APEI Q1 revenue up 6.2% to $174.7M, net income +137.6%; raises FY2026 guidance

AMERICAN PUBLIC EDUCATION INC

2026-Q1 EPS reported $0.94 vs consensus $0.68 ▲ beat (+38.3%)

Net income $17.7M ($0.94 diluted EPS) vs $7.5M ($0.41) a year ago; adjusted EBITDA $29.2M (+37.5%).
Military+ segment revenue +6.5% to $89.4M on 4% higher registrations; Health+ revenue +11.0% to $85.4M.
Received HLC approval to consolidate APUS, Rasmussen, Hondros into single institution; on track for Q3 2026.
Raised FY2026 guidance: revenue $686-696M, adj. EBITDA $93-102M, diluted EPS $2.33-$2.68.
Debt refinancing cut rate by 375 bps, saving ~$3.7M annual interest; $50M share repurchase authorized.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMERICAN PUBLIC EDUCATION INC reported the first quarter ended March 31, 2026 results: revenue $174.7 million, net income $17.7 million, EPS $0.94. Guidance raised.

Period: the first quarter ended March 31, 2026
Revenue: $174.7 million
Net income: $17.7 million
EPS: $0.94
Guidance: raised
Result: reported results

Exact text from the filing

foundation is built, the strategy is working, and we are just getting started.” Key First Quarter 2026 Highlights (as Compared to First Quarter 2025) · Consolidated revenue of $174.7 million, a 6.2% year-over year increase. o Excluding the effect of the sale of GSUSA in July 2025, consolidated revenue would have increased 8.7% when compared to the prior period. o

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Source: SEC EDGAR

accession 0001104659-26-058617

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