American Public Education (APEI) Q3 FY2026 earnings: revenue $169 million, up 3.6% on the year
American Public Education Inc. (APEI) reported revenue of $169 million for Q3 FY2026, the quarter ended 30 September 2026, up 3.6% on the same quarter a year earlier. Net income was $6 million, up 6.0% on the year, and diluted earnings per share $0.32. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.
Revenue
$169 million
+3.6% on the year · -1.5% on the quarter
Q4 FY2024Q3 FY2026
Operating margin
4.7%
5.9% a year earlier
Q4 FY2024Q3 FY2026
Net income
$6 million
+6.0% on the year · -39.7% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$0.32
+6.7% on the year · -38.5% on the quarter
Q4 FY2024Q3 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 4 raised, 1 lowered, 6 new.
Revenue and net income both grew: Consolidated revenue was $169.1 million, up 3.6%; excluding GSUSA, which was sold in July 2025, revenue growth was 4.2%. Net income available to common stockholders was $5.9 million, up 6.0%.
Adjusted EBITDA fell to $17.5 million: Adjusted EBITDA was $17.5 million against $20.7 million a year earlier. Management tied the decline to revenue moving into the fourth quarter and to selling spend, detailed under costs.
Health+ revenue grew 9.0%: Health+ revenue was $86.4 million, up 9.0% from $79.3 million a year earlier.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q3 FY2026
Q2 FY2026
Q3 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
11.8
12.1
21.7
-2.5%
-45.5%
Capital expenditure
8.0
4.7
4.2
+69.3%
+91.2%
Free cash flow
3.8
7.4
17.5
-48.4%
-78.2%
Free cash flow margin
2.3%
4.3%
10.7%
Cash from investing
-22.4
-80.7
-4.9
Cash from financing
-11.0
-5.9
-0.2
Depreciation and amortisation
4.0
4.0
3.9
+0.4%
+0.6%
Share-based compensation
2.1
2.2
1.6
-6.4%
+27.8%
Buybacks
9.9
4.1
0.2
+140.0%
+4,727.2%
Diluted shares, weighted
19m
19m
19m
-0.7%
-0.4%
Shares outstanding at period end
18m
18m
18m
-0.8%
+0.8%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q3 FY2026
Q2 FY2026
Q3 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
312
314
279
-0.6%
+11.8%
Debt
86.2
87.3
94.4
-1.2%
-8.6%
Operating lease liabilities
56.1
55.1
60.1
+1.8%
-6.7%
Finance lease liabilities
0.0
0.0
0.1
Other liabilities
93.9
81.3
91.4
+15.5%
+2.8%
Total liabilities and equity
548
538
525
+2.0%
+4.4%
Fixed assets
71.7
69.5
70.7
+3.1%
+1.4%
Goodwill
59.6
59.6
59.6
0.0%
0.0%
Intangible assets
28.2
28.2
28.2
0.0%
0.0%
Investments
91.5
76.3
n/a
+19.9%
Cash and equivalents
125
147
191
-14.7%
-34.7%
Receivables
51.7
35.5
43.9
+45.5%
+17.7%
Other assets
121
122
131
-1.0%
-8.1%
Total assets
548
538
525
+2.0%
+4.4%
Questions
What was American Public Education's revenue in Q3 FY2026?
American Public Education (APEI) reported revenue of $169 million for Q3 FY2026, the quarter ended 30 September 2026, up 3.6% on the same quarter a year earlier.
How much did American Public Education earn in Q3 FY2026?
Net income for Q3 FY2026 was $6 million, up 6.0% on the year, and diluted earnings per share $0.32.
When did American Public Education report Q3 FY2026 results?
American Public Education filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.
Each quarter as filed, linked to its filing. Read moreMoney is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.