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	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	634.68	624.56	600.55	606.33	418.8	321.79
Revenue Growth (YoY)	4.86%	4.00%	-0.95%	44.78%	30.15%	12.41%
Cost of Revenue	298.22	295.7	292.86	288.47	172.62	122.16
Gross Profit	336.46	328.86	307.68	317.86	246.18	199.62
Selling, General & Admin	273.65	270.77	258.79	273.6	189.1	156.73
Operating Expenses	288.88	290.07	286.61	305.73	206.93	169.72
Operating Income	47.58	38.78	21.07	12.13	39.25	29.91
Interest Expense	-2.89	-2.13	-4.46	-17.73	-4.28	-
Interest & Investment Income	-	-	-	-	-	1.09
Earnings From Equity Investments	-1.08	-4.41	-5.24	-0.02	-0.83	-0.01
EBT Excluding Unusual Items	43.61	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	-3.73	-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	36.16	26.53	-58	-151.27	25.26	25.84
Income Tax Expense	11.67	10.42	-10.72	-36.28	7.51	7.02
Net Income	24.49	16.11	-47.29	-114.99	17.75	18.82
Preferred Dividends & Other Adjustments	5.95	6.06	6.01	0.05	-	-
Net Income to Common	18.54	10.06	-53.29	-115.04	17.75	18.82
Net Income Growth	-	-	-	-	-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)	3.14%	0.20%	-3.96%	3.31%	21.32%	-7.43%
EPS (Basic)	1.05	0.57	-2.94	-6.10	0.98	1.27
EPS (Diluted)	1.02	0.55	-2.94	-6.10	0.97	1.25
EPS Growth	-	-	-	-	-22.40%	101.61%
Free Cash Flow	46.36	27.79	31.62	12.83	4.44	39.88
Free Cash Flow Per Share	2.53	1.53	1.75	0.68	0.24	2.65
Gross Margin	53.01%	52.65%	51.23%	52.42%	58.78%	62.04%
Operating Margin	7.50%	6.21%	3.51%	2.00%	9.37%	9.29%
Profit Margin	2.92%	1.61%	-8.87%	-18.97%	4.24%	5.85%
Free Cash Flow Margin	7.30%	4.45%	5.27%	2.11%	1.06%	12.39%
EBITDA	65.74	58.09	48.89	44.26	57.09	42.89
EBITDA Margin	10.36%	9.30%	8.14%	7.30%	13.63%	13.33%
D&A For EBITDA	18.17	19.3	27.82	32.13	17.83	12.98
EBIT	47.58	38.78	21.07	12.13	39.25	29.91
EBIT Margin	7.50%	6.21%	3.51%	2.00%	9.37%	9.29%
Effective Tax Rate	32.28%	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