Filing Flows › American Public Education (APEI) › Q2 2026 › vs Q2 2025
American Public Education (APEI) Q2 2026 vs Q2 2025 (year over year)
American Public Education's revenue rose $9.0M (+6%) from $163M in Q2 2025 to $172M in Q2 2026. The biggest changes: Instructional services, net of grants and scholarships +$6.5M (+4%); Textbook and other course materials +$2.2M (+20%); Graduation fees +$331K (+36%). Operating margin 7.9% against 4.3% (+3.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 7.9% | 4.3% | +3.6 pts |
| Net margin | 5.7% | 2.8% | +2.9 pts |
| Free cash flow margin | 4.3% | 6.8% | -2.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Instructional services, net of grants and scholarships | $156M | $150M | $6.5M | +4% |
| Textbook and other course materials | $13.1M | $10.9M | $2.2M | +20% |
| Graduation fees | $1.2M | $910K | $331K | +36% |
| Other fees | $1.2M | $1.2M | −$45K | -4% |
| Revenue | $172M | $163M | $9.0M | +6% |
| Other income, net | $634K | −$1.1M | $1.7M | — |
| Operating profit | $13.5M | $7.0M | $6.5M | +93% |
| Costs & expenses | $158M | $156M | $2.5M | +2% |
| Pre-tax earnings | $14.2M | $5.9M | $8.2M | +139% |
| Cost of revenue | $76.6M | $78.4M | −$1.8M | -2% |
| Sales & marketing | $40.1M | $35.0M | $5.1M | +14% |
| General & admin | $37.5M | $38.1M | −$655K | -2% |
| Other operating costs | $4.0M | $4.1M | −$165K | -4% |
| Net earnings | $9.8M | $4.5M | $5.3M | +117% |
| Income tax | $4.4M | $1.4M | $3.0M | +209% |
| Depreciation & amortization | $4.0M | $4.1M | −$135K | -3% |
| Share-based compensation | $2.2M | $2.2M | −$6K | -0.3% |
| Working capital & other | $3.8M | −$4.0M | $7.8M | — |
| Operating cash flow | $12.1M | $14.8M | −$2.7M | -18% |
| Free cash flow (OCF − capex) | $7.4M | $11.1M | −$3.7M | -33% |
| Capital expenditures | $4.7M | $3.7M | $1.0M | +28% |
Questions
How much did American Public Education's revenue grow year over year in Q2 2026?
American Public Education's revenue rose $9.0M (+6%) from $163M in Q2 2025 to $172M in Q2 2026.
What drove American Public Education's revenue change in Q2 2026?
Instructional services, net of grants and scholarships +$6.5M (+4%); Textbook and other course materials +$2.2M (+20%); Graduation fees +$331K (+36%).