American Public Education

What American Public Education does

American Public Education, Inc. (NASDAQ: APEI) is a for-profit provider of postsecondary education operating two segments: Military+ and Health+. The Military+ segment, delivered through American Public University System (American Military University and American Public University), provides fully online undergraduate and graduate programs to approximately 89,500 active-duty servicemembers, veterans, public servants, and working adults. The Health+ segment, delivered through Rasmussen University and Hondros College of Nursing, operates 27 campuses across 8 states plus online programs focused on pre-licensure nursing (LPN/PN, ADN, BSN) and health sciences, serving approximately 19,400 students and addressing the U.S. nursing shortage through employer alliances and accelerated licensure pathways.

The company generates revenue primarily through tuition and fees, organized as a subscription-recurring model tied to course registrations. Underlying technology is centered on the D2L Brightspace learning management system at Rasmussen (replacing Blackboard) with AI-enabled tools (D2L Lumi, Creator+, Performance+), supplemented by campus-based simulation labs at nursing programs and a portfolio of 295 degree, certificate, and diploma programs. APEI has approximately 109,000 total students, 28 campuses, and over 250,000 graduates, with the largest market share in U.S. military-affiliated online higher education and a leading position in pre-licensure nursing (ADN + PN).

In 2025-2026, APEI divested Graduate School USA, completed a $130 million senior secured debt refinancing at a 375 bps tighter spread, received Higher Learning Commission approval to consolidate its three accredited units into a single institution, and reported Q1 2026 revenue of $174.7M (+6.2% YoY), record net income of $17.7M (+137.6% YoY), and adjusted EBITDA margin expansion to 16.7% from 12.9%, alongside FY 2026 revenue guidance of $686-696M. The go-to-market combines digital enrollment marketing, employer alliance partnerships, and direct enrollment teams, with distribution split between self-serve online (APUS) and field/direct sales at Health+ campuses.

Name

American Public Education

Legal name

American Public Education, Inc.

Website

https://apei.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

American Public Education (NASDAQ: APEI) is a for-profit postsecondary education provider operating Military+ (APUS online programs for ~89,500 military, veterans, and working adults) and Health+ (Rasmussen University and Hondros College of Nursing, ~19,400 pre-licensure nursing students across 27 campuses), serving ~109,000 students total.

Ownership category

akta.pro rank

Product category

Higher Education

NAICS

Educational Services (611), Colleges, Universities, and Professional Schools (6113)

SIC

Services-Educational Services (8200)

akta.pro primary industry

Defense Universities & Joint Professional Military Education (PME) (EDAHAOAB)

Keywords

• Online higher education
• Nursing education programs
• Military distance learning
• Postsecondary career education
• Healthcare workforce training

Headquarters

HQ city

Charles Town

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Tuition and Fees - Military+ Segment: Revenue from online postsecondary education programs delivered through American Public University System (APUS), including American Military University and American Public University. Revenue is generated through tuition and fees from course registrations. Military+ segment reported $89.4 million in Q1 2026 revenue, growing 6.5% year-over-year, driven by increased registrations.
2. Tuition and Fees - Health+ Segment: Revenue from nursing and health sciences-focused postsecondary education at Rasmussen University (campuses in Minnesota, Illinois, North Dakota, Kansas, and Florida; online programs) and Hondros College of Nursing (campuses in Ohio, Indiana, and Michigan). Health+ segment reported $85.4 million in Q1 2026 revenue, growing 11.0% year-over-year, driven by increased enrollments and modest price increases.
3. Contract Training (formerly Graduate School USA): Prior to its sale in July 2025, Graduate School USA generated revenue through professional development courses and contract training services for government agencies. GSUSA served over 100 government agencies. The segment contributed $3.7 million in Q1 2025 and $8.0 million for FY 2025 before being divested.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

American Public Education, Inc. (APEI) is a for-profit education services provider that operates through two segments: Military+ (American Public University System, comprising American Military University and American Public University) which delivers fully online postsecondary degree and certificate programs to active-duty military, veterans, and working adults; and Health+ (Rasmussen University and Hondros College of Nursing) which delivers campus-based and online pre-licensure nursing and health sciences programs at 27 campuses across 8 U.S. states.

Product overview

American Public Education operates as a dual-segment education services provider through its Military+ and Health+ segments. The Military+ segment includes American Public University System (comprising American Military University and American Public University), serving approximately 89,500 online learners focused on military, veterans, and public service communities. The Health+ segment encompasses Rasmussen University and Hondros College of Nursing, providing nursing and health sciences education to approximately 19,400 students across 27 campuses in eight states plus online programs. The company also held Graduate School USA (acquired 2022, divested 2025), which provided federal workforce training. APEI's institutional consolidation approved in 2026 will combine APUS, Rasmussen, and Hondros into a single accredited institution.

Differentiator

Problem solved

Functional benefit

Products and services

• American Military University (AMU) A fully online university serving active-duty servicemembers, veterans, and their families with postsecondary education programs including undergraduate and graduate degrees, certificates, and professional development courses. Founded in 1991 as part of American Public University System and accredited by the Higher Learning Commission.
• American Public University (APU) A fully online university serving working professionals seeking career advancement through accessible higher education programs. Part of American Public University System and accredited by the Higher Learning Commission.
• Rasmussen University A nursing and health sciences-focused institution founded in 1900, serving approximately 15,900 students across campuses in multiple states and online. Offers programs in Nursing, Business, Technology, Design, Early Childhood Education, and Justice Studies. Accredited by the Higher Learning Commission.
• Hondros College of Nursing A specialized nursing college focusing on pre-licensure nursing education at eight campuses in Ohio, Indiana, and Michigan. The largest educator of PN (LPN) nurses in Ohio, serving approximately 4,000 students. Accredited by the Accrediting Bureau of Health Education Schools.
• Rasmussen University Weekend Practical Nursing (LPN) Program - Fort Myers A weekend Practical Nursing (LPN) Diploma program offered at Rasmussen University's Fort Myers, Florida campus. The program uses flexible Friday-Sunday scheduling combined with on-campus, online, and clinical coursework to prepare students for the NCLEX-PN licensure exam in as few as 15 months.

Quantifiable outcome

• Record Q1 2026 net income of $17.7 million, up 137.6% year-over-year; diluted EPS of $0.94 vs $0.41 in Q1 2025
• +7 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core and minor.

• D2L (Global Learning Innovation Company)coreTechnology or Integration · 20 April 2026Rasmussen University, a subsidiary of APEI, selected D2L Brightspace as its new learning management system (LMS) to replace Blackboard. The implementation began after a pilot in May 2026, with an initial focus on nursing education. D2L provides its suite of AI-powered tools including D2L Lumi, Creator+, and Performance+ to support personalized, inclusive learning experiences across Rasmussen's 20 campuses and online programs. D2L is headquartered in Toronto, Canada.
• NIU (Northern Illinois University)minorOthersRasmussen University held its 2026 Illinois Commencement Ceremony at the NIU Convocation Center in DeKalb, Illinois, celebrating over 450 graduates. Northern Illinois University provided the venue for this ceremony, with keynote speaker Kristie Geil, chief nursing officer at UW Health Northern Illinois.
• UW Health Northern IllinoisminorOthersKristie Geil, Chief Nursing Officer at UW Health Northern Illinois, served as keynote speaker at Rasmussen University's 2026 Illinois Commencement Ceremony. This represents an informal community partnership between Rasmussen University and a regional healthcare employer, reflecting the university's employer alliance model for nursing education.

Scale indicators16 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Strategic Education: Strategic Education (NASDAQ: STRA) owns Strayer University and Capella University, both leading for-profit online higher education providers serving working adults. Directly comparable to APEI's Military+ and adult-learner focus with similar reliance on Title IV funding and online modality.
• Adtalem Global Education: Adtalem (NYSE: ATGE) operates Chamberlain University (the largest pre-licensure nursing school in the U.S.), Walden University, and ACAMS. Most directly comparable on the Health+ nursing dimension and also offers online post-graduate education, overlapping with APUS.
• Perdoceo Education Corporation: Perdoceo (NASDAQ: PRDO) operates American InterContinental University and Colorado Technical University, both online-focused for-profit institutions serving working adults. Closely mirrors APEI's Military+ online model and adult-learner GTM.
• 2U, Inc. 2U (NASDAQ: TWOU) partners with non-profit universities to deliver online degree programs (bootcamps, GetSmarter). APEI's Interim CIO is 2U's founding CTO. Comparable in online higher education delivery infrastructure, though APEI owns its institutions rather than partnering.
• Lincoln Educational Services: Lincoln Educational Services (NASDAQ: LINC) operates for-profit technical and trade schools focused on skilled trades, healthcare, and automotive. Comparable in for-profit career-education regulatory exposure and adult-learner targeting, though more skewed to skilled trades than APEI's nursing emphasis.
• University of Phoenix: University of Phoenix is a private for-profit online university serving working adults with undergraduate and graduate programs. Comparable in scale, online-only modality, and adult-learner focus; now owned by the University of Phoenix acquisition vehicle and effectively a private direct competitor to APUS.

Broad incumbents

• Grand Canyon Education: Grand Canyon Education (NASDAQ: LOPE) provides education services to Grand Canyon University, a large for-profit university with both campus and online operations. Comparable scale, similar reliance on adult and non-traditional learners, and broader program portfolio than APEI.
• Graham Holdings Company: Graham Holdings (NYSE: GHC) owns Kaplan, Inc., which operates Kaplan University (now Purdue University Global) and a wide portfolio of education, training, and testing services. A broader incumbent with significant for-profit online and career-education overlap with APEI.

Regional players

• Universal Technical Institute: Universal Technical Institute (NYSE: UTI) operates for-profit technical schools focused on transportation, skilled trades, and energy. Comparable for-profit career-education regulatory profile and adult-learner target market, though concentrated in skilled trades rather than nursing.

Emerging players

• Galen College of Nursing: Galen College of Nursing is a private nursing-only institution (now majority-owned by University of Kentucky HealthCare) operating multiple campuses focused on pre-licensure nursing. Most direct emerging competitor to Health+, specifically to Rasmussen and Hondros, in the pre-licensure nursing segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/american-public-education-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about American Public Education