American Public Education Q1 Revenue Rises 6.2% to $174.7M; Raises 2026 Guidance to $686–696M
American Public Education’s Q1 revenue rose 6.2% to $174.7 million, net income surged 137.6% to $17.7 million and adjusted EBITDA increased 37.5% to $29.2 million. The company gained approval to merge APUS, Rasmussen and Hondros College and raised 2026 revenue guidance to $686–696 million and adjusted EBITDA to $93–102 million.
1. First Quarter Financial Performance
American Public Education delivered consolidated Q1 revenue of $174.7 million, up 6.2% year-over-year (8.7% excluding the GSUSA sale). Net income available to common stockholders climbed 137.6% to $17.7 million while adjusted EBITDA rose 37.5% to $29.2 million on stronger Health+ and Military+ enrollments.
2. Institutional Consolidation Approval
On April 28 the company received Higher Learning Commission approval to consolidate its APUS, Rasmussen University and Hondros College of Nursing programs, locations and operations into a single accredited institution. Management expects to complete this institutional combination at the start of Q3, aiming to streamline accreditation and reduce administrative overlap.
3. Financial Position and Capital Actions
Cash, cash equivalents and restricted cash increased 25.2% to $221.0 million as of March 31. In March, the company refinanced debt to lower borrowing rates by 375 basis points, targeting $3.7 million in annual interest savings, and launched a new $50 million share repurchase program, buying 17,840 shares in Q1.
4. Full-Year 2026 Outlook
Following Q1 results, the company raised its full-year 2026 guidance to $686–696 million in revenue (from $648.9 million in 2025) and $93–102 million in adjusted EBITDA (from $85.7 million). It projects 2026 net income of $44.9–51.6 million and diluted EPS of $2.33–2.68, with capital expenditures of $28–32 million.