v3.25.4
Concentration
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Concentration Concentration
Students utilize various payment sources and programs to finance their education expenses, including funds from: TA programs, VA education benefit programs, and federal student aid from Title IV programs, as well as cash and other sources. As of December 31, 2025, approximately 62% of APUS students self-reported that they served in the military on active duty at the time of initial enrollment. Active-duty military students generally take fewer courses per year on average than non-military students.

A summary of APUS Segment revenue derived from students by primary funding source is as follows:

Year Ended December 31,
202320242025
DoD tuition assistance programs48%46%41%
VA education benefits22%24%26%
Title IV programs17%17%19%
Cash and other sources13%13%14%

A summary of RU Segment revenue derived from students by primary funding source is as follows:

Year Ended December 31,
202320242025
Title IV programs75%76%78%
Cash and other sources23%22%20%
VA education benefits2%2%2%
    
A summary of HCN Segment revenue derived from students by primary funding source is as follows:

Year Ended December 31,
202320242025
Title IV programs82%84%85%
Cash and other sources16%15%14%
VA education benefits2%1%1%
Reductions in or changes to TA, VA education benefits, Title IV programs and other payment sources could have a significant impact on the Company’s operations and financial condition.