AMERICAN PUBLIC EDUCATION INCAPEI
AMERICAN PUBLIC EDUCATION INC Segments Disclosure
Segment Information
The Company’s Chief Executive Officer, as the chief operating decision maker, or the CODM, organizes the company, manages resource allocations, and measures performance among three operating and reportable segments: APUS, RU, and HCN. Corporate and Other includes unallocated corporate activity and eliminations to reconcile segment results to the Consolidated Financial Statements, and, prior to the GSUSA Sale Date, GSUSA revenue and expenses. GSUSA did not meet the quantitative thresholds to qualify as a reportable segment.
The CODM reviews information about each reportable segment’s revenue and categorized expenses, and allocates resources to, and measures the performance of, each reportable segment using reportable segment operating income (loss). The CODM does not evaluate reportable segment asset or liability information.
A summary of financial information by reportable segment is as follows (in thousands):
| Year Ended December 31, | ||||||||||||||||||||
| 2023 | 2024 | 2025 | ||||||||||||||||||
| APUS Segment | ||||||||||||||||||||
| Revenue | 303,303 | 317,049 | 319,842 | |||||||||||||||||
| Instructional costs and services | 97,246 | 103,745 | 103,920 | |||||||||||||||||
| Selling and promotional | 57,580 | 58,563 | 62,884 | |||||||||||||||||
| General and administrative | 55,992 | 58,807 | 56,584 | |||||||||||||||||
Other (1) | 8,059 | 6,512 | 5,629 | |||||||||||||||||
| Income from operations before interest and income taxes | 84,426 | 89,422 | 90,825 | |||||||||||||||||
| RU Segment | ||||||||||||||||||||
| Revenue | 214,086 | 216,262 | 246,231 | |||||||||||||||||
| Instructional costs and services | 140,861 | 133,448 | 139,421 | |||||||||||||||||
| Selling and promotional | 66,571 | 58,682 | 64,045 | |||||||||||||||||
| General and administrative | 25,401 | 30,324 | 29,876 | |||||||||||||||||
Other (2) | 84,828 | 15,606 | 8,849 | |||||||||||||||||
| (Loss) income from operations before interest and income taxes | (103,575) | (21,798) | 4,040 | |||||||||||||||||
| HCN Segment | ||||||||||||||||||||
| Revenue | 56,936 | 67,290 | 74,983 | |||||||||||||||||
| Instructional costs and services | 38,582 | 43,795 | 46,623 | |||||||||||||||||
| Selling and promotional | 4,312 | 6,923 | 7,773 | |||||||||||||||||
| General and administrative | 14,182 | 15,989 | 19,285 | |||||||||||||||||
Other (3) | 1,256 | 1,705 | 2,156 | |||||||||||||||||
| Loss from operations before interest and income taxes | (1,396) | (1,122) | (854) | |||||||||||||||||
| Corporate and Other | ||||||||||||||||||||
| Revenue | 26,220 | 23,958 | 7,806 | |||||||||||||||||
| Instructional costs and services | 16,173 | 14,715 | 7,056 | |||||||||||||||||
| Selling and promotional | 4,492 | 4,642 | 2,550 | |||||||||||||||||
| General and administrative | 32,664 | 36,841 | 38,837 | |||||||||||||||||
Other (4) | 652 | 1,196 | 5,439 | |||||||||||||||||
| Loss from operations before interest and income taxes | (27,761) | (33,436) | (46,076) | |||||||||||||||||
| Total reportable segment revenue | 574,325 | 600,601 | 641,056 | |||||||||||||||||
| Corporate and other revenue | 26,220 | 23,958 | 7,806 | |||||||||||||||||
| Total consolidated revenue | 600,545 | 624,559 | 648,862 | |||||||||||||||||
| Total reportable segment (loss) income from operations before interest and income taxes | (20,545) | 66,502 | 94,011 | |||||||||||||||||
| Corporate and other (loss) from operations before interest and income taxes | (27,761) | (33,436) | (46,076) | |||||||||||||||||
| Total consolidated (loss) income from operations before interest and income taxes | (48,306) | 33,066 | 47,935 | |||||||||||||||||
(1) Includes loss on assets held for sale, loss on disposal of long lived assets and depreciation and amortization expense.
(2) Includes impairment of goodwill and intangible assets, loss on leases, loss on disposal of long lived assets and depreciation and amortization expense.
(3) Includes loss on disposal of long lived assets and depreciation and amortization expense.
(4) Includes loss on sale of subsidiary, loss on disposal of long lived assets, and depreciation and amortization expense.
| Year Ended December 31, | ||||||||||||||||||||
| 2023 | 2024 | 2025 | ||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||
| APUS Segment | 5,284 | 4,828 | 3,957 | |||||||||||||||||
| RU Segment | 20,627 | 11,577 | 8,523 | |||||||||||||||||
| HCN Segment | 1,253 | 1,704 | 2,109 | |||||||||||||||||
| Total reportable segment depreciation and amortization | 27,164 | 18,109 | 14,589 | |||||||||||||||||
| Corporate and Other | 652 | 1,194 | 1,559 | |||||||||||||||||
| Total consolidated depreciation and amortization | 27,816 | 19,303 | 16,148 | |||||||||||||||||
| Interest expense, net | ||||||||||||||||||||
| APUS Segment | 1,882 | 1,563 | 1,303 | |||||||||||||||||
| RU Segment | 11 | (6) | 662 | |||||||||||||||||
| HCN Segment | 95 | 216 | 306 | |||||||||||||||||
| Total reportable segment interest expense, net | 1,988 | 1,773 | 2,271 | |||||||||||||||||
| Corporate and Other | (6,447) | (3,900) | (6,501) | |||||||||||||||||
| Total consolidated interest expense, net | (4,459) | (2,127) | (4,230) | |||||||||||||||||
| Income tax (benefit) expense | ||||||||||||||||||||
| APUS Segment | 23,530 | 24,577 | 24,311 | |||||||||||||||||
| RU Segment | (26,103) | (5,519) | 341 | |||||||||||||||||
| HCN Segment | (211) | (62) | (197) | |||||||||||||||||
| Total reportable segment income tax (benefit) expense | (2,784) | 18,996 | 24,455 | |||||||||||||||||
| Corporate and Other | (7,931) | (8,577) | (12,307) | |||||||||||||||||
| Total consolidated income tax (benefit) expense | (10,715) | 10,419 | 12,148 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 14, 2023 | |
| 2021 | Mar 2, 2022 | |
| 2020 | Mar 9, 2021 | |
| 2019 | Mar 10, 2020 | |
| 2018 | Mar 12, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.