EarningsQ2 2026 Earnings Report
MX:APEI Q2 2026 EPS Results
Actual EPS$9.45
Consensus EPS$6.51
Beat/MissBeat by +$2.94
One Year Ago EPS-$0.36
MX:APEI Q2 2026 Revenue Results
Actual Revenue$3.12B
Expected Revenue$3.11B
Beat/MissBeat by +$15.42M
YoY Revenue Growth+5.51%
Earnings Announcement Details
QuarterQ2 2026
Date08/10/2026
TimeAfter Close
Conference CallMonday, August 10, 2026
MX:APEI Upcoming Earnings
American Public Education's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:APEI Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed primarily positive momentum: top-line growth, materially higher adjusted EBITDA and margin expansion, a completed institutional combination unlocking regulatory and strategic benefits, a strong balance sheet and operating cash flow, and upgraded full-year guidance. The principal negatives are manageable near-term issues—active-duty enrollment headwinds tied to geopolitical events, higher cost-per-lead in non-core online segments that management is actively addressing, a timing-related quarter-to-quarter revenue/EBITDA shift, and a leadership change in Health+. Overall, the positive operational and financial progress and the completion of strategic milestones outweigh the challenges noted.Company Guidance
Revenue Growth
Total revenue rose 5.5% year-over-year to $171.7 million in 2Q26; on a comparable basis excluding $3.4 million of prior-year Graduate School USA revenue, revenue growth was 7.8% YoY.
Strong Profitability and Margin Expansion
Adjusted EBITDA increased 36.8% YoY to $20.7 million with adjusted EBITDA margin expanding to 12.0% from 9.3% (275 basis points improvement). Net income available to common stockholders was $9.8 million, or $0.52 diluted EPS, versus a prior-period loss.
Health+ Segment Momentum
Health+ revenue grew 11% YoY to $86.2 million, driven by ~7% enrollment growth to ~19,600 students; campus (on-ground) nursing enrollments grew ~9% in the quarter. Health+ income from operations turned positive to $0.3 million from a $2.4 million loss a year earlier.
Military+ Margin Strength
Military+ revenue increased 4.7% YoY to $85.5 million; segment income from operations rose 10.6% to $23.7 million and adjusted EBITDA margin expanded 150 basis points to 29.4%. Veterans and military family registrations grew in the mid-teens.
Institutional Combination Completed
On August 4, 2026 APEI completed the institutional combination (APUS, Rasmussen, Hondros) with HLC and Department of Education approvals, creating a single accredited system with ~109,000 students, >290 programs and >250,000 alumni; Rasmussen's prior enrollment restriction was lifted.
AI-Enabled Student Lifecycle Platform Announcement
Announced an AI-enabled student lifecycle platform with Salesforce, rollout beginning early 2027 (Health+ first) expected to drive operational efficiencies, improved retention and service; costs were anticipated in the prior 4-year plan with additional upside expected.
Stronger Balance Sheet and Cash Generation
Cash equivalents, restricted cash, and short-term investments were $222.8 million as of June 30, 2026, up $46.3 million (26.2%) from Dec 31, 2025. Total debt was $88.9 million, leaving excess cash over debt of $133.9 million. Year-to-date operating cash flow was $75.4 million, up 45.6% YoY.
Raised Full-Year Guidance and Capital Discipline
Raised 2026 guidance: revenue to $690M–$698M (from $686M–$696M), adjusted EBITDA to $96M–$104M (from $93M–$102M), net income to $46.5M–$52.5M, and diluted EPS to $2.48–$2.79. CapEx guidance was lowered to $25M–$28M (from $28M–$32M).
Active Share Repurchase Authorization
Board authorized a $50 million share repurchase program; approximately $45 million remains available under the authorization.
Campus Expansion Progress and Unit Economics
Trailblazer campus plan on pace (Orlando campus opened and outpacing plan; Detroit II on track; Fort Lauderdale lease signed). Plan to open 8 new campuses (2026–2029) with ~$3.5M investment per campus, ~18 months to breakeven, and ~ $12M annual revenue per campus in 4–5 years.
MX:APEI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed