American Public Education (NASDAQ:APEI) stockholders approved all three proposals presented at the company’s 2026 annual meeting, including the election of six directors, an advisory vote on executive compensation and the ratification of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2026.
Daniel Pianko, chair of the APEI Board of Directors, opened the meeting by highlighting the company’s 2025 operating and financial performance, saying APEI remained focused on “delivering high-quality student experiences, improving learning outcomes, and providing affordable, relevant, and accessible education.”
APEI Highlights 2025 Growth Across Education Segments
“We believe that continued improvements in student success will support sustained enrollment growth and stronger financial performance over time,” Pianko said.
In the Military+ segment, Pianko said the American Public University System continued to serve active-duty military members, veterans and their families. He noted that despite the federal government shutdown during the fourth quarter, the segment delivered full-year 2025 revenue growth, which he described as demonstrating resilience and underlying strength.
Company Reports Strong 2025 Financial Results
Pianko said 2025 was a year of “strong performance and meaningful progress” for APEI. The company generated revenue of $648.9 million, net income available to common stockholders of $25.3 million, adjusted EBITDA of $85.7 million and diluted earnings per share of $1.36.
He attributed the results to “disciplined execution across the organization” and a focus on growth and operational efficiency.
APEI also took steps during the year to simplify its balance sheet and improve financial flexibility. Pianko said the company redeemed all outstanding shares of preferred stock, eliminating approximately $6 million in annual cash dividend obligations. It also sold certain real estate assets, which he said streamlined operations and reduced ongoing costs.
In addition, Pianko said APEI eliminated approximately $4 million of annual lease expense related to the sale of Graduate School USA and refinanced its debt, resulting in approximately $3.7 million of annual interest savings. In total, those actions are expected to generate approximately $13.7 million of annualized savings beginning in 2026.
“These actions, combined with strong cash generation, have strengthened our liquidity position and provide us with the flexibility to invest in future growth while continuing to return value to shareholders,” Pianko said.
Stockholders Approve Board Nominees and Other Proposals
Tom Beckett, APEI’s senior vice president, general counsel and secretary, served as secretary of the meeting and inspector of elections. Beckett said the board set March 26, 2026, as the record date for stockholders entitled to vote. As of that date, APEI had 18,411,154 shares of common stock outstanding, held by 386 stockholders of record.
Beckett said a quorum was present, with stockholders of record holding more than a majority of the company’s issued and outstanding shares represented in person or by proxy.
Stockholders voted on three items:
- The election of six directors to serve until the 2027 annual meeting of stockholders.
- A non-binding advisory vote approving compensation paid to APEI’s named executive officers.
- The ratification of Deloitte & Touche LLP as the company’s independent registered public accounting firm for fiscal 2026.
The six directors elected were Granetta B. Blevins, Michael D. Braner, Anna M. Fabrega, Daniel Pianko, Angela Selden and Richard Statuto. Selden also serves as APEI’s president and chief executive officer.
According to Beckett’s preliminary report, each director nominee received a majority of votes cast. The advisory vote on executive compensation received approval from a majority of shares present at the meeting in person or by proxy, and the ratification of Deloitte & Touche LLP also received majority support.
Pianko said the company will report the final voting results in a Form 8-K within four business days.
No Stockholder Questions Submitted
The company provided opportunities for stockholders to submit questions on the proposals and later on general business matters through the annual meeting web portal. Beckett reported that no questions or comments were submitted during either session.
Pianko concluded the meeting by thanking stockholders for their continued support of APEI.
About American Public Education (NASDAQ:APEI)
American Public Education, Inc operates as a provider of online postsecondary education, offering degree and certificate programs through its wholly owned subsidiary, American Public University System (APUS). The company designs and delivers a broad range of undergraduate and graduate programs in fields such as business administration, information technology, criminal justice, homeland security, health sciences, and education. Its curriculum is developed to meet the needs of working adults, military personnel, veterans and civilian students seeking flexible, career-relevant learning opportunities.
APUS is regionally accredited by the Middle States Commission on Higher Education and employs a proprietary online learning platform that supports asynchronous instruction, digital course materials and interactive learning tools.
