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American Public Education APEI Graduation fees — Revenue

Other product segments

Instructional services, net of grants and scholarships
$156.26M+4.3%
Textbook and other course materials
$13.05M+20.1%
Other fees
$1.18M-3.7%

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Other financials

Income statement

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Revenue$171.7M+5.5%
Gross profit$95.1M+12.7%
Operating income$13.5M+92.5%
Net income$9.8M+117%
EPS (diluted)$0.52+2,700%

Balance sheet

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Cash & equivalents$146.5M-17.0%
Total debt$153.5M-21.6%
Total equity$314.1M+15.4%
Total assets$537.7M+0.1%

Cash flow

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Operating cash flow$12.1M-18.0%
CapEx$4.7M+28.2%
Free cash flow$7.4M-33.4%

Valuation

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Market cap$931.48M+63.8%
Enterprise value$938.4M+59.6%
P/E20.4×-0.6×
P/S1.4×+0.5×

Profitability

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Gross margin55.9%+2.5pp
Operating margin9.6%+2.6pp
Net margin6.8%+2.6pp
FCF margin9.4%

Returns & leverage

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Return on equity15.6%+5.9pp
Debt / equity0.5×-0.2×
Current ratio3.2×+0.4×

Where this comes from

Reported directly by American Public Education in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: American Public Education’s 10-Q, filed August 10, 2026.

Filed
Aug 10, 2026, 4:06 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001201792-26-000012
Line itemMilitary+Health+Corporate and OtherConsolidated
Instructional services, net of grants and scholarships$84,009$72,278$(23)$156,264
Graduation fees1,2411,241
Textbook and other course materials13,05013,050
Other fees2888881,176
Total Revenue$85,538$86,216$(23)$171,731

Item 1. Financial Statements

FAQ

What is American Public Education's graduation fees — revenue?
American Public Education (APEI) reported graduation fees — revenue of $1.24M in Q2 2026.
How has American Public Education's graduation fees — revenue changed year-over-year?
American Public Education's graduation fees — revenue increased by 36.4% year-over-year, from $910K to $1.24M.
What is the long-term trend for American Public Education's graduation fees — revenue?
Over 4 years (2021 to 2025), American Public Education's graduation fees — revenue has grown at a 31.2% compound annual growth rate (CAGR), from $1.31M to $3.88M.
What does graduation fees — revenue mean?
This metric represents the total revenue recognized from fees charged to students upon the completion of their academic programs and the conferral of degrees. It serves as a supplemental revenue stream that reflects the volume of successful program completions within the institution's educational portfolio. Monitoring this revenue helps investors assess the scale of graduation activity and the financial contribution of administrative service fees.

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