American Public Education (APEI) Financials

$52.58 +1.08 (+2.10%)

As of 03:33 PM Eastern

Annual Income Statements for American Public Education

This table shows American Public Education's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	32	24	21	26	10	19	18	-115	-53	10	25
Consolidated Net Income / (Loss)	32	24	21	26	10	19	18	-115	-47	16	32
Net Income / (Loss) Continuing Operations	32	24	21	26	10	19	18	-115	-47	16	32
Total Pre-Tax Income	52	38	35	35	17	26	26	-151	-53	31	44
Total Operating Income	52	38	35	33	13	25	30	-137	-48	33	48
Total Gross Profit	328	196	183	182	174	200	246	318	308	329	352
Total Revenue	328	313	299	298	286	322	419	606	601	625	649
Operating Revenue	328	313	299	298	286	322	419	606	601	625	649
Total Cost of Revenue	0.00	117	116	115	112	122	173	288	293	296	297
Operating Cost of Revenue	-	117	116	115	112	122	173	288	293	296	297
Total Operating Expenses	276	158	148	150	162	175	216	455	356	296	304
Selling, General & Admin Expense	73	69	69	74	78	88	103	120	128	142	145
Marketing Expense	62	59	58	57	60	73	93	155	133	129	137
Depreciation Expense	21	19	19	18	16	13	18	32	28	19	16
Other Operating Expenses / (Income)	120	-	-	-	-	-	0.00	0.00	2.43	1.62	5.48
Impairment Charge	0.00	4.74	0.00	0.00	7.34	0.00	0.00	147	64	0.00	0.00
Other Special Charges / (Income)	-	5.97	2.09	0.88	0.56	0.85	1.28	1.18	0.55	4.10	0.44
Total Other Income / (Expense), net	0.12	0.12	0.19	2.92	3.91	1.09	-4.28	-14	-4.46	-2.13	-4.23
Interest & Investment Income	0.12	0.12	0.19	2.92	3.91	1.09	-4.28	-18	-4.46	-2.13	-4.23
Income Tax Expense	20	15	11	9.29	5.19	7.02	7.51	-36	-11	10	12
Other Gains / (Losses), net	0.09	0.70	-2.43	-0.52	-1.46	-0.01	-0.83	-0.02	-5.24	-4.41	0.00
Preferred Stock Dividends Declared	-	-	-	-	-	0.00	0.00	0.05	6.01	6.06	6.25
Basic Earnings per Share	$1.94	$1.50	$1.30	$1.56	$0.62	$1.27	$0.98	($6.10)	($2.94)	$0.57	$1.40
Weighted Average Basic Shares Outstanding	16.68M	16.07M	16.24M	16.40M	16.09M	14.88M	18.09M	18.86M	18.11M	17.63M	18.01M
Diluted Earnings per Share	$1.93	$1.49	$1.29	$1.54	$0.62	$1.25	$0.97	($6.08)	($2.93)	$0.55	$1.36
Weighted Average Diluted Shares Outstanding	16.80M	16.21M	16.38M	16.63M	16.26M	15.05M	18.26M	18.91M	18.19M	18.15M	18.66M
Weighted Average Basic & Diluted Shares Outstanding	16.05M	16.21M	16.20M	16.40M	14.93M	18.64M	18.86M	19.03M	17.51M	18.00M	18.38M

This table shows American Public Education's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-4.85	11	-1.02	-1.16	0.73	12	7.46	-0.32	5.56	13	18
Consolidated Net Income / (Loss)	-3.33	13	0.52	0.37	2.26	13	8.89	4.50	5.56	13	18
Net Income / (Loss) Continuing Operations	-3.33	13	0.52	0.37	2.26	13	8.89	4.50	5.56	13	18
Total Pre-Tax Income	5.61	15	5.06	1.44	3.50	21	11	5.92	8.63	18	19
Total Operating Income	6.40	16	5.18	2.22	4.13	22	12	7.03	9.70	19	22
Total Gross Profit	78	82	82	77	78	92	90	84	89	89	100
Total Revenue	151	153	154	153	153	164	165	163	163	158	175
Operating Revenue	151	153	154	153	153	164	165	163	163	158	175
Total Cost of Revenue	73	71	72	76	75	72	75	78	75	69	75
Operating Cost of Revenue	73	71	72	76	75	72	75	78	75	69	75
Total Operating Expenses	71	66	77	74	74	71	77	77	79	70	78
Selling, General & Admin Expense	31	31	36	34	35	36	36	38	35	35	36
Marketing Expense	33	27	32	34	33	29	35	35	36	31	38
Depreciation Expense	7.03	5.08	5.13	5.23	5.08	3.86	3.99	4.09	3.95	4.12	4.15
Other Special Charges / (Income)	-0.02	0.54	0.03	0.18	0.02	0.15	1.76	0.04	0.09	0.09	0.15
Total Other Income / (Expense), net	-0.79	-0.78	-0.13	-0.79	-0.63	-0.59	-0.89	-1.11	-1.07	-1.17	-2.40
Interest Expense	-	-	-	-	-	-	0.00	-	-	-	1.67
Interest & Investment Income	-0.79	-0.78	-0.13	-0.79	-0.63	-0.59	-0.89	-1.11	-1.07	-1.17	-0.73
Income Tax Expense	3.71	2.12	1.21	-0.02	1.24	7.99	2.47	1.42	3.07	5.19	1.52
Preferred Stock Dividends Declared	1.53	1.54	1.54	1.53	1.53	1.46	1.43	4.82	0.00	-	0.00
Basic Earnings per Share	($0.27)	$0.65	($0.06)	($0.07)	$0.04	$0.66	$0.42	($0.02)	$0.31	$0.69	$0.97
Weighted Average Basic Shares Outstanding	17.78M	18.11M	17.51M	17.63M	17.68M	17.63M	17.84M	18.03M	18.07M	18.01M	18.28M
Diluted Earnings per Share	($0.27)	$0.65	($0.06)	($0.06)	$0.04	$0.63	$0.41	($0.02)	$0.30	$0.67	$0.94
Weighted Average Diluted Shares Outstanding	17.82M	18.19M	17.81M	18.13M	18.25M	18.15M	18.42M	18.60M	18.76M	18.66M	18.80M
Weighted Average Basic & Diluted Shares Outstanding	17.78M	17.51M	17.58M	17.70M	17.71M	18.00M	18.04M	18.07M	18.09M	18.38M	18.34M

This table details how cash moves in and out of American Public Education's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-9.90	41	33	33	-9.39	25	-78	-20	15	15	18
Net Cash From Operating Activities	57	56	48	44	38	45	16	29	46	49	62
Net Cash From Continuing Operating Activities	57	56	48	44	38	45	16	29	46	49	62
Net Income / (Loss) Continuing Operations	32	24	21	26	10	19	18	-115	-47	16	32
Consolidated Net Income / (Loss)	32	24	21	26	10	19	18	-115	-47	16	32
Depreciation Expense	21	19	19	18	16	13	18	32	28	19	16
Amortization Expense	-	-	-	-	0.00	0.00	0.89	6.48	1.63	1.48	1.34
Non-Cash Adjustments To Reconcile Net Income	6.51	16	11	8.88	16	7.94	12	154	83	17	13
Changes in Operating Assets and Liabilities, net	-2.43	-3.07	-3.08	-7.84	-2.82	5.06	-33	-48	-20	-4.82	0.05
Net Cash From Investing Activities	-31	-14	-14	-9.43	-7.26	-4.16	-337	-14	-14	-21	4.80
Net Cash From Continuing Investing Activities	-31	-14	-14	-9.43	-7.26	-4.16	-337	-14	-14	-21	4.80
Purchase of Property, Plant & Equipment	-26	-16	-15	-9.43	-7.26	-4.93	-12	-16	-14	-21	-16
Acquisitions	-3.87	-0.95	-0.30	-	0.00	0.00	-326	1.95	0.00	0.00	-2.29
Sale of Property, Plant & Equipment	0.00	0.84	1.49	0.00	0.00	0.77	0.67	0.77	0.12	0.00	23
Net Cash From Financing Activities	-36	-1.85	-1.49	-1.82	-41	-16	242	-36	-17	-13	-49
Net Cash From Continuing Financing Activities	-36	-1.85	-1.49	-1.82	-41	-16	242	-36	-17	-13	-49
Repayment of Debt	-	-	-	-	0.00	0.00	-16	-74	-0.11	-2.96	-0.21
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	0.00	0.00	-43
Repurchase of Common Equity	-35	-0.85	-1.59	-1.82	-41	-16	-3.03	-1.54	-11	-4.24	-4.26
Payment of Dividends	-	-	-	-	-	-	0.00	0.00	-6.01	-6.06	-2.75
Other Financing Activities, net	-0.52	-1.12	-	-	-	-	-	0.00	0.00	0.07	1.21
Cash Interest Paid	-	-	-	-	0.00	0.00	3.68	12	11	11	9.64
Cash Income Taxes Paid	18	17	13	13	8.02	5.90	7.46	4.00	2.42	6.30	6.52

This table details how cash moves in and out of American Public Education's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	16	-11	8.86	2.99	6.06	-3.31	29	-11	17	-17	44
Net Cash From Operating Activities	20	-3.14	21	12	14	1.60	37	15	22	-12	63
Net Cash From Continuing Operating Activities	20	-3.14	21	12	14	1.60	37	15	22	-12	63
Net Income / (Loss) Continuing Operations	-3.33	13	0.52	0.37	2.26	13	8.89	4.50	5.56	13	18
Consolidated Net Income / (Loss)	-3.33	13	0.52	0.37	2.26	13	8.89	4.50	5.56	13	18
Depreciation Expense	7.03	5.08	5.13	5.23	5.08	3.86	3.99	4.09	3.95	4.12	4.15
Amortization Expense	0.40	0.39	0.38	0.38	0.37	0.36	0.35	0.34	0.33	0.32	0.24
Non-Cash Adjustments To Reconcile Net Income	7.16	4.87	5.27	1.58	1.78	6.66	4.02	2.27	4.49	2.09	4.11
Changes in Operating Assets and Liabilities, net	8.90	-26	9.44	4.90	4.58	-22	20	3.61	7.38	-31	37
Net Cash From Investing Activities	-2.83	-4.39	-6.22	-5.20	-6.31	-3.35	-3.40	19	-4.90	-5.65	-2.53
Net Cash From Continuing Investing Activities	-2.83	-4.39	-6.22	-5.20	-6.31	-3.35	-3.40	19	-4.90	-5.65	-2.53
Purchase of Property, Plant & Equipment	-2.95	-4.39	-6.22	-5.20	-6.31	-3.35	-3.90	-3.70	-4.20	-4.07	-2.53
Sale of Property, Plant & Equipment	-	-	0.00	-	-	-	0.50	22	0.01	-	0.00
Net Cash From Financing Activities	-1.58	-3.28	-5.67	-4.26	-1.71	-1.55	-5.04	-44	-0.25	0.56	-16
Net Cash From Continuing Financing Activities	-1.58	-3.28	-5.67	-4.26	-1.71	-1.55	-5.04	-44	-0.25	0.56	-16
Repayment of Debt	-0.03	-0.03	-0.03	-2.77	-0.08	-0.08	-0.05	-0.05	-0.05	-0.05	-98
Repurchase of Common Equity	-0.03	-1.71	-4.11	-0.03	-0.09	-0.01	-3.69	-0.03	-0.21	-0.33	-8.71
Payment of Dividends	-1.52	-1.54	-1.54	-1.53	-1.53	-1.46	-1.43	-1.32	-	-	0.00
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	90
Other Financing Activities, net	-	-	0.00	-	-	-	0.14	0.02	0.11	0.95	0.02
Cash Interest Paid	2.72	2.74	2.71	2.72	2.75	2.54	2.40	2.42	2.45	2.37	1.76
Cash Income Taxes Paid	0.02	0.87	0.62	3.68	1.73	0.28	0.08	3.98	2.33	0.12	0.40

This table presents American Public Education's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	299	316	339	371	355	371	726	615	557	570	521
Total Current Assets	127	159	191	233	223	252	203	186	217	261	260
Cash & Equivalents	106	146	179	212	203	228	150	129	-	-	176
Accounts Receivable	7.92	6.95	7.14	14	11	18	36	42	51	62	66
Prepaid Expenses	6.28	5.33	4.79	5.48	7.09	6.47	12	11	13	14	14
Current Deferred & Refundable Income Taxes	6.71	-	0.00	0.90	1.76	0.00	5.30	2.87	0.47	0.95	3.46
Plant, Property, & Equipment, net	109	98	95	87	78	68	102	101	88	73	71
Total Noncurrent Assets	64	59	53	52	53	51	421	328	253	236	191
Goodwill	39	34	34	34	27	27	243	113	60	60	60
Intangible Assets	-	-	-	-	-	3.72	85	55	32	28	28
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	0.00	35	51	47	39
Other Noncurrent Operating Assets	8.96	8.70	6.28	5.64	16	20	92	125	110	101	64
Total Liabilities & Shareholders' Equity	299	316	339	371	355	371	726	615	557	570	521
Total Liabilities	62	51	50	50	58	64	310	265	265	266	227
Total Current Liabilities	46	42	43	44	45	55	84	71	74	79	75
Short-Term Debt	-	-	-	-	-	0.00	8.75	-	-	-	0.00
Accounts Payable	6.26	6.85	8.84	9.11	3.55	3.76	13	3.81	8.66	7.85	4.82
Accrued Expenses	14	14	3.62	3.81	8.27	11	11	14	11	14	13
Current Deferred Revenue	25	21	19	18	17	22	22	24	-	-	23
Current Employee Benefit Liabilities	-	-	9.80	13	14	16	15	15	17	21	22
Other Current Liabilities	-	-	-	-	2.28	2.39	14	14	13	14	11
Total Noncurrent Liabilities	16	8.78	6.28	5.36	13	9.04	226	195	191	187	152
Long-Term Debt	-	-	-	-	-	0.00	152	93	95	93	95
Other Noncurrent Operating Liabilities	-	-	-	-	9.50	6.46	69	101	-	-	57
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	237	265	289	321	297	307	416	350	292	304	295
Total Preferred & Common Equity	237	265	289	321	297	307	416	350	292	304	295
Total Common Equity	237	265	289	321	297	307	416	310	252	264	295
Common Stock	174	177	181	187	191	196	287	293	300	306	311
Retained Earnings	63	87	109	134	106	111	129	14	-49	-42	-17
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	0.11	3.10	1.64	-0.01	-0.02

This table presents American Public Education's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	661	619	559	555	559	561	570	579	537	525	538
Total Current Assets	229	196	189	203	224	223	237	273	235	259	282
Cash & Equivalents	-	-	-	-	153	-	-	-	-	-	221
Accounts Receivable	28	37	30	29	45	39	43	42	38	44	39
Prepaid Expenses	11	17	15	15	17	16	18	21	18	14	19
Current Deferred & Refundable Income Taxes	4.16	5.19	3.70	4.17	0.32	4.08	5.36	0.00	2.50	7.63	3.27
Plant, Property, & Equipment, net	100	100	100	98	90	92	93	73	73	71	69
Total Noncurrent Assets	333	322	270	254	245	245	240	233	230	195	187
Goodwill	113	113	60	60	60	60	60	60	60	60	60
Intangible Assets	61	51	36	33	30	29	28	28	28	28	28
Noncurrent Deferred & Refundable Income Taxes	32	35	53	49	51	51	51	46	46	40	38
Other Noncurrent Operating Assets	127	124	122	113	105	105	102	99	96	68	61
Total Liabilities & Shareholders' Equity	661	619	559	555	559	561	570	579	537	525	538
Total Liabilities	345	276	274	274	271	272	279	269	265	246	232
Total Current Liabilities	96	79	79	82	80	79	89	83	83	91	95
Short-Term Debt	8.75	-	-	-	-	-	-	-	-	-	5.06
Accounts Payable	27	6.80	5.66	7.98	7.34	7.00	10	7.85	10	7.71	8.14
Accrued Expenses	-	14	13	12	15	17	16	19	14	18	23
Current Deferred Revenue	-	-	-	-	27	-	-	25	-	24	25
Current Employee Benefit Liabilities	19	16	18	19	17	17	22	18	20	30	22
Other Current Liabilities	14	14	14	14	13	12	14	13	13	12	11
Total Noncurrent Liabilities	250	196	195	192	191	193	190	185	182	155	137
Long-Term Debt	147	94	94	94	95	93	93	94	94	94	83
Other Noncurrent Operating Liabilities	103	103	101	97	96	100	97	91	88	60	54
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	315	343	285	281	288	289	290	310	272	279	306
Total Preferred & Common Equity	315	343	285	281	288	289	290	310	272	279	306
Total Common Equity	315	303	245	242	249	249	251	270	272	279	306
Common Stock	292	294	296	298	300	302	304	305	307	308	306
Retained Earnings	20	6.32	-54	-59	-53	-54	-53	-34	-35	-29	0.23
Accumulated Other Comprehensive Income / (Loss)	3.14	2.63	2.88	2.54	1.35	0.87	0.19	-0.05	-0.03	-0.03	0.00

This table displays calculated financial ratios and metrics derived from American Public Education's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	16,266,291.00	16,095,956.00	16,267,814.00	16,424,191.00	15,398,238.00	14,809,172.00	18,709,171.00	-	-	-	18,085,030.00
DEI Adjusted Shares Outstanding	16,266,291.00	16,095,956.00	16,267,814.00	16,424,191.00	15,398,238.00	14,809,172.00	18,709,171.00	-	-	-	18,085,030.00
DEI Earnings Per Adjusted Shares Outstanding	1.99	1.50	1.30	1.56	0.65	1.27	0.95	-	-	-	1.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	32	23	23	24	8.79	18	22	-96	-34	22	35
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-21.71%	-7.00%	4.47%	7.75%
Earnings before Interest and Taxes (EBIT)	52	38	35	33	13	25	30	-134	-48	33	48
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	73	58	54	50	28	38	49	-95	-19	54	65
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	23	37	27	25	22	22	-326	17	-59	29	97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	116	102	98	97	83	79	427	313	339	332	270
Increase / (Decrease) in Invested Capital	8.97	-14	-3.89	-0.55	-14	-4.25	347	-113	26	-7.05	-62
Book Value per Share	$14.58	$16.44	$17.79	$19.56	$19.27	$20.73	$22.21	$16.41	$14.19	$14.92	$16.30
Tangible Book Value per Share	$12.20	$14.34	$15.71	$17.50	$17.55	$18.68	$4.65	$7.55	$9.06	$9.96	$11.44
Total Capital	237	265	289	321	297	307	576	443	483	491	446
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	161	93	191	187	152
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	152	93	191	187	152
Net Debt	-122	-161	-192	-224	-213	-228	11	-36	47	28	-25
Capital Expenditures (CapEx)	26	16	13	9.43	7.26	4.16	11	16	14	21	-7.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-25	-30	-31	-24	-25	-31	-22	-14	-0.95	22	8.27
Debt-free Net Working Capital (DFNWC)	80	116	148	188	178	197	128	115	143	181	185
Net Working Capital (NWC)	80	116	148	188	178	197	119	115	143	181	185
Net Nonoperating Expense (NNE)	-0.16	-0.77	2.31	-1.64	-1.23	-0.79	3.88	19	13	5.82	3.05
Net Nonoperating Obligations (NNO)	-122	-163	-192	-224	-213	-228	11	-36	47	28	-25
Total Depreciation and Amortization (D&A)	21	19	19	18	16	13	19	39	29	21	17
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.94	$1.50	$1.30	$1.56	$0.62	$1.27	$0.98	($6.10)	($2.94)	$0.57	$1.40
Adjusted Weighted Average Basic Shares Outstanding	16.68M	16.07M	16.24M	16.40M	16.09M	14.88M	18.09M	18.86M	18.11M	17.63M	18.01M
Adjusted Diluted Earnings per Share	$1.93	$1.49	$1.29	$1.54	$0.62	$1.25	$0.97	($6.08)	($2.93)	$0.55	$1.36
Adjusted Weighted Average Diluted Shares Outstanding	16.80M	16.21M	16.38M	16.63M	16.26M	15.05M	18.26M	18.91M	18.19M	18.15M	18.66M
Adjusted Basic & Diluted Earnings per Share	$1.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	16.05M	16.21M	16.39M	16.59M	14.93M	18.64M	18.86M	19.03M	17.51M	18.00M	18.38M
Normalized Net Operating Profit after Tax (NOPAT)	32	30	25	25	14	19	23	7.51	11	22	35
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from American Public Education's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	17,995,753.00	18,039,666.00	18,067,134.00	18,085,030.00	18,380,439.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	17,995,753.00	18,039,666.00	18,067,134.00	18,085,030.00	18,380,439.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.41	-0.02	0.31	0.70	0.96
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.87%	0.24%	3.17%	3.86%	1.51%	7.40%	6.55%	6.46%	6.59%	-	6.19%
EBITDA Growth	82.06%	76.03%	279.59%	113.75%	-30.75%	20.33%	55.11%	46.33%	45.96%	-	56.95%
EBIT Growth	723.78%	6,180.92%	196.50%	103.40%	-35.48%	35.17%	136.32%	216.44%	134.85%	-	76.74%
NOPAT Growth	401.28%	7,568.40%	204.78%	104.91%	23.40%	-2.71%	143.41%	137.79%	134.04%	-	107.97%
Net Income Growth	11.54%	299.14%	108.99%	100.72%	167.97%	-0.38%	1,623.45%	1,111.86%	145.80%	-	99.38%
EPS Growth	-35.00%	291.18%	84.21%	97.95%	114.81%	-3.08%	783.33%	66.67%	650.00%	-	129.27%
Operating Cash Flow Growth	194.11%	86.35%	62.60%	-20.88%	-30.18%	150.88%	78.36%	18.91%	54.24%	-	71.10%
Free Cash Flow Firm Growth	-47.83%	-110.57%	-30.99%	334.92%	-97.09%	270.67%	-68.02%	149.11%	2,294.13%	-	165.42%
Invested Capital Growth	-22.80%	8.18%	-23.31%	-5.92%	0.32%	-2.08%	-6.10%	-15.77%	-18.40%	-	-19.80%
Revenue Q/Q Growth	2.46%	1.30%	1.07%	-1.00%	0.15%	7.18%	0.27%	-1.08%	0.28%	-	10.36%
EBITDA Q/Q Growth	124.30%	54.81%	-50.04%	-26.80%	22.32%	169.01%	-35.60%	-30.95%	22.01%	-	11.20%
EBIT Q/Q Growth	109.81%	148.94%	-67.47%	-57.16%	85.99%	421.55%	-43.13%	-42.63%	38.04%	-	14.11%
NOPAT Q/Q Growth	104.74%	533.02%	-71.24%	-43.01%	18.95%	399.09%	-28.05%	-44.32%	17.07%	-	48.43%
Net Income Q/Q Growth	93.50%	491.05%	-96.04%	-28.10%	509.70%	473.12%	-31.40%	-49.44%	23.67%	-	40.63%
EPS Q/Q Growth	90.79%	340.74%	-109.23%	0.00%	166.67%	1,475.00%	-34.92%	-104.88%	1,600.00%	-	40.30%
Operating Cash Flow Q/Q Growth	28.06%	-115.59%	760.01%	-39.96%	13.02%	-88.64%	2,213.82%	-59.97%	46.59%	-	648.04%
Free Cash Flow Firm Q/Q Growth	1,683.58%	-117.74%	-12.82%	-77.81%	-88.05%	938.94%	16.06%	72.84%	14.87%	-	-52.63%
Invested Capital Q/Q Growth	-7.88%	53.73%	-4.95%	-2.20%	-1.77%	50.05%	-34.86%	-12.27%	-4.83%	-	-18.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.45%	53.70%	53.10%	50.15%	50.76%	56.33%	54.46%	51.82%	54.23%	-	57.29%
EBITDA Margin	9.17%	14.01%	6.92%	5.12%	6.25%	15.69%	10.08%	7.04%	8.56%	-	14.90%
Operating Margin	4.24%	10.43%	3.36%	1.45%	2.70%	13.12%	7.44%	4.32%	5.94%	-	12.39%
EBIT Margin	4.24%	10.43%	3.36%	1.45%	2.70%	13.12%	7.44%	4.32%	5.94%	-	12.39%
Profit (Net Income) Margin	-2.21%	8.52%	0.33%	0.24%	1.48%	7.90%	5.40%	2.76%	3.41%	-	10.15%
Tax Burden Percent	-59.34%	85.95%	10.21%	25.85%	64.67%	61.88%	78.29%	75.98%	64.44%	-	92.13%
Interest Burden Percent	87.63%	95.04%	97.57%	64.64%	84.72%	97.28%	92.76%	84.23%	88.98%	-	88.92%
Effective Tax Rate	66.19%	14.03%	23.99%	-1.12%	35.33%	38.12%	21.71%	24.02%	35.56%	-	7.87%
Return on Invested Capital (ROIC)	3.40%	16.50%	5.82%	3.86%	4.84%	15.11%	16.56%	10.19%	12.48%	-	38.60%
ROIC Less NNEP Spread (ROIC-NNEP)	15.54%	3.82%	12.61%	7.30%	5.47%	14.15%	17.48%	11.34%	13.30%	-	40.55%
Return on Net Nonoperating Assets (RNNOA)	-2.36%	0.06%	-2.01%	-1.39%	-1.24%	1.79%	-4.44%	-2.95%	-3.92%	-	-14.90%
Return on Equity (ROE)	1.04%	16.56%	3.81%	2.47%	3.60%	16.90%	12.13%	7.24%	8.56%	-	23.69%
Cash Return on Invested Capital (CROIC)	7.89%	-18.22%	16.42%	15.59%	9.86%	8.64%	18.64%	31.98%	37.38%	-	45.02%
Operating Return on Assets (OROA)	4.19%	10.68%	3.45%	1.58%	2.94%	14.54%	8.30%	5.07%	7.10%	-	14.62%
Return on Assets (ROA)	-2.18%	8.72%	0.34%	0.26%	1.61%	8.75%	6.03%	3.24%	4.07%	-	11.98%
Return on Common Equity (ROCE)	0.98%	14.52%	3.33%	2.13%	3.10%	14.65%	10.52%	6.72%	7.96%	-	22.17%
Return on Equity Simple (ROE_SIMPLE)	-23.75%	0.00%	-14.22%	3.66%	5.57%	0.00%	7.90%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	2.16	14	3.94	2.24	2.67	13	9.59	5.34	6.25	13	20
NOPAT Margin	1.43%	8.96%	2.55%	1.47%	1.74%	8.12%	5.83%	3.28%	3.83%	-	11.41%
Net Nonoperating Expense Percent (NNEP)	-12.13%	12.68%	-6.79%	-3.44%	-0.63%	0.96%	-0.91%	-1.15%	-0.82%	-	-1.95%
Return On Investment Capital (ROIC_SIMPLE)	-	2.83%	-	-	-	2.71%	2.37%	1.46%	1.67%	3.01%	5.06%
Cost of Revenue to Revenue	48.55%	46.30%	46.90%	49.85%	49.24%	43.67%	45.54%	48.18%	45.77%	-	42.71%
SG&A Expenses to Revenue	20.48%	20.50%	23.49%	22.52%	22.88%	22.08%	22.13%	23.44%	21.25%	-	20.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	47.21%	43.27%	49.75%	48.70%	48.06%	43.21%	47.01%	47.50%	48.29%	-	44.90%
Earnings before Interest and Taxes (EBIT)	6.40	16	5.18	2.22	4.13	22	12	7.03	9.70	19	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	21	11	7.83	9.57	26	17	11	14	23	26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.37	0.68	1.00	1.24	1.04	1.45	1.49	2.02	2.55	-	3.41
Price to Tangible Book Value (P/TBV)	0.59	1.06	1.56	1.93	1.60	2.17	2.20	2.98	3.72	-	4.79
Price to Revenue (P/Rev)	0.15	0.29	0.41	0.51	0.43	0.61	0.63	0.85	1.09	-	1.59
Price to Earnings (P/E)	0.00	0.00	0.00	69.54	26.04	37.99	21.67	28.36	29.46	-	29.39
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.00%	1.44%	3.84%	2.63%	4.62%	3.53%	3.39%	-	3.40%
Enterprise Value to Invested Capital (EV/IC)	0.31	0.76	1.00	1.27	1.05	1.36	1.61	2.46	3.40	-	5.26
Enterprise Value to Revenue (EV/Rev)	0.11	0.43	0.38	0.47	0.38	0.72	0.55	0.72	0.94	-	1.38
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	5.31	4.68	8.35	5.82	7.37	9.07	-	12.19
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	9.59	8.43	13.61	8.66	10.39	12.16	-	15.92
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	12.93	10.30	20.51	12.62	15.15	17.86	-	20.33
Enterprise Value to Operating Cash Flow (EV/OCF)	2.63	5.68	4.30	5.68	5.25	9.21	5.34	6.92	8.18	-	10.34
Enterprise Value to Free Cash Flow (EV/FCFF)	3.37	0.00	5.28	7.87	10.64	15.52	8.35	7.04	8.18	-	10.41
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.66	0.33	0.32	0.32	0.62	0.30	0.35	0.34	-	0.29
Long-Term Debt to Equity	0.34	0.66	0.33	0.32	0.32	0.62	0.30	0.35	0.34	-	0.27
Financial Leverage	-0.15	0.02	-0.16	-0.19	-0.23	0.13	-0.25	-0.26	-0.29	-	-0.37
Leverage Ratio	2.04	1.83	1.86	1.95	1.97	1.89	1.90	1.96	1.92	-	1.81
Compound Leverage Factor	1.79	1.74	1.82	1.26	1.67	1.84	1.76	1.65	1.71	-	1.61
Debt to Total Capital	25.10%	39.60%	24.78%	24.32%	24.27%	38.10%	23.22%	25.68%	25.25%	-	22.38%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	1.28%
Long-Term Debt to Total Capital	25.10%	39.60%	24.78%	24.32%	24.27%	38.10%	23.22%	25.68%	25.25%	-	21.09%
Preferred Equity to Total Capital	10.56%	8.21%	10.35%	10.41%	10.35%	8.08%	9.83%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	64.33%	52.19%	64.87%	65.28%	65.38%	53.81%	66.95%	74.32%	74.75%	-	77.62%
Debt to EBITDA	-3.36	-10.15	-8.65	1.73	1.88	3.47	1.57	1.48	1.39	-	1.18
Net Debt to EBITDA	2.16	-2.50	5.30	-1.18	-1.40	0.52	-1.57	-1.30	-1.46	-	-1.77
Long-Term Debt to EBITDA	-3.36	-10.15	-8.65	1.73	1.88	3.47	1.57	1.48	1.39	-	1.11
Debt to NOPAT	-2.09	-5.66	-3.60	4.21	4.14	8.53	3.40	3.05	2.74	-	1.97
Net Debt to NOPAT	1.35	-1.39	2.20	-2.88	-3.08	1.28	-3.40	-2.68	-2.87	-	-2.96
Long-Term Debt to NOPAT	-2.09	-5.66	-3.60	4.21	4.14	8.53	3.40	3.05	2.74	-	1.85
Altman Z-Score	1.43	1.75	1.84	1.96	1.84	2.36	2.37	2.74	3.35	-	4.48
Noncontrolling Interest Sharing Ratio	6.65%	12.37%	12.57%	13.84%	13.88%	13.32%	13.26%	7.08%	6.97%	-	6.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.47	2.94	2.81	2.83	2.65	3.29	3.27	2.83	2.84	-	2.98
Quick Ratio	0.35	0.69	2.48	0.49	0.48	0.79	0.50	0.45	0.48	-	2.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	67	-12	74	16	1.96	20	24	41	47	76	63
Operating Cash Flow to CapEx	682.86%	-71.59%	333.61%	239.59%	222.99%	47.67%	1,087.54%	0.00%	518.49%	-	2,505.10%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	37.54
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	37.86
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	36.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.99	1.02	1.03	1.09	1.09	1.11	1.12	1.17	1.20	-	1.18
Accounts Receivable Turnover	21.22	12.87	14.83	17.64	17.11	11.01	14.68	16.87	15.13	-	16.36
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Fixed Asset Turnover	6.06	6.38	6.37	6.36	6.41	7.76	7.79	7.81	8.00	-	9.29
Accounts Payable Turnover	17.07	46.97	41.23	46.24	31.98	35.82	39.27	35.21	32.99	-	37.12
Days Sales Outstanding (DSO)	17.20	28.36	24.62	20.70	21.34	33.15	24.86	21.63	24.13	-	22.31
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	21.38	7.77	8.85	7.89	11.41	10.19	9.29	10.37	11.06	-	9.83
Cash Conversion Cycle (CCC)	-4.17	20.59	15.76	12.80	9.92	22.96	15.56	11.27	13.07	-	12.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	221	339	230	225	221	332	216	190	181	270	173
Invested Capital Turnover	2.37	1.84	2.28	2.63	2.78	1.86	2.84	3.11	3.26	-	3.38
Increase / (Decrease) in Invested Capital	-65	26	-70	-14	0.71	-7.05	-14	-36	-41	-62	-43
Enterprise Value (EV)	67	258	230	285	232	450	348	467	614	-	913
Market Capitalization	89	172	249	309	261	382	402	549	713	-	1,045
Book Value per Share	$13.60	$14.19	$14.21	$14.17	$14.16	$14.92	$15.02	$15.09	$15.46	$16.30	$16.66
Tangible Book Value per Share	$8.40	$9.06	$9.08	$9.13	$9.20	$9.96	$10.14	$10.22	$10.60	$11.44	$11.88
Total Capital	376	483	384	381	384	491	404	366	374	446	394
Total Debt	94	191	95	93	93	187	94	94	94	152	88
Total Long-Term Debt	94	191	95	93	93	187	94	94	94	152	83
Net Debt	-61	47	-58	-63	-69	28	-94	-83	-99	-25	-133
Capital Expenditures (CapEx)	2.95	4.39	6.22	5.20	6.31	3.35	3.40	-19	4.19	4.07	2.53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-34	-0.95	-9.07	-12	-15	22	1.58	-25	-25	8.27	-28
Debt-free Net Working Capital (DFNWC)	121	143	144	145	147	181	189	152	168	185	193
Net Working Capital (NWC)	121	143	144	145	147	181	189	152	168	185	188
Net Nonoperating Expense (NNE)	5.49	0.68	3.42	1.87	0.41	0.36	0.69	0.84	0.69	0.83	2.21
Net Nonoperating Obligations (NNO)	-61	47	-58	-63	-69	28	-94	-83	-99	-25	-133
Total Depreciation and Amortization (D&A)	7.43	5.47	5.51	5.61	5.45	4.22	4.34	4.43	4.28	4.44	4.39
Debt-free, Cash-free Net Working Capital to Revenue	-5.72%	-0.16%	-1.50%	-1.89%	-2.47%	3.60%	0.25%	-3.81%	-3.88%	-	-4.30%
Debt-free Net Working Capital to Revenue	20.14%	23.88%	23.81%	23.67%	23.99%	29.05%	29.79%	23.59%	25.62%	-	29.23%
Net Working Capital to Revenue	20.14%	23.88%	23.81%	23.67%	23.99%	29.05%	29.79%	23.59%	25.62%	-	28.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.27)	$0.65	($0.06)	($0.07)	$0.04	$0.66	$0.42	($0.02)	$0.31	$0.69	$0.97
Adjusted Weighted Average Basic Shares Outstanding	17.78M	18.11M	17.51M	17.63M	17.68M	17.63M	17.84M	18.03M	18.07M	18.01M	18.28M
Adjusted Diluted Earnings per Share	($0.27)	$0.65	($0.06)	($0.06)	$0.04	$0.63	$0.41	($0.02)	$0.30	$0.67	$0.94
Adjusted Weighted Average Diluted Shares Outstanding	17.82M	18.19M	17.81M	18.13M	18.25M	18.15M	18.42M	18.60M	18.76M	18.66M	18.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.78M	17.51M	17.58M	17.70M	17.71M	18.00M	18.04M	18.07M	18.09M	18.38M	18.34M
Normalized Net Operating Profit after Tax (NOPAT)	4.47	14	3.96	1.68	2.68	13	9.77	5.36	6.31	13	20
Normalized NOPAT Margin	2.96%	9.27%	2.56%	1.10%	1.75%	8.18%	5.94%	3.30%	3.86%	-	11.49%
Pre Tax Income Margin	3.72%	9.91%	3.27%	0.94%	2.28%	12.77%	6.90%	3.64%	5.29%	-	11.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	12.94
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	11.93
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	11.43
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	10.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-6.68%	-12.70%	-14.83%	57.96%	37.96%	37.58%	24.31%	20.06%	13.19%	-	3.27%
Augmented Payout Ratio	-20.20%	-35.41%	-47.69%	113.49%	74.69%	63.89%	39.92%	33.44%	25.54%	-	26.24%

Financials Breakdown Chart

Key Financial Trends

American Public Education (APEI) has shown a recent shift toward profitability in the latest quarter, supported by solid gross margins and a healthy balance sheet. However, cash flow from operations in the most recent quarter was negative due to working capital movements, and restricted cash levels remain a notable liquidity consideration. Below are the key takeaways from the last four years of quarterly statements.

Net income turned positive in Q4 2025: net income from continuing operations was $12.6 million, with basic EPS $0.69 and diluted EPS $0.67, marking a return to profitability in the latest quarter.
Strong gross margins in Q4 2025: Total gross profit of $89.38 million on $158.33 million in revenue (gross margin ≈ 56%), supporting healthier operating leverage.
Improving operating cash flow in 2025 (mid-year): operating cash flow improved to $21.7 million in Q3 2025 and $14.8 million in Q2 2025, indicating better cash generation before the latest quarter.
Solid near-term liquidity metrics on the balance sheet: as of Q3 2025, total current assets were about $259.1 million vs. total current liabilities of $91.4 million (roughly 2.8x current ratio).
Manageable leverage with a strong equity base: total equity around $279.3 million against total liabilities of $245.96 million, with long-term debt approximately $94.4 million (as of mid-2025), providing a reasonable buffer.
Earnings per share remain constructive: Q4 2025 basic EPS of $0.69 and diluted EPS of $0.67 reflect a meaningful improvement versus prior years’ reported losses.
Financing activity provides liquidity support in the latest quarter: Net cash from continuing financing activities was a positive $0.56 million in Q4 2025, offering some liquidity flexibility.
Revenue trend modestly down YoY: quarterly revenue declined from about $164.1 million in Q4 2024 to $158.3 million in Q4 2025, a modest topline reduction to monitor.
Restricted cash levels are substantial: high restricted cash balances (e.g., around $176–$193 million in recent quarters) reduce liquid cash available for operations, a factor to watch for liquidity risk.
Q4 2025 operating cash flow deteriorated quarter over quarter: net cash from continuing operating activities was negative at $(11.6) million, contributing to a net cash decrease of $(16.6) million for the quarter.

05/26/26 03:53 PM ETAI Generated. May Contain Errors.

American Public Education Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American Public Education's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

American Public Education's net income appears to be on a downward trend, with a most recent value of $31.56 million in 2025, falling from $32.41 million in 2015. The previous period was $16.11 million in 2024. Check out American Public Education's forecast to explore projected trends and price targets.

American Public Education's total operating income in 2025 was $47.94 million, based on the following breakdown:

Total Gross Profit: $351.84 million
Total Operating Expenses: $303.91 million

Over the last 10 years, American Public Education's total revenue changed from $327.91 million in 2015 to $648.86 million in 2025, a change of 97.9%.

American Public Education's total liabilities were at $226.64 million at the end of 2025, a 14.9% decrease from 2024, and a 263.9% increase since 2015.

In the past 10 years, American Public Education's cash and equivalents has ranged from $0.00 in 2023 to $227.69 million in 2020, and is currently $176.50 million as of their latest financial filing in 2025.

Over the last 10 years, American Public Education's book value per share changed from 14.58 in 2015 to 16.30 in 2025, a change of 11.8%.

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Financial statements for NASDAQ:APEI last updated on 5/14/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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American Public Education (APEI) Financials

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American Public Education (APEI) Financials

Annual Income Statements for American Public Education

Quarterly Income Statements for American Public Education

Annual Cash Flow Statements for American Public Education

Quarterly Cash Flow Statements for American Public Education

Annual Balance Sheets for American Public Education

Quarterly Balance Sheets for American Public Education

Annual Metrics And Ratios for American Public Education

Quarterly Metrics And Ratios for American Public Education

Financials Breakdown Chart

Key Financial Trends

American Public Education Financials - Frequently Asked Questions

When does American Public Education's financial year end?

How has American Public Education's net income changed over the last 10 years?

What is American Public Education's operating income?

How has American Public Education's revenue changed over the last 10 years?

How much debt does American Public Education have?

How much cash does American Public Education have?

How has American Public Education's book value per share changed over the last 10 years?

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