Short answer
AMERICAN PUBLIC EDUCATION INC (APEI) filed its Q3 2025 10-Q quarterly report on Nov 10, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $163M (up 6.6% year over year) with net income of $6M.
Q3 2025 key financials · XBRL
- Revenue
- $163M
- +6.6% YoY · +0.3% QoQ
- Net income
- $6M
- +145.8% YoY · +23.7% QoQ
- Operating margin
- 5.9%
- EPS (diluted)
- $0.29
- +625.0% YoY · +1550.0% QoQ
Source: XBRL data from the AMERICAN PUBLIC EDUCATION INC (APEI) Q3 2025 10-Q on SEC EDGAR. USD.
AMERICAN PUBLIC EDUCATION INC Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue impact from DoD TA suspension: October 2025 net course registrations down ~35% YoY vs Oct 2024
- Operating cash flow $73.5M for 9 months ended Sep 30, 2025, up from $47.3M for same period 2024 due to TA receivables collection
- Best performing segment: RU with improved financial performance contributing to cash flow growth; worst impact from APUS due to TA billing delays and government shutdown
- Total Net Leverage Ratio improved to -0.46 at Sep 30, 2025 vs 0.20 at Dec 31, 2024, driven by cash growth and restricted cash reduction
- Management uncertain on Q4 2025 and Q1 2026 revenue impact due to shutdown duration and billing delays; ongoing cost savings and mitigation efforts in place
Risk Factors
- New risk: Government shutdown impact on enrollments and TA funding suspension starting October 1, 2025, causing adverse effects on cash flows and operations
- Material update: Combination timeline delayed to Q3 2026 due to ED process change and additional HLC review in February 2026
- Regulatory risk: Ongoing ED reduction in force (RIF) since March 21, 2025, and Executive Order to dismantle or limit ED functions with uncertain impact on operations
- Operational risk: OBBBA federal student aid law changes introduce loan caps and earnings tests, threatening student loan eligibility and enrollment levels
- Financial risk: Uncertainty in timing and amount of Tuition Assistance disbursements due to shutdown affects liquidity and cash flow predictability
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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