On November 9, 2026, American Public Education, Inc. (Nasdaq: APEI) reported its financial results for the third quarter ended September 30, 2026. The company announced that its revenue, net income, adjusted EBITDA, and diluted earnings per share for the quarter all exceeded its previously issued guidance.
For the three months ended September 30, 2026, the company reported consolidated revenue of $169.1 million. This figure represents a 3.6% year-over-year increase compared to $163.2 million in the prior year. The company noted that excluding revenue from Graduate School USA (GSUSA), which was sold in July 2025, revenue would have increased by 4.2%.
Key operational metrics showed growth in the Health+ segment, which reported revenue of $86.4 million, a 9.0% increase year-over-year. This growth was driven by increased healthcare enrollments and tuition increases implemented in the second half of 2025. The Military+ segment reported revenue of $82.7 million, a decrease of 0.5% year-over-year, primarily due to a timing shift in registrations to the fourth quarter of 2026.
On the income statement, net income available to common stockholders increased 6.0% to $5.9 million, compared to $5.6 million in the prior year. Diluted earnings per share rose 6.7% to $0.32, compared to $0.30. Adjusted EBITDA was reported at $17.5 million, a decrease from $20.7 million in the prior year, attributed to a revenue shift into the fourth quarter and increased selling and promotional expenses.
The company also updated its outlook for the remainder of the year. For the fourth quarter of 2026, APEI expects revenue between $179.4 million and $185.4 million. For the full year 2026, the company raised its guidance for revenue to a range of $695.0 million to $701.0 million, up from a prior range of $687.0 million to $693.0 million. The company also raised its guidance for net income available to common stockholders to a range of $48.5 million to $53.2 million and diluted earnings per share to a range of $2.59 to $2.84.
Regarding its balance sheet, total cash, cash equivalents, restricted cash, and short-term investments totaled $216.4 million as of September 30, 2026, an increase of $39.9 million, or 22.6%, compared to December 31, 2025. During the third quarter, the company repurchased 186,032 shares of common stock under its previously approved program.
