American Public Education (APEI) Balance Sheet: Assets & Liabilities

American Public Education (APEI) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), American Public Education reported total assets of $521.42M and total liabilities of $226.64M. Shareholders' equity was $294.78M, down 3.0% from $303.88M a year earlier. Total debt stood at $106.04M against $174.09M in cash and short-term investments, a net cash position of $68.06M. That puts debt-to-equity at 0.36, compared with 0.66 a year earlier.

American Public Education Balance Sheet Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for American Public Education, Inc. (APEI) - 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
Current Assets
Cash and Cash Equivalents	174.10	131.93	116.66	129.46	122.63	226.49	201.44	212.13	179.21
Cash & Short-Term Investments	174.10	131.93	116.66	129.46	122.63	226.49	201.44	212.13	179.21
Accounts Receivable	65.66	63.41	50.97	45.22	41.33	17.65	11.33	14.96	7.14
Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	14.20	65.23	21.59	11.41	38.68	6.47	10.14	5.48	4.79
Total Current Assets	259.82	260.57	217.38	186.09	202.64	251.81	222.91	232.57	191.13
Non-Current Assets
Property, Plant & Equipment (Net)	128.28	168.16	187.53	209.76	180.36	77.18	90.15	86.88	92.37
Long-Term Investments	0.00	0.00	2.60	4.50	-5.06	10.50	10.50	11.97	12.48
Goodwill	59.59	59.59	59.59	112.59	243.49	26.56	26.56	33.90	33.90
Intangible Assets	28.22	28.22	31.54	54.73	85.08	3.72	3.72	3.72	4.61
Other Non-Current Assets	6.33	6.25	61.35	12.02	14.04	11.75	1.05	0.28	2.87
Total Non-Current Assets	261.60	309.53	340.00	499.16	522.97	119.21	131.99	138.39	147.91
Total Assets	521.42	570.10	557.39	685.25	725.61	371.02	354.90	370.96	339.04
Current Liabilities
Accounts Payable	4.82	7.85	8.66	3.81	13.50	3.76	3.55	9.11	8.84
Short-Term Debt	11.37	13.55	13.31	14.40	36.16	2.39	2.28	0.00	0.00
Current Portion of Long-Term Debt	-	-	-	-	8.75	-	-	-	-
Accrued Liabilities	13.38	34.28	28.19	13.78	25.95	26.63	-	-	-
Deferred Revenue	23.02	23.47	23.83	23.76	21.78	22.10	0.00	18.31	19.37
Other Current Liabilities	35.84	34.28	28.19	28.79	12.25	26.63	39.45	16.91	13.42
Total Current Liabilities	75.05	79.16	73.99	70.76	83.68	55.06	45.28	44.33	43.35
Non-Current Liabilities
Long-Term Debt	94.67	187.07	94.68	194.57	221.26	6.46	9.50	0.00	0.00
Deferred Tax Liabilities	22.01	0.00	0.00	70.19	5.06	2.58	0.00	5.36	6.28
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	5.06	0.00	3.39	0.00	0.00
Total Non-Current Liabilities	151.59	187.07	191.42	264.77	226.32	9.04	12.89	5.36	6.28
Total Liabilities	226.64	266.22	265.41	335.52	310.00	64.09	58.16	49.69	49.63
Stockholders' Equity
Common Stock	0.18	0.18	0.18	0.19	0.19	0.15	0.15	0.16	0.16
Retained Earnings	-16.50	-41.81	-49.10	13.89	128.93	111.18	105.96	133.93	108.57
Accumulated Other Comprehensive Income	-0.02	-0.01	1.64	3.10	0.11	0.00	-	-114.36	-99.18
Additional Paid-in Capital	311.12	305.82	299.56	292.85	286.39	195.60	190.62	187.17	180.67
Shares Outstanding	18.13	17.71	17.60	18.89	18.71	-	-	-	-
Total Stockholders' Equity	294.78	303.88	291.98	349.73	415.61	306.93	296.73	321.27	289.41
Total Liabilities & Equity	521.42	570.10	557.39	685.25	725.61	371.02	354.90	370.96	339.04

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 Balance Sheet

How much debt does American Public Education have?

American Public Education had total debt of $106.04M as of Dec 31, 2025, against $174.09M in cash and short-term investments. Its debt-to-equity ratio was 0.36. Total debt was $200.62M a year earlier.

What are American Public Education's total assets?

American Public Education reported total assets of $521.42M as of Dec 31, 2025, down 8.5% from $570.10M a year earlier. Total liabilities were $226.64M.

What is American Public Education's shareholders' equity?

American Public Education's shareholders' equity was $294.78M as of Dec 31, 2025, or about $16.26 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition