American Public Education Reports Strong Third Quarter Financial Performance and Adjusts Future Guidance

American Public Education Reports Strong Third Quarter Financial Performance

American Public Education, Inc. (Nasdaq: APEI), a key player in online and campus-based education, revealed its financial results for the third quarter ending September 30, 2026. The report indicated robust growth across several metrics, highlighting a continued commitment to enhancing student experiences and outcomes.

In the release dated November 9, 2026, the company announced that it achieved a consolidated revenue of $169.1 million, marking a 3.6% increase compared to $163.2 million from the previous year. When excluding revenue from Graduate School USA (GSUSA), sold in July 2025, the revenue would have risen by 4.2%. Additionally, the third quarter also saw a notable shift of approximately $6.0 million in expected revenue due to timing in Military+ registrations, which has pushed certain earnings into the fourth quarter.

A significant highlight from this quarter was the Health+ segment, which experienced a robust growth of 9% year-over-year, totaling $86.4 million. This upward trend was primarily fueled by a surge in healthcare-related enrollments, spurred by the ongoing success of the 'Fill the Back Row' initiative. The modest tuition increases implemented in the latter half of 2025 have also contributed to this growth.

On the other hand, the Military+ segment reported a slight decline in revenue, down 0.5% year-over-year to $82.7 million. This decrease was largely attributed to the aforementioned revenue shift into the fourth quarter. Despite this, APEI's net income for common stockholders reached $5.9 million, representing a 6% increase from $5.6 million in the previous year. Furthermore, adjusted EBITDA for the quarter was recorded at $17.5 million, although this reflects declines due to the revenue shift and increased promotional expenses aimed at boosting registrations and enrollments.

Angela Selden, President and CEO, expressed satisfaction with the results, confirming that they surpassed the company's guidance for the quarter. She noted, “These results reflect our continued growth in the Health+ segment and our strategic focus on operations under the American Public University System, especially after our institutional merger completed in early August.”

Looking ahead, the company provided a positive outlook for the fourth quarter and the full fiscal year of 2026. For the fourth quarter, APEI anticipates revenue between $179.4 million and $185.4 million, with an estimated net income available to common stockholders ranging from $15.2 million to $19.8 million. The full-year revenue is projected between $695.0 million and $701.0 million.

With a focus on executing its long-term strategy, APEI aims to enhance its momentum in both the Health+ and Military+ sectors. As the landscape of education evolves, APEI is committed to maintaining its position as a transformative leader in advancing educational opportunities for its students.

A conference call is scheduled for November 9, 2026, to discuss these financial results in detail. A replay of the call will be available through the company's website, ensuring stakeholders can stay informed on APEI's progress and future initiatives.

The highlighted financial results underscore American Public Education's dedication to growth and student success, positioning the institution for continued advancement in the competitive landscape of higher education.