Filing Flows › American Public Education (APEI) › Q2 2026 › vs Q1 2026
American Public Education (APEI) Q2 2026 vs Q1 2026 (quarter over quarter)
American Public Education's revenue fell $3.0M (-2%) from $175M in Q1 2026 to $172M in Q2 2026. The biggest changes: Instructional services, net of grants and scholarships −$2.6M (-2%); Other fees −$1.3M (-53%); Textbook and other course materials +$814K (+7%). Operating margin 7.9% against 12.4% (-4.5 pts).
American Public Education, Q2 2026: revenue $172M (+6% year over year), operating margin 7.9%, net earnings $9.8M, operating cash flow $12.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 7.9% | 12.4% | -4.5 pts |
| Net margin | 5.7% | 10.1% | -4.5 pts |
| Free cash flow margin | 4.3% | 34.8% | -30.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Instructional services, net of grants and scholarships | $156M | $159M | −$2.6M | -2% |
| Textbook and other course materials | $13.1M | $12.2M | $814K | +7% |
| Graduation fees | $1.2M | $1.1M | $128K | +12% |
| Other fees | $1.2M | $2.5M | −$1.3M | -53% |
| Revenue | $172M | $175M | −$3.0M | -2% |
| Other income, net | $634K | −$2.4M | $3.0M | — |
| Operating profit | $13.5M | $21.6M | −$8.1M | -38% |
| Costs & expenses | $158M | $153M | $5.1M | +3% |
| Pre-tax earnings | $14.2M | $19.2M | −$5.1M | -26% |
| Cost of revenue | $76.6M | $74.6M | $2.0M | +3% |
| Sales & marketing | $40.1M | $37.9M | $2.2M | +6% |
| General & admin | $37.5M | $36.3M | $1.2M | +3% |
| Other operating costs | $4.0M | $4.3M | −$350K | -8% |
| Net earnings | $9.8M | $17.7M | −$8.0M | -45% |
| Income tax | $4.4M | $1.5M | $2.9M | +190% |
| Depreciation & amortization | $4.0M | $4.2M | −$201K | -5% |
| Share-based compensation | $2.2M | $2.3M | −$95K | -4% |
| Working capital & other | $3.8M | −$39.1M | $42.9M | — |
| Operating cash flow | $12.1M | $63.3M | −$51.2M | -81% |
| Free cash flow (OCF − capex) | $7.4M | $60.8M | −$53.4M | -88% |
| Capital expenditures | $4.7M | $2.5M | $2.2M | +88% |
Questions
How much did American Public Education's revenue grow quarter over quarter in Q2 2026?
American Public Education's revenue fell $3.0M (-2%) from $175M in Q1 2026 to $172M in Q2 2026.
What drove American Public Education's revenue change in Q2 2026?
Instructional services, net of grants and scholarships −$2.6M (-2%); Other fees −$1.3M (-53%); Textbook and other course materials +$814K (+7%).