PR Newswire·Nov 9, 2026, 4:05 PM ET

American Public Education Reports Third Quarter 2026 Financial Results

APEI

American Public Education, Inc. reported Q3 2026 financial results that exceeded guidance for revenue, net income, EPS, & adjusted EBITDA.
Consolidated revenue for Q3 2026 reached $169.1 million, a 3.6% year-over-year increase, excluding $6.0 million shifted to Q4 2026 due to Military+ registration timing.
Health+ segment revenue grew 9.0% year-over-year to $86.4 million, driven by increased enrollments & tuition increases.
Military+ segment revenue decreased 0.5% year-over-year to $82.7 million, primarily due to the revenue shift into Q4 2026.
Net income available to common stockholders increased 6.0% to $5.9 million, while diluted EPS rose 6.7% to $0.32.
Adjusted EBITDA was $17.5 million, down from $20.7 million, reflecting higher selling expenses & investments in marketing optimization.
Cash flows from operations were $11.8 million, compared to $21.7 million previously, due to temporary Title IV disbursement delays following institutional combination.
Total cash, equivalents, restricted cash, & short-term investments increased to $216.4 million at September 30, 2026.
The company repurchased 186,032 shares during Q3 2026 under its $50 million stock repurchase program.
Q3 2026 Military+ net course registrations totaled 103,800 (up 3.8%), while Health+ total student enrollment reached 19,100 (up 2.5%).
Full Year 2026 revenue guidance was raised to a range of $695.0 million to $701.0 million.
Full Year 2026 net income guidance was raised to $48.5 million to $53.2 million, with diluted EPS guidance increased to $2.59 to $2.84.
Q4 2026 revenue guidance was raised to a range of $179.4 million to $185.4 million.
The company completed its institutional combination in early August 2026, operating as a single Higher Learning Commission-accredited institution named American Public University System.
A conference call to discuss results was scheduled for November 9, 2026, at 5:00 PM Eastern Time.

Company: American Public Education, Inc.
Keywords: American Public Education, Inc.