American Public Education (APEI) revenue breakdown
By segment, APUS Segment is the largest at 68% of fiscal 2021 revenue; HCN grew fastest, 9% a year over 5 years.
By product, Instructional services, net of grants and scholarships is the largest at 91% of fiscal 2025 revenue; Textbook and other course materials grew fastest, 39% a year over 7 years.
Revenue by segment
Fiscal years, as American Public Education reports them in its 10-K filings; fiscal 2021 total $419M.
| Segments | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Share |
|---|---|---|---|---|---|---|---|
| APUS Segment | $284M | $265M | $260M | $257M | $286M | $284M | 68% |
| RU Segment | — | — | — | — | — | $89M | 21% |
| HCN | $29M | $34M | $38M | $29M | $36M | $46M | 11% |
Revenue by product
Fiscal years, as American Public Education reports them in its 10-K filings; fiscal 2025 total $649M.
| Products | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|
| Instructional services, net of grants and scholarships | $291M | $280M | $314M | $395M | $555M | $555M | $576M | $592M | 91% |
| Textbook and other course materials | $5M | $4M | $5M | $20M | $46M | $40M | $42M | $48M | 7% |
| Other fees | $1M | $1M | $1M | $3M | $5M | $4M | $4M | $5M | 1% |
| Graduation fees | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $4M | 1% |
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Where does American Public Education make its money?
In fiscal 2021, by segment: APUS Segment $284M, RU Segment $89M, HCN $46M.
From American Public Education's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.