NASDAQ · Financial Statements

American Public Education, Inc. (APEI) Financial Statements

$48.77 NASDAQ: APEI Market Cap $892.57M

American Public Education, Inc. most recently reported annual revenue of $649.0M, net profit of $32.0M. Revenue grew at an average annual rate of 15.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

American Public Education, Inc.: Revenue rose from $313.0M in 2016 to $649.0M in 2025, a change of +107.3% over 9 years; net profit was positive in 8 of 10 reported years; operating margin moved from 12.2% to 8.3%, a shift of -3.9 percentage points; the most recent year shows net profit of $32.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$313.0M$299.0M$298.0M$286.0M$322.0M$419.0M$606.0M$601.0M$625.0M$649.0M
Operating Expenses$275.0M$264.0M$264.0M$258.0M$297.0M$388.0M$744.0M$649.0M$591.0M$595.0M
Operating Profit$38.0M$35.0M$33.0M$29.0M$25.0M$30.0M$-137.0M$-48.0M$33.0M$54.0M
Operating Margin12.2%11.7%11.2%10.0%7.7%7.3%-22.6%-8.0%5.3%8.3%
Other Income$0$0$2.0M$-4.0M$1.0M$-5.0M$-14.0M$-10.0M$-2.0M$-10.0M
Interest$0$0$0$0$0$4.0M$18.0M$4.0M$2.0M$4.0M
Depreciation$19.0M$19.0M$18.0M$16.0M$13.0M$18.0M$32.0M$28.0M$19.0M$16.0M
Profit Before Tax$38.0M$35.0M$35.0M$17.0M$26.0M$25.0M$-151.0M$-58.0M$31.0M$44.0M
Tax$38.9M$32.8M$26.2M$31.1M$27.2M$29.7M$24.0M$18.5M$33.7M$27.8M
Net Profit$24.0M$21.0M$26.0M$10.0M$19.0M$18.0M$-115.0M$-47.0M$16.0M$32.0M
EPS$1.49$1.29$1.54$0.62$1.25$0.97$-6.08$-2.94$0.55$1.36
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$151.0M$153.0M$154.0M$153.0M$153.0M$164.0M$165.0M$163.0M$163.0M$158.0M$175.0M$172.0M
Operating Expenses$144.0M$137.0M$149.0M$151.0M$149.0M$143.0M$152.0M$156.0M$154.0M$139.0M$153.0M$158.0M
Operating Profit$6.0M$16.0M$5.0M$2.0M$4.0M$22.0M$12.0M$7.0M$10.0M$19.0M$22.0M$14.0M
Operating Margin4.2%10.4%3.4%1.4%2.7%13.1%7.4%4.3%5.9%12.0%12.5%7.9%
Interest$1.0M$1.0M$0$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$0
Profit Before Tax$0$15.0M$2.0M$0$3.0M$21.0M$11.0M$6.0M$9.0M$18.0M$19.0M$14.0M
Tax$966.7M$14.0M$70.2M$-4.5M$35.3M$38.1M$21.7M$24.0M$35.6M$29.2M$7.9M$31.0M
Net Profit$-3.0M$13.0M$1.0M$0$2.0M$13.0M$9.0M$4.0M$6.0M$13.0M$18.0M$10.0M
EPS$-0.27$0.64$-0.06$-0.07$0.04$0.63$0.41$-0.02$0.30$0.67$0.94$0.52

Over the 10 years reported for American Public Education, Inc., cash stood at $176.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 3.47 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$321.0M$339.0M$371.0M$355.0M$371.0M$726.0M$685.0M$557.0M$570.0M$543.0M
Current Assets$164.0M$191.0M$233.0M$223.0M$252.0M$203.0M$186.0M$217.0M$261.0M$260.0M
Cash$146.0M$179.0M$212.0M$201.0M$226.0M$123.0M$129.0M$117.0M$132.0M$176.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$7.0M$7.0M$15.0M$11.0M$18.0M$41.0M$45.0M$51.0M$63.0M$66.0M
Fixed Assets$98.0M$92.0M$87.0M$90.0M$77.0M$180.0M$210.0M$188.0M$168.0M$128.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$15.0M$12.0M$12.0M$11.0M$10.0M$-5.0M$5.0M$3.0M$0$0
Other Assets$39.0M$34.0M$34.0M$27.0M$27.0M$243.0M$113.0M$60.0M$60.0M$60.0M
Total Liabilities$56.0M$50.0M$50.0M$58.0M$64.0M$310.0M$336.0M$265.0M$266.0M$249.0M
Current Liabilities$42.0M$43.0M$44.0M$45.0M$55.0M$84.0M$71.0M$74.0M$79.0M$75.0M
Borrowings$0$0$0$12.0M$9.0M$257.0M$209.0M$205.0M$201.0M$163.0M
Other Liabilities$56.0M$50.0M$50.0M$46.0M$55.0M$53.0M$127.0M$61.0M$66.0M$86.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$265.0M$289.0M$321.0M$297.0M$307.0M$416.0M$350.0M$292.0M$304.0M$295.0M

For American Public Education, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $46.0M; free cash flow was positive in 10 of 10 years; financing activities used $47.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$56.0M$48.0M$44.0M$38.0M$45.0M$16.0M$29.0M$46.0M$49.0M$62.0M
Investing Cash Flow$-30.0M$-28.0M$-19.0M$-15.0M$-9.0M$-348.0M$-30.0M$-28.0M$-42.0M$-11.0M
Financing Cash Flow$-2.0M$-2.0M$-2.0M$-41.0M$-16.0M$-17.0M$-2.0M$-11.0M$-4.0M$-47.0M
Net Cash Flow$41.0M$33.0M$33.0M$-9.0M$25.0M$-78.0M$-20.0M$15.0M$15.0M$18.0M
Free Cash Flow$40.0M$33.0M$35.0M$31.0M$40.0M$4.0M$13.0M$32.0M$28.0M$46.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.14
EV / EBITDA11.54
FCF Yield8.65%
Quick Ratio3.25
Interest Coverage21.65
Return 1Y61.35%
Return 3Y910.06%
Return 5Y104.37%

American Public Education, Inc. (APEI) financials — frequently asked questions

What is American Public Education, Inc.'s annual revenue?

American Public Education, Inc. (APEI) reported annual revenue of $649.0M in its most recent fiscal year.

What is American Public Education, Inc.'s net profit?

American Public Education, Inc. (APEI) reported net profit of $32.0M in its most recent fiscal year.

What is APEI EV/EBITDA?

American Public Education, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 11.54.

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