Filing Flows › American Public Education (APEI) › Q3 2026 › vs Q2 2026
American Public Education (APEI) Q3 2026 vs Q2 2026 (quarter over quarter)
American Public Education's revenue fell $2.6M (-2%) from $172M in Q2 2026 to $169M in Q3 2026. The biggest changes: Instructional services, net of grants and scholarships −$3.7M (-2%); Other fees +$903K (+77%); Graduation fees +$312K (+25%). Operating margin 4.7% against 7.9% (-3.2 pts).
American Public Education, Q3 2026: revenue $169M (+4% year over year), operating margin 4.7%, net earnings $5.9M, operating cash flow $11.8M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 4.7% | 7.9% | -3.2 pts |
| Net margin | 3.5% | 5.7% | -2.2 pts |
| Free cash flow margin | 2.3% | 4.3% | -2.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Instructional services, net of grants and scholarships | $153M | $156M | −$3.7M | -2% |
| Textbook and other course materials | $13.0M | $13.1M | −$65K | -0.5% |
| Other fees | $2.1M | $1.2M | $903K | +77% |
| Graduation fees | $1.6M | $1.2M | $312K | +25% |
| Revenue | $169M | $172M | −$2.6M | -2% |
| Operating profit | $7.9M | $13.5M | −$5.6M | -41% |
| Costs & expenses | $161M | $158M | $3.0M | +2% |
| Pre-tax earnings | $8.4M | $14.2M | −$5.8M | -41% |
| Cost of revenue | $74.9M | $76.6M | −$1.7M | -2% |
| Sales & marketing | $41.8M | $40.1M | $1.7M | +4% |
| General & admin | $39.3M | $37.5M | $1.8M | +5% |
| Other operating costs | $5.2M | $4.0M | $1.2M | +30% |
| Net earnings | $5.9M | $9.8M | −$3.9M | -40% |
| Income tax | $2.5M | $4.4M | −$1.9M | -43% |
| Depreciation & amortization | $4.0M | $4.0M | $16K | +0.4% |
| Share-based compensation | $2.1M | $2.2M | −$143K | -6% |
| Working capital & other | $114K | $3.8M | −$3.7M | -97% |
| Operating cash flow | $11.8M | $12.1M | −$301K | -2% |
| Free cash flow (OCF − capex) | $3.8M | $7.4M | −$3.6M | -48% |
| Capital expenditures | $8.0M | $4.7M | $3.3M | +69% |
Questions
How much did American Public Education's revenue grow quarter over quarter in Q3 2026?
American Public Education's revenue fell $2.6M (-2%) from $172M in Q2 2026 to $169M in Q3 2026.
What drove American Public Education's revenue change in Q3 2026?
Instructional services, net of grants and scholarships −$3.7M (-2%); Other fees +$903K (+77%); Graduation fees +$312K (+25%).