American Public Education Inc (APEI) Financial Statements
Industry: Educational Services (Services)
In fiscal 2025, American Public Education reported revenue of $648.9M, up 3.9% from $624.6M the year before. Net income was $31.6M (a 4.9% net margin), or $1.36 per diluted share. Gross margin was 54.2% and operating margin was 7.4%. Operating activities generated $62.0M of cash, leaving $46.1M of free cash flow. At fiscal year end, American Public Education held $521.4M in total assets against $226.6M in total liabilities, including $174.1M of cash and equivalents.
Open the full interactive American Public Education financials → Quarterly statements, key ratios, valuation history and price charts.
American Public Education Key Stats
| Share Price | $48.43 |
|---|---|
| Market Cap | $911.0M |
| P/E Ratio | 35.6 |
| Revenue YoY Growth | +3.9% |
| 52-Week Range | $30.67 – $60.86 |
| Shares Outstanding | 18.4 million (basic, 2026 Q2) |
American Public Education Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $321.8M | $418.8M | $606.3M | $600.5M | $624.6M | $648.9M |
| Cost of Goods Sold | $122.2M | $172.6M | $288.5M | $292.9M | $295.7M | $297.0M |
| Gross Profit | $199.6M | $246.2M | $317.9M | $307.7M | $328.9M | $351.8M |
| Operating Income | $24.8M | $30.4M | -$137.3M | -$48.3M | $33.1M | $47.9M |
| Pre-Tax Income | $25.8M | $26.1M | -$151.2M | -$52.8M | $30.9M | $43.7M |
| Income Tax | $7.0M | $7.5M | -$36.3M | -$10.7M | $10.4M | $12.1M |
| Net Income | $18.8M | $17.8M | -$115.0M | -$47.3M | $16.1M | $31.6M |
| Diluted EPS | $1.25 | $0.97 | -$6.08 | -$2.93 | $0.55 | $1.36 |
American Public Education Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $163.2M | $158.3M | $174.7M | $171.7M |
| Net Income | $5.6M | $12.6M | $17.7M | $9.8M |
| Diluted EPS | $0.30 | $0.68 | $0.94 | $0.52 |
American Public Education Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | — | — | — | $116.7M | $131.9M | $174.1M |
| Current Assets | $251.8M | $202.6M | $186.1M | $217.4M | $260.6M | $259.8M |
| Total Assets | $371.0M | $725.6M | $615.1M | $557.4M | $570.1M | $521.4M |
| Current Liabilities | $55.1M | $83.7M | $70.8M | $74.0M | $79.2M | $75.0M |
| Total Long-Term Debt | — | $160.5M | $93.2M | $94.7M | $93.4M | $94.7M |
| Total Liabilities | $64.1M | $310.0M | $265.3M | $265.4M | $266.2M | $226.6M |
| Shareholders' Equity | $306.9M | $415.6M | $349.7M | $292.0M | $303.9M | $294.8M |
American Public Education Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $44.8M | $16.3M | $29.2M | $45.5M | $48.9M | $62.0M |
| Cash From Investing | -$4.2M | -$336.7M | -$13.7M | -$13.8M | -$21.1M | $4.8M |
| Cash From Financing | -$15.7M | $242.3M | -$35.7M | -$16.9M | -$13.2M | -$49.2M |
| Free Cash Flow | $39.9M | $4.4M | $12.8M | $31.6M | $27.8M | $46.1M |
Figures from American Public Education's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full American Public Education financials page for every line item.
American Public Education Company Profile
| Ticker | APEI |
|---|---|
| Exchange | Nasdaq |
| Industry | Educational Services (Services) |
| Headquarters | Charles Town, West Virginia |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001201792 |
Frequently Asked Questions
What was American Public Education's revenue in fiscal 2025?
American Public Education (APEI) reported revenue of $648.9M for fiscal 2025.
What is American Public Education's annual revenue history?
American Public Education's annual revenue by fiscal year: 2020: $321.8M; 2021: $418.8M; 2022: $606.3M; 2023: $600.5M; 2024: $624.6M; 2025: $648.9M.
What was American Public Education's net income in fiscal 2025?
American Public Education reported net income of $31.6M for fiscal 2025.
What was American Public Education's earnings per share (EPS) in fiscal 2025?
American Public Education's diluted EPS was $1.36 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did American Public Education generate in fiscal 2025?
American Public Education generated $46.1M of free cash flow in fiscal 2025.
What was American Public Education's revenue last quarter?
In its most recent reported quarter (2026 Q2), American Public Education reported revenue of $171.7M.
How much debt does American Public Education have?
American Public Education reported $94.7M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of American Public Education are outstanding?
American Public Education reported a weighted average of 18.4 million basic shares outstanding in 2026 Q2.
What is American Public Education's market cap?
Based on its latest closing price, American Public Education (APEI) has a market capitalization of about $911.0M.
When does American Public Education's fiscal year end?
American Public Education's fiscal year end, as registered with the SEC, is December 31.
Where is American Public Education headquartered?
American Public Education lists its business address in Charles Town, West Virginia in its SEC filings.