American Public Education (APEI) Financial Statements & Analysis

American Public Education (APEI) Income Statement

American Public Education reported revenue of $648.86M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 3.9% from $624.56M a year earlier. Net income was $31.56M, up 213.8% year over year, a net margin of 4.9%. Gross margin was 54.2% and operating margin 8.3%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $171.73M, up 5.5% from the same quarter a year earlier.

American Public Education Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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American Public Education, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	648.86	624.56	600.55	606.33	418.80	321.79	286.27	297.69	299.25
Cost of Revenue	297.02	295.70	292.86	288.47	172.62	122.16	111.92	115.28	116.16
Gross Profit	351.84	328.86	307.68	317.86	246.18	199.62	174.35	182.41	183.09
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	281.83	269.97	261.19	275.00	189.10	161.03	138.11	131.50	127.36
Operating Expenses	297.98	295.79	355.99	455.20	215.81	174.87	153.71	149.00	146.14
Operating Income	53.86	33.07	-48.31	-137.35	30.37	24.76	28.54	33.41	34.86
Other Income/Expense
Interest Income	0.00	0.00	0.00	0.00	0.00	1.09	3.91	2.92	0.19
Interest Expense	4.23	-2.13	4.46	17.73	-4.28	0.00	0.00	0.00	0.00
Other Income/Expense	-5.93	-2.13	-9.70	-13.92	-4.28	1.09	-3.98	2.03	0.19
Income
Income Before Tax	43.71	26.53	-58.00	-151.27	25.26	25.85	16.66	35.44	35.04
Income Tax Expense	12.15	10.42	-10.72	-36.28	7.51	7.02	5.19	9.29	11.49
Net Income	31.56	10.06	-47.29	-114.99	17.75	18.82	10.01	25.64	21.12
Net Income - Continuous Operations	31.56	16.11	-47.29	-114.99	17.75	18.82	10.01	25.64	21.12
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	64.08	58.89	-25.73	-101.39	57.09	38.59	44.14	51.79	55.73
EBIT	47.94	39.58	-48.31	12.13	39.25	29.91	-	-	-
Depreciation & Amortization	16.15	19.30	27.82	32.13	17.83	12.98	15.60	17.50	18.78
Earnings Per Share
Basic EPS	1.00	1.00	-3.00	-6.00	1.00	1.00	1.00	2.00	1.00
Diluted EPS	1.00	1.00	-3.00	-6.00	1.00	1.00	1.00	2.00	1.00
Basic Shares Outstanding	18.01	17.63	18.11	18.86	18.09	14.88	16.09	16.40	16.24
Diluted Shares Outstanding	18.66	18.15	18.19	18.91	18.26	15.05	16.25	16.63	16.38

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About American Public Education Financial Statements

What was American Public Education's revenue in fiscal 2025?

American Public Education reported revenue of $648.86M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 3.9% from $624.56M a year earlier.

Is American Public Education profitable?

Yes. American Public Education earned net income of $31.56M in fiscal 2025, a net margin of 4.9%. In fiscal 2024 it earned $10.06M.

What is American Public Education's operating margin?

American Public Education's operating income was $53.86M on revenue of $648.86M in fiscal 2025, an operating margin of 8.3%, compared with 5.3% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition