Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s Chief Executive Officer, as the chief operating decision maker, or the CODM, organizes the company, manages resource allocations, and measures performance among three operating and reportable segments: APUS, RU, and HCN. Corporate and Other includes unallocated corporate activity and eliminations to reconcile segment results to the Consolidated Financial Statements, and, prior to the GSUSA Sale Date, GSUSA revenue and expenses. GSUSA did not meet the quantitative thresholds to qualify as a reportable segment.

The CODM reviews information about each reportable segment’s revenue and categorized expenses, and allocates resources to, and measures the performance of, each reportable segment using reportable segment operating income (loss). The CODM does not evaluate reportable segment asset or liability information.

A summary of financial information by reportable segment is as follows (in thousands):

	Year Ended December 31,
	2023	2024	2025
APUS Segment
Revenue	303,303	317,049	319,842
Instructional costs and services	97,246	103,745	103,920
Selling and promotional	57,580	58,563	62,884
General and administrative	55,992	58,807	56,584
Other (1)	8,059	6,512	5,629
Income from operations before interest and income taxes	84,426	89,422	90,825
RU Segment
Revenue	214,086	216,262	246,231
Instructional costs and services	140,861	133,448	139,421
Selling and promotional	66,571	58,682	64,045
General and administrative	25,401	30,324	29,876
Other (2)	84,828	15,606	8,849
(Loss) income from operations before interest and income taxes	(103,575)	(21,798)	4,040
HCN Segment
Revenue	56,936	67,290	74,983
Instructional costs and services	38,582	43,795	46,623
Selling and promotional	4,312	6,923	7,773
General and administrative	14,182	15,989	19,285
Other (3)	1,256	1,705	2,156
Loss from operations before interest and income taxes	(1,396)	(1,122)	(854)
Corporate and Other
Revenue	26,220	23,958	7,806
Instructional costs and services	16,173	14,715	7,056
Selling and promotional	4,492	4,642	2,550
General and administrative	32,664	36,841	38,837
Other (4)	652	1,196	5,439
Loss from operations before interest and income taxes	(27,761)	(33,436)	(46,076)
Total reportable segment revenue	574,325	600,601	641,056
Corporate and other revenue	26,220	23,958	7,806
Total consolidated revenue	600,545	624,559	648,862
Total reportable segment (loss) income from operations before interest and income taxes	(20,545)	66,502	94,011
Corporate and other (loss) from operations before interest and income taxes	(27,761)	(33,436)	(46,076)
Total consolidated (loss) income from operations before interest and income taxes	(48,306)	33,066	47,935

(1) Includes loss on assets held for sale, loss on disposal of long lived assets and depreciation and amortization expense.

(2) Includes impairment of goodwill and intangible assets, loss on leases, loss on disposal of long lived assets and depreciation and amortization expense.

(3) Includes loss on disposal of long lived assets and depreciation and amortization expense.

(4) Includes loss on sale of subsidiary, loss on disposal of long lived assets, and depreciation and amortization expense.

	Year Ended December 31,
	2023	2024	2025
Depreciation and amortization
APUS Segment	5,284	4,828	3,957
RU Segment	20,627	11,577	8,523
HCN Segment	1,253	1,704	2,109
Total reportable segment depreciation and amortization	27,164	18,109	14,589
Corporate and Other	652	1,194	1,559
Total consolidated depreciation and amortization	27,816	19,303	16,148
Interest expense, net
APUS Segment	1,882	1,563	1,303
RU Segment	11	(6)	662
HCN Segment	95	216	306
Total reportable segment interest expense, net	1,988	1,773	2,271
Corporate and Other	(6,447)	(3,900)	(6,501)
Total consolidated interest expense, net	(4,459)	(2,127)	(4,230)
Income tax (benefit) expense
APUS Segment	23,530	24,577	24,311
RU Segment	(26,103)	(5,519)	341
HCN Segment	(211)	(62)	(197)
Total reportable segment income tax (benefit) expense	(2,784)	18,996	24,455
Corporate and Other	(7,931)	(8,577)	(12,307)
Total consolidated income tax (benefit) expense	(10,715)	10,419	12,148