Short answer
AMERICAN PUBLIC EDUCATION INC (APEI) filed its fiscal 2025 10-K annual report with the SEC on Mar 12, 2026. It reported revenue of $649M (+3.9% year over year) and net income of $32M.
- Top risk 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
FY2025 key financial metrics · XBRL
- Revenue
- $649M
- +3.9% YoY
- Net income
- $32M
- +95.8% YoY
- Operating margin
- 7.4%
- +2.1 pp YoY
- EPS (diluted)
- $1.36
- +147.3% YoY
- ROE
- 10.7%
- +5.4 pp YoY
- Operating cash flow
- $62M
- +26.8% YoY
Source: XBRL data from the AMERICAN PUBLIC EDUCATION INC (APEI) FY2025 10-K on SEC EDGAR. USD.
AMERICAN PUBLIC EDUCATION INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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
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