American Public Education Inc (NASDAQ: APEI) is a postsecondary education company that operates three institutions serving working adults: American Public University System (APUS), Rasmussen University (RU), and Hondros College of Nursing (HCN). Revenue comes from tuition and fees paid by enrolled students, with Title IV federal financial aid and military tuition assistance representing primary funding sources for students. APUS holds a stated position as the number one educator of active-duty military and veterans; as of December 31, 2025, approximately 62% of APUS students self-reported active-duty military status at initial enrollment and approximately 15% self-reported as veterans. RU and HCN together serve more than 10,200 nursing students, making APEI a national operator in pre-licensure nursing education. APUS delivers programs fully online with monthly starts; RU blends in-person and online formats; HCN offers on-campus practical and associate degree nursing programs at Ohio campuses with daytime and evening/weekend options. Angela K. Selden has served as President and CEO since September 2019.

Revenue model

Tuition and fees charged per course or program to enrolled students across three institutional segments: APUS, RU, and HCN. Students fund enrollment primarily through federal Title IV financial aid, military tuition assistance, employer tuition reimbursement, and direct payment. Over 25% of RU enrollments are tied to alliance or partner relationships, and APUS partners directly with over 120 employers and organizations, with indirect reach extending to over 1,000 organizations through tuition assistance administrators and channel partners (per 10-K filed 2026-03-12).

Products and services

APUS: online undergraduate and graduate degree programs and certificates with monthly start dates, focused on military, veteran, and public-service communities. RU: blended in-person and online programs concentrated in nursing and healthcare, plus other disciplines with flexible start dates. HCN: practical nursing (PN) and associate degree in nursing (ADN) programs delivered on Ohio campuses with on-campus and some online instruction, offered in daytime and evening/weekend formats.

Customers and end markets

Primary end market is working adults seeking postsecondary credentials. APUS concentrates on active-duty military, veterans, extended military families, and public-service communities. RU and HCN serve students pursuing nursing and healthcare credentials, with RU also serving broader professional fields. Employer partners provide tuition assistance and referral pipelines; APUS collaborates with over 120 direct employer and organizational partners (per 10-K filed 2026-03-12).

Value-chain role

Direct provider of postsecondary education: curriculum development, instruction delivery, student recruiting, academic support, and career services are all operated in-house. Marketing is centralized through a shared services model. Information technology services are provided to all three institutions through a shared APEI infrastructure following the in-sourcing of technology services previously outsourced by RU to Collegis LLC, a transition completed prior to September 2024.

Geographic exposure

APUS operates fully online with no disclosed physical campus concentration. RU previously operated campuses in multiple states including Minnesota, Wisconsin, and Texas, with campus consolidations and closures executed in 2024 and 2025. HCN operates on-campus programs at Ohio locations (per 10-K filed 2026-03-12).

Source: SEC 10-K, filed 2026-03-12

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