American Public Education earnings date
American Public Education (APEI) Q3 2026 Earnings Report
MX:APEI Q3 2026 EPS Results
- Actual EPS
- MXN 5.95
- Consensus EPS
- MXN 4.87
- Beat/Miss
- Beat by +MXN 1.08
- One Year Ago EPS
- MXN 5.58
MX:APEI Q3 2026 Revenue Results
- Actual Revenue
- MXN 3.15B
- Expected Revenue
- MXN 3.08B
- Beat/Miss
- Beat by +MXN 62.40M
- YoY Revenue Growth
- +3.63%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/09/2026
- Time
- After Close
- Conference Call
- Monday, November 9, 2026
American Public Education's next earnings date is estimated for March 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive. APEI exceeded third-quarter guidance across all key metrics, reported growth in Military+ registrations and Health+ revenue, raised full-year guidance, maintained a strong balance sheet and continued share repurchases. Offsetting concerns included lower year-over-year adjusted EBITDA and margins, higher marketing and bad debt expenses, Title IV processing delays, a delayed Detroit campus opening, weakness in Online+ non-health programs and uncertainty around military funding policy. The positive operating performance and raised outlook significantly outweighed the stated challenges.
For full-year 2026, updated guidance is revenue of $695 million to $701 million, net income available to common stockholders of $48.5 million to $53.2 million, adjusted EBITDA of $98 million to $105 million, diluted EPS of $2.59 to $2.84 and capital expenditures of $23 million to $26 million; for the fourth quarter, guidance is revenue of $179.4 million to $185.4 million, net income available to common stockholders of $15.2 million to $19.8 million, adjusted EBITDA of $30.6 million to $37.6 million and diluted EPS of $0.81 to $1.07, assuming Military+ net registrations of 100,000 to 105,000, up 21.7% to 27.7% year-over-year, and Health+ enrollment of approximately 20,100, up approximately 1% year-over-year. The full-year guidance reflects approximately 25% net course registration growth in Q4, includes approximately $6 million of revenue shifted from the third quarter, and does not assume a resolution to the Middle East conflict. The company remains on track to open 2 new smaller-footprint campuses each year for the next 4 years, with each expected to reach cash flow break-even in 18 months and full utilization in 4 to 5 years, and targets $5 million of recurring cost synergies in 2027 and beyond, $9 million in recurring savings in 2028 and beyond, organic and inorganic revenue of $890 million to $1 billion by 2029 and adjusted EBITDA margins of 20% to 21%.
- Third-Quarter Results Exceeded GuidanceManagement reported that third-quarter revenue, net income available to common stockholders, adjusted EBITDA and diluted EPS all exceeded guidance. Total revenue was $169.1 million, adjusted EBITDA was $17.5 million, net income was $5.9 million and diluted EPS was $0.32.
- Revenue and Earnings GrowthTotal revenue increased 3.6% year-over-year to $169.1 million. Net income available to common stockholders increased 6% to $5.9 million, while diluted EPS increased 6.7% to $0.32.
- Military+ Registration GrowthMilitary+ net course registrations increased 3.8% year-over-year to approximately 103,800, above the guidance range of 101,000 to 103,000. Veteran and military family registrations grew at double-digit rates, and active-duty registrations returned to growth, led by the Army.
- Health+ Revenue GrowthHealth+ revenue increased approximately 9% to $86.4 million. Campus nursing revenue grew at low double-digit rates, while online health care revenue grew at strong mid-teens rates.
- Campus Nursing ExpansionThe Orlando campus continued to track ahead of initial expectations, including the recent introduction of an evening LPN program. Management remains on track with its Trailblazer initiative to open two new smaller-footprint campuses each year for the next four years.
- Expected Campus EconomicsManagement stated that each new smaller-footprint campus is expected to reach cash flow break-even in 18 months and full utilization in four to five years.
- Improved Instructional Cost LeverageInstructional costs and services were $74.9 million, essentially flat year-over-year, and improved to 44.3% of revenue from 45.8%, reflecting operating leverage in the model.
- Strong Trailing-Twelve-Month EBITDA PerformanceTrailing 12-month adjusted EBITDA was $96.1 million, with an adjusted EBITDA margin of 14.3%, up from 13.5% a year ago.
- Stronger Balance SheetCash, cash equivalents, restricted cash and short-term investments totaled $216.4 million at September 30, 2026, up $39.9 million, or 22.6%, from December 31, 2025. Excess cash and investments over debt were $128.7 million, and the company had $40 million of available revolving credit capacity.
- Operating Cash Flow Growth Year-to-DateYear-to-date cash flow from operations was $87.3 million, up 18.7% year-over-year.
- Accelerated Share RepurchasesAPEI repurchased 186,032 shares for approximately $9 million in the third quarter, more than double the amount repurchased in the second quarter. Year-to-date repurchases totaled 274,237 shares for approximately $14 million, leaving approximately $36 million under the $50 million authorization.
- Full-Year Guidance RaisedFull-year 2026 guidance was raised to revenue of $695 million to $701 million, net income available to common stockholders of $48.5 million to $53.2 million, adjusted EBITDA of $98 million to $105 million and diluted EPS of $2.59 to $2.84. The prior ranges were $690 million to $698 million, $46.5 million to $52.5 million, $96 million to $104 million and $2.48 to $2.79, respectively.
- Capital Expenditure Guidance ReducedFull-year capital expenditure guidance was lowered to $23 million to $26 million from the prior range of $25 million to $28 million.
- Fourth-Quarter Growth OutlookFourth-quarter guidance calls for revenue of $179.4 million to $185.4 million, net income of $15.2 million to $19.8 million, adjusted EBITDA of $30.6 million to $37.6 million and diluted EPS of $0.81 to $1.07. Military+ net registrations are expected to be 100,000 to 105,000, up 21.7% to 27.7% year-over-year, while Health+ enrollment is expected to be approximately 20,100, up approximately 1% year-over-year.
- Institutional Combination CompletedThe company began operating as a single Higher Learning Commission-accredited institution, the American Public University System. Management stated that the combination is intended to simplify operations, expand the health care platform, enhance academic choice and faculty opportunities, strengthen the financial position, and improve regulatory compliance and risk management.
- Identified Recurring Cost SynergiesManagement has a target of $5 million of recurring cost synergies in 2027 and beyond from integrating Rasmussen University and Hondros College of Nursing. It also has a target of $9 million of recurring savings in 2028 and beyond from synergies between Health+ and Military+, primarily from productivity gains in admissions, financial aid, leadership and shared academic services.
- Student Lifecycle Platform On TrackThe student lifecycle platform implementation with Salesforce remains on track for its initial go-live with the Health+ segment in early 2027, beginning with student support and admissions. Management said anticipated benefits include improved retention, better student services and lower cost to serve, representing incremental upside to the published four-year plan.
- Marketing Optimization Program UnderwayAPEI completed an end-to-end evaluation of marketing efficiency and effectiveness across student segments and channels with a third party. Management is implementing recommendations involving organizational efficiency, marketing spend shifts and overall marketing optimization, with continued improvements expected into the first half of 2027 and beyond.
- Inflation Mitigation Through Efficiency and PricingManagement said it has effectively managed inflationary costs through operating efficiencies, technology investments and pricing actions. Military+ uses operating-efficiency initiatives, while Health+ has historically used regular small inflationary price increases to offset inflationary costs.
- Long-Term Strategic Framework MaintainedManagement said its November 2025 Investor Day framework remains intact, targeting organic and inorganic revenue of $890 million to $1 billion by 2029 and adjusted EBITDA margins of 20% to 21%.
- Board and Leadership UpdateAPEI welcomed Shira Goodman to its Board effective October 27. Goodman brings 26 years of leadership experience at Staples, including serving as CEO, while former director James Kenigsberg became APEI's Chief Innovation and Technology Officer.
MX:APEI Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 09, 2027 | 2026 (Q4) | 17.65- | 12.46 | ― | ― |
| Nov 09, 2026 | 2026 (Q3) | 4.875.95 | 5.58 | 6.67% (+0.37) | |
| Aug 10, 2026 | 2026 (Q2) | 6.669.67 | -0.37 | 2700.00% (+10.04) | |
| May 11, 2026 | 2026 (Q1) | 11.9017.48 | 7.63 | 129.27% (+9.86) | |
| Mar 12, 2026 | 2025 (Q4) | 6.9012.46 | 11.72 | 6.35% (+0.74) | |
| Nov 10, 2025 | 2025 (Q3) | -1.265.58 | 0.74 | 650.00% (+4.84) | |
| Aug 06, 2025 | 2025 (Q2) | -1.19-0.37 | -1.12 | 66.67% (+0.74) | |
| May 12, 2025 | 2025 (Q1) | 2.577.63 | -1.12 | 783.33% (+8.74) | |
| Mar 06, 2025 | 2024 (Q4) | 10.0411.72 | 11.9 | -1.56% (-0.19) | |
| Nov 12, 2024 | 2024 (Q3) | 0.410.74 | -0.15 | 600.00% (+0.89) |
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.
