Overview

• US online education provider's Q1 revenue rose 6.2%, slightly beating analyst expectations

• Adjusted EPS for Q1 rose to $0.94

• Company authorized new $50 mln share repurchase program on March 10

Outlook

• Company expects 2026 full-year revenue of $686.0-$696.0 mln

• Company expects 2026 adjusted EBITDA of $93.0-$102.0 mln

• Company sees Q2 2026 revenue between $170.0 mln and $172.0 mln

Result Drivers

• HEALTH+ ENROLLMENT AND PRICING - Health+ segment revenue grew 11.0% y/y, driven by increased enrollments and modest price increases

• MILITARY+ REGISTRATIONS - Military+ segment revenue rose 6.5% y/y, mainly due to increased registrations

• NEW CAMPUS EXPANSION - Opened a new Rasmussen University campus in Orlando, introducing the Practical Nursing Diploma program to the Orlando market

Company press release: ID:nPn44MpSba

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Beat*	$174.70 mln	$173.73 mln (8 Analysts)
Q1 EPS		$0.94
Q1 Net Income		$17.70 mln
Q1 Adjusted EBITDA		$29.20 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the miscellaneous educational service providers peer group is "buy"

• Wall Street's median 12-month price target for American Public Education Inc is $58.00, about 3% above its May 8 closing price of $56.30

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 18 three months ago

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