Filing Flows › American Public Education (APEI) › Q1 2026
American Public Education (APEI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
American Public Education (APEI) reported revenue of $175M for the first quarter 2026 (Q1 2026), +6% from a year earlier and +10% from the quarter before. Operating margin was 12.4%, net earnings $17.7M (10.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $175M | +10% | +6% |
| Operating profit | $21.6M | +14% | +77% |
| Net earnings | $17.7M | +41% | +99% |
| Operating cash flow | $63.3M | — | +71% |
| Free cash flow | $60.8M | — | +84% |
What changed
Revenue was $174.7M in Q1 2026, up 6% year over year and up 10% 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 $8.5M year over year (up 6%), 84% of the total change.
Operating profit was $21.6M, a 12.4% margin (up 4.9 points year over year). Of the extra revenue versus Q1 2025, 92% reached operating profit, above the 7% margin then. Total costs grew 1% against revenue growth of 6%. Net earnings were $17.7M, up 99% year over year. The effective tax rate was 7.9%.
Operating cash flow was $63.3M (up 71% year over year), 357% of net earnings. Non-cash charges added back $4.2M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $39.1M. Capital expenditures of $2.5M left free cash flow of $60.8M.
Questions
What was American Public Education's revenue in the first quarter 2026?
American Public Education (APEI) reported revenue of $175M for the first quarter 2026 (Q1 2026), +6% from a year earlier and +10% from the quarter before.
Was American Public Education profitable in the first quarter 2026?
Operating profit was $21.6M (12.4% of revenue) and net earnings $17.7M.