| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 163.22 | 0.3% | 6.6% |
| Total Income | 163.22 | 0.3% | 6.6% |
| Expenditure | 153.52 | 1.4% | 3.0% |
| PBT | 8.63 | 45.8% | 146.6% |
| Net Profit | 5.56 | 23.6% | 146.0% |
| OPM | 5.94% | 1.63pp | 3.24pp |
| NPM | 3.41% | 0.65pp | 1.93pp |
| EPS | 0.31 | 1650.0% | 675.0% |
American Public Education Reports Q3 2025 Revenue Up 7% YoY
04 May 2026 · 4 May, 7:30 am
Summary
American Public Education, Inc. reported a 7% increase in consolidated revenue for Q3 2025, reaching $163.2 million. Net income available to common stockholders significantly increased to $5.6 million, a 660% rise compared to the previous year. Adjusted EBITDA also saw a substantial increase of 60%, amounting to $20.7 million. The company's balance sheet remains strong with $193.1 million in cash, cash equivalents, and restricted cash.
Key Highlights
- 1
Consolidated revenue for Q3 2025 increased 7% year-over-year to $163.2 million.
- 2
Net income available to common stockholders for Q3 2025 was $5.6 million, a 660% increase compared to $0.7 million in Q3 2024.
- 3
Adjusted EBITDA increased 60% to $20.7 million compared to $12.9 million for Q3 2024, driven by increased revenue and margin expansion of 424 bps.
- 4
Cash flows from operations increased 56% to $73.5 million from $47.3 million for Q3 2024.
- 5
The company reported a strong balance sheet with $193.1 million of cash, cash equivalents and restricted cash at September 30, 2025.
Management Comments
Angela Selden
I am very pleased that we have again exceeded our guidance ranges for all metrics by continuing to grow revenue and enrollment and by expanding margins,” said Angela Selden, President and Chief Executive Officer of APEI. “Rasmussen delivered double-digit enrollment growth and positive EBITDA in the third quarter. Strong registrations at APUS also meaningfully contributed to revenue growth and margin expansion. “In the fourth quarter, campus-based enrollments at Rasmussen continue to accelerate with 13% growth. At APUS, the government shutdown has muted military enrollments. We are pleased that several of the military branches are now authorizing tuition assistance (“TA”) benefits through the $100 million of TA funds authorized in the One Big Beautiful Bill Act. Meanwhile, we have implemented various cost savings measures and are continuing to evaluate additional opportunities to mitigate the adverse impacts.”
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