APEI · American Public Education, Inc.

American Public Education delivered a materially stronger-than-expected first quarter 2026, with revenue, profitability, and cash flow all accelerating meaningfully year-over-year. Revenue growth of 6.2% to $174.7 million was underpinned by double-digit Health+ segment growth (+11.0% to $85.4 million) and solid Military+ expansion (+6.5% to $89.4 million), driven by higher enrollments and registrations. Net income available to common stockholders more than doubled to $17.7 million, and adjusted EBITDA jumped 37.5% to $29.2 million — outpacing revenue growth due to disciplined cost management and the benefit of debt refinancing completed in March 2026, which reduced borrowing costs by 375 basis points and is expected to save $3.7 million annually in interest expense. Management explicitly tied the results to successful execution of its four-year strategic plan and cited the April 28, 2026 Higher Learning Commission approval for consolidating APUS, Rasmussen, and Hondros as a pivotal enabler of future scale and efficiency. The decision to raise full-year 2026 guidance — widening the revenue range to $686–$696 million and adjusted EBITDA to $93–$102 million — reflects confidence in sustained momentum and the near-term realization of integration benefits. With $221.0 million in cash and restricted cash at quarter-end and a newly authorized $50 million share repurchase program, APEI’s financial position remains robust, supporting both strategic investment and capital return.