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American Public Education Inc (APEI) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER DEFENSIVE · EDUCATION & TRAINING SERVICES · DATA UPDATED 2026-09-19

American Public Education Inc (APEI) operates in the EDUCATION & TRAINING SERVICES industry and is headquartered in Charles Town, United States with about 2,360 employees. Its market capitalization is roughly $821 million. In the fiscal year ended 2025-12-31, APEI reported $649M in revenue and $32M in net income.

American Public Education, Inc., together with its subsidiaries, provides online and campus-based postsecondary education services in the United States. It operates through three segments: American Public University System, Rasmussen University, and Hondros College of Nursing.

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APEI Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$668M	$649M	$625M	$601M	$606M	$419M	$322M	$286M	$298M	$299M	$313M	$328M	$350M	$329M	$314M	$260M	$198M	$149M	$107M	$69M	$40M
Gross Profit	$365M	$336M	$329M	$308M	$318M	$246M	$200M	$174M	$182M	$183M	$196M	$209M	$226M	$217M	$203M	$165M	$123M	$91M	$64M	$40M	$22M
Gross Margin %	54.6%	51.7%	52.6%	51.2%	52.4%	58.8%	62.0%	60.9%	61.3%	61.2%	62.6%	63.8%	64.6%	65.8%	64.8%	63.4%	62.0%	60.8%	59.3%	57.3%	55.1%
Operating Income (EBIT)	$64M	$54M	$33M	($48M)	($137M)	$30M	$25M	$29M	$33M	$35M	$38M	$52M	$66M	$67M	$69M	$63M	$50M	$40M	$26M	$15M	$3M
Operating Margin %	9.6%	8.3%	5.3%	-8.0%	-22.7%	7.2%	7.7%	10.0%	11.2%	11.7%	12.2%	15.9%	18.8%	20.5%	21.9%	24.1%	25.2%	26.8%	24.0%	21.3%	7.3%
Net Income	$46M	$32M	$16M	($47M)	($115M)	$18M	$19M	$10M	$26M	$21M	$24M	$32M	$41M	$42M	$42M	$41M	$30M	$24M	$16M	$9M	$2M
Net Margin %	6.8%	4.9%	2.6%	-7.9%	-19.0%	4.2%	5.9%	3.5%	8.6%	7.1%	7.7%	9.9%	11.7%	12.8%	13.5%	15.7%	15.1%	16.1%	15.1%	12.7%	4.5%
EBITDA	$83M	$64M	$52M	($26M)	($101M)	$47M	$39M	$44M	$52M	$56M	$68M	$74M	$82M	$81M	$80M	$72M	$57M	$45M	$30M	$18M	$8M
Earnings Per Share (EPS)	$2.43	$1.69	$0.89	$-2.60	$-6.08	$0.97	$1.25	$0.62	$1.54	$1.29	$1.49	$1.93	$2.33	$2.35	$2.35	$2.23	$1.59	$1.27	$0.86	$0.64	$0.15
Shares Outstanding (M)	19M	19M	18M	18M	19M	18M	15M	16M	17M	16M	16M	17M	18M	18M	18M	18M	19M	19M	19M	14M	12M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

APEI Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$172M	$175M	$158M	$163M	$163M	$165M	$164M	$153M
Gross Profit	$95M	$96M	$85M	$89M	$84M	$90M	$92M	$78M
Gross Margin %	55.4%	54.9%	53.8%	54.2%	51.8%	54.5%	56.3%	50.8%
Operating Income (EBIT)	$14M	$22M	$19M	$10M	$7M	$12M	$22M	$4M
Operating Margin %	7.9%	12.5%	12.0%	5.9%	4.3%	7.4%	13.1%	2.7%
Net Income	$10M	$18M	$13M	$6M	$4M	$9M	$13M	$2M
Net Margin %	5.7%	10.2%	8.0%	3.4%	2.8%	5.4%	7.9%	1.5%
EBITDA	$18M	$24M	$23M	$18M	$11M	$18M	$28M	$9M
Earnings Per Share (EPS)	$0.52	$0.94	$0.68	$0.30	$0.25	$0.48	$0.71	$0.12
Shares Outstanding (M)	19M	19M	19M	19M	18M	18M	18M	18M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

APEI Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$86M	$62M	$49M	$46M	$29M	$16M	$45M	$38M	$44M	$48M	$56M	$57M	$61M	$59M	$53M	$70M	$47M	$37M	$30M	$18M	$9M
Capital Expenditures (CapEx)	$16M	$16M	$21M	$14M	$16M	$12M	$5M	$7M	$9M	$15M	$16M	$27M	$26M	$21M	$35M	$25M	$23M	$12M	$11M	$7M	$5M
Free Cash Flow (FCF)	$70M	$46M	$28M	$32M	$13M	$4M	$40M	$31M	$35M	$33M	$40M	$30M	$35M	$39M	$18M	$45M	$24M	$25M	$19M	$10M	$4M
FCF Margin %	10.5%	7.1%	4.5%	5.3%	2.1%	1.1%	12.4%	10.9%	11.7%	11.1%	12.7%	9.1%	10.1%	11.7%	5.6%	17.4%	12.1%	16.8%	17.6%	15.0%	10.0%
Dividends Paid	$0M	$3M	$6M	$6M	$0M	$175M	—	—	—	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	—	$94M	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

APEI Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$12M	$63M	($12M)	$22M	$15M	$37M	$2M	$14M
Capital Expenditures (CapEx)	$5M	$3M	$4M	$4M	$4M	$4M	$3M	$6M
Free Cash Flow (FCF)	$7M	$61M	($16M)	$18M	$11M	$33M	($2M)	$8M
FCF Margin %	4.3%	34.8%	-9.9%	10.7%	6.8%	20.1%	-1.1%	5.1%
Dividends Paid	$0M	$0M	$0M	$0M	$1M	$1M	$1M	$2M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

APEI Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$538M	$543M	$570M	$557M	$685M	$726M	$371M	$355M	$371M	$339M	$321M	$304M	$298M	$272M	$238M	$199M	$142M	$116M	$79M	$49M	$29M
Cash & Cash Equivalents	$147M	$176M	$132M	$117M	$129M	$123M	$226M	$201M	$212M	$179M	$146M	$106M	$116M	$95M	$115M	$119M	$81M	$75M	$48M	$27M	$12M
Total Liabilities	$224M	$249M	$266M	$265M	$336M	$310M	$64M	$58M	$50M	$50M	$56M	$67M	$64M	$65M	$66M	$65M	$45M	$34M	$25M	$15M	$12M
Total Debt (Short + Long-Term)	$93M	$106M	$107M	$108M	$108M	$188M	$2M	$2M	$0M	$2M	$1M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$4M	$2M
Total Shareholders' Equity	$314M	$295M	$304M	$292M	$350M	$416M	$307M	$297M	$321M	$289M	$265M	$237M	$234M	$207M	$171M	$134M	$97M	$82M	$53M	$34M	$17M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive APEI viewer.

Other Companies in EDUCATION & TRAINING SERVICES

DAO · Youdao Inc — $2 billion
AFYA · Afya Ltd — $1 billion
UTI · Universal Technical Institute Inc — $1 billion
PXED · Phoenix Education Partners, Inc. — $960 million
EDU · New Oriental Education & Technology — $9 billion
TAL · TAL Education Group — $7 billion
LAUR · Laureate Education Inc — $5 billion
CVSA · Covista Inc. — $4 billion

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