American Public Education financials
$41.09+1.16%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $648.9M | $624.6M | $600.5M | $606.3M | $418.8M | $321.8M | $286.3M | $297.7M | $299.2M | $313.1M |
| Gross profit | $351.8M | $328.9M | $307.7M | $317.9M | $246.2M | $199.6M | $174.4M | $182.4M | $183.1M | $196.1M |
| Gross margin | 54.2% | 52.7% | 51.2% | 52.4% | 58.8% | 62.0% | 60.9% | 61.3% | 61.2% | 62.6% |
| Operating income | $53.8M | $35.1M | -$45.3M | -$136.2M | $31.7M | $25.6M | $13.3M | $33.4M | $37.0M | $44.2M |
| Net income | $25.3M | $10.1M | -$53.3M | -$115.0M | $17.8M | $18.8M | $10.0M | $25.6M | $21.1M | $24.2M |
| Net margin | 3.9% | 1.6% | −8.9% | −19.0% | 4.2% | 5.8% | 3.5% | 8.6% | 7.1% | 7.7% |
| Diluted EPS | $1.36 | $0.55 | $-2.93 | $-6.08 | $0.97 | $1.25 | $0.62 | $1.54 | $1.29 | $1.49 |
| EBITDA | $69.9M | $54.4M | $46.5M | $42.9M | $49.5M | $38.6M | $36.2M | $50.9M | $55.7M | $68.4M |
| Operating cash flow | $62.0M | $48.9M | $45.5M | $29.2M | $16.3M | $44.8M | $38.4M | $44.2M | $47.9M | $56.0M |
| Free cash flow | $46.1M | $27.8M | $31.6M | $12.8M | $4.4M | $39.9M | $31.1M | $34.7M | $33.1M | $39.6M |
| Diluted shares | 18.7M | 18.1M | 18.2M | 18.9M | 18.3M | 15.0M | 16.3M | 16.6M | 16.4M | 16.2M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $176.5M | $158.9M | $144.3M | $129.5M | $149.6M | $227.7M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $94.7M | $93.4M | $94.7M | $93.2M | $160.5M | $0.00 |
| Total assets | $521.4M | $570.1M | $557.4M | $615.1M | $725.6M | $371.0M |
| Total liabilities | $226.6M | $266.2M | $265.4M | $265.3M | $310.0M | $64.1M |
| Shareholders' equity | $294.8M | $303.9M | $292.0M | $349.7M | $415.6M | $306.9M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology