American Public Education, Inc. (APEI)

American Public Education Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	644.55	624.56	600.55	606.33	418.8	321.79
Revenue Growth (YoY)	5.50%	4.00%	-0.95%	44.78%	30.15%	12.41%
Cost of Revenue	300.43	295.7	292.86	288.47	172.62	122.16
Gross Profit	344.12	328.86	307.68	317.86	246.18	199.62
Selling, General & Admin	278.58	270.77	258.79	273.6	189.1	156.73
Operating Expenses	291.89	290.07	286.61	305.73	206.93	169.72
Operating Income	52.23	38.78	21.07	12.13	39.25	29.91
Interest Expense	-3.21	-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	49.02	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	-3.58	-2	-2.98	-1.18	-1.28	-0.85
Asset Writedown	-	-	-11	-146.9	-	-
Other Unusual Items	-3.72	-3.72	-	3.83	-	-
Pretax Income	41.72	26.53	-58	-151.27	25.26	25.84
Income Tax Expense	13.11	10.42	-10.72	-36.28	7.51	7.02
Net Income	28.62	16.11	-47.29	-114.99	17.75	18.82
Preferred Dividends & Other Adjustments	9.24	6.06	6.01	0.05	-	-
Net Income to Common	19.37	10.06	-53.29	-115.04	17.75	18.82
Net Income Growth	170.64%	-	-	-	-5.68%	87.98%
Shares Outstanding (Basic)	18	18	18	19	18	15
Shares Outstanding (Diluted)	18	18	18	19	18	15
Shares Change (YoY)	2.95%	0.20%	-3.96%	3.31%	21.32%	-7.43%
EPS (Basic)	1.09	0.57	-2.94	-6.10	0.98	1.27
EPS (Diluted)	1.05	0.55	-2.94	-6.10	0.97	1.25
EPS Growth	321.15%	-	-	-	-22.40%	101.61%
Free Cash Flow	50.22	27.79	31.62	12.83	4.44	39.88
Free Cash Flow Per Share	2.73	1.53	1.75	0.68	0.24	2.65
Gross Margin	53.39%	52.65%	51.23%	52.42%	58.78%	62.04%
Operating Margin	8.10%	6.21%	3.51%	2.00%	9.37%	9.29%
Profit Margin	3.01%	1.61%	-8.87%	-18.97%	4.24%	5.85%
Free Cash Flow Margin	7.79%	4.45%	5.27%	2.11%	1.06%	12.39%
EBITDA	69.25	58.09	48.89	44.26	57.09	42.89
EBITDA Margin	10.75%	9.30%	8.14%	7.30%	13.63%	13.33%
D&A For EBITDA	17.02	19.3	27.82	32.13	17.83	12.98
EBIT	52.23	38.78	21.07	12.13	39.25	29.91
EBIT Margin	8.10%	6.21%	3.51%	2.00%	9.37%	9.29%
Effective Tax Rate	31.42%	39.27%	-	-	29.73%	27.16%
Advertising Expenses	-	78.6	82.6	90.5	60.3	51.3

Updated May 12, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q