10-Q · May 11, 2026
American Public Education, Inc. reported a 6.2% revenue increase year-over-year to $174.7 million for Q1 2026, driven by higher net course registrations in both segments. Net income surged to $17.7 million from $8.9…
Earnings analysis · 10-Q
APEI earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
The provided 10-Q extract does not include the income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A, so current-quarter revenue, margins, EPS, cash flow, and operating trends cannot be…
Read full summary
The provided 10-Q extract does not include the income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A, so current-quarter revenue, margins, EPS, cash flow, and operating trends cannot be quantified from the filing text supplied. The filing reports effective controls, no material legal proceedings, and continued share repurchases, but highlights sensitivity of annual interest expense to Term SOFR and a pending Health+ leadership transition. No explicit numeric guidance is provided, and management states there were no material changes to the formal risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
-
Share Repurchases Continue
The company repurchased 70,365 shares during April 2026 at an average price of $56.86, leaving approximately $44,999,077 available under the $50.0 million authorization.
-
Controls Remained Effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no material changes to internal control over financial reporting.
-
Limited Investment-Market Exposure
The company reported no material derivative financial instruments as of June 30, 2026 and stated that a 10% change in interest rates would not materially affect the fair value of its short-term investment portfolio.
-
No Material Legal Proceedings
The filing states that no material legal proceedings are currently pending.
-
Short-Duration Investment Portfolio
The company said its cash and short-term investments are held in bank deposits, money market funds, U.S. Treasury bills, and investment-grade commercial paper, with maturities of less than one year for the short-term portfolio.
What to watch
-
Floating-Rate Interest Expense
For every 100-basis-point increase in Term SOFR, the company would incur an incremental $0.9 million in annual interest expense, excluding any offset from its interest-rate cap agreement.
-
Uninsured Bank Deposits
Bank deposits exceed federally insured limits, creating potential concentration and counterparty exposure even though the company states it has historically experienced no losses in those accounts.
-
Health+ Leadership Transition
The President of RU will leave effective August 20, 2026, and the company has begun identifying the next leader of its Health+ division, creating execution and leadership-transition risk.
-
Capital Allocation and Liquidity
The company authorized up to $50.0 million for share repurchases and had used $5,000,643 of that authorization by June 30, 2026, potentially reducing liquidity available for other corporate purposes.
-
No Formal Risk-Factor Updates
The filing states that there have been no material changes to the risk factors in the Annual Report; therefore, no new formal risk-factor updates were identified versus the prior filing.
Management's outlook
The provided 10-Q extract contains no explicit numeric revenue or EPS outlook. No change to prior guidance can be determined from the filing.
Earlier filings 4
10-K · March 12, 2026
American Public Education (APEI) reported full-year 2025 revenue of $648.862 million, up $24.3 million or 3.9% from 2024, with net income of $31.557 million and diluted EPS of $1.36. The company generated $61.965…
10-Q · November 10, 2025
American Public Education reported Q3 revenue of $163,215 (thousands), up from $153,122 in Q3 2024, with operating income before interest and taxes rising to $9,697 (thousands) and diluted EPS of $0.30. Liquidity…
10-Q · August 6, 2025
APEI reported Q2 revenue of $162,766,000, up $9,871,000 (6.5%) versus Q2 2024 and modestly below the prior quarter. Operating income improved materially year-over-year to $7,025,000 (4.3% margin) but reported diluted…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.