美國公共教育集團第二季收入增5.5% 淨利潤977萬美元轉虧為盈

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
SECURITIES EXCHANGE ACT OF 1934 

 

For the quarterly period ended June 30, 2026 

 
or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
SECURITIES EXCHANGE ACT OF 1934 

 
For the transition period from ______ to ______

 
Commission File Number: 001-33810

 

AMERICAN PUBLIC EDUCATION, INC.
(Exact name of registrant as specified in its charter)

Delaware01-0724376
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

111 West Congress Street, Charles Town, West Virginia
25414
(Address of principal executive offices)(Zip Code)

             
 
(304) 724-3700
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueAPEINasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☒
Non-accelerated filer ☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The total number of shares of common stock outstanding as of August 6, 2026, was 18,301,543.

 

AMERICAN PUBLIC EDUCATION, INC.
FORM 10-Q
INDEX
 

Page
PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements
3

Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations
23

Item 3.     Quantitative and Qualitative Disclosures About Market Risk
36

Item 4.     Controls and Procedures
36

PART II – OTHER INFORMATION

Item 1.     Legal Proceedings
36

Item 1A.  Risk Factors
36

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds
37

Item 3.     Defaults Upon Senior Securities
37

Item 4.     Mine Safety Disclosures
37

Item 5.     Other Information
38

Item 6.     Exhibits
39

SIGNATURES
40

2

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

AMERICAN PUBLIC EDUCATION, INC. 
Consolidated Balance Sheets
(In thousands, except share and per share amounts)

As of June 30, 2026As of December 31, 2025
ASSETS(Unaudited)
Current assets:
Cash, cash equivalents, and restricted cash (Note 2)$146,548 $176,499 
Short-term investments (Note 3)76,256 — 
Accounts receivable, net of allowance of $21,754 in 2026 and $21,113 in 2025
35,512 65,662 
Prepaid expenses20,068 14,197 
Income tax receivable4,136 3,458 
Total current assets282,520 259,816 
Property and equipment, net69,534 70,598 
Operating lease assets, net (Note 5)55,390 57,686 
Deferred income taxes36,613 39,176 
Intangible assets, net (Note 6)28,221 28,221 
Goodwill (Note 6)59,593 59,593 
Other assets, net5,875 6,328 
Total assets$537,746 $521,418 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$5,148 $4,822 
Accrued compensation and benefits20,797 22,463 
Accrued liabilities20,349 13,375 
Deferred revenue and student deposits23,928 23,016 
Lease liabilities, current (Note 5)11,109 11,374 
Long-term debt, current (Note 8)5,625 — 

Total current liabilities86,956 75,050 
Lease liabilities, long-term (Note 5)55,098 56,921 

Long-term debt, net (Note 8)81,635 94,665 
Total liabilities223,689 226,636 
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $.01 par value; 100,000,000 shares authorized; 18,367,887 and 18,125,860; issued and outstanding in 2026 and 2025
183 181 
Additional paid-in capital307,878 311,119 
Accumulated other comprehensive loss(7)(18)
Retained earnings (deficit)6,003 (16,500)
Total stockholders’ equity314,057 294,782 
Total liabilities and stockholders’ equity$537,746 $521,418 

The accompanying notes are an integral part of these Consolidated Financial Statements.
3

 

AMERICAN PUBLIC EDUCATION, INC.
Consolidated Statements of Income
(In thousands, except per share amounts)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Unaudited)(Unaudited)
Revenue$171,731 $162,766 $346,469 $327,317 
Costs and expenses:
Instructional costs and services76,640 78,423 151,270 153,367 
Selling and promotional40,115 35,048 77,982 70,253 
General and administrative37,492 38,147 73,782 74,554 
Depreciation and amortization3,953 4,088 8,107 8,080 
Loss on assets held for sale (Note 2)— — — 1,527 

Loss on disposals of long-lived assets5 35 159 265 
Total costs and expenses158,205 155,741 311,300 308,046 
Income from operations before interest and income taxes13,526 7,025 35,169 19,271 

Loss on extinguishment of debt (Note 8)— — (1,672)— 
Interest income (expense), net634 (1,108)(91)(1,995)
Income before income taxes14,160 5,917 33,406 17,276 
Income tax expense (Note 2)4,387 1,421 5,902 3,887 

Net income$9,773 $4,496 $27,504 $13,389 
Preferred stock dividends— 1,319 — 2,751 
Loss on redemption of preferred stock— 3,501 — 3,501 
Net income (loss) available to common stockholders$9,773 $(324)$27,504 $7,137 

 Income (loss) per common share (Note 7): 
Basic$0.53 $(0.02)$1.50 $0.40 
Diluted$0.52 $(0.02)$1.46 $0.39 
Weighted average number of common shares:
Basic18,362 18,034 18,322 17,937 
Diluted18,810 18,597 18,808 18,496 
 

The accompanying notes are an integral part of these Consolidated Financial Statements.

4

 

AMERICAN PUBLIC EDUCATION, INC.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Unaudited)(Unaudited)
Net income$9,773 $4,496 $27,504 $13,389 
Other comprehensive gain (loss), net of tax:
Unrealized loss on short-term investments, net of taxes(7)— (7)— 
Unrealized gain (loss) on hedging derivatives, net of taxes— 20 — (26)
Unrealized (loss) gain, net of taxes(7)20 (7)(26)

Reclassification of gain to net income, net of taxes— — 18 5 
Reclassifications of gain to net income, net of taxes— — 18 5 
Total other comprehensive (loss) gain(7)20 11 (21)

Comprehensive income$9,766 $4,516 $27,515 $13,368 
 
The accompanying notes are an integral part of these Consolidated Financial Statements.
5

 

AMERICAN PUBLIC EDUCATION, INC.
Consolidated Statements of Stockholders’ Equity (Unaudited)
(In thousands, except share amounts)

Additional Paid-in CapitalAccumulated Other Comprehensive Income (loss)Retained Earnings (Deficit)Total Stockholders’ Equity
Preferred StockCommon Stock
SharesAmountSharesAmount
Balance as of December 31, 2025— $— 18,125,860 $181 $311,119 $(18)$(16,500)$294,782 

Exercise of stock options— — 470 — 17 — — 17 
Issuance of common stock under employee benefit plans— — 480,429 5 (5)— — — 
Deemed repurchased shares of common and restricted stock for tax withholding— — (177,765)(2)(7,708)— — (7,710)
Stock-based compensation— — — — 2,327 — — 2,327 
Repurchased and retired shares of common stock— — (17,840)— — — (1,000)(1,000)
Other comprehensive income— — — — — 18 — 18 
Net income— — — — — — 17,731 17,731 
Balance as of March 31, 2026— $— 18,411,154 $184 $305,750 $— $231 $306,165 

Exercise of stock options— — 6,925 — 37 — — 37 
Issuance of common stock under employee benefit plans— — 22,742 — — — — — 
Deemed repurchased shares of common and restricted stock for tax withholding— — (2,569)— (141)— — (141)
Stock-based compensation— — — — 2,232 — — 2,232 
Repurchased and retired shares of common stock— — (70,365)(1)— — (4,001)(4,002)
Other comprehensive loss— — — — — (7)— (7)
Net income— — — — — — 9,773 9,773 
Balance as of June 30, 2026— $— 18,367,887 $183 $307,878 $(7)$6,003 $314,057 

The accompanying notes are an integral part of these Consolidated Financial Statements.
6

 

Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained Earnings (Deficit)Total Stockholders’ Equity
Preferred StockCommon Stock
SharesAmountSharesAmount
Balance as of December 31, 2024400 $39,691 17,712,575 $177 $305,823 $(7)$(41,805)$303,879 
Preferred stock dividends— — — — — — (1,432)(1,432)
Exercise of stock options— — 14,431 — 143 — — 143 
Issuance of common stock under employee benefit plans— — 480,515 5 (5)— — — 
Deemed repurchased shares of common and restricted stock for tax withholding— — (171,100)(2)(3,691)— — (3,693)
Stock-based compensation— — — — 2,263 — — 2,263 
Other comprehensive loss— — — — — (41)— (41)
Net income— — — — — — 8,893 8,893 
Balance as of March 31, 2025400 $39,691 18,036,421 $180 $304,533 $(48)$(34,344)$310,012 
Preferred stock dividends— — — — — — (1,319)(1,319)
Redemption of preferred stock(400)(39,691)— — — — — (39,691)
Loss on redemption of preferred stock— — — — — — (3,501)(3,501)
Exercise of stock options— — 8,307 — 15 — — 15 
Issuance of common stock under employee benefit plans— — 18,157 — — — — — 
Deemed repurchased shares of common and restricted stock for tax withholding— — (1,286)— (30)— — (30)
Stock-based compensation— — — — 2,238 — — 2,238 

Other comprehensive income— — — — — 20 — 20 
Net income— — — — — — 4,496 4,496 
Balance as of June 30, 2025— $— 18,061,599 $180 $306,756 $(28)$(34,668)$272,240 

The accompanying notes are an integral part of these Consolidated Financial Statements.

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AMERICAN PUBLIC EDUCATION, INC.
Consolidated Statements of Cash Flows
(In thousands)
Six Months Ended June 30,
20262025
(Unaudited)
Operating activities
Net income$27,504 $13,389 
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization8,107 8,080 
Loss on extinguishment of debt1,627 — 
Amortization of debt issuance costs346 688 
Stock-based compensation4,559 4,501 
Accretion of investment discounts(348)— 
Deferred income taxes2,567 1,354 
Loss on assets held for sale— 1,527 
Loss on disposals of long-lived assets159 265 
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for bad debt30,150 24,890 
Prepaid expenses(5,871)(4,560)
Income tax receivable(678)(1,547)
Operating leases, net315 (185)
Other assets458 (374)
Accounts payable326 2,220 
Accrued compensation and benefits(1,666)(229)
Accrued liabilities6,974 295 
Deferred revenue and student deposits912 1,493 
Net cash provided by operating activities75,441 51,807 
Investing activities

Capital expenditures(7,266)(7,600)
Purchases of short-term investments(75,919)— 
Proceeds from the sale of real property— 22,950 

Net cash (used in) provided by investing activities(83,185)15,350 
Financing activities
Cash paid for repurchase of common stock(12,853)(3,723)
Cash received from exercise of stock options54 158 
Preferred stock dividends paid— (2,751)

Cash paid for redemption of preferred stock— (43,096)
Cash paid for principal on borrowings and finance leases(97,657)(107)
Cash received from borrowings90,000 — 
Cash paid for debt issuance costs(1,751)— 
Net cash used in financing activities(22,207)(49,519)
Net (decrease) increase in cash, cash equivalents, and restricted cash(29,951)17,638 
Cash, cash equivalents, and restricted cash at beginning of period176,499 158,941 
Cash, cash equivalents, and restricted cash at end of period$146,548 $176,579 

Supplemental disclosure of cash flow information
Interest paid$3,321 $4,820 
Income taxes paid$4,014 $4,063 

The accompanying notes are an integral part of these Consolidated Financial Statements.
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AMERICAN PUBLIC EDUCATION, INC.
Notes to Consolidated Financial Statements

Note 1. Nature of the Business

American Public Education, Inc., or APEI, together with its subsidiary referred to as the Company, is a provider of online and campus-based postsecondary education to students. Effective March 2, 2026, the Company completed the merger of the legal entities that owned and operated the Company’s three institutions at the time, American Public University System, or APUS, Rasmussen University, or RU, and Hondros College of Nursing, or HCN, with American Public University System, Inc. surviving the merger. On August 4, 2026, the U.S. Department of Education, or ED, approved, and we completed, the Combination of APUS, RU, and HCN into one HLC-accredited institution named American Public University System, or the System.

The Company provides education services through the following reportable segments:

•Military+ Segment, formerly the APUS Segment, provides online postsecondary education directed primarily at the needs of the military, veterans, extended military and veteran families, and other public service and service-minded communities through American Military University and American Public University.

•Health+ Segment, consisting of the businesses that formerly comprised the RU Segment and the HCN Segment, provides nursing- and health sciences-focused education and other postsecondary education, including business, technology, and education, to students through RU and HCN.

The System is licensed or otherwise authorized by state authorities to offer education programs to the extent it believes such licenses or authorizations are required, and the System is certified by ED to participate in student financial aid programs authorized under Title IV of the Higher Education Act of 1965, as amended, or Title IV programs.

The accompanying Consolidated Financial Statements reflect the operations of American Public Training LLC, which is referred to herein as Graduate School USA, or GSUSA, through July 25, 2025, or the GSUSA Sale Date.

    Adjustments to reconcile segment results to the Consolidated Financial Statements are included in Corporate and Other. These adjustments include unallocated corporate activity and eliminations, and, prior to the GSUSA Sale Date, the operational activities of GSUSA. Prior period segment disclosures have been recast to conform to the current period presentation.

Please refer to “Note 9. Segment Information” for more information on the Company’s reportable segments. 

Note 2. Summary of Significant Accounting Policies

A summary of the Company’s significant accounting policies follows: 

Basis of Presentation and Accounting

The Company has prepared the accompanying unaudited, interim consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, or GAAP.

Business Combinations

The Company accounts for business combinations in accordance with Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations, or FASB ASC 805, which requires companies to use the acquisition method for all business combinations. Under ASC 805, the assets and liabilities of an acquired company are reported at business fair value along with the fair value of acquired intangible assets at the date of acquisition. Goodwill 
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represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed, and the fair value assigned to identifiable intangible assets.

Principles of Consolidation

The accompanying unaudited interim consolidated financial statements reflect the accounts of APEI and its wholly owned subsidiary. All material intercompany transactions and balances have been eliminated in consolidation.

The Company’s reportable segments are determined in accordance with FASB ASC 280, Segment Reporting, and are based upon how the chief operating decision maker, or CODM, analyzes performance and makes decisions. The Company organizes its business across two reportable segments: Military+ and Health+. Each segment represents an educational division that provides a variety of postsecondary academic programs.

Unaudited Interim Consolidated Financial Information

The unaudited interim Consolidated Financial Statements do not include all the information and notes required by GAAP for audited annual financial statement presentations. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company’s financial position, results of operations, and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for future periods, including the year ending December 31, 2026. This Quarterly Report on Form 10-Q, or this Quarterly Report, should be read in conjunction with the Consolidated Financial Statements and accompanying notes in its audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, or the Annual Report.

Use of Estimates

In preparing financial statements in conformity with GAAP, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and assumptions on an ongoing basis and bases its estimates on experience, current and expected future conditions and various other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions, and the impact of such differences may be material to the Consolidated Financial Statements.

Cash and Cash Equivalents

The Company considers all short-term highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of demand deposits with financial institutions, money market funds, and U.S. Treasury bills. Cash and cash equivalents are Level 1 assets in the fair value reporting hierarchy.

Restricted Cash 

Restricted cash includes funds held for students for unbilled educational services that were received from Title IV programs. As a trustee of these Title IV program funds, the Company is required to maintain and restrict these funds pursuant to the terms of the program participation agreement with ED. Total restricted cash as of June 30, 2026, and December 31, 2025, was $1.2 million and $2.4 million, respectively.

Short-Term Investments 

Investments with original maturities ranging from three months to one year are classified as short-term investments. As of June 30, 2026, the Company considered its short-term investments in investment grade commercial paper and U.S. Treasury securities as available-for-sale securities based on the Company’s intent for the respective securities. Available-for-sale securities are carried at fair value on the accompanying Consolidated Balance Sheets, determined using Level 2 of the hierarchy of valuation inputs, with the use of inputs other than quoted prices that are observable for the assets. Unrealized investment gains and losses, net of tax, are reported as a separate component of other comprehensive income. Accretion of discounts and interest are included in interest income (expense), net. Realized gains and losses, if any, are included in gain (loss) on investments.

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Assets Held for Sale
Assets held for sale represent excess real property located in Charles Town, West Virginia within the Company’s Military+ Segment. The Company classifies long-lived assets as held for sale when the assets are expected to be sold within the next 12 months and meet the other relevant held for sale criteria. As such, the properties are recorded at the lower of the carrying value or fair value, less costs to sell, until such time the assets are sold.

In the first quarter of 2025, APUS entered into an agreement to sell a building classified in assets held for sale as of December 31, 2024, for $7.0 million, and recorded a loss of $1.5 million, based on the contract amount less estimated costs to sell of $0.4 million. The loss was included in loss on assets held for sale in the accompanying Consolidated Statements of Income for the six months ended June 30, 2025. The sale was completed in June 2025 for net sales proceeds of $6.6 million. 

In the first quarter of 2025, APUS completed the sale of an undeveloped parcel of land classified in assets held for sale as of December 31, 2024, for net sales proceeds of $0.5 million.

In the second quarter of 2025, APUS completed the sale of a building classified in assets held for sale as of December 31, 2024, for net sales proceeds of $15.9 million.

Total cash received from the sale of assets held for sale for the six months ended June 30, 2025, was $23.0 million. There were no assets held for sale as of June 30, 2026, and December 31, 2025.

Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed, and the fair value of acquired intangible assets at the date of acquisition. Goodwill is not amortized. The Company accounts for goodwill and indefinite-lived intangible assets in accordance with FASB ASC 350, Intangibles Goodwill and Other, and Accounting Standards Update, or ASU, 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The Company’s goodwill and intangible assets are deductible for tax purposes.

The Company annually assesses goodwill for impairment, or more frequently if events or circumstances indicate that goodwill might be impaired. Goodwill impairment testing consists of an optional qualitative assessment as well as a quantitative test. The quantitative test compares the fair value of a reporting unit to its carrying value. If the carrying value of the reporting unit is greater than zero and its fair value is greater than its carrying amount, there is no impairment. If the carrying value is greater than the fair value, the difference between the two values is recorded as an impairment. 

Indefinite-lived and finite-lived intangible assets acquired in business combinations are recorded at fair value on the acquisition date. Finite-lived intangible assets are amortized on a straight-line basis over the estimated useful life of the asset.

The Company reviews its indefinite-lived and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, a potential impairment loss is recognized to the extent the carrying amount of the assets exceeds the fair value of the assets.

For additional details regarding goodwill and intangible assets, please refer to “Note 6. Goodwill and Intangible Assets” to the Consolidated Financial Statements.

Series A Senior Preferred Stock 

The Company redeemed all 400 outstanding shares of the Series A Senior Preferred Stock in June 2025. The loss on redemption of $3.5 million was recorded as a reduction to net income available to common stockholders for the three months ended June 30, 2025 and was calculated as the difference between the consideration paid, excluding dividends, and the book value of the Series A Senior Preferred Stock of $39.6 million. Accordingly, there were no dividends declared or paid on the Series A Senior Preferred Stock during the three and six months ended June 30, 2026. During the three and six months ended June 30, 2025, dividends declared and paid on the Series A Senior Preferred Stock were $1.4 million and $2.8 million, respectively.

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Fair Value Measurements 

The Company measures certain financial assets at fair value for disclosure purposes, as well as on a nonrecurring basis when they are deemed to be other-than-temporary impairments. 
Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: 

Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities; 
Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly; or
Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities.

    The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 

Stock-based Compensation

The Company accounts for stock-based compensation in accordance with FASB ASC 718, Stock