American Public Education (APEI) financial statements
American Public Education reported revenue of $649M in fiscal 2025, up 8.4% a year over 9 years.
Net income was $32M and the operating margin 7.4%, against 12.2% in 2016.
Free cash flow was $46M, and the company returned $4M in net buybacks.
The diluted share count rose 15% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Public Education's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $313M | $299M | $298M | $286M | $322M | $419M | $606M | $601M | $625M | $649M |
| Cost of revenue | $117M | $116M | $115M | $112M | $122M | $173M | $288M | $293M | $296M | $297M |
| Gross profit | $196M | $183M | $182M | $174M | $200M | $246M | $318M | $308M | $329M | $352M |
| Selling, general and admin | $128M | $127M | $131M | $138M | $161M | $197M | $275M | $261M | $271M | $282M |
| Operating income | $38M | $35M | $33M | $13M | $25M | $30M | -$137M | -$48M | $33M | $48M |
| Interest expense | — | — | — | — | — | — | $4M | — | — | — |
| Pre-tax income | $38M | $35M | $35M | $17M | $26M | $26M | -$151M | -$53M | $31M | $44M |
| Income tax | $15M | $11M | $9M | $5M | $7M | $8M | -$36M | -$11M | $10M | $12M |
| Net income | $24M | $21M | $26M | $10M | $19M | $18M | -$115M | -$47M | $16M | $32M |
| EPS (diluted) | $1.49 | $1.29 | $1.54 | $0.62 | $1.25 | $0.97 | -$6.08 | -$2.93 | $0.55 | $1.36 |
| Diluted shares | 16M | 16M | 17M | 16M | 15M | 18M | 19M | 18M | 18M | 19M |
| Gross margin | 62.6% | 61.2% | 61.3% | 60.9% | 62.0% | 58.8% | 52.4% | 51.2% | 52.7% | 54.2% |
| Operating margin | 12.2% | 11.6% | 10.9% | 4.5% | 7.7% | 7.3% | -22.7% | -8.0% | 5.3% | 7.4% |
| Net margin | 7.7% | 7.1% | 8.6% | 3.5% | 5.8% | 4.2% | -19.0% | -7.9% | 2.6% | 4.9% |
Balance sheet
Fiscal years, from American Public Education's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $146M | $179M | $212M | $203M | $228M | $150M | $103M | $117M | $132M | $174M |
| Receivables | $7M | $7M | $14M | $11M | $18M | $36M | $42M | $51M | $62M | $66M |
| Total current assets | $159M | $191M | $233M | $223M | $252M | $203M | $186M | $217M | $261M | $260M |
| Property, plant and equipment | $98M | $95M | $87M | $78M | $68M | $102M | $101M | $88M | $73M | $71M |
| Goodwill | $34M | $34M | $34M | $27M | $27M | $243M | $113M | $60M | $60M | $60M |
| Total assets | $316M | $339M | $371M | $355M | $371M | $726M | $615M | $557M | $570M | $521M |
| Total current liabilities | $42M | $43M | $44M | $45M | $55M | $84M | $71M | $74M | $79M | $75M |
| Long-term debt | — | — | — | — | $0 | $152M | $93M | $95M | $93M | $95M |
| Total liabilities | $51M | $50M | $50M | $58M | $64M | $310M | $265M | $265M | $266M | $227M |
| Shareholders' equity | $265M | $289M | $321M | $297M | $307M | $416M | $350M | $292M | $304M | $295M |
| Net debt | -$146M | -$179M | -$212M | -$203M | -$228M | $11M | -$9M | -$22M | -$39M | -$79M |
Cash flow
Fiscal years, from American Public Education's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $56M | $48M | $44M | $38M | $45M | $16M | $29M | $46M | $49M | $62M |
| Capital spending | $16M | $15M | $9M | $7M | $5M | $12M | $16M | $14M | $21M | $16M |
| Free cash flow | $40M | $33M | $35M | $31M | $40M | $4M | $13M | $32M | $28M | $46M |
| Stock-based compensation | $5M | $6M | $7M | $6M | $7M | $8M | $8M | $8M | $8M | $8M |
| Share buybacks (net) | -$848,000 | -$2M | -$2M | -$41M | -$16M | -$3M | -$2M | -$11M | -$4M | -$4M |
| Net borrowing | — | — | — | $0 | $0 | $173M | -$74M | -$114,000 | -$3M | -$213,000 |
| Free cash flow margin | 12.7% | 11.1% | 11.7% | 10.9% | 12.4% | 1.1% | 2.1% | 5.3% | 4.4% | 7.1% |
Questions
What was American Public Education's revenue in 2025?
$649M in fiscal 2025, from its 10-K filing.
How much free cash flow does American Public Education generate?
$46M in fiscal 2025 (operating cash flow minus capital spending).
From American Public Education's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.