APEI

EX-99.1

2 tm2613959d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

American Public Education Reports First Quarter 2026 Financial Results and Raises 2026 Full-Year Guidance

CHARLES TOWN, W.V. – May 11, 2026 -- American Public Education, Inc. (the “Company”) (Nasdaq: APEI), a company that transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately 109,000 students, has reported financial and operational results for the first quarter ended March 31, 2026.

“In the first quarter, we delivered strong results across our key financial metrics. We also took a significant step forward in the institutional combination when we received Higher Learning Commission approval on April 28 to consolidate our APUS, Rasmussen and Hondros College of Nursing programs, locations and operations into a single accredited institution. We remain on pace to complete our planned institutional combination at the start of the third quarter," said Angela Selden, President and Chief Executive Officer of APEI.

Selden concluded, “Q1 2026 is the first quarter of a four-year strategic plan, and the strength of our results gives us the confidence to raise our full-year 2026 guidance on both revenue and adjusted EBITDA. We believe the foundation is built, the strategy is working, and we are just getting started.”

Key First Quarter 2026 Highlights (as Compared to First Quarter 2025)

·Consolidated revenue of $174.7 million, a 6.2% year-over year increase.

oExcluding the effect of the sale of GSUSA in July 2025, consolidated revenue would have increased 8.7% when compared to the prior period.

oHealth+ segment revenue growth of 11.0% year-over-year to $85.4 million, primarily driven by increased enrollments and modest price increases.

oMilitary+ segment revenue growth of 6.5% year-over-year to $89.4 million, primarily driven by increased registrations.

oNet income available to common stockholders increased 137.6% to a record $17.7 million, compared to $7.5 million.

·Adjusted EBITDA increased 37.5% to $29.2 million, compared to $21.2 million.

·Net income per diluted common share increased 129.3% to $0.94, compared to $0.41.

·Opened a new Rasmussen University campus in Orlando, Florida, introducing the University’s Practical Nursing Diploma (LPN) program to the Orlando market for the first time.

·Cash Flows from Operations increased 71.1% to $63.3 million.

Balance Sheet and Liquidity

·Total cash, cash equivalents, and restricted cash were $221.0 million at March 31, 2026, compared to $176.5 million at December 31, 2025, representing an increase of $44.5 million, or 25.2%.

Debt Refinancing and Repurchase Program

·On March 9, 2026, the Company refinanced debt, reducing its borrowing rate by 375 basis points at then-current leverage levels. The reduction, combined with a reduction in principal, is expected to generate approximately $3.7 million in annual interest expense savings (excluding debt cost amortization).

·On March 10, 2026, the Company’s Board of Directors authorized a share repurchase program of up to $50 million in the aggregate of the Company’s common stock. The program replaces the Company’s prior repurchase authorizations. The Company repurchased a total of 17,840 shares through the end of the first quarter.

Registrations and Enrollment

Q1 2026

Q1 2025

% Change

Military+1

For the three months ended March 31,

Net Course Registrations 106,600 102,500 4.0%

Health+ 2

For the three months ended March 31,

Total Student Enrollment 19,400 18,000 7.8%

1.       Military+ Net Course Registrations represents the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. Excludes students in doctoral programs.

2.       Health+ Total Student Enrollment represents students in an active status as of the full-term census or billing date.

Second Quarter and Full Year 2026 Outlook

The following statements are based on APEI's current expectations. These statements are forward-looking and actual results may differ materially. APEI undertakes no obligation to update publicly any forward-looking statements for any reason unless required by law. Refer to APEI's earnings conference call and presentation for further details.

In millions, except enrollment, net registrations and per share data Second Quarter 2026 Second Quarter 2025

Military+ Net registrations 98,300-100,300 +2.0-4.0% y/y 96,400

Health+ Enrollment 19,600 +7.1% y/y 18,300

Revenue $170.0 - $172.0

$162.8

Includes $3.4 of GSUSA Revenue

Net Income (Loss) Available to Common Stockholders $6.5 - $7.5 ($0.3)

Adjusted EBITDA $16.5 - $18.0 $15.1

Diluted Earnings per Share $0.34 per - $0.39 per share ($0.02)

In millions, except per share data Full Year 2026 Full Year 2025

Revenue $686.0 - $696.0

$648.9

Includes $8.0 of GSUSA Revenue

Net Income Available to Common Stockholders $44.9 - $51.6 $25.3

Adjusted EBI

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2026-03-12 2026-03-12

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 12, 2026

American Public Education, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-33810

01-0724376

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

111 W. Congress Street

Charles Town, West Virginia

25414

(Address of principal executive offices)

(Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading Symbol(s) Name of each exchange on which

registered

Common Stock, $0.01 par value per share

APEI

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨

Section 2 – Financial Information

Item 2.02 Results of Operations and Financial Condition.

On March 12, 2026, American Public Education, Inc. (the “Company”) issued a press release reporting financial results for the three and twelve months ended December 31, 2025.  A copy of the Company’s press release is attached to this report as Exhibit 99.1, and is incorporated in this report by reference.  The Company has scheduled a webcast for 5:00 p.m. ET on March 12, 2026, to discuss its financial results.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 American Public Education, Inc. press release dated March 12, 2026, reporting financial results for the three and twelve months ended December 31, 2025.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

American Public Education, Inc.

Date: March 12, 2026 By: /s/ Edward Codispoti

Edward Codispoti,

Executive Vice President and Chief Financial Officer

false 0001201792

0001201792

2025-11-10 2025-11-10

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 10, 2025

American Public Education, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-33810

01-0724376

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

111 W. Congress Street

Charles Town, West Virginia

25414

(Address of principal executive offices)

(Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading Symbol(s) Name of each exchange on which

registered

Common Stock, $0.01 par value per share

APEI

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨

Section 2 – Financial Information

Item 2.02     Results of Operations and Financial Condition.

On November 10, 2025, American Public Education, Inc. (the “Company”) issued a press release reporting financial results for the three and nine months ended September 30, 2025. A copy of the Company’s press release is attached to this report as Exhibit 99.1 and is incorporated in this report by reference. The Company has scheduled a webcast for 5:00 p.m. ET on November 10, 2025, to discuss its financial results.

Section 9 – Financial Statements and Exhibits

Item 9.01     Financial Statements and Exhibits.

(d) Exhibits

99.1 American Public Education, Inc. press release dated November 10, 2025, reporting financial results for the three and nine months ended September 30, 2025.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

American Public Education, Inc.

Date: November 10, 2025 By: /s/ Edward Codispoti

Edward Codispoti

Executive Vice President and Chief Financial Officer