Every 10-Q that American Public Education, Inc. (APEI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow APEI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full APEI filings page.
American Public Education, Inc. reported higher results for the quarter ended June 30, 2026. Revenue was $171.7 million, up 5.5% from a year earlier, driven by increased enrollment in the Health+ segment and higher net course registrations in the Military+ segment, partly offset by the prior-year contribution from a sold business.
Net income was $9.8 million versus $4.5 million, and operating margin improved to 7.9% from 4.3%, as revenue growth outpaced expense increases. For the first six months of 2026, revenue rose to $346.5 million and net income to $27.5 million, with operating margin widening to 10.2%.
The Military+ segment grew revenue 4.7% in the quarter with a 27.7% operating margin, while Health+ revenue rose 11.0% and moved from a loss to a modest profit. The company refinanced its term debt with a new $90.0 million credit facility and generated $75.4 million in operating cash flow, ending with $146.5 million in cash, cash equivalents, and restricted cash and $76.3 million in new short-term investments.
American Public Education, Inc. delivered significantly improved quarterly results. Revenue for the three months ended March 31, 2026 rose to $174.7 million, up 6.2% year over year, driven by higher course registrations in the Military+ segment and enrollment growth plus tuition increases in Health+.
Net income more than doubled to $17.7 million from $8.9 million, with basic EPS increasing to $0.97 from $0.42. Operating margin expanded to 12.4% from 7.4% as revenue growth outpaced modest expense increases and the prior-year loss on assets held for sale.
Military+ revenue grew 6.5% to $89.4 million on a 4.0% rise in net course registrations to about 106,600. Health+ revenue increased 11.0% to $85.4 million as total enrollment reached roughly 19,400. Cash, cash equivalents, and restricted cash climbed to $221.0 million, while long-term debt was refinanced under a new $90.0 million term loan and $40.0 million revolver, leaving $90.0 million outstanding. The company also authorized a new $50 million share repurchase program and bought $1.0 million of stock in the quarter.
American Public Education, Inc. (APEI) reported higher quarterly results. For the quarter ended September 30, 2025, revenue rose to $163,215 thousand from $153,122 thousand, and income from operations increased to $9,697 thousand from $4,129 thousand. Net income reached $5,560 thousand, with diluted EPS of $0.30 versus $0.04 a year ago.
Growth was broad-based: APUS revenue was $83,137 thousand (up from $76,981 thousand), Rasmussen University was $60,830 thousand (up from $52,604 thousand), and Hondros College of Nursing was $18,440 thousand (up from $15,493 thousand). Operating expenses were stable overall, while depreciation and amortization declined to $3,946 thousand.
APEI completed the sale of Graduate School USA on July 25, 2025 for $0.5 million and recorded a $3,877 thousand loss on sale. The company redeemed all Series A preferred stock on June 23, 2025, recording a $3,501 thousand loss on redemption year-to-date. Cash, cash equivalents, and restricted cash were $193,144 thousand, and long-term debt was $94,368 thousand. Shares outstanding were 18,085,030 as of November 7, 2025.