What is APEI revenue?

American Public Education Inc. (APEI) reported $668.01M of revenue for the twelve months ended Jun 30, 2026. That is up 3.6% from the year before. Revenue for fiscal 2025 was $648.86M.

Yes. American Public Education Inc. earned $45.67M in net income for the twelve months ended Jun 30, 2026, a net margin of 6.8%.

How much cash and debt does APEI have?

American Public Education Inc. reported $146.55M in cash and cash equivalents and $87.26M of debt on its most recent balance sheet in SEC filings.

How fast is APEI revenue growing?

American Public Education Inc.'s revenue changed +3.9% in fiscal 2025, to $648.86M. Its compound annual growth rate was +15.1% over 5 years.

What is APEI gross margin?

American Public Education Inc.'s gross profit was $373.09M on $668.01M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 55.9%.

What is APEI free cash flow?

American Public Education Inc. generated $70.07M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of $85.60M less capital expenditures.

What is APEI earnings per share?

Diluted earnings per share were $2.43 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.

When did APEI last report financial results?

The latest statements here come from American Public Education Inc.'s 10-Q filed on Aug 10, 2026, covering the period ended Jun 30, 2026.

Financials · APEI

American Public Education Inc. (APEI) financials

For the twelve months ended Jun 30, 2026, American Public Education Inc. reported $668.01M of revenue and $45.67M of net income.

Revenue, TTM: $668.01M
Revenue growth, YoY: +3.6%
Net income, TTM: $45.67M
Net income growth, YoY: +78.2%
Net margin: 6.8%
Free cash flow, TTM: $70.07M
EPS, diluted, TTM: $2.43
EPS growth, YoY: +129.2%
Cash: $146.55M
Total debt: $87.26M
P/E: 14.94
P/S: 1.02
Market cap: $682.3M

Annual revenue$648.86M

FY2016FY2025

Annual net income$31.56M

FY2016FY2025

Annual free cash flow$46.10M

FY2016FY2025

APEI revenue and earnings growth

APEI revenueQ2 2026$171.73M

Quarter YoY: +5.5%
QoQ: -1.7%
FY YoY: +3.9%
5Y CAGR: +15.1%

APEI revenue was $171.73M in fiscal Q2 2026 (ended Jun 30, 2026), up 5.5% from a year earlier and down 1.7% from the prior quarter. For the full fiscal 2025 it was $648.86M, up 3.9% from fiscal 2024. Compound annual growth was +15.1% over 5 years. It rose in 5 of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.

APEI net incomeQ2 2026$9.77M

Quarter YoY: +117.4%
QoQ: -44.9%
FY YoY: +95.8%
5Y CAGR: +10.9%
10Y CAGR: -0.3%

APEI net income was $9.77M in fiscal Q2 2026 (ended Jun 30, 2026), up 117.4% from a year earlier and down 44.9% from the prior quarter. For the full fiscal 2025 it was $31.56M, up 95.8% from fiscal 2024. Compound annual growth was +10.9% over 5 years and -0.3% over 10 years.

APEI EPSQ2 2026$0.52

QoQ: -44.7%
FY YoY: +147.3%
5Y CAGR: +1.7%
10Y CAGR: -3.4%

APEI diluted EPS was $0.52 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.02 a year earlier and down 44.7% from the prior quarter. For the full fiscal 2025 it was $1.36, up 147.3% from fiscal 2024. Compound annual growth was +1.7% over 5 years and -3.4% over 10 years.

APEI free cash flowQ2 2026$7.40M

Quarter YoY: -33.4%
QoQ: -87.8%
FY YoY: +65.9%
5Y CAGR: +2.9%
10Y CAGR: +4.0%

APEI free cash flow was $7.40M in fiscal Q2 2026 (ended Jun 30, 2026), down 33.4% from a year earlier and down 87.8% from the prior quarter. For the full fiscal 2025 it was $46.10M, up 65.9% from fiscal 2024. Compound annual growth was +2.9% over 5 years and +4.0% over 10 years. It rose in 6 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$648.86M	$624.56M	$600.54M	$606.33M	$418.80M	$321.79M	$286.27M	$297.69M	$299.25M	$313.14M
Cost of revenue	$297.02M	$295.70M	$292.86M	$288.47M	$172.62M	$122.16M	$111.92M	$115.28M	$116.16M	$117.01M
Gross profit	$351.84M	$328.86M	$307.68M	$317.86M	$246.18M	$199.62M	$174.35M	$182.41M	$183.09M	$196.13M
Selling, general and admin	$144.58M	$141.96M	$128.24M	$120.35M	$103.38M	$88.04M	$78.08M	$74.46M	$69.02M	$68.67M
Operating income	$47.94M	$33.07M	-$48.31M	-$137.35M	$30.37M	$24.76M	$12.76M	$32.53M	$34.86M	$38.28M
Interest expense	-	-	-	$3.90M	-	-	-	-	-	-
Pre-tax income	$43.70M	$30.94M	-$52.77M	-$151.25M	$26.09M	$25.85M	$16.66M	$35.44M	$35.04M	$38.39M
Income tax	$12.15M	$10.42M	-$10.71M	-$36.28M	$7.51M	$7.02M	$5.19M	$9.29M	$11.49M	$14.94M
Net income	$31.56M	$16.11M	-$47.29M	-$114.99M	$17.75M	$18.82M	$10.01M	$25.64M	$21.12M	$24.16M
EPS, basic	$1.40	$0.57	-$2.94	-$6.10	$0.98	$1.27	$0.62	$1.56	$1.30	$1.50
EPS, diluted	$1.36	$0.55	-$2.93	-$6.08	$0.97	$1.25	$0.62	$1.54	$1.29	$1.49
Diluted shares	18.7M	18.1M	18.2M	18.9M	18.3M	15.0M	16.3M	16.6M	16.4M	16.2M

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$176.50M	$158.94M	$144.34M	$129.46M	$149.63M	$227.69M	$202.74M	$212.13M	$179.21M	$146.35M
Short-term investments	$0	-	-	-	-	-	-	-	-	-
Receivables	$65.66M	$62.47M	$50.97M	$42.35M	$36.03M	$17.65M	$11.32M	$14.06M	$7.14M	$6.95M
Current assets	$259.82M	$260.57M	$217.38M	$186.09M	$202.64M	$251.81M	$222.91M	$232.57M	$191.13M	$158.63M
Goodwill	$59.59M	$59.59M	$59.59M	$112.59M	$243.49M	$26.56M	$26.56M	$33.90M	$33.90M	$33.90M
Total assets	$521.42M	$570.10M	$557.39M	$615.06M	$725.61M	$371.02M	$354.90M	$370.96M	$339.04M	$315.62M
Current liabilities	$75.05M	$79.16M	$73.99M	$70.76M	$83.68M	$55.06M	$45.28M	$44.33M	$43.35M	$42.17M
Short-term debt	$0	$0	$0	$0	$8.75M	$0	-	-	-	-
Long-term debt	$94.67M	$93.42M	$94.68M	$93.15M	$151.77M	$0	-	-	-	-
Total debt	$94.67M	$93.42M	$94.68M	$93.15M	$160.52M	$0	-	-	-	-
Total liabilities	$226.64M	$266.22M	$265.41M	$265.33M	$310.00M	$64.09M	$58.16M	$49.69M	$49.63M	$50.95M
Shareholders' equity	$294.78M	$303.88M	$291.98M	$349.73M	$415.61M	$306.93M	$296.73M	$321.27M	$289.41M	$264.67M

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$61.97M	$48.87M	$45.51M	$29.21M	$16.27M	$44.81M	$38.37M	$44.18M	$47.94M	$56.01M
Capital expenditures	$15.86M	$21.08M	$13.89M	$16.39M	$11.83M	$4.93M	$7.25M	$9.43M	$14.79M	$16.40M
Free cash flow	$46.10M	$27.79M	$31.62M	$12.83M	$4.44M	$39.88M	$31.11M	$34.75M	$33.15M	$39.62M
Investing cash flow	$4.80M	-$21.08M	-$13.77M	-$13.67M	-$336.67M	-$4.16M	-$7.25M	-$9.43M	-$13.60M	-$13.55M
Financing cash flow	-$49.21M	-$13.19M	-$16.86M	-$35.71M	$242.34M	-$15.71M	-$40.51M	-$1.82M	-$1.49M	-$1.85M
Share repurchases	$4.26M	$4.24M	$10.74M	$1.54M	$3.03M	$15.71M	$40.51M	$1.82M	$1.59M	$848.0K
Stock-based compensation	$8.35M	$7.67M	$7.74M	$8.01M	$7.65M	$7.08M	$5.96M	$7.18M	$6.25M	$5.21M
Depreciation and amortization	$16.15M	$19.30M	$27.82M	$32.13M	$17.83M	$12.98M	$15.60M	$17.50M	$18.78M	$19.38M

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	3.9%	4.0%	-1.0%	44.8%	30.1%	12.4%	-3.8%	-0.5%	-4.4%	-
Net income growth, YoY	95.8%	-	-	-	-5.7%	88.0%	-60.9%	21.4%	-12.6%	-25.5%
EPS growth, YoY	147.3%	-	-	-	-22.4%	101.6%	-59.7%	19.4%	-13.4%	-22.8%
Gross margin	54.2%	52.7%	51.2%	52.4%	58.8%	62.0%	60.9%	61.3%	61.2%	62.6%
Operating margin	7.4%	5.3%	-8.0%	-22.7%	7.3%	7.7%	4.5%	10.9%	11.6%	12.2%
Net margin	4.9%	2.6%	-7.9%	-19.0%	4.2%	5.8%	3.5%	8.6%	7.1%	7.7%
Free cash flow margin	7.1%	4.4%	5.3%	2.1%	1.1%	12.4%	10.9%	11.7%	11.1%	12.7%
Return on equity	10.7%	5.3%	-16.2%	-32.9%	4.3%	6.1%	3.4%	8.0%	7.3%	9.1%
Return on assets	6.1%	2.8%	-8.5%	-18.7%	2.4%	5.1%	2.8%	6.9%	6.2%	7.7%
Current ratio	3.46	3.29	2.94	2.63	2.42	4.57	4.92	5.25	4.41	3.76
Debt to equity	0.32	0.31	0.32	0.27	0.39	0.00	-	-	-	-

Income statement

Income statement
Line item	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025 Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024 Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023 Dec 31, 2023	Q3 2023 Sep 30, 2023
Revenue	$171.73M	$174.74M	$158.33M	$163.22M	$162.77M	$164.55M	$164.11M	$153.12M	$152.90M	$154.43M	$152.80M	$150.84M
Cost of revenue	$76.64M	$74.63M	$68.95M	$74.70M	$78.42M	$74.94M	$71.66M	$75.40M	$76.22M	$72.42M	$70.75M	$73.23M
Gross profit	$95.09M	$100.11M	$89.38M	$88.52M	$84.34M	$89.61M	$92.45M	$77.72M	$76.68M	$82.01M	$82.06M	$77.61M
Selling, general and admin	$37.49M	$36.29M	$35.34M	$34.69M	$38.15M	$36.41M	$36.23M	$35.03M	$34.43M	$36.28M	$31.33M	$30.89M
Operating income	$13.53M	$21.64M	$18.97M	$9.70M	$7.03M	$12.25M	$21.54M	$4.13M	$2.22M	$5.18M	$15.93M	$6.40M
Pre-tax income	$14.16M	$19.25M	$17.80M	$8.63M	$5.92M	$11.36M	$20.95M	$3.50M	$1.44M	$5.06M	$15.14M	$5.61M
Income tax	$4.39M	$1.51M	$5.19M	$3.07M	$1.42M	$2.47M	$7.99M	$1.24M	-$16.0K	$1.21M	$2.12M	$3.71M
Net income	$9.77M	$17.73M	$12.61M	$5.56M	$4.50M	$8.89M	$11.51M	$731.0K	-$1.16M	-$1.02M	$11.47M	-$4.85M
EPS, basic	$0.53	$0.97	$0.70	$0.31	-$0.02	$0.42	$0.65	$0.04	-$0.07	-$0.06	$0.65	-$0.27
EPS, diluted	$0.52	$0.94	$0.67	$0.30	-$0.02	$0.41	$0.63	$0.04	-$0.06	-$0.06	$0.64	-$0.27
Diluted shares	18.8M	18.8M	-	18.8M	18.6M	18.4M	-	18.2M	18.1M	17.8M	-	17.8M

Balance sheet

Balance sheet
Line item	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025 Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024 Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023 Dec 31, 2023	Q3 2023 Sep 30, 2023
Cash and equivalents	$146.55M	$221.00M	$176.50M	$191.34M	$176.58M	$187.50M	$158.94M	$162.25M	$156.19M	$153.20M	$144.34M	$155.15M
Short-term investments	$76.26M	-	$0	-	-	-	-	-	-	-	-	-
Receivables	$35.51M	$38.71M	$65.66M	$43.91M	$37.58M	$41.87M	$62.47M	$42.65M	$38.83M	$44.57M	$50.97M	$29.05M
Current assets	$282.52M	$282.13M	$259.82M	$259.11M	$234.96M	$272.51M	$260.57M	$236.50M	$223.50M	$223.76M	$217.38M	$203.13M
Goodwill	$59.59M	$59.59M	$59.59M	$59.59M	$59.59M	$59.59M	$59.59M	$59.59M	$59.59M	$59.59M	$59.59M	$59.59M
Total assets	$537.75M	$537.91M	$521.42M	$525.30M	$537.37M	$578.66M	$570.10M	$569.59M	$560.70M	$558.98M	$557.39M	$555.27M
Current liabilities	$86.96M	$94.54M	$75.05M	$91.39M	$82.91M	$83.43M	$79.16M	$89.41M	$78.88M	$79.63M	$73.99M	$82.28M
Short-term debt	$5.63M	$5.06M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term debt	$81.64M	$83.20M	$94.67M	$94.37M	$94.06M	$93.75M	$93.42M	$93.09M	$92.75M	$95.04M	$94.68M	$94.32M
Total debt	$87.26M	$88.27M	$94.67M	$94.37M	$94.06M	$93.75M	$93.42M	$93.09M	$92.75M	$95.04M	$94.68M	$94.32M
Total liabilities	$223.69M	$231.75M	$226.64M	$245.96M	$265.13M	$268.65M	$266.22M	$279.17M	$272.01M	$270.51M	$265.41M	$273.88M
Shareholders' equity	$314.06M	$306.17M	$294.78M	$279.34M	$272.24M	$310.01M	$303.88M	$290.42M	$288.69M	$288.47M	$291.98M	$281.39M

Cash flow

Cash flow
Line item	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025 Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024 Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023 Dec 31, 2023	Q3 2023 Sep 30, 2023
Operating cash flow	$12.14M	$63.30M	-$11.55M	$21.71M	$14.81M	$37.00M	$1.60M	$14.07M	$12.45M	$20.74M	-$3.14M	$20.16M
Capital expenditures	$4.74M	$2.53M	$4.07M	$4.20M	$3.70M	$3.90M	$3.35M	$6.31M	$5.20M	$6.22M	$4.39M	$2.95M
Free cash flow	$7.40M	$60.78M	-$15.62M	$17.51M	$11.11M	$33.10M	-$1.75M	$7.76M	$7.26M	$14.53M	-$7.53M	$17.21M
Investing cash flow	-$80.66M	-$2.53M	-$5.65M	-$4.90M	$18.75M	-$3.40M	-$3.35M	-$6.31M	-$5.20M	-$6.22M	-$4.39M	-$2.83M
Financing cash flow	-$5.93M	-$16.28M	$559.0K	-$248.0K	-$44.48M	-$5.04M	-$1.55M	-$1.71M	-$4.26M	-$5.67M	-$3.28M	-$1.58M
Share repurchases	$4.14M	$8.71M	$333.0K	$206.0K	$30.0K	$3.69M	$13.0K	$92.0K	$25.0K	$4.11M	$1.71M	$27.0K
Stock-based compensation	$2.23M	$2.33M	$2.22M	$1.63M	$2.24M	$2.26M	$2.17M	$1.76M	$1.82M	$1.92M	$1.72M	$1.73M
Depreciation and amortization	$3.95M	$4.15M	$4.12M	$3.95M	$4.09M	$3.99M	$3.86M	$5.08M	$5.23M	$5.13M	$5.08M	$7.03M

Key ratios

Key ratios
Line item	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025 Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024 Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023 Dec 31, 2023	Q3 2023 Sep 30, 2023
Revenue growth, YoY	5.5%	6.2%	-3.5%	6.6%	6.5%	6.6%	7.4%	1.5%	3.9%	3.2%	0.2%	0.9%
Net income growth, YoY	117.4%	99.4%	9.6%	660.6%	-	-	0.3%	-	-	-	-	-
EPS growth, YoY	-	129.3%	6.3%	650.0%	-	-	-1.6%	-	-	-	-	-
Gross margin	55.4%	57.3%	56.4%	54.2%	51.8%	54.5%	56.3%	50.8%	50.2%	53.1%	53.7%	51.5%
Operating margin	7.9%	12.4%	12.0%	5.9%	4.3%	7.4%	13.1%	2.7%	1.5%	3.4%	10.4%	4.2%
Net margin	5.7%	10.1%	8.0%	3.4%	2.8%	5.4%	7.0%	0.5%	-0.8%	-0.7%	7.5%	-3.2%
Free cash flow margin	4.3%	34.8%	-9.9%	10.7%	6.8%	20.1%	-1.1%	5.1%	4.7%	9.4%	-4.9%	11.4%
Current ratio	3.25	2.98	3.46	2.84	2.83	3.27	3.29	2.65	2.83	2.81	2.94	2.47
Debt to equity	0.28	0.29	0.32	0.34	0.35	0.30	0.31	0.32	0.32	0.33	0.32	0.34

Source: XBRL data American Public Education Inc. files with the SEC, latest filing dated Aug 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

APEI peers

Company	Revenue	Growth	Net income	Net margin	Market cap
APEI	$668.01M	+3.6%	$45.67M	6.8%	$682.3M
SESea Limited	$22.94B	+36.4%	$1.58B	6.9%	$46.38B
ITGartner Inc.	$6.44B	-0.2%	$954.41M	14.8%	$11.99B
RTORentokil Initial plc	$6.91B	+4.4%	$470.00M	6.8%	$11.91B
SCIService Corporation International	$3.31B	+3.4%	$561.30M	17.0%	$10.02B
EDUNew Oriental Education & Technology Group Inc. Sponsored ADR r	$5.66B	+15.5%	$475.17M	8.4%	$8.53B
HRBH&R Block Inc.	$3.95B	+4.9%	$733.60M	18.6%	$6.46B
TALTAL Education Group	$3.01B	+33.7%	$530.75M	17.6%	$5.63B
GHCGraham Holdings Company	$5.12B	+4.3%	$496.96M	9.7%	$5.05B

APEI FAQ

9 questions

What is APEI revenue?
American Public Education Inc. (APEI) reported $668.01M of revenue for the twelve months ended Jun 30, 2026. That is up 3.6% from the year before. Revenue for fiscal 2025 was $648.86M.
Is APEI profitable?
Yes. American Public Education Inc. earned $45.67M in net income for the twelve months ended Jun 30, 2026, a net margin of 6.8%.
How much cash and debt does APEI have?
American Public Education Inc. reported $146.55M in cash and cash equivalents and $87.26M of debt on its most recent balance sheet in SEC filings.
How fast is APEI revenue growing?
American Public Education Inc.'s revenue changed +3.9% in fiscal 2025, to $648.86M. Its compound annual growth rate was +15.1% over 5 years.
What is APEI gross margin?
American Public Education Inc.'s gross profit was $373.09M on $668.01M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 55.9%.
What is APEI free cash flow?
American Public Education Inc. generated $70.07M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of $85.60M less capital expenditures.
What is APEI earnings per share?
Diluted earnings per share were $2.43 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
When did APEI last report financial results?
The latest statements here come from American Public Education Inc.'s 10-Q filed on Aug 10, 2026, covering the period ended Jun 30, 2026.
Where does this APEI financial data come from?
Quantisnow builds these statements from the structured XBRL data American Public Education Inc. files with the SEC. It is provided for information only and is not investment advice.