v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information by Reportable Segment
A summary of financial information by reportable segment is as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
UnauditedUnaudited
(In thousands)(In thousands)
Military+ Segment
Revenue$85,538 $81,731 $174,981 $165,677 
Instructional costs and services27,502 28,518 53,709 55,829 
Selling and promotional18,304 15,945 35,240 31,646 
General and administrative14,895 14,808 29,286 29,042 
Other (1)
1,114 1,018 2,305 3,592 
Income from operations before interest and income taxes$23,723 $21,442 $54,441 $45,568 
Health+ Segment
Revenue$86,216 $77,655 $171,572 $154,582 
Instructional costs and services49,138 46,933 97,584 91,387 
Selling and promotional21,586 18,081 42,318 36,480 
General and administrative12,754 12,334 25,681 24,384 
Other (2)
2,430 2,685 5,164 5,527 
Income (loss) from operations before interest and income taxes$308 $(2,378)$825 $(3,196)
Corporate and Other
Revenue (4)
$(23)$3,380 $(84)$7,058 
Instructional costs and services— 2,972 (23)6,151 
Selling and promotional225 1,022 424 2,127 
General and administrative9,843 11,005 18,815 21,128 
Other (3)
414 420 797 753 
Loss from operations before interest and income taxes$(10,505)$(12,039)$(20,097)$(23,101)
Total reportable segment revenue$171,754 $159,386 $346,553 $320,259 
Corporate and Other revenue (4)
(23)3,380 (84)7,058 
Total consolidated revenue$171,731 $162,766 $346,469 $327,317 
Total reportable segment income from operations before interest and income taxes$24,031 $19,064 $55,266 $42,372 
Corporate and Other (loss) from operations before interest and income taxes(10,505)(12,039)(20,097)(23,101)
Total consolidated income from operations before interest and income taxes$13,526 $7,025 $35,169 $19,271 

(1)
Includes loss on assets held for sale, loss on disposal of long-lived assets, and depreciation and amortization expense.
(2)Includes loss on disposal of long-lived assets and depreciation and amortization expense.
(3)Includes depreciation and amortization expense.
(4)Includes the elimination of intersegment revenue for courses taken by employees of APEI at a reportable segment or by employees of one reportable segment at the other reportable segment.
Schedule of Financial Information
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
UnauditedUnaudited
(In thousands)(In thousands)
Depreciation and amortization
Military+ Segment$1,113 $983 $2,168 $2,012 
Health+ Segment2,426 2,685 5,142 5,315 
Total reportable segment depreciation and amortization$3,539 $3,668 $7,310 $7,327 
Corporate and Other414 420 797 753 
Total consolidated depreciation and amortization $3,953 $4,088 $8,107 $8,080 
Interest income (expense), net
Military+ Segment$465 $362 $888 $681 
Health+ Segment361 218 512 684 
Total reportable segment interest income (expense), net$826 $580 $1,400 $1,365 
Corporate and Other(192)(1,688)(1,491)(3,360)
Total consolidated interest income (expense), net$634 $(1,108)$(91)$(1,995)
Income tax expense (benefit)
Military+ Segment$7,727 $6,030 $15,485 $13,764 
Health+ Segment208 (686)374 (1,107)
Total reportable segment income tax expense$7,935 $5,344 $15,859 $12,657 
Corporate and Other(3,548)(3,923)(9,957)(8,770)
Total consolidated income tax expense$4,387 $1,421 $5,902 $3,887