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Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following is a description of principal activities from which the Company generates its revenue.

Instructional services. Instructional services revenue includes tuition and technology and laboratory fees, and prior to the GSUSA Sale Date, contract training. The Company generally recognizes revenue ratably as instructional services are provided over the course or term, which is, for APUS, either an eight- or sixteen-week course and for RU and HCN, a quarterly term, and for GSUSA, the length of the training program. Tuition is charged by course or term, technology fees are charged to APUS students on a per course basis, and technology and laboratory fees are charged to RU and HCN students on a per term basis, when applicable. Generally, instructional services are billed when a course or term begins and paid within thirty days of the bill date. In September 2023, APUS removed the technology fee for undergraduate students.

Graduation fees. APUS graduation fee revenue represents a one-time, non-refundable, fee per degree, charged to students upon submission of a program graduation application. In April 2023, the fee was increased from $100 to $150. The graduation fee was increased to $250 in October 2024, and increased again to $350 in February 2026 for bachelor’s and master’s degrees. This fee covers administrative costs associated with completing a review of the student’s academic and financial standing prior to graduation. The Company recognizes revenue once graduation review services are completed. Generally, graduation fees are billed and paid when the student submits the graduation application.

Textbook and other course material fees. Textbook and other course materials fees represent revenue and fees related to the sale of textbooks and other course materials to RU and HCN students. Revenue is recognized at the beginning of the term when the textbooks and other course materials fees are billed. Payment is generally received within thirty days of the bill date. Sales tax collected on the sale of textbooks and other course materials is excluded from revenue.

Other fees. Other fees revenue represents one-time, non-refundable fees such as application, enrollment, transcript, and other miscellaneous fees. Generally, other fees revenue is recognized when the fee is charged to the student, which coincides with the completion of the specific performance obligation to the student.

APUS provides a Preferred Military Rate of $250 per credit hour for undergraduate and master’s level courses for all U.S. active-duty service members, National Guard members, Reservists, and military families. Active-duty military students using TA at the undergraduate level are expected to generally have no out-of-pocket expenses. In addition, APUS also provides an APUS-funded 10% grant for veterans and veteran’s family members, or Veteran Grant, on standard undergraduate, a 15% Veteran Grant on master’s level courses, and a 10% Opportunity Grant for undergraduate and master’s level courses.

RU also provides an RU-funded tuition grant to support students who are U.S. active-duty military, National Guard, Reserve, retired military and veterans enrolling in a degree, diploma or certificate program. RU also extends the grant to eligible spouses and dependents of active-duty military, retired military, and veterans.

HCN provides HCN-funded performance-based grants and offers an HCN-funded institutional affordability grant to students demonstrating financial need to cover the difference between the total cost of tuition and fees less the amount of all eligible financial aid resources. The institutional affordability grant is designed to limit a student’s monthly payment to $200
through an award of up to $200 per month, or $600 per term after consideration of financial aid, employer tuition reimbursement, and other financial resources.

APUS, RU, and HCN tuition grants and scholarships of $80.7 million, $29.9 million, and $36.5 million were provided for the years ended December 31, 2023, 2024, and 2025, respectively, and are included as a reduction to revenue in the accompanying Consolidated Statements of Income.

Disaggregation of Revenue
In the following table, revenue, shown net of grants and scholarships, is disaggregated by type of service provided. The table also includes a reconciliation of the disaggregated revenue within the reportable segments (in thousands):

Year Ended December 31, 2023
APUSRUHCNCorporate and OtherConsolidated
Instructional services, net of grants and scholarships$300,794 $179,699 $47,998 $26,220 $554,711 
Graduation fees1,764 — — — 1,764 
Textbook and other course materials— 32,008 8,255 — 40,263 
Other fees745 2,379 683 — 3,807 
Total Revenue$303,303 $214,086 $56,936 $26,220 $600,545 

Year Ended December 31, 2024
APUSRUHCNCorporate and OtherConsolidated
Instructional services, net of grants and scholarships$313,924 $181,975 $55,830 $23,958 $575,687 
Graduation fees2,454 — — — 2,454 
Textbook and other course materials— 32,041 10,187 — 42,228 
Other fees671 2,246 1,273 — 4,190 
Total Revenue$317,049 $216,262 $67,290 $23,958 $624,559 

Year Ended December 31, 2025
APUSRUHCNCorporate and OtherConsolidated
Instructional services, net of grants and scholarships$314,776 $207,236 $62,004 $7,806 $591,822 
Graduation fees3,882 — — — 3,882 
Textbook and other course materials— 35,955 11,712 — 47,667 
Other fees1,184 3,040 1,267 — 5,491 
Total Revenue$319,842 $246,231 $74,983 $7,806 $648,862 
    
Corporate and Other includes tuition and contract training revenue earned by GSUSA through the GSUSA Sale date and the elimination of intersegment revenue for courses taken by employees of one segment at other segments.
Contract Balances and Performance Obligations

The Company has no contract assets or deferred contract costs as of December 31, 2024, and 2025.
The Company recognizes a contract liability, or deferred revenue, when a student begins a course, in the case of APUS and GSUSA, or starts a term, in the case of RU and HCN. Deferred revenue at December 31, 2024, was $23.5 million and includes $14.1 million in future revenue that has not yet been earned for courses and terms that are in progress, as well as $9.4 million in consideration received in advance for future courses or terms, or student deposits, and represents the Company’s performance obligation to transfer future instructional services to students. Deferred revenue at December 31, 2025, was $23.0 million and includes $15.0 million in future revenue that has not yet been earned for courses and terms that are in progress as well as $8.0 million in student deposits.

The Company has elected, as a practical expedient, not to disclose additional information about unsatisfied performance obligations for contracts with students that have an expected duration of one year or less.

When the Company begins providing the performance obligations, a contract receivable is created, resulting in accounts receivable on the Company’s Consolidated Balance Sheets. The Company uses the portfolio approach, a practical expedient, to evaluate if a contract exists and to assess collectability at the time of contract inception based on historical experience. Contracts are subsequently reviewed for collectability if significant events or circumstances indicate a change.

Refund Policies
The Company provides a stated period of time during which students may withdraw from a course for APUS, or a term for RU and HCN, without further financial obligation resulting in a refund liability. If a student withdraws during the academic term, the Company calculates the portion of tuition that is non-refundable based on the tuition refund policy and the applicable state laws and recognizes it as revenue in the period the withdrawal occurs. For GSUSA, a refund was provided only if the student canceled before the start of a course.

Refund Liability
The Company uses the portfolio approach and applies the expected value method to determine if a refund liability exists. This requires management judgment and the use of estimates and historical data to assess the likelihood and magnitude of a revenue reversal due to a refund liability. Due to the short duration of the courses, and the refund policy described above, any uncertainty regarding a student’s withdrawal is resolved in a short time period. Based on measurement and analysis, the Company determined that a significant reversal in the cumulative amount of revenue recognized is not expected. The Company includes this estimate in the transaction price. The refund liabilities for APUS, which are included in deferred revenue, are not material for all periods presented. APUS updates the measurement of the refund liability at the end of each reporting period for changes in expectations, and if the reversal becomes significant, recognizes corresponding adjustments to revenue.
Because RU and HCN’s terms coincide with the Company’s fiscal quarter periods, there are no refund liabilities as of December 31, 2024, and 2025, for RU or HCN.