Filing Flows › American Public Education (APEI) › Q3 2026 › vs Q3 2025
American Public Education (APEI) Q3 2026 vs Q3 2025 (year over year)
American Public Education's revenue rose $5.9M (+4%) from $163M in Q3 2025 to $169M in Q3 2026. The biggest changes: Instructional services, net of grants and scholarships +$3.7M (+3%); Textbook and other course materials +$1.2M (+10%); Other fees +$689K (+50%). Operating margin 4.7% against 5.9% (-1.3 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 4.7% | 5.9% | -1.3 pts |
| Net margin | 3.5% | 3.4% | +0.1 pts |
| Free cash flow margin | 2.3% | 10.7% | -8.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Instructional services, net of grants and scholarships | $153M | $149M | $3.7M | +3% |
| Textbook and other course materials | $13.0M | $11.8M | $1.2M | +10% |
| Other fees | $2.1M | $1.4M | $689K | +50% |
| Graduation fees | $1.6M | $1.2M | $328K | +27% |
| Revenue | $169M | $163M | $5.9M | +4% |
| Operating profit | $7.9M | $9.7M | −$1.8M | -18% |
| Costs & expenses | $161M | $154M | $7.7M | +5% |
| Pre-tax earnings | $8.4M | $8.6M | −$254K | -3% |
| Cost of revenue | $74.9M | $74.7M | $244K | +0.3% |
| Sales & marketing | $41.8M | $36.1M | $5.7M | +16% |
| General & admin | $39.3M | $34.7M | $4.6M | +13% |
| Other operating costs | $5.2M | $8.0M | −$2.8M | -35% |
| Net earnings | $5.9M | $5.6M | $332K | +6% |
| Income tax | $2.5M | $3.1M | −$586K | -19% |
| Depreciation & amortization | $4.0M | $3.9M | $23K | +0.6% |
| Share-based compensation | $2.1M | $1.6M | $455K | +28% |
| Working capital & other | $114K | −$10.6M | $10.7M | — |
| Operating cash flow | $11.8M | $21.7M | −$9.9M | -45% |
| Free cash flow (OCF − capex) | $3.8M | $17.5M | −$13.7M | -78% |
| Capital expenditures | $8.0M | $4.2M | $3.8M | +91% |
Questions
How much did American Public Education's revenue grow year over year in Q3 2026?
American Public Education's revenue rose $5.9M (+4%) from $163M in Q3 2025 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 (+3%); Textbook and other course materials +$1.2M (+10%); Other fees +$689K (+50%).