American Public Education (APEI) is a for-profit postsecondary education company serving roughly 108,600 students across two businesses: online education for military and veteran communities, and campus-based nursing education. The online segment operates through American Public University System (APUS), which runs two brands — American Military University and American Public University — serving about 88,700 students. APUS is the largest provider of education to active-duty military in the U.S., pricing undergraduate courses at $250 per credit hour to align with DoD Tuition Assistance caps, meaning most military students pay nothing out of pocket. The nursing segment operates through Rasmussen University (about 15,900 students across 18 campuses) and Hondros College of Nursing (about 4,000 students across 8 campuses), together training over 10,200 nursing students primarily in pre-licensure programs. APEI generates revenue through tuition and fees per credit hour, with APUS heavily reliant on government funding — DoD Tuition Assistance and VA benefits together account for roughly two-thirds of APUS revenue. The nursing campuses rely primarily on Title IV federal aid. Growth strategy centers on filling existing nursing campus capacity without new capex — which drives high incremental EBITDA margins — and expanding APUS enrollment beyond active-duty military into veterans and working adults. In 2026, APEI is consolidating all three institutions into a single accredited entity to capture cost and revenue synergies.