Apus was American Public Education’s largest segment in fiscal 2025, bringing in $319.84M of $648.86M (49%).
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Apus | $285.13M | $303.30M | $317.05M | $319.84M | |||||||||||
| American Public Education | — | — | — | — | |||||||||||
| American Public Education Inc | — | — | — | — | |||||||||||
| Ru | $253.26M | $214.09M | $216.26M | $246.23M | |||||||||||
| Hcn | $47.08M | $56.94M | $67.29M | $74.98M | |||||||||||
| Hcon | — | — | — | — | |||||||||||
| Corporate & Other | $20.87M | $26.22M | $23.96M | $7.81M | |||||||||||
| Intersegment | — | — | — | — | |||||||||||
| Total | $606.33M | $600.55M | $624.56M | $648.86M |
American Public Education brought in $648.86M from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 3.9% from $624.56M in fiscal 2024. Apus was the largest at $319.84M (49.3%), ahead of Ru at $246.23M (37.9%) and Hcn at $74.98M (11.6%). The remaining segment, Corporate & Other, brought in $7.81M.
Compared with fiscal 2024, Ru grew fastest, up 13.9% to $246.23M. Every segment above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these segments grew from $606.33M to $648.86M, a compound annual growth rate of 2.3%. Apus' share of the total rose from 47.0% to 49.3%.
Instructional Services, Net Of Grants & Scholarships was American Public Education’s largest product and service line in fiscal 2025, bringing in $584.02M of $648.86M (90%).
| 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 | $533.84M | $528.49M | $551.73M | $584.02M | ||||
| Textbook & Other Course Materials | $45.70M | $40.26M | $42.23M | $47.67M | ||||
| Corporate & Other | $20.87M | $26.22M | $23.96M | $7.81M | ||||
| Other Fees | $4.57M | $3.81M | $4.19M | $5.49M | ||||
| Graduation Fees | $1.35M | $1.76M | $2.45M | $3.88M | ||||
| Intersegment | — | — | — | — | ||||
| Total | $606.33M | $600.55M | $624.56M | $648.86M |
American Public Education brought in $648.86M from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 3.9% from $624.56M in fiscal 2024. Instructional Services, Net Of Grants & Scholarships was the largest at $584.02M (90.0%), ahead of Textbook & Other Course Materials at $47.67M (7.3%) and Corporate & Other at $7.81M (1.2%). The other two lines brought in $9.37M combined.
Compared with fiscal 2024, Textbook & Other Course Materials grew 12.9% to $47.67M and Instructional Services, Net Of Grants & Scholarships grew 5.9% to $584.02M. From fiscal 2022 to 2025, combined revenue from these lines grew from $606.33M to $648.86M, a compound annual growth rate of 2.3%. Instructional Services, Net Of Grants & Scholarships' share of the total rose from 88.0% to 90.0%.
American Public Education (APEI) reports its revenue by segment and by product and service. In fiscal 2025, Apus was its largest segment, bringing in $319.84M (49.3% of the total), followed by Ru at $246.23M (37.9%).
Apus was American Public Education's largest segment in fiscal 2025, bringing in $319.84M, or 49.3% of the $648.86M total across its four segments.
Instructional Services, Net Of Grants & Scholarships was American Public Education's largest product and service line in fiscal 2025, bringing in $584.02M, or 90.0% of the $648.86M total across its five product and service lines.
Among American Public Education's segments that make up at least 2% of revenue, Ru grew fastest in fiscal 2025, up 13.9% from $216.26M to $246.23M.
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.