APEI at a glance
AMERICAN PUBLIC EDUCATION INC (APEI, SEC CIK 1201792) filed its latest 10-K annual report on March 12, 2026, a 10-Q quarterly report on August 10, 2026, an 8-K current report on August 10, 2026 and Form 4 insider filings as recently as October 2, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), AMERICAN PUBLIC EDUCATION INC (APEI) reported revenue of $648.9 million (up 3.9% from FY2024) and net income of $31.6 million. Diluted EPS was $1.36.
- As of June 30, 2026, 28 institutional investment managers tracked by SignalX reported holding AMERICAN PUBLIC EDUCATION INC (APEI) shares worth $418.3 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Kenigsberg James on August 12, 2026 of 1,313 shares at $45.72 per share.
- In the last 90 days, APEI insiders reported 0 open-market purchases ($0) and 2 open-market sales ($457K) on Form 4, a net sale of $457K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $648.9M
- +3.9% vs prior year
- Insiders · 90 days
- 0 buys · 2 sells
- Net −$457K
- 13F holders
- 28 funds
- $418.3M · −3 vs prior quarter
- Latest 8-K
- Aug 10, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model focused on providing online higher education and training programs
- No new products, services, or business segments introduced or highlighted this year
- Continues emphasis on corporate governance via Code of Ethics for Principal Officers accessible on website
- Proxy Statement sections to be filed within 120 days after fiscal year-end contain executive compensation and governance details
- Disclosure approach shifts towards web-based updates for ethics waivers and related party transactions instead of embedding in 10-K
Risk Factors
- Regulatory risk: U.S. Department of Education restrictions limiting student growth at Rasmussen University (RU) due to back-to-back changes of control and composite score concerns
- Macroeconomic threat: 2025 federal government shutdown caused suspension of Department of Defense Tuition Assistance, reducing APUS course registrations and cash flows
- Operational vulnerability: RU campus closures (Lake Elmo, Green Bay, Wausau) and ADN program termination impacting enrollments and reputation
- Competitive risk: Increased competition from non-traditional education providers like coding bootcamps and competency-based education programs lowering enrollments
- Financial risk: ED-imposed Title IV student enrollment caps at RU restricting growth and program expansion opportunities
Management Discussion & Analysis
- Revenue $648.9M in 2025, up $24.3M or 3.9% YoY from $624.6M in 2024
- Operating costs included $3.5M in professional fees for Combination, up from $2.2M in 2024; 2026 expected $2-4M in fees
- Best segment: RU and HCN combination (RU Health+) with ~67% HCN nursing enrollment; worst impacted by shutdown: APUS with 20,600 TA course registration drop in Q4 2025
- Cash flow affected by billing delays: $32.5M TA collections in 2025 related to prior periods; $34.1M receivables deferred from 2025 to 2026 due to billing changes
- Forward-looking: Completion of institutional merger and accreditation consolidation expected Q3 2026; risks from gov shutdowns, OBBBA regulatory changes, and 90/10 Rule compliance remain significant
AI summary of the APEI 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $171.7M, up 5.5% YoY from $162.8M, driven by Health+ enrollment and Military+ registrations
- Operating margin 7.9% vs 4.3% YoY; net income $9.8M vs $4.5M
- Best segment Health+ revenue $86.2M, up 11.0%; operating margin 0.4% vs negative 3.1%
- Military+ revenue $85.5M, up 4.7%; operating margin 27.7% vs 26.2%
- Headwinds: OBBBA loan changes, regulatory requirements, government shutdowns, and 69 BDTR claims seeking approximately $1.5M in loan discharges
Risk Factors
- No material risk-factor changes from the latest 10-K
- Executive-transition risk: Health+ President Mark Arnold departing August 20, 2026
- Operational risk: Company searching for the next Health+ division leader
- Financial risk: $44,999,077 remaining under the March 2026 repurchase authorization
AI summary of the APEI 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 and first-half 2026 financial results released for periods ended June 30, 2026
- Management webcast scheduled for 5:00 p.m. ET on August 10, 2026
Item EX-99.1: Item EX-99.1
- Q2 revenue $171.7M, up 5.5% YoY, with Health+ up 11.0% and Military+ up 4.7%
- Net income available to common stockholders $9.8M versus $(0.3)M; adjusted EBITDA rose 36.8% to $20.7M
Item 7.01: Regulation FD Disclosure
- Combination completed August 5, 2026, consolidating three institutions into American Public University System
- Higher Learning Commission approved continued accreditation covering the System’s programs, campuses, and operations
Item 5.07: Submission of Matters to a Vote of Security Holders
- 16,460,441 shares represented, establishing a quorum against 18,411,154 shares outstanding
- All six director nominees elected through the 2027 annual meeting, with 14.36M–14.58M votes for each
AI summaries of APEI 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for APEI
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Pianko Daniel S. | A | Oct 1, 2026 | 1,106 | $36.15 |
| Fernandes Nuno S. | M | Aug 12, 2026 | 8,800 | - |
| Fernandes Nuno S. | M | Aug 12, 2026 | 8,800 | $10.66 |
| Kenigsberg James | Sell | Aug 12, 2026 | 1,313 | $45.72 |
| Fernandes Nuno S. | Sell | Aug 12, 2026 | 8,800 | $45.13 |
| Kenigsberg James | F | Aug 4, 2026 | 2,133 | $53.42 |
| Kenigsberg James | A | Aug 3, 2026 | 7,573 | - |
| Pianko Daniel S. | A | Jul 1, 2026 | 1,107 | $36.15 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $624.6M | $648.9M |
| Operating Income | - | $33.1M | $47.9M |
| Net Income | -$47.3M | $16.1M | $31.6M |
| Op. Margin | - | 5.3% | 7.4% |
| Net Margin | - | 2.6% | 4.9% |
| Balance Sheet | |||
| Total Assets | $557.4M | $570.1M | $521.4M |
| Equity | - | $303.9M | $294.8M |
| ROE | - | 5.3% | 10.7% |
| Per Share | |||
| EPS | $-2.93 | $0.55 | $1.36 |
| Cash Flow | |||
| Operating CF | - | $48.9M | $62.0M |
| CapEx | $13.9M | $21.1M | $15.9M |
Source: XBRL data in AMERICAN PUBLIC EDUCATION INC (APEI)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate APEI share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 28 | $418.3M |
| Q1 2026 | 31 | $446.1M |
| Q4 2025 | 24 | $283.1M |
| Q3 2025 | 24 | $306.5M |
| Q2 2025 | 25 | $236.0M |
| Q1 2025 | 19 | $132.0M |
| Q4 2024 | 15 | $93.3M |
| Q3 2024 | 15 | $49.3M |
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- Millennium Management−44.0K
- Prudential Financial−4.3K
- Mangrove Partners−4.0K
Source: 13F-HR filings on SEC EDGAR (aggregated from 181 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
APEI filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 10-Q | Aug 10, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 10, 2026 | - | Analysis | - |
| SC 13G | Aug 6, 2026 | - | - | |
| 4 | Aug 5, 2026 | - | - | - |
| 8-K | Aug 5, 2026 | - | Analysis | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 17, 2026 | - | - | - |
| 4 | May 27, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 8-K | May 26, 2026 | - | Analysis | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 15, 2026 | - | - | |
| 8-K | May 11, 2026 | - | Analysis | |
| 10-Q | May 11, 2026 | Mar 31, 2026 | Analysis | |
| 4 | Mar 23, 2026 | - | - | - |
| 4 | Mar 20, 2026 | - | - | - |
| 4 | Mar 19, 2026 | - | - | - |
| 4 | Mar 18, 2026 | - | - | - |
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APEI SEC filings: frequently asked questions
Are APEI insiders buying or selling?
In the last 90 days, AMERICAN PUBLIC EDUCATION INC (APEI) officers, directors and 10% owners reported no open-market purchases and 2 open-market sales worth $457,174 by 2 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold APEI stock?
As of June 30, 2026, the largest AMERICAN PUBLIC EDUCATION INC (APEI) holders among the 13F filers tracked by SignalX were BlackRock ($95.2 million), FMR LLC (Fidelity) ($63.6 million), Renaissance Technologies LLC ($48.9 million), Vanguard Capital Management LLC ($38.6 million), Dimensional Fund Advisors ($37.7 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was APEI's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), AMERICAN PUBLIC EDUCATION INC (APEI) reported revenue of $648.9 million (up 3.9% from FY2024) and net income of $31.6 million. Diluted EPS was $1.36. The figures come from the XBRL data in the 10-K.
What are the main risks in APEI's latest 10-K?
In the 10-K filed March 12, 2026, AMERICAN PUBLIC EDUCATION INC (APEI) flagged: Regulatory risk: U.S. Department of Education restrictions limiting student growth at Rasmussen University (RU) due to back-to-back changes of control and composite score concerns. Macroeconomic threat: 2025 federal government shutdown caused suspension of Department of Defense Tuition Assistance, reducing APUS course registrations and cash flows. (AI summary of the Risk Factors section.)
What did APEI report in its latest 8-K?
AMERICAN PUBLIC EDUCATION INC (APEI) filed an 8-K on August 10, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 and first-half 2026 financial results released for periods ended June 30, 2026.
What are the latest APEI SEC filings?
AMERICAN PUBLIC EDUCATION INC (APEI) filed its latest 10-K annual report on March 12, 2026, a 10-Q quarterly report on August 10, 2026, an 8-K current report on August 10, 2026 and a Form 4 insider filing on October 2, 2026.
What is APEI's SEC CIK number?
AMERICAN PUBLIC EDUCATION INC (APEI)'s SEC Central Index Key (CIK) is 1201792. EDGAR lists every APEI filing under that number.
Ask anything about APEI
The research agent reads APEI's filings, financials, insider trades and 13F holders, then answers with sources.