Filing Flows › American Public Education (APEI) › Q1 2026 › vs Q4 2025
American Public Education (APEI) Q1 2026 vs Q4 2025 (quarter over quarter)
American Public Education's revenue rose $16.4M (+10%) from $158M in Q4 2025 to $175M in Q1 2026. The biggest changes: Instructional services, net of grants and scholarships +$15.9M (+11%); Other fees +$943K (+60%); Textbook and other course materials −$927K (-7%). Operating margin 12.4% against 12.0% (+0.4 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 12.4% | 12.0% | +0.4 pts |
| Net margin | 10.1% | 8.0% | +2.2 pts |
| Free cash flow margin | 34.8% | -9.9% | +44.6 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Instructional services, net of grants and scholarships | $159M | $143M | $15.9M | +11% |
| Textbook and other course materials | $12.2M | $13.2M | −$927K | -7% |
| Other fees | $2.5M | $1.6M | $943K | +60% |
| Graduation fees | $1.1M | $660K | $453K | +69% |
| Revenue | $175M | $158M | $16.4M | +10% |
| Operating profit | $21.6M | $19.0M | $2.7M | +14% |
| Costs & expenses | $153M | $139M | $13.7M | +10% |
| Pre-tax earnings | $19.2M | $17.8M | $1.4M | +8% |
| Other expense, net | $2.4M | $1.2M | $1.2M | +106% |
| Cost of revenue | $74.6M | $69.0M | $5.7M | +8% |
| Sales & marketing | $37.9M | $30.9M | $7.0M | +23% |
| General & admin | $36.3M | $35.3M | $951K | +3% |
| Other operating costs | $4.3M | $4.2M | $99K | +2% |
| Net earnings | $17.7M | $12.6M | $5.1M | +41% |
| Income tax | $1.5M | $5.2M | −$3.7M | -71% |
| Depreciation & amortization | $4.2M | $4.1M | $32K | +0.8% |
| Share-based compensation | $2.3M | $2.2M | $110K | +5% |
| Working capital & other | $39.1M | −$30.5M | $69.6M | — |
| Operating cash flow | $63.3M | −$11.6M | $74.9M | — |
| Free cash flow (OCF − capex) | $60.8M | −$15.6M | $76.4M | — |
| Capital expenditures | $2.5M | $4.1M | −$1.5M | -38% |
Questions
How much did American Public Education's revenue grow quarter over quarter in Q1 2026?
American Public Education's revenue rose $16.4M (+10%) from $158M in Q4 2025 to $175M in Q1 2026.
What drove American Public Education's revenue change in Q1 2026?
Instructional services, net of grants and scholarships +$15.9M (+11%); Other fees +$943K (+60%); Textbook and other course materials −$927K (-7%).