American Public Education, Inc. SEC filings document operating results, education-unit performance, capital-structure changes, governance matters and material-event disclosures for its postsecondary education business. Form 8-K reports cover quarterly and annual results, guidance updates, exhibits to earnings releases, and operational matters tied to enrollment, course registrations and government tuition-assistance exposure.
Proxy and governance filings address shareholder voting matters, board and executive compensation disclosures, and related corporate governance topics. Capital-structure filings include amendments to the company's charter and security-holder rights matters, including the elimination of the Series A Senior Preferred Stock designation following the preferred equity redemption.
APEI filed a Form 144 disclosing proposed and recent transactions in its common stock. The filing shows restricted stock vesting of 3,643 shares on 01/31/2026 and 857 shares on 02/07/2026. It also records sales by Nuno A. Fernandes of 6,500 shares on 03/16/2026 for $350,129.01 and 1,100 shares on 03/19/2026 for $59,488.00. The filing lists 18,343,488 shares outstanding as of 05/13/2026.
American Public Education, Inc. delivered significantly improved quarterly results. Revenue for the three months ended March 31, 2026 rose to $174.7 million, up 6.2% year over year, driven by higher course registrations in the Military+ segment and enrollment growth plus tuition increases in Health+.
Net income more than doubled to $17.7 million from $8.9 million, with basic EPS increasing to $0.97 from $0.42. Operating margin expanded to 12.4% from 7.4% as revenue growth outpaced modest expense increases and the prior-year loss on assets held for sale.
Military+ revenue grew 6.5% to $89.4 million on a 4.0% rise in net course registrations to about 106,600. Health+ revenue increased 11.0% to $85.4 million as total enrollment reached roughly 19,400. Cash, cash equivalents, and restricted cash climbed to $221.0 million, while long-term debt was refinanced under a new $90.0 million term loan and $40.0 million revolver, leaving $90.0 million outstanding. The company also authorized a new $50 million share repurchase program and bought $1.0 million of stock in the quarter.
American Public Education, Inc. reported significantly stronger results for the first quarter of 2026 and raised its full-year outlook. Revenue for the quarter was about $174.7 million, up from $164.6 million a year earlier, while net income rose to $17.7 million from $8.9 million. Diluted earnings per share increased to $0.94 from $0.41, and adjusted EBITDA improved to $29.2 million from $21.2 million, lifting the adjusted EBITDA margin to 17% from 13%.
The Military+ segment generated $89.4 million of revenue with a 36% EBITDA margin, and Health+ delivered $85.4 million of revenue with a 4% EBITDA margin. Net course registrations in Military+ grew to 106,600 and Health+ enrollment rose to 19,400. Cash, cash equivalents and restricted cash increased to $221.0 million, with total debt of roughly $88.3 million including current and long-term portions.
For the second quarter of 2026, the company guides to revenue of $170.0–$172.0 million, net income of $6.5–$7.5 million and adjusted EBITDA of $16.5–$18.0 million, all above prior-year levels, with diluted EPS of $0.34–$0.39 versus a prior-year loss. For full-year 2026, it now expects revenue of $686.0–$696.0 million, net income of $44.9–$51.6 million, adjusted EBITDA of $93.0–$102.0 million and diluted EPS of $2.33–$2.68, all higher than 2025. The company also highlighted Higher Learning Commission approval on April 28, 2026, to consolidate APUS, Rasmussen and Hondros into one accredited institution, with completion targeted at the start of the third quarter.
American Public Education, Inc. (APEI) is asking stockholders to vote at its virtual 2026 Annual Meeting on May 22, 2026, on three key items: electing six directors, approving on an advisory basis executive pay, and ratifying Deloitte & Touche LLP as auditor for 2026.
The proxy describes a highly independent board, with five of six nominees independent, an independent chair, fully independent committees, and annual elections. It highlights 2025 actions to simplify the business, including redeeming all preferred stock, selling corporate buildings, divesting Graduate School USA, and combining APUS, Rasmussen University, and Hondros College of Nursing into one institution with two divisions.
APEI reports 2025 increases in revenue, net income available to common stockholders, adjusted EBITDA, and diluted EPS, supported by APUS revenue growth, strong enrollment and revenue growth at Rasmussen and Hondros, and balance sheet improvements. Executive compensation is positioned as heavily performance-based, with a large share of CEO pay in variable, at-risk incentives tied to financial and strategic goals.
American Public Education, Inc. director Daniel S. Pianko reported a compensation-related stock grant. He acquired 1,107 shares of common stock at an implied $36.15 per share under the company’s non-employee director compensation policy, by taking stock instead of his cash board retainers.
The shares are issued as deferred stock units because he elected to defer receipt until June 1, 2029. After this grant, he directly holds 32,304 shares. This reflects routine board compensation rather than an open-market share purchase.
The Vanguard Group filed an amended Schedule 13G reporting 0% beneficial ownership of American Public Education, Inc. common stock effective 03/13/2026. The filing explains that an internal realignment on January 12, 2026 caused certain Vanguard subsidiaries or business divisions to report separately in reliance on SEC Release No. 34-39538. The amendment states Vanguard no longer has beneficial ownership over securities held by those subsidiaries and lists 0 shares owned and 0% voting or dispositive power.
325 CAPITAL LLC reported open-market sale transactions in this Form 4 filing.
AMERICAN PUBLIC EDUCATION INC received a Form 4 from investment entities affiliated with 325 Capital reporting open‑market transactions in a total of 160,512 shares of common stock on March 19–20, 2026. After these trades, one reported direct holding stood at 836,234 shares, alongside separate indirect holdings attributed to 325 Capital Master Fund LP and to accounts managed by 325 Capital.
American Public Education, Inc. received an amended Schedule 13D from 325 Capital and related reporting persons, who report beneficial ownership of 1,206,977 common shares, or 6.6% of the company’s stock. This percentage is based on 18,380,439 shares outstanding as of March 10, 2026.
The filing shows no sole voting or dispositive power; all 1,206,977 shares are controlled on a shared basis among the reporting entities and individuals. 325 Capital Master Fund directly holds 347,498 shares. Certain restricted stock granted to director Michael Braner is economically assigned to 325 Capital Master Fund.
AMERICAN PUBLIC EDUCATION INC executive Nuno S. Fernandes, President of APUS, reported an open-market sale of 1,100 shares of common stock at $54.08 per share. After this transaction, he directly owns 83,075 shares. The sale represents a relatively small portion of his reported holdings.