| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 171.73 | 1.7% | 5.5% |
| Total Income | 171.73 | 1.7% | 5.5% |
| Expenditure | 158.21 | 3.3% | 1.6% |
| PBT | 14.16 | 26.4% | 139.2% |
| Net Profit | 9.77 | 44.9% | 117.1% |
| OPM | 7.88% | 4.51pp | 3.56pp |
| NPM | 5.69% | 4.46pp | 2.93pp |
| EPS | 0.53 | 45.4% | 2750.0% |
American Public Education Reports Q2 2026 Financial Results
11 Aug 2026 · 11 Aug, 1:50 am
Summary
American Public Education, Inc. reported strong financial results for the second quarter of 2026, with consolidated revenue reaching $171.7 million, a 5.5% increase year-over-year. The company saw significant growth in its Health+ segment, up 11.0%, and its Military+ segment, up 4.7%. Net income available to common stockholders improved substantially to $9.8 million from a loss in the prior year, and Adjusted EBITDA increased by 36.8% to $20.7 million. Management raised full-year 2026 guidance for revenue, net income, and Adjusted EBITDA, citing continued demand and disciplined execution.
Key Highlights
- 1
Consolidated revenue increased by 5.5% year-over-year to $171.7 million for the second quarter of 2026.
- 2
Excluding revenue from Graduate School USA, consolidated revenue would have increased by 7.8% compared to the prior period.
- 3
Health+ segment revenue grew 11.0% year-over-year to $86.2 million, driven by increased enrollments and tuition increases.
- 4
Military+ segment revenue grew 4.7% year-over-year to $85.5 million, driven by increased net course registrations.
- 5
Net income available to common stockholders increased to $9.8 million, a significant improvement from a loss of ($0.3) million in the prior year.
- 6
Adjusted EBITDA increased by 36.8% to $20.7 million, compared to $15.1 million in the second quarter of 2025.
- 7
Net income per diluted common share rose to $0.52, compared to a loss of ($0.02) in the prior year.
Management Comments
Angela Selden
I am pleased with the strong financial results we delivered in the second quarter, reflecting continued demand across our businesses and disciplined execution against our strategic priorities, including the opening of Health+’s new Orlando campus, part of our “Trailblazer” campus opening strategy. Following the end of the quarter, I am very pleased to announce that we completed the combination of American Public University System, Rasmussen University, and Hondros College of Nursing into one Higher Learning Commission-accredited institution named American Public University System. As we raise revenue, net income and adjusted EBITDA guidance for 2026, we remain focused on disciplined execution and building on the momentum established in the first half of the year.
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