Filing Flows › American Public Education (APEI) › Q2 2026
American Public Education (APEI) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
American Public Education (APEI) reported revenue of $172M for the second quarter 2026 (Q2 2026), +6% from a year earlier and -2% from the quarter before. Operating margin was 7.9%, net earnings $9.8M (5.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $172M | -2% | +6% |
| Operating profit | $13.5M | -38% | +93% |
| Net earnings | $9.8M | -45% | +117% |
| Operating cash flow | $12.1M | -81% | -18% |
| Free cash flow | $7.4M | -88% | -33% |
What changed
Revenue was $171.7M in Q2 2026, up 6% year over year and down 2% 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 $6.5M year over year (up 4%), 72% of the total change. Other fees declined 4%.
Operating profit was $13.5M, a 7.9% margin (up 3.6 points year over year). Of the extra revenue versus Q2 2025, 73% reached operating profit, above the 4% margin then. Total costs grew 2% against revenue growth of 6%. The fastest-growing cost line was Sales & marketing (+14%). Net earnings were $9.8M, up 117% year over year. The effective tax rate was 31.0%.
Operating cash flow was $12.1M (down 18% year over year), 124% of net earnings. Non-cash charges added back $4.0M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $3.8M. Capital expenditures of $4.7M left free cash flow of $7.4M.
Questions
What was American Public Education's revenue in the second quarter 2026?
American Public Education (APEI) reported revenue of $172M for the second quarter 2026 (Q2 2026), +6% from a year earlier and -2% from the quarter before.
Was American Public Education profitable in the second quarter 2026?
Operating profit was $13.5M (7.9% of revenue) and net earnings $9.8M.