美国公共教育 2025年季度报告

FORM10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to______ Commission File Number:001-33810 AMERICAN PUBLIC EDUCATION, INC.(Exact name of registrant as specified in its charter) 01-0724376(I.R.S. EmployerIdentification No.) 111 West Congress Street,Charles Town,West Virginia(Address of principal executive offices) 25414(Zip Code) (304)724-3700(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)hasbeen subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ The total number of shares of common stock outstanding as of November7, 2025 was18,085,030. AMERICAN PUBLIC EDUCATION, INC.FORM 10-QINDEX Page Item1.Financial Statements3Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23Item3.Quantitative and Qualitative Disclosures About Market Risk40Item4.Controls and Procedures41 PART II – OTHER INFORMATION Item1.Legal ProceedingsItem1A.Risk FactorsItem2.Unregistered Sales of Equity Securities and Use of ProceedsItem3.Defaults Upon Senior SecuritiesItem4.Mine Safety DisclosuresItem5.Other InformationItem6.Exhibits SIGNATURES AMERICAN PUBLIC EDUCATION, INC.Consolidated Statements of Comprehensive Income (Loss)(In thousands) AMERICAN PUBLIC EDUCATION, INC.Consolidated Statements of Stockholders’ Equity (Unaudited)(In thousands, except share amounts) AMERICAN PUBLIC EDUCATION, INC.Consolidated Statements of Stockholders’ Equity (Unaudited)(In thousands, except share amounts) AMERICAN PUBLIC EDUCATION, INC.Notes to Consolidated Financial Statements Note 1.Nature of the Business American Public Education, Inc., or APEI, which together with its subsidiaries is referred to as the “Company,” is a provider ofonline and campus-based postsecondary education to students through the following subsidiary institutions: •American Public University System, Inc., or APUS, provides online postsecondary education directed primarily at the needs ofthe military, veterans, extended military families, and other public service and service-minded communities, through AmericanMilitary University, or AMU, and American Public University, or APU. APUS is institutionally accredited by the Higher LearningCommission, or HLC.•Rasmussen College, LLC, which is referred to herein as Rasmussen University, or RU, a nursing- and health sciences-focusedinstitution, provides postsecondary education to students at20campuses insixstates and online. RU is institutionally accreditedby HLC.•National Education Seminars, Inc., which is referred to herein as Hondros College of Nursing, or HCN, provides nursingeducation to students ateightcampuses inthreestates. HCN is institutionally accredited by the Accrediting Bureau for HealthEducation Schools, or ABHES.•American Public Training LLC, which is referred to herein as Graduate School USA, or GSUSA, provides career learning andleadership training in-person and online to the federal workforce. On July 25, 2025, or the GSUSA Sale Date, APEI completed thesale of its membership interest in GSUSA; therefore, the Consolidated Balance Sheet as of September 30, 2025, no longerincludes the accounts of GSUSA. The accompanying Consolidated Financial Statements include the operations of GSUSAthrough the GSUSA Sale Date in Corporate and Other. Please refer to “Note 2. Summary of Significant Accounting Policies” formore information on APEI’s sale of its membership interest in GSUSA. The Company’s