American Public Education APEI Military+ Segment — Instructional costs and services

Other segment segments

Health+

$48.45M—

Similar metrics at other companies

UTIEducational services and facilities

$117.43M+14.6%

LINCCampus Operations — Cost Of Goods And Services Sold Instructional

$27.62M+20.0%

LINCCost Of Goods And Services Sold Instructional

$27.62M+20.0%

HURNEducation — Total Costs & Expenses

$102.03M+0.1%

PRD

PRDOEducational Services And Facilities Expense

$47.07M-3.0%

ABMEducation — Indirect costs

$6.3M+6.8%

Other financials

Income statement

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Revenue$174.7M+6.2%

Gross profit$100.1M+11.7%

Operating income$21.6M+76.7%

Net income$17.7M+99.4%

EPS (diluted)$0.94+129%

Balance sheet

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Cash & equivalents$221.0M+17.9%

Total debt$153.5M-22.8%

Total equity$306.2M-1.2%

Total assets$537.9M-7.0%

Cash flow

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Operating cash flow$63.3M+71.1%

CapEx$2.5M-35.2%

Free cash flow$60.8M+83.6%

Valuation

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Market cap$956.25M+77.9%

Enterprise value$888.71M+62.0%

P/E23.7×+0.3×

P/S1.5×+0.6×

Profitability

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Gross margin55%+2.0pp

Operating margin8.7%+2.4pp

Net margin6.1%+2.5pp

FCF margin9.4%—

Returns & leverage

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Return on equity13.1%+5.4pp

Debt / equity0.5×-0.1×

Current ratio3×-0.3×

Where this comes from

Reported directly by American Public Education in its filing.

Tagged under the XBRL concept us-gaap:CostOfGoodsAndServicesSold.

The official record: American Public Education’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is American Public Education's military+ segment — instructional costs and services?: American Public Education (APEI) reported military+ segment — instructional costs and services of $26.21M in Q1 2026.
What does military+ segment — instructional costs and services mean?: This represents the direct costs associated with delivering educational services, including faculty compensation, curriculum development, and student support for the Military+ segment. Monitoring these costs helps assess the scalability and direct operational efficiency of the segment's academic delivery model.