American Public Education Projects Strong Q3, Uncertain Q4 Amid Federal Shutdown

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American Public Education (APEI) said late Tuesday that it expects Q3 results to surpass the high end of its earlier guidance for consolidated revenue and net course registrations at American Public University System.

The company cautioned that the ongoing US government shutdown, which halted the Department of Defense tuition assistance program, led APUS to drop about 12,700 course registrations on Oct. 11, the company said.

As a result, October revenue is projected to fall by roughly $9.6 million, with net course registrations down about 35% compared to last year.

The company is exploring ways to reduce the shutdown's impact, though the full effect on Q4 and full-year 2025 remains unclear. Complete Q3 results are expected in November, it added.

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