APEI Q2 revenue $171.7M (+5.5%), net income $9.8M, raises FY2026 guidance

AMERICAN PUBLIC EDUCATION INC

2026-Q2 EPS reported $1.46 revenue$346,469,000

Q2 2026 revenue $171.7M, up 5.5% YoY from $162.8M; ex-GSUSA (sold July 2025) growth was 7.8%.
Net income $9.8M vs ($0.3M) loss; diluted EPS $0.52 vs ($0.02); Adjusted EBITDA $20.7M, up 36.8%.
Health+ revenue +11.0% to $86.2M; Military+ +4.7% to $85.5M; Military+ net course registrations 98,300 (+2.0%).
Post-quarter combined American Public University System, Rasmussen University, and Hondros College of Nursing into one HLC-accredited institution.
Raised full-year 2026 revenue, net income, and adjusted EBITDA guidance; cash $222.8M, up 26.2% from Dec 31, 2025.

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