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American Public Education APEI Instructional services, net of grants and scholarships — Revenue

Other product segments

Textbook and other course materials
$13.05M+20.1%
Graduation fees
$1.24M+36.4%
Other fees
$1.18M-3.7%

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CRSPGrant — Revenue
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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 instructional services, net of grants and scholarships — revenue?
American Public Education (APEI) reported instructional services, net of grants and scholarships — revenue of $156.26M in Q2 2026.
How has American Public Education's instructional services, net of grants and scholarships — revenue changed year-over-year?
American Public Education's instructional services, net of grants and scholarships — revenue increased by 4.3% year-over-year, from $149.77M to $156.26M.
What is the long-term trend for American Public Education's instructional services, net of grants and scholarships — revenue?
Over 4 years (2021 to 2025), American Public Education's instructional services, net of grants and scholarships — revenue has grown at a 10.7% compound annual growth rate (CAGR), from $394.59M to $591.82M.
What does instructional services, net of grants and scholarships — revenue mean?
This metric represents the total revenue generated from instructional services after accounting for institutional grants, scholarships, and tuition discounts provided to students. It serves as a primary indicator of the financial performance and market demand for the company's core educational offerings. By netting out financial aid, this figure reflects the actual net tuition revenue realized from student enrollments.

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