Earnings Releases·Nov 9, 2026, 4:12 PM ET

American Public Education — Third Quarter 2026 Earnings Summary

Consolidated revenue rose 3.6% year-over-year to $169.1 million and net income increased 6.0% to $5.9 million, though adjusted EBITDA declined to $17.5 million from $20.7 million due to a $6.0 million revenue shift to Q4 and higher selling expenses.
The Company raised full-year 2026 guidance across all key metrics, projecting revenue of $695.0–$701.0 million, net income of $48.5–$53.2 million, and adjusted EBITDA of $98.0–$105.0 million.
Strategic progress includes the completed institutional combination into American Public University System and a $50 million stock repurchase program, with $186,032 shares bought back in Q3 2026.
Segment performance showed Health+ revenue growth of 9.0% to $86.4 million, while Military+ revenue dipped 0.5% to $82.7 million due to registration timing, with Q4 Military+ registrations expected to grow 21.7% to 27.7% year-over-year.
Balance sheet strength improved with total cash and investments reaching $216.4 million and long-term debt decreasing to $80.1 million, despite a temporary reduction in operating cash flow to $11.8 million from Title IV disbursement implementation issues.