Filing Flows › American Public Education (APEI) › Q1 2026 › vs Q1 2025
American Public Education (APEI) Q1 2026 vs Q1 2025 (year over year)
American Public Education's revenue rose $10.2M (+6%) from $165M in Q1 2025 to $175M in Q1 2026. The biggest changes: Instructional services, net of grants and scholarships +$8.5M (+6%); Other fees +$1.2M (+95%); Textbook and other course materials +$414K (+4%). Operating margin 12.4% against 7.4% (+4.9 pts).
American Public Education, Q1 2026: revenue $175M (+6% year over year), operating margin 12.4%, net earnings $17.7M, operating cash flow $63.3M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 12.4% | 7.4% | +4.9 pts |
| Net margin | 10.1% | 5.4% | +4.7 pts |
| Free cash flow margin | 34.8% | 20.1% | +14.7 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Instructional services, net of grants and scholarships | $159M | $150M | $8.5M | +6% |
| Textbook and other course materials | $12.2M | $11.8M | $414K | +4% |
| Other fees | $2.5M | $1.3M | $1.2M | +95% |
| Graduation fees | $1.1M | $1.1M | $26K | +2% |
| Revenue | $175M | $165M | $10.2M | +6% |
| Operating profit | $21.6M | $12.2M | $9.4M | +77% |
| Costs & expenses | $153M | $152M | $790K | +0.5% |
| Pre-tax earnings | $19.2M | $11.4M | $7.9M | +69% |
| Other expense, net | $2.4M | $887K | $1.5M | +170% |
| Cost of revenue | $74.6M | $74.9M | −$314K | -0.4% |
| Sales & marketing | $37.9M | $35.2M | $2.7M | +8% |
| General & admin | $36.3M | $36.4M | −$117K | -0.3% |
| Other operating costs | $4.3M | $5.7M | −$1.4M | -25% |
| Net earnings | $17.7M | $8.9M | $8.8M | +99% |
| Income tax | $1.5M | $2.5M | −$951K | -39% |
| Depreciation & amortization | $4.2M | $4.0M | $162K | +4% |
| Share-based compensation | $2.3M | $2.3M | $64K | +3% |
| Working capital & other | $39.1M | $21.9M | $17.2M | +79% |
| Operating cash flow | $63.3M | $37.0M | $26.3M | +71% |
| Free cash flow (OCF − capex) | $60.8M | $33.1M | $27.7M | +84% |
| Capital expenditures | $2.5M | $3.9M | −$1.4M | -35% |
Questions
How much did American Public Education's revenue grow year over year in Q1 2026?
American Public Education's revenue rose $10.2M (+6%) from $165M in Q1 2025 to $175M in Q1 2026.
What drove American Public Education's revenue change in Q1 2026?
Instructional services, net of grants and scholarships +$8.5M (+6%); Other fees +$1.2M (+95%); Textbook and other course materials +$414K (+4%).