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How American Public Education (APEI) makes money
American Public Education (APEI) made $172M of revenue in the second quarter 2026 (Q2 2026), +6% from a year earlier. Instructional services, net of grants and scholarships brought in $156M (91%); Textbook and other course materials brought in $13.1M (8%); Graduation fees brought in $1.2M (1%). Of every dollar of revenue, 8¢ was left as operating profit, 6¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Instructional services, net of grants and scholarships | $156M | 91.0% | -2% | +4% |
| Textbook and other course materials | $13.1M | 7.6% | +7% | +20% |
| Graduation fees | $1.2M | 0.7% | +12% | +36% |
| Other fees | $1.2M | 0.7% | -53% | -4% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $172M | 100.0% |
| Operating profit | $13.5M | 7.9% |
| Income tax | $4.4M | 2.6% |
| Net earnings | $9.8M | 5.7% |
| Operating cash flow | $12.1M | 7.1% |
| Free cash flow | $7.4M | 4.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $172M | +6% |
| Q1 2026 | $175M | +6% |
| Q4 2025 | $158M | -4% |
| Q3 2025 | $163M | +7% |
| Q2 2025 | $163M | +6% |
| Q1 2025 | $165M | +7% |
| Q4 2024 | $164M | +7% |
From American Public Education's 10-Q filed Aug 10, 2026 (on EDGAR).
Questions
How does American Public Education make money?
American Public Education (APEI) made $172M of revenue in the second quarter 2026 (Q2 2026), +6% from a year earlier. Instructional services, net of grants and scholarships brought in $156M (91%); Textbook and other course materials brought in $13.1M (8%); Graduation fees brought in $1.2M (1%). Of every dollar of revenue, 8¢ was left as operating profit, 6¢ was left as net earnings.
What is American Public Education's biggest business?
Instructional services, net of grants and scholarships: $156M in the second quarter 2026, 91% of revenue, +4% from a year earlier.
What is American Public Education's profit margin?
Net earnings were $9.8M, 5.7% of revenue, in the second quarter 2026; the operating margin was 7.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.