Form 8-K
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
8-K (Primary)
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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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Aug. 10, 2026
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Aug. 10, 2026
Entity File Number
001-33810
Entity Registrant Name
American
Public Education, Inc.
Entity Central Index Key
0001201792
Entity Tax Identification Number
01-0724376
Entity Incorporation, State or Country Code
DE
Entity Address, Address Line One
111
W. Congress Street
Entity Address, City or Town
Charles
Town
Entity Address, State or Province
WV
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25414
City Area Code
304
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Entity Emerging Growth Company
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