American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q2 2026 Earnings Presentation
17 slides from American Public Education's earnings presentation, Aug 10, 2026
Slide 1: Q2 2026 Earnings Presentation
1 1 Q2 2026 Earnings Presentation August 10, 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: 2Q 2026 Executive Summary
3 2Q 2026 Executive Summary 3 Strong Q2 Results, Continued Momentum Across Key Metrics 22 Q2 2026 Highlights $171.7M $20.7M $9.8M $0.52 Net Income Available to Revenue Adj. EBITDA* Diluted EPS Common Stockholders +5.5% YoY +36.8% YoY vs $(0.3)M in 2Q25 vs $(0.02) in 2Q25 2Q26 vs 2Q25 YoY Improvement
Slide 4: Registration & Enrollment Growth - 2Q26
Registration & Enrollment Growth - 2Q26 4 ~98,300 ~19,600 Net Course Registrations Enrollment Up 2% YoY from approx. 96,400, supporting Up 7% YoY from approx. 18,300, supporting revenue growth of 4.7% double-digit revenue growth of 11% Veterans and Military families registrations grew New He
Slide 5: Financial Update
25 25 Financial Update American Public Education Inc. Do Not Distribute.
Slide 6: 2Q26 Revenue: Strong Segment Performance
2Q26 Revenue: Strong Segment Performance 6 ($ in millions) 2Q’26 2Q’25 Variance Key Takeaways Military+ Revenue $85.5 $81.7 +4.7% Military+: Strong revenue and increased registrations build segment momentum. Health+ Revenue $86.2 $77.7 +11.0% Health+: ‘Fill the back row’ strategy remains Total Conso
Slide 7: 2Q26 Revenue – Growth Across Both Segments
2Q26 Revenue – Growth Across Both Segments 7 YoY Revenue Growth ($M) YoY Revenue Growth ($M) $89.4 $87.3 $83.9 $85.5 $85.4 $86.2 $83.1 $82.4 $81.7 $77.0 $79.2 $76.9 $77.7 $76.4 $71.0 * $68.1 3Q24 3Q25 4Q24 4Q25 1Q25 1Q26 2Q25 2Q26 3Q24 3Q25 4Q24 4Q25 1Q25 1Q26 2Q25 2Q26 +4.7% YoY 2Q26 vs 2Q25 +11.0%
Slide 8: Substantial Margin Expansion
Substantial Margin Expansion 8 TTM Net Income Available to Common Stockholders ($M) $45.7 $35.6 $24.2 $25.3 $18.5 $19.4 $10.0 $10.1 3Q24 3Q25 4Q24 4Q25 1Q25 1Q26 2Q25 2Q26 TTM Adjusted EBITDA* ($M) TTM Adjusted EBITDA Margin* 14.9% 14.2% 13.5% 13.2% $99.3 12.1% 12.5% $93.7 11.6% $88.4 $85.7 10.9% $8
Slide 9: Liquidity and Cash Flows Remain Strong
9 9 Liquidity and Cash Flows Remain Strong As of June 30, 2026 Cash, Cash Equivalents, Restricted Cash, and Short-Term $222.8M Investments Total Debt $88.9M Excess Cash and Short-Term Investments Over Debt $133.9M YTD Cash Flows From Operations $75.4M (+45.6% YoY) Available Working Line of Credit Ca
Slide 10: 2026 Guidance – Raising Full Year Revenue and Adj. EBITDA
9 10 2026 Guidance – Raising Full Year Revenue and Adj. EBITDA These statements are based on current expectations. These statements are forward looking, and actual results may differ materially. ($ in millions, except per share data) 3Q'26 3Q’25 Revenue $164.5 - $167.0 $163.2 Net Income Available to
Slide 11: APEI Earnings Highlights
APEI Earnings Highlights 11 24 Strong Performance Across Financial Metrics Revenue $171.7M (+5.5%), Adj. EBITDA* $20.7M (+37%), 12.0% Adj. EBITDA* margin (+275 bps), diluted EPS $0.52 Guidance Outperformance Met or exceeded guidance on all four key metrics in 2Q26; Adj. EBITDA* exceeded high-end gui
Slide 12: Appendix
25 25 Appendix American Public Education Inc. Do Not Distribute.
Slide 13: Education Unit Profile
Education Unit Profile 13 26 2 3 4, 5 1. Note- See note 9 and 15 to the financial statements included in the June 30, 2026 10-Q and 2025 10-K, respectively. Reflects income (loss) from operations before interest, income taxes. Please refer to appendix for GAAP to non-GAAP reconciliation. 2. Military
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 September 30, 2023,
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 six months 26 ended June 30, 2026, and 2025: 1. Reflects guidance provided on November 10, 2025. Inclusion of this guidanc
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 months ended 26 September 30, 2026 and twelve months ending December 31, 2026:
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.
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