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American Public Education vs Lincoln Educational Services: APEI and LINC compared
American Public Education is the larger company: $172M of revenue in its latest quarter (Q2 2026) against $143M for Lincoln Educational Services (Q2 2026). Lincoln Educational Services is growing faster (+22% against +6% a year earlier). American Public Education is more profitable, with an operating margin of 7.9% against 2.3%.
Where the money goes: APEI and LINC
American Public Education (APEI) · Q2 2026
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.
Lincoln Educational Services (LINC) · Q2 2026
Lincoln Educational Services, Q2 2026: revenue $143M (+22% year over year), operating margin 2.3%, net earnings $1.9M, operating cash flow $22.1M. The chart follows the revenue to costs, profit and cash.
| American Public Education (APEI) | Lincoln Educational Services (LINC) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q2 2026 |
| Revenue | $172M | $143M |
| Revenue growth, Y/Y | +6% | +22% |
| Operating margin | 7.9% | 2.3% |
| Net earnings | $9.8M | $1.9M |
| Net margin | 5.7% | 1.4% |
| Operating cash flow | $12.1M | $22.1M |
| Free cash flow | $7.4M | $7.6M |
Where the revenue comes from
American Public Education
- Instructional services, net of grants and scholarships: $156M (91%)
- Textbook and other course materials: $13.1M (8%)
- Graduation fees: $1.2M (1%)
- Other fees: $1.2M (1%)
Questions
Which is bigger, American Public Education or Lincoln Educational Services?
American Public Education is the larger company: $172M of revenue in its latest quarter (Q2 2026) against $143M for Lincoln Educational Services (Q2 2026).
Is American Public Education or Lincoln Educational Services growing faster?
Lincoln Educational Services is growing faster (+22% against +6% a year earlier).
Which is more profitable, American Public Education or Lincoln Educational Services?
American Public Education is more profitable, with an operating margin of 7.9% against 2.3%.
More: American Public Education earnings · how American Public Education makes money · Lincoln Educational Services earnings · how Lincoln Educational Services makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.