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American Public Education (APEI) Financials

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$56.50 -1.63 (-2.80%)
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Annual Income Statements for American Public Education

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

Quarterly Income Statements for American Public Education

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 -53 -4.85 11 -1.02 -1.16 0.73 12 7.46 -0.32 5.56 13
Consolidated Net Income / (Loss)		 -51 -3.33 13 0.52 0.37 2.26 13 8.89 4.50 5.56 13
Net Income / (Loss) Continuing Operations		 -51 -3.33 13 0.52 0.37 2.26 13 8.89 4.50 5.56 13
Total Pre-Tax Income 		-66 5.61 15 5.06 1.44 3.50 21 11 5.92 8.63 18
Total Operating Income		 -65 6.40 16 5.18 2.22 4.13 22 12 7.03 9.70 19
Total Gross Profit		 72 78 82 82 77 78 92 90 84 89 89
Total Revenue		 147 151 153 154 153 153 164 165 163 163 158
Operating Revenue		 147 151 153 154 153 153 164 165 163 163 158
Total Cost of Revenue		 75 73 71 72 76 75 72 75 78 75 69
Operating Cost of Revenue		 75 73 71 72 76 75 72 75 78 75 69
Total Operating Expenses		 137 71 66 77 74 74 71 77 77 79 70
Selling, General & Admin Expense		 33 31 31 36 34 35 36 36 38 35 35
Marketing Expense		 33 33 27 32 34 33 29 35 35 36 31
Depreciation Expense		 7.95 7.03 5.08 5.13 5.23 5.08 3.86 3.99 4.09 3.95 4.12
Other Special Charges / (Income)		 0.03 -0.02 0.54 0.03 0.18 0.02 0.15 0.23 0.04 0.09 0.09
Total Other Income / (Expense), net		 -1.10 -0.79 -0.78 -0.13 -0.79 -0.63 -0.59 -0.89 -1.11 -1.07 -1.17
Interest & Investment Income		 -1.10 -0.79 -0.78 -0.13 -0.79 -0.63 -0.59 -0.89 -1.11 -1.07 -1.17
Income Tax Expense		 -15 3.71 2.12 1.21 -0.02 1.24 7.99 2.47 1.42 3.07 5.19
Basic Earnings per Share		 ($2.94) ($0.27) $0.65 ($0.06) ($0.07) $0.04 $0.66 $0.42 ($0.02) $0.31 $0.69
Weighted Average Basic Shares Outstanding		 17.93M 17.78M 18.11M 17.51M 17.63M 17.68M 17.63M 17.84M 18.03M 18.07M 18.01M
Diluted Earnings per Share		 ($2.93) ($0.27) $0.65 ($0.06) ($0.06) $0.04 $0.63 $0.41 ($0.02) $0.30 $0.67
Weighted Average Diluted Shares Outstanding		 17.99M 17.82M 18.19M 17.81M 18.13M 18.25M 18.15M 18.42M 18.60M 18.76M 18.66M
Weighted Average Basic & Diluted Shares Outstanding		 17.77M 17.78M 17.51M 17.58M 17.70M 17.71M 18.00M 18.04M 18.07M 18.09M 18.38M

Annual Cash Flow Statements for American Public Education

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

Quarterly Cash Flow Statements for American Public Education

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 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
Net Change in Cash & Equivalents		 3.24 16 -11 8.86 2.99 6.06 -3.31 29 -11 17 -17
Net Cash From Operating Activities		 16 20 -3.14 21 12 14 1.60 37 15 22 -12
Net Cash From Continuing Operating Activities		 16 20 -3.14 21 12 14 1.60 37 15 22 -12
Net Income / (Loss) Continuing Operations		 -51 -3.33 13 0.52 0.37 2.26 13 8.89 4.50 5.56 13
Consolidated Net Income / (Loss)		 -51 -3.33 13 0.52 0.37 2.26 13 8.89 4.50 5.56 13
Depreciation Expense		 7.95 7.03 5.08 5.13 5.23 5.08 3.86 3.99 4.09 3.95 4.12
Amortization Expense		 0.41 0.40 0.39 0.38 0.38 0.37 0.36 0.35 0.34 0.33 0.32
Non-Cash Adjustments To Reconcile Net Income		 69 7.16 4.87 5.27 1.58 1.78 6.66 4.02 2.27 4.49 2.09
Changes in Operating Assets and Liabilities, net		 -10 8.90 -26 9.44 4.90 4.58 -22 20 3.61 7.38 -31
Net Cash From Investing Activities		 -3.35 -2.83 -4.39 -6.22 -5.20 -6.31 -3.35 -3.40 19 -4.90 -5.65
Net Cash From Continuing Investing Activities		 -3.35 -2.83 -4.39 -6.22 -5.20 -6.31 -3.35 -3.40 19 -4.90 -5.65
Purchase of Property, Plant & Equipment		 -3.35 -2.95 -4.39 -6.22 -5.20 -6.31 -3.35 -3.90 -3.70 -4.20 -4.07
Net Cash From Financing Activities		 -9.15 -1.58 -3.28 -5.67 -4.26 -1.71 -1.55 -5.04 -44 -0.25 0.56
Net Cash From Continuing Financing Activities		 -9.15 -1.58 -3.28 -5.67 -4.26 -1.71 -1.55 -5.04 -44 -0.25 0.56
Repayment of Debt		 -0.03 -0.03 -0.03 -0.03 -2.77 -0.08 -0.08 -0.05 -0.05 -0.05 -0.05
Repurchase of Common Equity		 -7.64 -0.03 -1.71 -4.11 -0.03 -0.09 -0.01 -3.69 -0.03 -0.21 -0.33
Other Financing Activities, net		 - - - 0.00 - - - 0.14 0.02 0.11 0.95
Cash Interest Paid		 2.63 2.72 2.74 2.71 2.72 2.75 2.54 2.40 2.42 2.45 2.37
Cash Income Taxes Paid		 1.47 0.02 0.87 0.62 3.68 1.73 0.28 0.08 3.98 2.33 0.12

Annual Balance Sheets for American Public Education

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
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
Other Current Assets		 - - - - - - - 0.00 8.56 24 0.00
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
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
Capital Lease Obligations		 - - - - - - - - 97 94 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
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40 40 40 0.00
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

Quarterly Balance Sheets for American Public Education

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
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
Total Assets		 661 619 559 555 559 561 570 579 537 525
Total Current Assets		 229 196 189 203 224 223 237 273 235 259
Restricted Cash		 186 136 139 155 - 156 162 188 177 193
Accounts Receivable		 28 37 30 29 45 39 43 42 38 44
Prepaid Expenses		 11 17 15 15 17 16 18 21 18 14
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
Other Current Assets		 - - - - 8.56 8.56 8.56 22 0.00 0.00
Plant, Property, & Equipment, net		 100 100 100 98 90 92 93 73 73 71
Total Noncurrent Assets		 333 322 270 254 245 245 240 233 230 195
Goodwill		 113 113 60 60 60 60 60 60 60 60
Intangible Assets		 61 51 36 33 30 29 28 28 28 28
Noncurrent Deferred & Refundable Income Taxes		 32 35 53 49 51 51 51 46 46 40
Other Noncurrent Operating Assets		 127 124 122 113 105 105 102 99 96 68
Total Liabilities & Shareholders' Equity		 661 619 559 555 559 561 570 579 537 525
Total Liabilities		 345 276 274 274 271 272 279 269 265 246
Total Current Liabilities		 96 79 79 82 80 79 89 83 83 91
Accounts Payable		 27 6.80 5.66 7.98 7.34 7.00 10 7.85 10 7.71
Accrued Expenses		 - 14 13 12 15 17 16 19 14 18
Current Deferred Revenue		 - - - - 27 - - 25 - 24
Current Employee Benefit Liabilities		 19 16 18 19 17 17 22 18 20 30
Other Current Liabilities		 14 14 14 14 13 12 14 13 13 12
Total Noncurrent Liabilities		 250 196 195 192 191 193 190 185 182 155
Long-Term Debt		 147 94 94 94 95 93 93 94 94 94
Other Noncurrent Operating Liabilities		 103 103 101 97 96 100 97 91 88 60
Commitments & Contingencies		 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
Total Preferred & Common Equity		 315 343 285 281 288 289 290 310 272 279
Preferred Stock		 0.00 40 40 40 40 40 40 40 0.00 0.00
Total Common Equity		 315 303 245 242 249 249 251 270 272 279
Common Stock		 292 294 296 298 300 302 304 305 307 308
Retained Earnings		 20 6.32 -54 -59 -53 -54 -53 -34 -35 -29
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

Annual Metrics And Ratios for American Public Education

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		 - - - - - - - - - - -

Quarterly Metrics And Ratios for American Public Education

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 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
DEI Shares Outstanding		 - - - - - - - 17,995,753.00 18,039,666.00 18,067,134.00 18,085,030.00
DEI Adjusted Shares Outstanding		 - - - - - - - 17,995,753.00 18,039,666.00 18,067,134.00 18,085,030.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - 0.41 -0.02 0.31 0.70
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -46 2.16 14 3.94 2.24 2.67 13 9.59 5.34 6.25 13
Return On Investment Capital (ROIC_SIMPLE)		 - - 2.83% - - - 2.71% 2.37% 1.46% 1.67% 3.01%
Earnings before Interest and Taxes (EBIT)		 -65 6.40 16 5.18 2.22 4.13 22 12 7.03 9.70 19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -57 14 21 11 7.83 9.57 26 17 11 14 23
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3.77 67 -12 74 16 1.96 20 24 41 47 76
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 239 221 339 230 225 221 332 216 190 181 270
Increase / (Decrease) in Invested Capital		 -49 -65 26 -70 -14 0.71 -7.05 -14 -36 -41 -62
Book Value per Share		 $13.84 $13.60 $14.19 $14.21 $14.17 $14.16 $14.92 $15.02 $15.09 $15.46 $16.30
Tangible Book Value per Share		 $8.45 $8.40 $9.06 $9.08 $9.13 $9.20 $9.96 $10.14 $10.22 $10.60 $11.44
Total Capital		 379 376 483 384 381 384 491 404 366 374 446
Total Debt		 94 94 191 95 93 93 187 94 94 94 152
Total Long-Term Debt		 94 94 191 95 93 93 187 94 94 94 152
Net Debt		 -45 -61 47 -58 -63 -69 28 -94 -83 -99 -25
Capital Expenditures (CapEx)		 3.35 2.95 4.39 6.22 5.20 6.31 3.35 3.40 -19 4.19 4.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -30 -34 -0.95 -9.07 -12 -15 22 1.58 -25 -25 8.27
Debt-free Net Working Capital (DFNWC)		 110 121 143 144 145 147 181 189 152 168 185
Net Working Capital (NWC)		 110 121 143 144 145 147 181 189 152 168 185
Net Nonoperating Expense (NNE)		 5.54 5.49 0.68 3.42 1.87 0.41 0.36 0.69 0.84 0.69 0.83
Net Nonoperating Obligations (NNO)		 -45 -61 47 -58 -63 -69 28 -94 -83 -99 -25
Total Depreciation and Amortization (D&A)		 8.36 7.43 5.47 5.51 5.61 5.45 4.22 4.34 4.43 4.28 4.44
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.94) ($0.27) $0.65 ($0.06) ($0.07) $0.04 $0.66 $0.42 ($0.02) $0.31 $0.69
Adjusted Weighted Average Basic Shares Outstanding		 17.93M 17.78M 18.11M 17.51M 17.63M 17.68M 17.63M 17.84M 18.03M 18.07M 18.01M
Adjusted Diluted Earnings per Share		 ($2.93) ($0.27) $0.65 ($0.06) ($0.06) $0.04 $0.63 $0.41 ($0.02) $0.30 $0.67
Adjusted Weighted Average Diluted Shares Outstanding		 17.99M 17.82M 18.19M 17.81M 18.13M 18.25M 18.15M 18.42M 18.60M 18.76M 18.66M
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		 17.77M 17.78M 17.51M 17.58M 17.70M 17.71M 18.00M 18.04M 18.07M 18.09M 18.38M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.87 4.47 14 3.96 1.68 2.68 13 9.77 5.36 6.31 13
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

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.
05/06/26 12:28 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About American Public Education's Financials

When does American Public Education's fiscal year end?

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.

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

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.

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

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%.

How much debt does American Public Education have?

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.

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

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 4/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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