American Public Education Reports 2025 Gains, Lowers Borrowing Costs, Authorizes $50 Million Buyback

Lower borrowing costs alongside a new buyback signal management’s push for enrollment growth following last year’s balance‑sheet actions.

Overview

Full-year 2025 revenue rose 3.9% to $648.9 million and adjusted EBITDA increased 18.6% to $85.7 million, with net income available to common stockholders of $25.3 million.
The company completed a five-year, $130 million senior secured credit facility that cuts its borrowing spread by 375 basis points, extends maturity to 2031, reduces total debt, and is expected to save about $3.7 million in annual interest.
The Board approved a new share repurchase program of up to $50 million, replacing prior authorizations.
Rasmussen University and Hondros College of Nursing posted double-digit revenue gains on higher enrollments, while APUS saw a fourth-quarter decline tied to the federal government shutdown.
2026 guidance calls for $685–$695 million in revenue, adjusted EBITDA of $91.5–$100.5 million, and $41.3–$47.6 million in net income, with an expected one-time ~$1.6 million Q1 loss on debt extinguishment and DOE-lifted limits enabling Rasmussen expansion.