American Public Education raised full-year 2026 revenue guidance to $695 million to $701 million after third-quarter revenue grew 3.6% to $169.1 million and adjusted EBITDA reached $17.5 million.
APEI · American Public Education Inc
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American Public Education, Inc. reported third-quarter 2026 revenue of $169.1 million and diluted EPS of $0.32, exceeding guidance. It raised full-year 2026 revenue guidance to $695.0 - $701.0 million and adjusted EBITDA guidance to $98.0 - $105.0 million.
Nine months ended September 30, 2026, American Public Education, Inc. reported revenue of $515.6 million, up 5.1% from $490.5 million, and net income of $33.4 million, up $14.4 million from $18.9 million; operating margin improved to 8.4% from 5.8%.
American Public Education appointed Shira Goodman as a director effective October 27, 2026, and James Kenigsberg permanently as chief innovation and technology officer after he left the board last year.
Metrics snapshot
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY26 earnings call · Aug 10, 2026TL;DR. APEI raised full-year 2026 guidance on revenue, net income, adjusted EBITDA, and diluted EPS after Q2 results showed adjusted EBITDA up 36.8% with 275 bps of margin expansion, completed the institutional combination creating one HLC-accredited institution, and reported Health+ revenue growth of 11% on enrollment gains.
- + Raised full-year 2026 guidance on revenue, net income, adjusted EBITDA, and diluted EPS.
- + Q2 adjusted EBITDA grew 36.8% with 275 bps of margin expansion year over year.
- + Health+ revenue grew 11% to $86.2 million and segment swung to operating income from a prior-year loss.
- + Military+ segment adjusted EBITDA margin expanded 150 bps to 29.4% with operating income up 10.6%.
- − Active duty channel headwinds from Middle East deployments continue to pressure Navy, Air Force, and Marine enrollments.
- − President of Health+ Division Mark Arnold is leaving the company.
- − Non-core student segments have experienced increased cost per lead and lower enrollments, with Q3 Health+ enrollment growth decelerating to approximately 2.5%.
- − Q3 2026 guidance includes a revenue timing shift moving approximately $6 million of revenue and $4 million of adjusted EBITDA from Q3 into Q4.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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Guidance & track record
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Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $49.88M | Six Months Ended June 30, 2026 | — |
| Adjusted EBITDA Margin non-GAAP | 12% | 2Q26 | — |
| EBITDA | $43.28M | Six Months Ended June 30, 2026 | — |
| Health+ Total Student Enrollment | 19,600 | Q2 2026 | — |
| Military+ Net Course Registrations | 98,300 | Q2 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Education & Training Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
APEI
this stock
American Public Education Inc
|
$744.15M | +8.1% | +33.0% | 16.7 | 14.0% |
|
EDU
New Oriental Education & Technology Group Inc.
|
$8.26B | -3.2% | +15.5% | — | 1.6% |
|
TAL
TAL Education Group
|
$5.70B | -5.8% | +33.7% | — | 3.7% |
|
LAUR
Laureate Education, Inc.
|
$4.76B | +4.0% | +19.5% | 13.0 | 2.4% |
|
CVSA
Covista Inc.
|
$3.93B | +14.2% | +9.3% | 16.1 | 8.5% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 9, 2026
- This year
- 15
Nine months ended September 30, 2026, American Public Education, Inc. reported revenue of $515.6 million, up 5.1% from $490.5 million, and net income of $33.4 million, up $14.4 million from $18.9 million; operating margin improved to 8.4% from 5.8%.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| APEI | +9.7% | -16.9% | -22.4% | +0.8% | +8.2% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +7.1% | -15.7% | -22.9% | +0.9% | -2.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.