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American Public Education (APEI) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · American Public Education (APEI) Q2 2026 earnings results →
Q2 2026 Revenue up 6% year over year to $172M · 6¢ of every $1 of revenue kept as net profit · operating margin 7.9%
American Public Education made $172M in Q2 2026 (+6% Y/Y): Instructional services, net of grants and scholarships $156M, Textbook and other course materials $13.1M, Graduation fees $1.2M. Operating margin 7.9%, net earnings $9.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $171.7M in Q2 2026, up 6% year over year and down 2% from the previous quarter. Instructional services, net of grants and scholarships was the largest line at 91% of revenue. Instructional services, net of grants and scholarships added $6.5M year over year (up 4%), 72% of the total change. Other fees declined 4%.
Operating profit was $13.5M, a 7.9% margin (up 3.6 points year over year). Of the extra revenue versus Q2 2025, 73% reached operating profit, above the 4% margin then. Total costs grew 2% against revenue growth of 6%. The fastest-growing cost line was Sales & marketing (+14%). Net earnings were $9.8M, up 117% year over year. The effective tax rate was 31.0%.
Operating cash flow was $12.1M (down 18% year over year), 124% of net earnings. Non-cash charges added back $4.0M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $3.8M. Capital expenditures of $4.7M left free cash flow of $7.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $172M | +6% | 7.9% | $9.8M | $12.1M |
| Q1 2026 | 10-Q | May 11, 2026 | $175M | +6% | 12.4% | $17.7M | $63.3M |
| Q4 2025 | 10-K | Mar 12, 2026 | $158M | -4% | 12.0% | $12.6M | −$11.6M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $163M | +7% | 5.9% | $5.6M | $21.7M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $163M | +6% | 4.3% | $4.5M | $14.8M |
| Q1 2025 | 10-Q | May 12, 2025 | $165M | +7% | 7.4% | $8.9M | $37.0M |
| Q4 2024 | 10-K | Mar 6, 2025 | $164M | +7% | 13.1% | $13.0M | $1.6M |
Charts
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
Sells to
- U.S. government — 41% of its revenue · Stated in 10-K (sentence) · source
About American Public Education
American Public Education, Inc., or APEI, provides online and campus-based postsecondary education to approximately 108,600 students through our subsidiary institutions. Our institutions offer purpose-built education programs designed to prepare individuals for productive contributions to their professions and society and to offer opportunities designed to advance students in their current professions or to help them prepare for their next career. Our vision is for education to transform lives, advance careers, and improve communities. Our mission is to Power Purpose, Potential and Prosperity for Those in Service to Others. Our institutions of advanced learning are purpose-built to prepare service-minded students for employment, careers, and leadership in a diverse and changing world.
In its own words, from its 10-K, filed Mar 12, 2026.
American Public Education against its Services-Educational Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +4%. Operating margin: 7.9% against the peers' median 12.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| APEI American Public Education | Q2 2026 | $172M | +6% | 7.9% |
| GHC Graham Holdings | Q3 2026 | $1.3B | +4% | 6.4% |
| BSAA Best SPAC I Acquisition | Q1 2026 | $1.2B | — | 0.0% |
| LRN Stride | Q1 FY27 | $639M | +3% | 13.2% |
| CVSA Covista | Q1 FY27 | $512M | +11% | 19.2% |
| LAUR Laureate Education | Q3 2026 | $485M | +21% | 24.6% |
| STRA Strategic Education | Q3 2026 | $325M | +2% | -26.9% |
| LOPE Grand Canyon Education | Q3 2026 | $267M | +2% | 19.3% |
| PXED Phoenix Education Partners | Q4 FY26 | $261M | +1% | 12.0% |
Source: American Public Education 10-Q on SEC EDGAR · CIK 1201792 · Services-Educational Services
13F: who owns APEI and who is buying
More on APEI
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- American Public Education operating margin by quarter
- American Public Education net income by quarter
- American Public Education free cash flow by quarter
- American Public Education capital expenditures by quarter
- American Public Education Instructional services, net of grants and scholarships revenue by quarter
- American Public Education Textbook and other course materials revenue by quarter
- American Public Education Graduation fees revenue by quarter