American Public Education Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	654.64	624.56	600.55	606.33	418.8	321.79
Revenue Growth (YoY)	6.75%	4.00%	-0.95%	44.78%	30.15%	12.41%
Cost of Revenue	299.73	295.7	292.86	288.47	172.62	122.16
Gross Profit	354.92	328.86	307.68	317.86	246.18	199.62
Selling, General & Admin	280.92	270.77	258.79	273.6	189.1	156.73
Operating Expenses	296.81	290.07	286.61	305.73	206.93	169.72
Operating Income	58.11	38.78	21.07	12.13	39.25	29.91
Interest Expense	-3.65	-2.13	-4.46	-17.73	-4.28	-
Interest & Investment Income	-	-	-	-	-	1.09
Earnings From Equity Investments	-	-4.41	-5.24	-0.02	-0.83	-0.01
EBT Excluding Unusual Items	54.46	32.25	11.38	-5.62	34.15	30.99
Merger & Restructuring Charges	-	-	-2.4	-1.4	-7.6	-4.3
Impairment of Goodwill	-	-	-53	-	-	-
Gain (Loss) on Sale of Assets	-7.53	-2	-2.98	-1.18	-1.28	-0.85
Asset Writedown	-	-	-11	-146.9	-	-
Other Unusual Items	-0.08	-3.72	-	3.83	-	-
Pretax Income	46.85	26.53	-58	-151.27	25.26	25.84
Income Tax Expense	14.94	10.42	-10.72	-36.28	7.51	7.02
Net Income	31.91	16.11	-47.29	-114.99	17.75	18.82
Preferred Dividends & Other Adjustments	7.71	6.06	6.01	0.05	-	-
Net Income to Common	24.2	10.06	-53.29	-115.04	17.75	18.82
Net Income Growth	97.45%	-	-	-	-5.68%	87.98%
Shares Outstanding (Basic)	18	18	18	19	18	15
Shares Outstanding (Diluted)	19	18	18	19	18	15
Shares Change (YoY)	3.01%	0.20%	-3.96%	3.31%	21.32%	-7.43%
EPS (Basic)	1.35	0.57	-2.94	-6.10	0.98	1.27
EPS (Diluted)	1.30	0.55	-2.94	-6.10	0.97	1.25
EPS Growth	133.01%	-	-	-	-22.40%	101.61%
Free Cash Flow	59.97	27.79	31.62	12.83	4.44	39.88
Free Cash Flow Per Share	3.23	1.53	1.75	0.68	0.24	2.65
Gross Margin	54.22%	52.65%	51.23%	52.42%	58.78%	62.04%
Operating Margin	8.88%	6.21%	3.51%	2.00%	9.37%	9.29%
Profit Margin	3.70%	1.61%	-8.87%	-18.97%	4.24%	5.85%
Free Cash Flow Margin	9.16%	4.45%	5.27%	2.11%	1.06%	12.39%
EBITDA	74	58.09	48.89	44.26	57.09	42.89
EBITDA Margin	11.30%	9.30%	8.14%	7.30%	13.63%	13.33%
D&A For EBITDA	15.89	19.3	27.82	32.13	17.83	12.98
EBIT	58.11	38.78	21.07	12.13	39.25	29.91
EBIT Margin	8.88%	6.21%	3.51%	2.00%	9.37%	9.29%
Effective Tax Rate	31.89%	39.27%	-	-	29.73%	27.16%
Advertising Expenses	-	78.6	82.6	90.5	60.3	51.3

Source: S&P Global Market Intelligence. Standard template. Financial Sources.