American Public Education Q2 2026 Earnings: Health+ Turns Profitable as Margins Expand

American Public Education’s Q2 2026 revenue rose 5.5% to $171.7 million, while diluted EPS improved to $0.52 from a $0.02 loss. Adjusted EBITDA increased 36.8% to $20.7 million as Health+ revenue grew 11.0% and the segment returned to positive operating income. Operating cash flow declined to $12.1 million, but cash, restricted cash and short-term investments reached $222.8 million. APEI also raised full-year revenue, net income and adjusted EBITDA guidance, with 2026 revenue now projected at $690 million to $698 million.