{"url_path":"/sec/apei/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-11","source_url":"https://www.sec.gov/Archives/edgar/data/1201792/0001201792-26-000008-index.html","accession_number":"0001201792-26-000008","cik":"0001201792","ticker":"APEI","issuer_name":"AMERICAN PUBLIC EDUCATION INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1201792/0001201792-26-000008-index.html","primary_entity_key":"0001201792","primary_entity_name":"AMERICAN PUBLIC EDUCATION INC"},"word_count":515,"has_tables":true,"body_markdown":"apei-20260331\nfalse2026Q1000120179212/31P1Yhttp://www.americanpubliceducation.com/20260331#LeaseLiabilityCurrenthttp://www.americanpubliceducation.com/20260331#LeaseLiabilityCurrenthttp://www.americanpubliceducation.com/20260331#LeaseLiabilityNoncurrenthttp://www.americanpubliceducation.com/20260331#LeaseLiabilityNoncurrentMarch 16, 2026December 31, 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STATES SECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark One)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE\n\n SECURITIES EXCHANGE ACT OF 1934 \n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nor\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE\n\n SECURITIES EXCHANGE ACT OF 1934 \n\n \n\nFor the transition period from ______ to ______\n\n \n\nCommission File Number: 001-33810\n\n \n\nAMERICAN PUBLIC EDUCATION, INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware01-0724376\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n111 West Congress Street, Charles Town, West Virginia\n25414\n\n(Address of principal executive offices)(Zip Code)\n\n             \n\n \n\n(304) 724-3700\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, $.01 par valueAPEINasdaq Global Select Market\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer ☐Accelerated filer ☒\n\nNon-accelerated filer ☐Smaller reporting company☐\n\nEmerging growth company☐\n\nIf an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nThe total number of shares of common stock outstanding as of May 7, 2026, was 18,343,488.\n\nAMERICAN PUBLIC EDUCATION, INC.\n\nFORM 10-Q\n\nINDEX\n\n \n\n  \n\n Page\n\n[PART I – FINANCIAL INFORMATION](#ia4f58767a7424a18966677996b8aa318_10)\n\n  \n\n[Item 1.     Financial Statements](#ia4f58767a7424a18966677996b8aa318_13)\n\n[3](#ia4f58767a7424a18966677996b8aa318_13)\n\n[Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ia4f58767a7424a18966677996b8aa318_73)\n\n[19](#ia4f58767a7424a18966677996b8aa318_73)\n\n[Item 3.     Quantitative and Qualitative Disclosures About Market Risk](#ia4f58767a7424a18966677996b8aa318_85)\n\n[28](#ia4f58767a7424a18966677996b8aa318_85)\n\n[Item 4.     Controls and Procedures](#ia4f58767a7424a18966677996b8aa318_88)\n\n[29](#ia4f58767a7424a18966677996b8aa318_88)\n\n  \n\n  \n\n[PART II – OTHER INFORMATION](#ia4f58767a7424a18966677996b8aa318_91)\n\n \n\n  \n\n[Item 1.     Legal Proceedings](#ia4f58767a7424a18966677996b8aa318_94)\n\n[29](#ia4f58767a7424a18966677996b8aa318_94)\n\n[Item 1A.  Risk Factors](#ia4f58767a7424a18966677996b8aa318_97)\n\n[29](#ia4f58767a7424a18966677996b8aa318_97)\n\n[Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds](#ia4f58767a7424a18966677996b8aa318_100)\n\n[30](#ia4f58767a7424a18966677996b8aa318_100)\n\n[Item 3.     Defaults Upon Senior Securities](#ia4f58767a7424a18966677996b8aa318_103)\n\n[30](#ia4f58767a7424a18966677996b8aa318_103)\n\n[Item 4.     Mine Safety Disclosures](#ia4f58767a7424a18966677996b8aa318_106)\n\n[30](#ia4f58767a7424a18966677996b8aa318_106)\n\n[Item 5.     Other Information](#ia4f58767a7424a18966677996b8aa318_109)\n\n[30](#ia4f58767a7424a18966677996b8aa318_109)\n\n[Item 6.     Exhibits](#ia4f58767a7424a18966677996b8aa318_115)\n\n[32](#ia4f58767a7424a18966677996b8aa318_115)\n\n  \n\n[SIGNATURES](#ia4f58767a7424a18966677996b8aa318_118)\n\n[33](#ia4f58767a7424a18966677996b8aa318_118)\n\n2\n\nPART I – FINANCIAL INFORMATION"}