American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q3 2026 Earnings Presentation
17 slides from American Public Education's earnings presentation, Nov 9, 2026
Slide 1: Q3 2026 Earnings Presentation
1 1 Q3 2026 Earnings Presentation November 9, 2026 American Public Education Inc. Do Not Distribute.
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 Statements made in this presentation regarding American Public Education, Inc. or its subsidiary institutions ("APEI" or the "Company") that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates, and projections abo
Slide 3: 3Q 2026 Executive Summary
3 3Q 2026 Executive Summary 3 Revenue, Net Income, EPS and Adj. EBITDA All Exceeded Guidance; Adj. EBITDA Reflects 4Q Revenue Timing 22 Shift Q3 2026 Highlights $169.1M $17.5M $5.9M $0.32 Net Income Available to Revenue Adj. EBITDA* Diluted EPS Common Stockholders Includes Impact of ~$6M +3.6% YoY M
Slide 4: Registration & Enrollment Growth - 3Q26
Registration & Enrollment Growth - 3Q26 4 ~103,800 ~19,100 Net Course Registrations Enrollment Up 3.8% YoY from approx. 100,000 Up 2.5% YoY from approx. 18,600 Veteran and Military Families registrations grew Strong revenue growth of 9.0% driven by positive double digits, a key driver of ove
Slide 5: Financial Update
25 25 Financial Update American Public Education Inc. Do Not Distribute.
Slide 6: 3Q26 Revenue: Segment Performance
3Q26 Revenue: Segment Performance 6 ($ in millions) 3Q’26 3Q’25 Variance Key Takeaways Military+: Registration timing shift of approx. Military+ Revenue $82.7 $83.1 -0.5% $6M from 3Q’26 to 4Q’26. Health+ Revenue $86.4 $79.3 +9.0% Health+: Revenue grew 9.0% as ‘Fill the back row’ strategy continues t
Slide 7: 3Q26 Revenue – Continued Performance Across Segments
3Q26 Revenue – Continued Performance Across Segments 7 YoY Revenue Growth ($M) YoY Revenue Growth ($M) $89.4 $87.3 $86.4 $82.4 $83.9 $81.7 $85.5 $83.1 $82.7 ** $85.4 $86.2 $79.3 $76.4 $76.9 $77.7 $71.0 * 4Q24 4Q25 1Q25 1Q26 2Q25 2Q26 3Q25 3Q26 4Q24 4Q25 1Q25 1Q26 2Q25 2Q26 3Q25 3Q26 -0.5% YoY 3Q26 v
Slide 8: TTM Profitability up Year-over-Year
TTM Profitability up Year-over-Year 8 TTM Net Income Available to Common Stockholders ($M) $45.7 $46.0 $35.6 $25.3 $24.2 $18.5 $19.4 $10.1 4Q24 4Q25 1Q25 1Q26 2Q25 2Q26 3Q25 3Q26 TTM Adjusted EBITDA* ($M) TTM Adjusted EBITDA Margin* 14.9% $99.3 14.2% 14.3% $93.7 $96.1 13.2% 13.5% $85.7 $88.4 12.1% 1
Slide 9: Liquidity, Cash Flows and Support Share Repurchases
9 9 Liquidity, Cash Flows and Support Share Repurchases As of September 30, 2026 Cash, Cash Equivalents, Restricted Cash, and Short-Term $216.4M Investments Debt Outstanding $87.8M Cash and Short-Term Investments Over Debt* $128.7M YTD Cash Flows From Operations $87.3M (+18.7% YoY) Available Working
Slide 10: 2026 Guidance – Raising Full Year Guidance Across All Key Metrics
9 10 2026 Guidance – Raising Full Year Guidance Across All Key Metrics These statements are based on current expectations. These statements are forward looking, and actual results may differ materially. ($ in millions, except per share data) 4Q'26 4Q’25 Revenue $179.4 - $185.4 $158.3 Net Income Avai
Slide 11: APEI Earnings Highlights
APEI Earnings Highlights 11 24 Strong Top- and Bottom-Line Growth Revenue $169.1M, Net Income Available to Common Stockholders $5.9M, Adj. EBITDA* $17.5M, Adj. EBITDA* margin 10.4%, diluted EPS $0.32; Adj. EBITDA* reflects Military+ revenue shift into 4Q26 Guidance Outperformance Exceeded guidance o
Slide 12: Appendix
25 25 Appendix American Public Education Inc. Do Not Distribute.
Slide 13: Education Unit Profile
Education Unit Profile 13 26 Note- See notes 9 and 15 to the financial statements included in the September 30, 2026 10-Q and 2025 10-K, respectively. Reflects income (loss) from operations before interest, and income taxes. Please refer to appendix for GAAP to non-GAAP reconciliation. 1.Military+ e
Slide 14: APEI GAAP Net Income to Adjusted EBITDA
APEI GAAP Net Income to Adjusted EBITDA 14 GAAP Net Income to Adjusted EBITDA: 26 The following table sets forth the reconciliation of the Company’s reported GAAP net income to the calculation of adjusted EBITDA, and supplemental financial information, for the three months ended December 31, 2023, t
Slide 15: APEI Non-GAAP Disclosures
APEI Non-GAAP Disclosures 815 The following table sets forth the reconciliation of the Company’s reported GAAP net income to the calculation of adjusted EBITDA for the three and nine months 26 ended September 30, 2026, and 2025: Three Months Ended Nine Months Ended September 30, September 30, (in th
Slide 16: APEI Non-GAAP Disclosures
APEI Non-GAAP Disclosures 16 The following table sets forth the reconciliation of the Company’s outlook GAAP net income to the calculation of outlook adjusted EBITDA for the three and twelve 26 months ending December 31, 2026: Three Months Ending Twelve Months Ending December 31, 2026 December 31, 2
Slide 17: Thank You
28 28 Thank You Company Investor Relations Gary Janson Shannon Devine Chief Strategy & Growth Officer MZ North America investorrelations@apei.com 203-741-8811 APEI@mzgroup.us American Public Education Inc. Do Not Distribute.
American Public Education — Q3 2026 Earnings Presentation on 6ix