American Public Education Posts 2025 EBITDA Growth to $85.7M, Approves $50M Buyback
American Public Education posted 2025 revenue of $649 million, up 3.9%, with adjusted EBITDA of $85.7 million (+18.6%) and net income of $25.3 million (+151.6%; EPS $1.36). It cut borrowing costs by 375 bps, saving $3.7 million annually, and approved a $50 million share repurchase.
1. Full-Year 2025 Financial Results
American Public Education delivered revenue of $648.9 million in 2025, up 3.9% year‐over‐year, with adjusted EBITDA rising 18.6% to $85.7 million and net income surging 151.6% to $25.3 million. Diluted earnings per share increased to $1.36 from $0.55.
2. Fourth-Quarter 2025 Performance
Consolidated Q4 revenue declined 3.5% to $158.3 million, reflecting the federal government shutdown and the July sale of Graduate School USA. Rasmussen University revenue jumped 15.9% to $66.6 million and Hondros College climbed 9.5% to $20.7 million, while APUS revenue fell 13.8%. Net income rose 9.6% to $12.6 million, with adjusted EBITDA down 8.6% to $28.7 million.
3. Capital Structure Actions
The company refinanced its debt on March 9, lowering its borrowing rate by 375 basis points and expecting annual interest savings of $3.7 million. On March 10, the board authorized a new $50 million common stock repurchase program, replacing prior buyback authorizations.
4. 2026 Guidance Outlook
For Q1 2026, net course registrations are projected at 106,600 for APUS and 19,400 enrollments for RU Health+, with revenue guidance of $173.0–$175.0 million. Full‐year 2026 targets include revenue of $685.0–$695.0 million, net income of $41.3–$47.6 million, adjusted EBITDA of $91.5–$100.5 million and EPS of $2.15–$2.47, alongside $28.0–$32.0 million in capital expenditures.