American Public Education (APEI) Proves Its Multi-Year Overhaul Finally Paid Off
American Public Education (APEI) reported Q2 revenue of $171.7M (+5.5%), adjusted EBITDA of $20.7M (+36.8%), and net income of $9.8M, beating guidance and raising its outlook. The company completed a multi-year restructuring, combining four institutions into one. Health+ revenue grew 11% while Military+ revenue rose 4.7%. Challenges include slow Military+ net course registrations and rising cost per lead in non-core segments.




