Ru was American Public Education’s largest segment in fiscal 2025, bringing in $246.23M of $325.10M (76%).
| Segment | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| American Public Education Inc | — | — | — | — | |||||||||||
| Ru | $253.26M | $179.70M | $181.98M | $246.23M | |||||||||||
| Apus | $1.35M | $303.30M | $317.05M | $3.88M | |||||||||||
| American Public Education | — | — | — | — | |||||||||||
| Hcn | $47.08M | $56.94M | $67.29M | $74.98M | |||||||||||
| Hcon | — | — | — | — | |||||||||||
| Total | $301.68M | $539.94M | $566.31M | $325.10M |
American Public Education brought in $325.10M from its three segments in fiscal 2025, the year ended December 31, 2025. That is less than the $370.95M it reports by product and service, so these segments do not cover all of its revenue. Ru was the largest at $246.23M (75.7%), ahead of Hcn at $74.98M (23.1%) and Apus at $3.88M (1.2%).
Compared with fiscal 2024, Ru grew 35.3% to $246.23M and Hcn grew 11.4% to $74.98M.
Instructional Services, Net Of Grants & Scholarships was American Public Education’s largest product and service line in fiscal 2025, bringing in $322.58M of $370.95M (87%).
| Product and Service | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Instructional Services, Net Of Grants & Scholarships | $303.94M | $327.01M | $337.88M | $322.58M | ||||
| Textbook & Other Course Materials | $38.74M | $32.01M | $32.04M | $35.96M | ||||
| Other Fees | $7.84M | $6.19M | $6.44M | $8.53M | ||||
| Graduation Fees | $1.35M | $1.76M | $2.45M | $3.88M | ||||
| Total | $351.87M | $366.97M | $378.81M | $370.95M |
American Public Education brought in $370.95M from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 2.1% from $378.81M in fiscal 2024. Instructional Services, Net Of Grants & Scholarships was the largest at $322.58M (87.0%), ahead of Textbook & Other Course Materials at $35.96M (9.7%) and Other Fees at $8.53M (2.3%). The remaining line, Graduation Fees, brought in $3.88M.
Compared with fiscal 2024, Other Fees grew fastest, up 32.6% to $8.53M, while Instructional Services, Net Of Grants & Scholarships fell the most, down 4.5% to $322.58M. From fiscal 2022 to 2025, combined revenue from these lines grew from $351.87M to $370.95M, a compound annual growth rate of 1.8%. Instructional Services, Net Of Grants & Scholarships' share of the total rose from 86.4% to 87.0%.
American Public Education (APEI) reports its revenue by segment and by product and service. In fiscal 2025, Ru was its largest segment, bringing in $246.23M (75.7% of the total), followed by Hcn at $74.98M (23.1%).
Ru was American Public Education's largest segment in fiscal 2025, bringing in $246.23M, or 75.7% of the $325.10M total across its three segments.
Instructional Services, Net Of Grants & Scholarships was American Public Education's largest product and service line in fiscal 2025, bringing in $322.58M, or 87.0% of the $370.95M total across its four product and service lines.
Ru grew faster than Hcn in fiscal 2025, up 35.3% from $181.98M to $246.23M. Hcn grew 11.4% to $74.98M.
Every figure comes from American Public Education's annual financial filings, as reported. Each line keeps the name American Public Education gives it, and years follow its fiscal calendar.
American Public Education's revenue by segment goes back to fiscal 2011, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.