Filing Flows › American Public Education (APEI) › Q3 2026
American Public Education (APEI) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 9, 2026
American Public Education (APEI) reported revenue of $169M for the third quarter 2026 (Q3 2026), +4% from a year earlier and -2% from the quarter before. Operating margin was 4.7%, net earnings $5.9M (3.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $169M | -2% | +4% |
| Operating profit | $7.9M | -41% | -18% |
| Net earnings | $5.9M | -40% | +6% |
| Operating cash flow | $11.8M | -2% | -45% |
| Free cash flow | $3.8M | -48% | -78% |
What changed
Revenue was $169.1M in Q3 2026, up 4% year over year and down 2% from the previous quarter. Instructional services, net of grants and scholarships was the largest line at 90% of revenue. Instructional services, net of grants and scholarships added $3.7M year over year (up 3%), 63% of the total change.
Operating profit was $7.9M, a 4.7% margin (down 1.3 points year over year). Operating profit fell $1.8M even though revenue rose $5.9M versus Q3 2025, so costs grew faster than sales. Total costs grew 5% against revenue growth of 4%. The fastest-growing cost line was Sales & marketing (+16%). Net earnings were $5.9M, up 6% year over year. The effective tax rate was 29.6%.
Operating cash flow was $11.8M (down 45% year over year), 201% of net earnings. Non-cash charges added back $4.0M of depreciation and amortization and $2.1M of share-based compensation. Capital expenditures of $8.0M left free cash flow of $3.8M.
Questions
What was American Public Education's revenue in the third quarter 2026?
American Public Education (APEI) reported revenue of $169M for the third quarter 2026 (Q3 2026), +4% from a year earlier and -2% from the quarter before.
Was American Public Education profitable in the third quarter 2026?
Operating profit was $7.9M (4.7% of revenue) and net earnings $5.9M.