American Public Education — Third Quarter 2026 Earnings Summary

American Public Education reported third-quarter 2026 consolidated revenue of $169.1 million, representing a 3.6% year-over-year increase, while net income available to common stockholders rose 6.0% to $5.9 million. The company raised its full-year 2026 guidance across all key metrics, projecting revenue between $695.0 million and $701.0 million and adjusted EBITDA between $98.0 million and $105.0 million. Health+ segment revenue grew 9.0% to $86.4 million driven by increased enrollments, whereas Military+ segment revenue decreased slightly due to registration timing shifts into the fourth quarter. Total cash, cash equivalents, restricted cash, and short-term investments increased to $216.4 million as of September 30, 2026, reflecting a 22.6% rise from the prior year-end.