APEI · American Public Education Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $174.74M | - | $163.22M | $162.77M | $164.55M | - | $153.12M | $152.90M | $154.43M | - |
| Cost of Revenue | $74.63M | - | $74.70M | $78.42M | $74.94M | - | $75.40M | $76.22M | $72.42M | - |
| Gross Profit | $100.11M | - | $88.52M | $84.34M | $89.61M | - | $77.72M | $76.68M | $82.01M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $36.29M | - | $34.69M | $38.15M | $36.41M | - | $35.03M | $34.43M | $36.28M | - |
| Total Operating Expenses | $153.09M | - | $153.52M | $155.74M | $152.31M | - | $148.99M | $150.68M | $149.25M | - |
| D&A | $4.15M | - | $3.95M | $4.09M | $3.99M | - | $5.08M | $5.23M | $5.13M | - |
| Operating Income | $21.64M | - | $9.70M | $7.03M | $12.25M | - | $4.13M | $2.22M | $5.18M | - |
| Interest Expense | $2.00M | - | $2.50M | $2.40M | $2.40M | - | $1.90M | $1.90M | $1.90M | - |
| Income Tax | $1.51M | - | $3.07M | $1.42M | $2.47M | - | $1.24M | ($16.0K) | $1.21M | - |
| Net Income | $17.73M | - | $5.56M | $4.50M | $8.89M | - | $2.26M | $371.0K | $516.0K | - |
| EPS - Basic | $0.97 | - | $0.31 | ($0.02) | $0.42 | - | $0.04 | ($0.07) | ($0.06) | - |
| EPS - Diluted | $0.94 | - | $0.30 | ($0.02) | $0.41 | - | $0.04 | ($0.06) | ($0.06) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $221.00M | $174.09M | $191.34M | $174.95M | $161.60M | $131.93M | $135.42M | $129.80M | $125.34M | $116.66M |
| Accounts Receivable | $38.71M | $65.66M | $43.91M | $37.58M | $41.87M | $62.47M | $42.65M | $38.83M | $44.57M | $50.97M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $8.14M | $4.82M | $7.71M | $10.07M | $7.85M | $7.85M | $10.46M | $7.00M | $7.34M | $8.66M |
| Current Assets | $282.13M | $259.82M | $259.11M | $234.96M | $272.51M | $260.57M | $236.50M | $223.50M | $223.76M | $217.38M |
| Total Assets | $537.91M | $521.42M | $525.30M | $537.37M | $578.66M | $570.10M | $569.59M | $560.70M | $558.98M | $557.39M |
| Current Liabilities | $94.54M | $75.05M | $91.39M | $82.91M | $83.43M | $79.16M | $89.41M | $78.88M | $79.63M | $73.99M |
| Long-term Debt | $83.20M | $94.67M | $94.37M | $94.06M | $93.75M | $93.42M | $93.09M | $92.75M | $95.04M | $94.68M |
| Total Liabilities | $231.75M | $226.64M | $245.96M | $265.13M | $268.65M | $266.22M | $279.17M | $272.01M | $270.51M | $265.41M |
| Stockholders' Equity | $306.17M | $294.78M | $279.34M | $272.24M | $310.01M | $303.88M | $290.42M | $288.69M | $288.47M | $291.98M |
| Retained Earnings | $231.0K | ($16.50M) | ($29.11M) | ($34.67M) | ($34.34M) | ($41.80M) | ($53.31M) | ($54.04M) | ($52.88M) | ($49.10M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $63.30M | - | - | - | $37.00M | - | - | - | $20.74M | - |
| Investing Cash Flow | ($2.53M) | - | - | - | ($3.40M) | - | - | - | ($6.22M) | - |
| Financing Cash Flow | ($16.28M) | - | - | - | ($5.04M) | - | - | - | ($5.67M) | - |
| CapEx | $2.53M | - | - | - | $3.90M | - | - | - | $6.22M | - |
| Free Cash Flow | $60.78M | - | - | - | $33.10M | - | - | - | $14.53M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 57.3% | - | 54.2% | 51.8% | 54.5% | - | 50.8% | 50.2% | 53.1% | - |
| Operating margin | 12.4% | - | 5.9% | 4.3% | 7.4% | - | 2.7% | 1.5% | 3.4% | - |
| EBITDA margin | 14.8% | - | 8.4% | 6.8% | 9.9% | - | 6.0% | 4.9% | 6.7% | - |
| Net margin | 10.1% | - | 3.4% | 2.8% | 5.4% | - | 1.5% | 0.2% | 0.3% | - |
| Free cash flow margin | 34.8% | - | - | - | 20.1% | - | - | - | 9.4% | - |
| FCF / Net income | 3.43 | - | - | - | 3.72 | - | - | - | 28.15 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 20.8% | - | 21.3% | 23.4% | 22.1% | - | 22.9% | 22.5% | 23.5% | - |
| Effective tax rate | 7.9% | - | 35.6% | 24.0% | 21.7% | - | 35.3% | -4.5% | 70.2% | - |
| Return on assets | 3.3% | - | 1.1% | 0.8% | 1.5% | - | 0.4% | 0.1% | 0.1% | - |
| Return on equity | 5.8% | - | 2.0% | 1.7% | 2.9% | - | 0.8% | 0.1% | 0.2% | - |
| Return on invested capital | 5.1% | - | 1.7% | 1.5% | 2.4% | - | 0.7% | 0.6% | 0.7% | - |
| Liquidity | ||||||||||
| Current ratio | 2.98 | 3.46 | 2.84 | 2.83 | 3.27 | 3.29 | 2.65 | 2.83 | 2.81 | 2.94 |
| Quick ratio | 2.98 | 3.46 | 2.84 | 2.83 | 3.27 | 3.29 | 2.65 | 2.83 | 2.81 | 2.94 |
| Cash ratio | 2.34 | 2.32 | 2.09 | 2.11 | 1.94 | 1.67 | 1.51 | 1.65 | 1.57 | 1.58 |
| Leverage | ||||||||||
| Debt / Equity | 0.27 | 0.32 | 0.34 | 0.35 | 0.30 | 0.31 | 0.32 | 0.32 | 0.33 | 0.32 |
| Debt / Assets | 0.15 | 0.18 | 0.18 | 0.18 | 0.16 | 0.16 | 0.16 | 0.17 | 0.17 | 0.17 |
| Debt / EBITDA | 3.23 | - | 6.92 | 8.46 | 5.77 | - | 10.11 | 12.45 | 9.22 | - |
| Interest coverage | 10.8x | - | 3.9x | 2.9x | 5.1x | - | 2.2x | 1.2x | 2.7x | - |
| Equity multiplier | 1.76 | 1.77 | 1.88 | 1.97 | 1.87 | 1.88 | 1.96 | 1.94 | 1.94 | 1.91 |
| Liabilities / Assets | 0.43 | 0.43 | 0.47 | 0.49 | 0.46 | 0.47 | 0.49 | 0.49 | 0.48 | 0.48 |
| Efficiency | ||||||||||
| Asset turnover | 0.32 | - | 0.31 | 0.30 | 0.28 | - | 0.27 | 0.27 | 0.28 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 81d | - | 98d | 84d | 93d | - | 102d | 93d | 105d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 40d | - | 38d | 47d | 38d | - | 51d | 34d | 37d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 60.5x | - | 131.6x | - | 54.4x | - | 368.8x | - | - | - |
| P / B | 3.5x | - | 2.7x | 2.1x | 1.3x | - | 0.9x | 1.1x | 0.9x | - |
| P / S | 6.1x | - | 4.5x | 3.5x | 2.5x | - | 1.8x | 2.1x | 1.6x | - |
| EV / EBITDA | 36.1x | - | 47.2x | 43.7x | 21.1x | - | 24.6x | 37.8x | 21.6x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 6.2% | - | 6.6% | 6.5% | 6.6% | - | 1.5% | 3.9% | 3.2% | - |
| Revenue CAGR (3y) | 5.3% | - | 3.0% | 2.8% | 2.1% | - | 15.9% | 25.1% | 20.4% | - |
| Revenue CAGR (5y) | 14.6% | - | 15.6% | 14.7% | 17.1% | - | 17.7% | 16.7% | 16.0% | - |
| Gross profit growth (YoY) | 11.7% | - | 13.9% | 10.0% | 9.3% | - | 0.1% | 6.2% | 8.2% | - |
| Operating income growth (YoY) | 76.7% | - | 134.9% | 216.4% | 136.3% | - | -35.5% | - | - | - |
| Net income growth (YoY) | 99.4% | - | 145.8% | 1111.9% | 1623.4% | - | - | - | - | - |
| EPS growth (YoY) | 129.3% | - | 650.0% | 66.7% | - | - | - | 98.0% | 84.2% | - |
| EPS CAGR (3y) | - | - | - | - | 13.6% | - | - | - | - | - |
| EPS CAGR (5y) | 13.9% | - | 10.8% | - | 20.7% | - | - | - | - | - |
| FCF growth (YoY) | 83.6% | - | - | - | 127.8% | - | - | - | 52.1% | - |
| FCF CAGR (5y) | 44.3% | - | - | - | 27.9% | - | - | - | 18.1% | - |
| Book value growth (YoY) | -1.2% | -3.0% | -3.8% | -5.7% | 7.5% | 4.1% | 3.2% | 1.3% | -15.9% | -16.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$887.29M totalAmerican Public Education Inc Segment$319.84M · 36.0%
Rasmussen University$246.23M · 27.8%
Rasmussen University Segment$246.23M · 27.8%
Hondros College Of Nursing Segment$74.98M · 8.5%
Product / service
$355.80M totalInstructional Services Net Of Grants And Scholarships$314.78M · 88.5%
Textbook And Other Course Materials$35.95M · 10.1%
Graduation Fees$3.88M · 1.1%
Other Fees$1.18M · 0.3%
Peer comparison
Same SIC group: Services-Educational Services
Comparing AMERICAN PUBLIC EDUCATION INC against the 5 most active filers in the same SIC group.