What is American Public Education's operating income?

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

American Public Education (APEI) Financials

$48.35 -0.08 (-0.17%)

Closing price 10/14/2026 04:00 PM Eastern

Extended Trading

$48.06 -0.29 (-0.60%)

As of 04:03 AM Eastern

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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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	11	-1.02	-1.16	0.73	12	7.46	-0.32	5.56	13	18	9.77
Consolidated Net Income / (Loss)	13	0.52	0.37	2.26	13	8.89	4.50	5.56	13	18	9.77
Net Income / (Loss) Continuing Operations	13	0.52	0.37	2.26	13	8.89	4.50	5.56	13	18	9.77
Total Pre-Tax Income	15	5.06	1.44	3.50	21	11	5.92	8.63	18	19	14
Total Operating Income	16	5.18	2.22	4.13	22	12	7.03	9.70	19	22	14
Total Gross Profit	82	82	77	78	92	90	84	89	89	100	95
Total Revenue	153	154	153	153	164	165	163	163	158	175	172
Operating Revenue	153	154	153	153	164	165	163	163	158	175	172
Total Cost of Revenue	71	72	76	75	72	75	78	75	69	75	77
Operating Cost of Revenue	71	72	76	75	72	75	78	75	69	75	77
Total Operating Expenses	66	77	74	74	71	77	77	79	70	78	82
Selling, General & Admin Expense	31	36	34	35	36	36	38	35	35	36	37
Marketing Expense	27	32	34	33	29	35	35	36	31	38	40
Depreciation Expense	5.08	5.13	5.23	5.08	3.86	3.99	4.09	3.95	4.12	4.15	3.95
Other Operating Expenses / (Income)	-	2.94	0.78	0.00	1.62	-	0.00	3.95	-	-	0.00
Other Special Charges / (Income)	0.54	0.03	0.18	0.02	0.15	1.76	0.04	0.09	0.09	0.15	0.01
Total Other Income / (Expense), net	-0.78	-0.13	-0.79	-0.63	-0.59	-0.89	-1.11	-1.07	-1.17	-2.40	0.63
Interest Expense	-	-	-	-	-	0.00	0.00	-	-	1.67	0.00
Interest & Investment Income	-0.78	-0.13	-0.79	-0.63	-0.59	-0.89	-1.11	-1.07	-1.17	-0.73	0.63
Income Tax Expense	2.12	1.21	-0.02	1.24	7.99	2.47	1.42	3.07	5.19	1.52	4.39
Preferred Stock Dividends Declared	1.54	1.54	1.53	1.53	1.46	1.43	4.82	0.00	-	0.00	0.00
Basic Earnings per Share	$0.65	($0.06)	($0.07)	$0.04	$0.66	$0.42	($0.02)	$0.31	$0.69	$0.97	$0.53
Weighted Average Basic Shares Outstanding	18.11M	17.51M	17.63M	17.68M	17.63M	17.84M	18.03M	18.07M	18.01M	18.28M	18.36M
Diluted Earnings per Share	$0.65	($0.06)	($0.06)	$0.04	$0.63	$0.41	($0.02)	$0.30	$0.67	$0.94	$0.52
Weighted Average Diluted Shares Outstanding	18.19M	17.81M	18.13M	18.25M	18.15M	18.42M	18.60M	18.76M	18.66M	18.80M	18.81M
Weighted Average Basic & Diluted Shares Outstanding	17.51M	17.58M	17.70M	17.71M	18.00M	18.04M	18.07M	18.09M	18.38M	18.34M	18.30M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-11	8.86	2.99	6.06	-3.31	29	-11	17	-17	44	-74
Net Cash From Operating Activities	-3.14	21	12	14	1.60	37	15	22	-12	63	12
Net Cash From Continuing Operating Activities	-3.14	21	12	14	1.60	37	15	22	-12	63	12
Net Income / (Loss) Continuing Operations	13	0.52	0.37	2.26	13	8.89	4.50	5.56	13	18	9.77
Consolidated Net Income / (Loss)	13	0.52	0.37	2.26	13	8.89	4.50	5.56	13	18	9.77
Depreciation Expense	5.08	5.13	5.23	5.08	3.86	3.99	4.09	3.95	4.12	4.15	3.95
Amortization Expense	0.39	0.38	0.38	0.37	0.36	0.35	0.34	0.33	0.32	0.24	-0.24
Non-Cash Adjustments To Reconcile Net Income	4.87	5.27	1.58	1.78	6.66	4.02	2.27	4.49	2.09	4.11	2.24
Changes in Operating Assets and Liabilities, net	-26	9.44	4.90	4.58	-22	20	3.61	7.38	-31	37	-3.59
Net Cash From Investing Activities	-4.39	-6.22	-5.20	-6.31	-3.35	-3.40	19	-4.90	-5.65	-2.53	-81
Net Cash From Continuing Investing Activities	-4.39	-6.22	-5.20	-6.31	-3.35	-3.40	19	-4.90	-5.65	-2.53	-81
Purchase of Property, Plant & Equipment	-4.39	-6.22	-5.20	-6.31	-3.35	-3.90	-3.70	-4.20	-4.07	-2.53	-4.74
Net Cash From Financing Activities	-3.28	-5.67	-4.26	-1.71	-1.55	-5.04	-44	-0.25	0.56	-16	-5.93
Net Cash From Continuing Financing Activities	-3.28	-5.67	-4.26	-1.71	-1.55	-5.04	-44	-0.25	0.56	-16	-5.93
Repayment of Debt	-0.03	-0.03	-2.77	-0.08	-0.08	-0.05	-0.05	-0.05	-0.05	-98	-1.82
Repurchase of Common Equity	-1.71	-4.11	-0.03	-0.09	-0.01	-3.69	-0.03	-0.21	-0.33	-8.71	-4.14
Other Financing Activities, net	-	0.00	-	-	-	0.14	0.02	0.11	0.95	0.02	0.04
Cash Interest Paid	2.74	2.71	2.72	2.75	2.54	2.40	2.42	2.45	2.37	1.76	1.56
Cash Income Taxes Paid	0.87	0.62	3.68	1.73	0.28	0.08	3.98	2.33	0.12	0.40	3.62

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
Restricted Cash	-	-	-	-	-	-	-	-	144	159	176
Short-Term Investments	-	-	-	-	-	-	-	-	-	-	0.00
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
Customer Deposits	-	-	-	-	-	-	-	-	24	23	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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	619	559	555	559	561	570	579	537	525	538	538
Total Current Assets	196	189	203	224	223	237	273	235	259	282	283
Cash & Equivalents	-	-	-	153	-	-	-	-	-	221	147
Short-Term Investments	-	-	-	-	-	-	-	-	-	-	76
Accounts Receivable	37	30	29	45	39	43	42	38	44	39	36
Prepaid Expenses	17	15	15	17	16	18	21	18	14	19	20
Current Deferred & Refundable Income Taxes	5.19	3.70	4.17	0.32	4.08	5.36	0.00	2.50	7.63	3.27	4.14
Plant, Property, & Equipment, net	100	100	98	90	92	93	73	73	71	69	70
Total Noncurrent Assets	322	270	254	245	245	240	233	230	195	187	186
Goodwill	113	60	60	60	60	60	60	60	60	60	60
Intangible Assets	51	36	33	30	29	28	28	28	28	28	28
Noncurrent Deferred & Refundable Income Taxes	35	53	49	51	51	51	46	46	40	38	37
Other Noncurrent Operating Assets	124	122	113	105	105	102	99	96	68	61	61
Total Liabilities & Shareholders' Equity	619	559	555	559	561	570	579	537	525	538	538
Total Liabilities	276	274	274	271	272	279	269	265	246	232	224
Total Current Liabilities	79	79	82	80	79	89	83	83	91	95	87
Short-Term Debt	-	-	-	-	-	-	-	-	-	5.06	5.63
Accounts Payable	6.80	5.66	7.98	7.34	7.00	10	7.85	10	7.71	8.14	5.15
Accrued Expenses	14	13	12	15	17	16	19	14	18	23	20
Current Deferred Revenue	-	-	-	27	-	-	25	-	24	25	24
Current Employee Benefit Liabilities	16	18	19	17	17	22	18	20	30	22	21
Other Current Liabilities	14	14	14	13	12	14	13	13	12	11	11
Total Noncurrent Liabilities	196	195	192	191	193	190	185	182	155	137	137
Long-Term Debt	94	94	94	95	93	93	94	94	94	83	82
Other Noncurrent Operating Liabilities	103	101	97	96	100	97	91	88	60	54	55
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	343	285	281	288	289	290	310	272	279	306	314
Total Preferred & Common Equity	343	285	281	288	289	290	310	272	279	306	314
Total Common Equity	303	245	242	249	249	251	270	272	279	306	314
Common Stock	294	296	298	300	302	304	305	307	308	306	308
Retained Earnings	6.32	-54	-59	-53	-54	-53	-34	-35	-29	0.23	6.00
Accumulated Other Comprehensive Income / (Loss)	2.63	2.88	2.54	1.35	0.87	0.19	-0.05	-0.03	-0.03	0.00	-0.01

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	17,995,753.00	18,039,666.00	18,067,134.00	18,085,030.00	18,380,439.00	18,343,488.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	17,995,753.00	18,039,666.00	18,067,134.00	18,085,030.00	18,380,439.00	18,343,488.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	0.41	-0.02	0.31	0.70	0.96	0.53
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.24%	3.17%	3.86%	1.51%	7.40%	6.55%	6.46%	6.59%	-	6.19%	5.51%
EBITDA Growth	76.03%	279.59%	113.75%	-30.75%	20.33%	55.11%	46.33%	45.96%	-	56.95%	50.55%
EBIT Growth	6,180.92%	196.50%	103.40%	-35.48%	35.17%	136.32%	216.44%	134.85%	-	76.74%	92.54%
NOPAT Growth	7,568.40%	204.78%	104.91%	23.40%	-2.71%	143.41%	137.79%	134.04%	-	107.97%	74.89%
Net Income Growth	299.14%	108.99%	100.72%	167.97%	-0.38%	1,623.45%	1,111.86%	145.80%	-	99.38%	117.37%
EPS Growth	291.18%	84.21%	97.95%	114.81%	-3.08%	783.33%	66.67%	650.00%	-	129.27%	2,700.00%
Operating Cash Flow Growth	86.35%	62.60%	-20.88%	-30.18%	150.88%	78.36%	18.91%	54.24%	-	71.10%	-18.04%
Free Cash Flow Firm Growth	-110.57%	-30.99%	334.92%	-97.09%	270.67%	-68.02%	149.11%	2,294.13%	-	165.42%	-49.73%
Invested Capital Growth	8.18%	-23.31%	-5.92%	0.32%	-2.08%	-6.10%	-15.77%	-18.40%	-	-19.80%	-5.91%
Revenue Q/Q Growth	1.30%	1.07%	-1.00%	0.15%	7.18%	0.27%	-1.08%	0.28%	-	10.36%	-1.72%
EBITDA Q/Q Growth	54.81%	-50.04%	-26.80%	22.32%	169.01%	-35.60%	-30.95%	22.01%	-	11.20%	-33.77%
EBIT Q/Q Growth	148.94%	-67.47%	-57.16%	85.99%	421.55%	-43.13%	-42.63%	38.04%	-	14.11%	-37.50%
NOPAT Q/Q Growth	533.02%	-71.24%	-43.01%	18.95%	399.09%	-28.05%	-44.32%	17.07%	-	48.43%	-53.18%
Net Income Q/Q Growth	491.05%	-96.04%	-28.10%	509.70%	473.12%	-31.40%	-49.44%	23.67%	-	40.63%	-44.88%
EPS Q/Q Growth	340.74%	-109.23%	0.00%	166.67%	1,475.00%	-34.92%	-104.88%	1,600.00%	-	40.30%	-44.68%
Operating Cash Flow Q/Q Growth	-115.59%	760.01%	-39.96%	13.02%	-88.64%	2,213.82%	-59.97%	46.59%	-	648.04%	-80.83%
Free Cash Flow Firm Q/Q Growth	-117.74%	-12.82%	-77.81%	-88.05%	938.94%	16.06%	72.84%	14.87%	-	-52.63%	-67.27%
Invested Capital Q/Q Growth	53.73%	-4.95%	-2.20%	-1.77%	50.05%	-34.86%	-12.27%	-4.83%	-	-18.56%	2.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.70%	53.10%	50.15%	50.76%	56.33%	54.46%	51.82%	54.23%	-	57.29%	55.37%
EBITDA Margin	14.01%	6.92%	5.12%	6.25%	15.69%	10.08%	7.04%	8.56%	-	14.90%	10.04%
Operating Margin	10.43%	3.36%	1.45%	2.70%	13.12%	7.44%	4.32%	5.94%	-	12.39%	7.88%
EBIT Margin	10.43%	3.36%	1.45%	2.70%	13.12%	7.44%	4.32%	5.94%	-	12.39%	7.88%
Profit (Net Income) Margin	8.52%	0.33%	0.24%	1.48%	7.90%	5.40%	2.76%	3.41%	-	10.15%	5.69%
Tax Burden Percent	85.95%	10.21%	25.85%	64.67%	61.88%	78.29%	75.98%	64.44%	-	92.13%	69.02%
Interest Burden Percent	95.04%	97.57%	64.64%	84.72%	97.28%	92.76%	84.23%	88.98%	-	88.92%	104.69%
Effective Tax Rate	14.03%	23.99%	-1.12%	35.33%	38.12%	21.71%	24.02%	35.56%	-	7.87%	30.98%
Return on Invested Capital (ROIC)	16.50%	5.82%	3.86%	4.84%	15.11%	16.56%	10.19%	12.48%	-	38.60%	19.72%
ROIC Less NNEP Spread (ROIC-NNEP)	3.82%	12.61%	7.30%	5.47%	14.15%	17.48%	11.34%	13.30%	-	40.55%	19.32%
Return on Net Nonoperating Assets (RNNOA)	0.06%	-2.01%	-1.39%	-1.24%	1.79%	-4.44%	-2.95%	-3.92%	-	-14.90%	-7.19%
Return on Equity (ROE)	16.56%	3.81%	2.47%	3.60%	16.90%	12.13%	7.24%	8.56%	-	23.69%	12.54%
Cash Return on Invested Capital (CROIC)	-18.22%	16.42%	15.59%	9.86%	8.64%	18.64%	31.98%	37.38%	-	45.02%	32.55%
Operating Return on Assets (OROA)	10.68%	3.45%	1.58%	2.94%	14.54%	8.30%	5.07%	7.10%	-	14.62%	9.79%
Return on Assets (ROA)	8.72%	0.34%	0.26%	1.61%	8.75%	6.03%	3.24%	4.07%	-	11.98%	7.07%
Return on Common Equity (ROCE)	14.52%	3.33%	2.13%	3.10%	14.65%	10.52%	6.72%	7.96%	-	22.17%	12.54%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-14.22%	3.66%	5.57%	0.00%	7.90%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	14	3.94	2.24	2.67	13	9.59	5.34	6.25	13	20	9.34
NOPAT Margin	8.96%	2.55%	1.47%	1.74%	8.12%	5.83%	3.28%	3.83%	-	11.41%	5.44%
Net Nonoperating Expense Percent (NNEP)	12.68%	-6.79%	-3.44%	-0.63%	0.96%	-0.91%	-1.15%	-0.82%	-	-1.95%	0.40%
Return On Investment Capital (ROIC_SIMPLE)	2.83%	-	-	-	2.71%	2.37%	1.46%	1.67%	3.01%	5.06%	2.33%
Cost of Revenue to Revenue	46.30%	46.90%	49.85%	49.24%	43.67%	45.54%	48.18%	45.77%	-	42.71%	44.63%
SG&A Expenses to Revenue	20.50%	23.49%	22.52%	22.88%	22.08%	22.13%	23.44%	21.25%	-	20.77%	21.83%
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	43.27%	49.75%	48.70%	48.06%	43.21%	47.01%	47.50%	48.29%	-	44.90%	47.50%
Earnings before Interest and Taxes (EBIT)	16	5.18	2.22	4.13	22	12	7.03	9.70	19	22	14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	21	11	7.83	9.57	26	17	11	14	23	26	17
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.68	1.00	1.24	1.04	1.45	1.49	2.02	2.55	-	3.41	3.14
Price to Tangible Book Value (P/TBV)	1.06	1.56	1.93	1.60	2.17	2.20	2.98	3.72	-	4.79	4.35
Price to Revenue (P/Rev)	0.29	0.41	0.51	0.43	0.61	0.63	0.85	1.09	-	1.59	1.47
Price to Earnings (P/E)	0.00	0.00	69.54	26.04	37.99	21.67	28.36	29.46	-	29.39	21.57
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%	1.44%	3.84%	2.63%	4.62%	3.53%	3.39%	-	3.40%	4.64%
Enterprise Value to Invested Capital (EV/IC)	0.76	1.00	1.27	1.05	1.36	1.61	2.46	3.40	-	5.26	4.76
Enterprise Value to Revenue (EV/Rev)	0.43	0.38	0.47	0.38	0.72	0.55	0.72	0.94	-	1.38	1.27
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	5.31	4.68	8.35	5.82	7.37	9.07	-	12.19	10.53
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	9.59	8.43	13.61	8.66	10.39	12.16	-	15.92	13.31
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	12.93	10.30	20.51	12.62	15.15	17.86	-	20.33	17.44
Enterprise Value to Operating Cash Flow (EV/OCF)	5.68	4.30	5.68	5.25	9.21	5.34	6.92	8.18	-	10.34	9.92
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	5.28	7.87	10.64	15.52	8.35	7.04	8.18	-	10.41	14.17
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.33	0.32	0.32	0.62	0.30	0.35	0.34	-	0.29	0.28
Long-Term Debt to Equity	0.66	0.33	0.32	0.32	0.62	0.30	0.35	0.34	-	0.27	0.26
Financial Leverage	0.02	-0.16	-0.19	-0.23	0.13	-0.25	-0.26	-0.29	-	-0.37	-0.37
Leverage Ratio	1.83	1.86	1.95	1.97	1.89	1.90	1.96	1.92	-	1.81	1.83
Compound Leverage Factor	1.74	1.82	1.26	1.67	1.84	1.76	1.65	1.71	-	1.61	1.92
Debt to Total Capital	39.60%	24.78%	24.32%	24.27%	38.10%	23.22%	25.68%	25.25%	-	22.38%	21.74%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	1.28%	1.40%
Long-Term Debt to Total Capital	39.60%	24.78%	24.32%	24.27%	38.10%	23.22%	25.68%	25.25%	-	21.09%	20.34%
Preferred Equity to Total Capital	8.21%	10.35%	10.41%	10.35%	8.08%	9.83%	0.00%	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	52.19%	64.87%	65.28%	65.38%	53.81%	66.95%	74.32%	74.75%	-	77.62%	78.26%
Debt to EBITDA	-10.15	-8.65	1.73	1.88	3.47	1.57	1.48	1.39	-	1.18	1.08
Net Debt to EBITDA	-2.50	5.30	-1.18	-1.40	0.52	-1.57	-1.30	-1.46	-	-1.77	-1.68
Long-Term Debt to EBITDA	-10.15	-8.65	1.73	1.88	3.47	1.57	1.48	1.39	-	1.11	1.01
Debt to NOPAT	-5.66	-3.60	4.21	4.14	8.53	3.40	3.05	2.74	-	1.97	1.79
Net Debt to NOPAT	-1.39	2.20	-2.88	-3.08	1.28	-3.40	-2.68	-2.87	-	-2.96	-2.78
Long-Term Debt to NOPAT	-5.66	-3.60	4.21	4.14	8.53	3.40	3.05	2.74	-	1.85	1.68
Altman Z-Score	1.75	1.84	1.96	1.84	2.36	2.37	2.74	3.35	-	4.48	4.42
Noncontrolling Interest Sharing Ratio	12.37%	12.57%	13.84%	13.88%	13.32%	13.26%	7.08%	6.97%	-	6.44%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.94	2.81	2.83	2.65	3.29	3.27	2.83	2.84	-	2.98	3.25
Quick Ratio	0.69	2.48	0.49	0.48	0.79	0.50	0.45	0.48	-	2.75	2.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-12	74	16	1.96	20	24	41	47	76	63	21
Operating Cash Flow to CapEx	-71.59%	333.61%	239.59%	222.99%	47.67%	1,087.54%	0.00%	518.49%	-	2,505.10%	256.11%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	37.54	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	37.86	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	36.35	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.02	1.03	1.09	1.09	1.11	1.12	1.17	1.20	-	1.18	1.24
Accounts Receivable Turnover	12.87	14.83	17.64	17.11	11.01	14.68	16.87	15.13	-	16.36	18.28
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	6.38	6.37	6.36	6.41	7.76	7.79	7.81	8.00	-	9.29	9.40
Accounts Payable Turnover	46.97	41.23	46.24	31.98	35.82	39.27	35.21	32.99	-	37.12	38.77
Days Sales Outstanding (DSO)	28.36	24.62	20.70	21.34	33.15	24.86	21.63	24.13	-	22.31	19.97
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)	7.77	8.85	7.89	11.41	10.19	9.29	10.37	11.06	-	9.83	9.42
Cash Conversion Cycle (CCC)	20.59	15.76	12.80	9.92	22.96	15.56	11.27	13.07	-	12.48	10.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	339	230	225	221	332	216	190	181	270	173	179
Invested Capital Turnover	1.84	2.28	2.63	2.78	1.86	2.84	3.11	3.26	-	3.38	3.63
Increase / (Decrease) in Invested Capital	26	-70	-14	0.71	-7.05	-14	-36	-41	-62	-43	-11
Enterprise Value (EV)	258	230	285	232	450	348	467	614	-	913	850
Market Capitalization	172	249	309	261	382	402	549	713	-	1,045	985
Book Value per Share	$14.19	$14.21	$14.17	$14.16	$14.92	$15.02	$15.09	$15.46	$16.30	$16.66	$17.12
Tangible Book Value per Share	$9.06	$9.08	$9.13	$9.20	$9.96	$10.14	$10.22	$10.60	$11.44	$11.88	$12.33
Total Capital	483	384	381	384	491	404	366	374	446	394	401
Total Debt	191	95	93	93	187	94	94	94	152	88	87
Total Long-Term Debt	191	95	93	93	187	94	94	94	152	83	82
Net Debt	47	-58	-63	-69	28	-94	-83	-99	-25	-133	-136
Capital Expenditures (CapEx)	4.39	6.22	5.20	6.31	3.35	3.40	-19	4.19	4.07	2.53	4.74
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.95	-9.07	-12	-15	22	1.58	-25	-25	8.27	-28	-22
Debt-free Net Working Capital (DFNWC)	143	144	145	147	181	189	152	168	185	193	201
Net Working Capital (NWC)	143	144	145	147	181	189	152	168	185	188	196
Net Nonoperating Expense (NNE)	0.68	3.42	1.87	0.41	0.36	0.69	0.84	0.69	0.83	2.21	-0.44
Net Nonoperating Obligations (NNO)	47	-58	-63	-69	28	-94	-83	-99	-25	-133	-136
Total Depreciation and Amortization (D&A)	5.47	5.51	5.61	5.45	4.22	4.34	4.43	4.28	4.44	4.39	3.72
Debt-free, Cash-free Net Working Capital to Revenue	-0.16%	-1.50%	-1.89%	-2.47%	3.60%	0.25%	-3.81%	-3.88%	-	-4.30%	-3.24%
Debt-free Net Working Capital to Revenue	23.88%	23.81%	23.67%	23.99%	29.05%	29.79%	23.59%	25.62%	-	29.23%	30.12%
Net Working Capital to Revenue	23.88%	23.81%	23.67%	23.99%	29.05%	29.79%	23.59%	25.62%	-	28.46%	29.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.65	($0.06)	($0.07)	$0.04	$0.66	$0.42	($0.02)	$0.31	$0.69	$0.97	$0.53
Adjusted Weighted Average Basic Shares Outstanding	18.11M	17.51M	17.63M	17.68M	17.63M	17.84M	18.03M	18.07M	18.01M	18.28M	18.36M
Adjusted Diluted Earnings per Share	$0.65	($0.06)	($0.06)	$0.04	$0.63	$0.41	($0.02)	$0.30	$0.67	$0.94	$0.52
Adjusted Weighted Average Diluted Shares Outstanding	18.19M	17.81M	18.13M	18.25M	18.15M	18.42M	18.60M	18.76M	18.66M	18.80M	18.81M
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	17.51M	17.58M	17.70M	17.71M	18.00M	18.04M	18.07M	18.09M	18.38M	18.34M	18.30M
Normalized Net Operating Profit after Tax (NOPAT)	14	3.96	1.68	2.68	13	9.77	5.36	6.31	13	20	9.34
Normalized NOPAT Margin	9.27%	2.56%	1.10%	1.75%	8.18%	5.94%	3.30%	3.86%	-	11.49%	5.44%
Pre Tax Income Margin	9.91%	3.27%	0.94%	2.28%	12.77%	6.90%	3.64%	5.29%	-	11.01%	8.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	12.94	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	11.93	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	11.43	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	10.41	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-12.70%	-14.83%	57.96%	37.96%	37.58%	24.31%	20.06%	13.19%	-	3.27%	0.00%
Augmented Payout Ratio	-35.41%	-47.69%	113.49%	74.69%	63.89%	39.92%	33.44%	25.54%	-	26.24%	29.32%

Financials Breakdown Chart

Key Financial Trends

American Public Education’s recent results show a business that has moved from significant losses in 2022 and 2023 to sustained profitability. Revenue increased from $149.7 million in Q1 2023 to $171.7 million in Q2 2026, while quarterly net income improved from a $5.7 million loss to $9.8 million of profit. However, the latest quarter also shows some sequential pressure on earnings and cash generation.

Revenue continues to grow. Q2 2026 revenue was $171.7 million, up approximately 5.5% from $162.8 million in Q2 2025, although it declined modestly from $174.7 million in Q1 2026.
Profitability has improved materially. Gross profit rose to $95.1 million in Q2 2026 from $84.3 million in the restated Q2 2025 period. Gross margin improved to approximately 55.4% from 51.8%.
Operating income has strengthened year over year. Q2 operating income was $13.5 million, compared with $7.0 million in Q2 2025. The operating margin improved to roughly 7.9% from 4.3%.
American Public Education is now consistently profitable. Net income was $9.8 million in Q2 2026, following $17.7 million in Q1 and $12.6 million in Q4 2025. This compares with net income of $4.5 million in Q2 2025 and losses in several earlier periods.
The balance sheet remains liquid. At June 30, 2026, the company held $146.5 million of cash and $76.3 million of short-term investments. Total current assets of $282.5 million exceeded current liabilities of $87.0 million by a wide margin, implying a current ratio of approximately 3.2.
Debt has generally declined over the longer term. Total short- and long-term debt was approximately $87.3 million at the end of Q2 2026, down from roughly $147.1 million of long-term debt alone in Q3 2022. The company also repaid $1.8 million of debt during Q2.
Share repurchases are supporting per-share results. APEI repurchased $4.1 million of common stock in Q2 2026 after repurchasing $8.7 million in Q1. Weighted-average basic shares were 18.4 million in Q2, modestly below the 18.9 million reported on a diluted basis.
Operating cash flow is positive but volatile. Q2 operating cash flow was $12.1 million, and first-half operating cash flow totaled approximately $75.4 million. The strong first-quarter figure of $63.3 million was helped by a $37.1 million working-capital benefit, while Q2 working capital reduced cash flow by $3.6 million.
Investment activity requires monitoring. Investing cash flow was negative $80.7 million in Q2, far exceeding the $4.7 million spent on property and equipment. The balance sheet shows a new $76.3 million short-term investment balance, suggesting that much of the outflow may reflect shifting funds into investments rather than operating deterioration, although the filing data does not provide additional detail.
Second-quarter momentum weakened sequentially. Compared with Q1 2026, revenue fell 1.7%, gross profit declined 5.5%, operating income dropped 37.5%, and net income fell 44.9%. Marketing expense also increased to $40.1 million, or approximately 23% of revenue, which could limit margin expansion if revenue growth slows.

Overall, APEI’s multi-year trend is improving: revenue is higher, margins are stronger, losses have turned into profits, and debt is lower. The primary near-term risks are the sharp quarter-to-quarter decline in earnings, uneven working-capital contribution to cash flow, and the large Q2 investment-related cash outflow. Investors should watch whether revenue growth and operating margins stabilize in coming quarters while the company maintains its debt-reduction and share-repurchase programs.

10/15/26 06:31 AM 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 financial year ends in December. Their financial 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. View American Public Education's forecast to see where analysts expect American Public Education to go next.

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%.

In the past 13 quarters, American Public Education's cash and equivalents has ranged from $0.00 in Q1 2023 to $221.00 million in Q1 2026, and is currently $146.55 million as of their latest financial filing in Q2 2026.

American Public Education had total debt of $151.59 million at the end of 2025, a 19.0% decrease from 2024, and none in 2015.

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 8/10/2026 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

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Quarterly Cash Flow Statements for American Public Education

Annual Balance Sheets for American Public Education

Quarterly Balance Sheets for American Public Education

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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 fiscal 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 cash does American Public Education have?

How much debt 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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