacts; government budget and federal workforce uncertainty;

the combination of American Public University System, Rasmussen University, and Hondros College of Nursing into one consolidated institution;

APEI's dependence on the effectiveness of its ability to attract students who persist in its institutions' programs; changing market

demands;  declines in enrollments at APEI's subsidiaries; APEI's inability to effectively market its institutions' programs; APEI's

inability to maintain strong relationships with the military and maintain course registrations and enrollments from military students;

the loss or disruption of APEI's ability to receive funds under Title IV or TA programs or the reduction, elimination, or suspension

of federal funds; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll

students who are likely to succeed; APEI's need to successfully adjust to future market demands by updating existing programs and developing

new programs; APEI's loss of eligibility to participate in Title IV programs or ability to process Title IV financial aid; economic and

market conditions and changes in interest rates; difficulties involving acquisitions; APEI's indebtedness, including the refinancing

thereof; APEI's dependence on and the need to continue to invest in its technology infrastructure, including with respect to third-party

vendors; the inability to recognize the intended benefits of APEI's cost savings and reduction and revenue generating efforts; APEI's

ability to manage and limit its exposure to bad debt; and the various risks described in the "Risk Factors" section and elsewhere

in APEI's Annual Report on Form 10-K for the year ended December 31, 2025, and in other filings with the SEC. You should not place undue

reliance on any forward-looking statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason,

unless required by law, even if new information becomes available or other events occur in the future.

Company

Contact

Frank Tutalo

Director, Public Relations

American Public Education, Inc.

ftutalo@apei.com

Investor

Relations

Shannon Devine

MZ North America

Direct: 203-858-1945

APEI@mzgroup.us

American Public Education,

Inc.

Consolidated Statement of Income

(In thousands, except per share data)

Three Months

Ended

June 30,

2026

2025

(unaudited)

Revenue

$ 171,731

$ 162,766

Costs and expenses:

Instructional costs

and services

76,640

78,423

Selling and promotional

40,115

35,048

General and administrative

37,492

38,147

Depreciation and amortization

3,953

4,088

Loss

on disposals of long-lived assets

5

35

Total

costs and expenses

158,205

155,741

Income from operations

before interest and income taxes

13,526

7,025

Interest

income (expense), net

634

(1,108 )

Income before income

taxes

14,160

5,917

Income

tax expense

4,387

1,421

Net income

$ 9,773

$ 4,496

Preferred stock dividends

-

1,319

Loss

on redemption of preferred stock

-

3,501

Net

income available to common stockholders

$ 9,773

$ (324 )

Income (loss) per common share:

Basic

$ 0.53

$ (0.02 )

Diluted

$ 0.52

$ (0.02 )

Weighted average number of common shares:

Basic

18,362

18,034

Diluted

18,810

18,597

Three Months

Ended

Segment Information:

June 30,

2026

2025

Revenue:

Military+

Segment

$ 85,538

$ 81,731

Health+ Segment

$ 86,216

$ 77,655

Corporate

and other1

$ (23 )

$ 3,380

Income (loss) from

operations before

interest and income

taxes:

Military+ Segment

$ 23,723

$ 21,442

Health+ Segment

$ 308

$ (2,378 )

Corporate

and other

$ (10,505 )

$ (12,039 )

Six Months

Ended

June 30,

2026

2025

(unaudited)

Revenue

$ 346,469

$ 327,317

Costs and expenses:

Instructional costs

and services

151,270

153,367

Selling and promotional

77,982

70,253

General and administrative

73,782

74,554

Depreciation and amortization

8,107

8,080

Loss on assets held

for sale

-

1,527

Loss

on disposals of long-lived assets

159

265

Total

costs and expenses

311,300

308,046

Income from operations

before interest and income taxes

35,169

19,271

Loss on extinguishment

of debt

(1,672 )

-

Interest

expense, net

(91 )

(1,995 )

Income before income

taxes

33,406

17,276

Income

tax expense

5,902

3,887

Net income

$ 27,504

$ 13,389

Preferred stock dividends

-

2,751

Loss

on redemption of preferred stock

-

3,501

Net

income available to common stockholders

$ 27,504

$ 7,137

Income per common share:

Basic

$ 1.50

$ 0.40

Diluted

$ 1.46

$ 0.39

Weighted average number of common

shares:

Basic

18,322

17,937

Diluted

18,808

18,496

Six Months

Ended

Segment Information:

June 30,

2026

2025

Revenue:

Military+

Segment

$ 174,981

$ 165,677

Health+ Segment

$ 171,572

$ 154,582

Corporate

and other1

$ (84 )

$ 7,058

Income (loss) from

operations before

interest and income

taxes:

Military+ Segment

$ 54,441

$ 45,568

Health+ Segment

$ 825

$ (3,196 )

Corporate

and other

$ (20,097 )

$ (23,101 )

1. Corporate and Other includes

tuition and contract training revenue earned by GSUSA and the elimination of intersegment

revenue for courses taken by employees of one segment at other segments.

American

Public Education, Inc.

Consolidated

Balance Sheet

(In

thousands)

As of June

30, 2026

As of December

31, 2025

(Unaudited)

ASSETS

Current assets:

Cash, cash equivalents,

and restricted cash

$ 146,548

$ 176,499

Short-term Investments

76,256

Accounts receivable, net of allowance

of $21,754 in 2026 and $21,113 in 2025

35,512

65,662

Prepaid expenses

20,068

14,197

Income tax receivable

4,136

3,458

Total current assets

282,520

259,816

Property and equipment, net

69,534

70,598

Operating lease assets, net

55,390

57,686

Deferred income taxes

36,613

39,176

Intangible assets, net

28,221

28,221

Goodwill

59,593

59,593

Other assets, net

5,875

6,328

Total assets

$ 537,746

$ 521,418

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 5,148

$ 4,822

Accrued compensation and benefits

20,797

22,463

Accrued liabilities

20,349

13,375

Deferred revenue and student deposits

23,928

23,016

Lease liabilities, current

11,109

11,374

Long-term debt,

current

5,625

-

Total current liabilities

86,956

75,050

Lease liabilities, long-term

55,098

56,921

Long-term debt, net

81,635

94,665

Total liabilities

$ 223,689

$ 226,636

Stockholders’ equity:

Common stock, $.01 par value; 100,000,000 shares authorized;

18,367,887 issued and outstanding in 2026; 18,125,860 issued and outstanding in 2025

183

181

Additional paid-in capital

307,878

311,119

Accumulated other comprehensive loss

(7 )

(18 )

Retained earnings (accumulated deficit)

6,003

(16,500 )

Total stockholders’ equity

314,057

294,782

Total liabilities and stockholders’

equity

$ 537,746

$ 521,418

GAAP Net Income to Adjusted EBITDA:

The following table sets forth the reconciliation of the Company’s reported GAAP net

income to the calculation of adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:

Three Months

Ended

Six Months

Ended

June 30,

June 30,

(in thousands)

2026

2025

2026

2025

Net income (loss) available to common stockholders

$ 9,773

$ (324 )

$ 27,504

$ 7,137

Preferred dividends

-

1,319

-

2,751

Loss on redemption of preferred stock

-

3,501

-

3,501

Net income

$ 9,773

$ 4,496

$ 27,504

$ 13,389

Income tax expense

4,387

1,421

5,902

3,887

Interest (income) expense, net

(634 )

1,108

91

1,995

Loss on extinguishment of debt

-

-

1,672

-

Depreciation and amortization

3,953

4,088

8,107

8,080

EBITDA

17,479

11,113

43,276

27,351

Loss on assets held for sale

-

-

-

1,527

Other professional fees

938

1,715

1,881

2,704

Stock compensation

2,232

2,238

4,559

4,501

Loss on disposals of long-lived assets

5

35

159

265

Adjusted EBITDA

$ 20,654

$ 15,101

$ 49,875

$ 36,348

Segment

Summary

($

in millions)

2Q26

2Q25

Revenue

$

85.5

$

81.7

Operating Income1

23.7

21.4

Margin

28

%

26

%

+ Depreciation and Amortization

1.1

1.0

EBITDA

$

24.8

$

22.4

EBITDA Margin

29

%

27

%

Revenue

$

86.2

$

77.7

Operating Income1

0.3

(2.4

)

Margin

0

%

-3

%

+ Depreciation and Amortization

2.4

2.7

EBITDA

$

2.7

$

0.3

EBITDA Margin

3

%

0

%

Revenue

$

-

$

3.4

Operating Income1

-

(2.6

)

+ Depreciation and Amortization

-

0.1

EBITDA

$

-

$

(2.5

)

Corporate

Operating Income1

$

(10.5

)

$

(9.4

)

+ Depreciation and Amortization

0.4

0.3

EBITDA3

$

(10.0

)

$

(9.1

)

Consolidated Revenue

$

171.7

$

162.8

Operating Income1

13.5

7.0

Net income (loss) available to common stockholders

9.8

(0.3

)

Margin

8

%

4

%

+ Depreciation and Amortization

4.0

4.1

Consolidated EBITDA

17.5

11.1

+ Adjustments2

3.2

4.0

Consolidated Adjusted

EBITDA4

$

20.7

$

15.1

Adjusted EBITDA Margin

12

%

9

%

1 Operating Income reflects income (loss) from operations before

interest and income taxes as disclosed in our Q2 2026 10-Q.

2 Adjustments include stock compensation expense, loss on disposals

of long-lived assets, loss on assets held for sale, and other professional fees.

3 Corporate

results include unallocated corporate activity and eliminations.

4. Please

refer to the "GAAP Net Income to Adjusted EBITDA" table for a reconciliation of net income to consolidated adjusted EBITDA.

GAAP

Net Income to Adjusted EBITDA:

The

following table sets forth the reconciliation of the Company’s outlook GAAP net income to the calculation of outlook adjusted

EBITDA for the three months ending September 30, 2026 and twelve months ending December 31, 2026:

Three Months Ending

Twelve Months Ending

September 30, 2026

December 31, 2026

(in thousands)

Low

High

Low

High

Net Income

$ 3,385

$ 5,380

$ 46,540

$ 52,467

Income tax expense

1,705

2,710

16,863

18,936

Interest (income) expense, net

-300

-300

-500

-500

Loss on extinguishment of debt

-

-

1,672

1,672

Depreciation and amortization

4,660

4,660

17,600

17,600

EBITDA

9,450

12,450

82,175

90,175

Stock compensation

2,125

2,125

8,850

8,850

Other professional fees

900

900

3,250

3,250

Severance

1,525

1,525

1,525

1,525

Other

-

-

200

200

Adjusted EBITDA

$ 14,000

$ 17,000

$ 96,000

$ 104,000

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