American Public Education Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	648.86	624.56	600.55	606.33	418.8
Revenue Growth (YoY)	3.89%	4.00%	-0.95%	44.78%	30.15%
Cost of Revenue	297.02	295.7	292.86	288.47	172.62
Gross Profit	351.84	328.86	307.68	317.86	246.18
Selling, General & Admin	281.83	270.77	261.19	275	196.7
Depreciation & Amortization Expenses	16.15	19.3	27.82	32.13	17.83
Other Operating Expenses	5.93	5.72	66.98	148.08	1.28
Total Operating Expenses	303.91	295.79	355.99	455.2	215.81
Operating Income	47.94	33.07	-48.31	-137.35	30.37
Total Non-Operating Income (Expense)	-4.23	-2.13	-4.46	-13.9	-4.28
Pretax Income	43.71	30.94	-52.77	-151.25	26.09
Provision for Income Taxes	12.15	10.42	-10.72	-36.28	7.51
Net Income	25.31	10.06	-53.29	-115.04	17.75
Minority Interest in Earnings	5.24	4.41	5.24	0.02	0.83
Net Income Attributable to Preferred Dividends	6.25	6.06	6.01	0.05	-
Net Income to Common	25.31	10.06	-53.29	-115.04	17.75
Net Income Growth	151.62%	-	-	-	-5.68%
Shares Outstanding (Basic)	18	18	18	19	18
Shares Outstanding (Diluted)	19	18	18	19	18
Shares Change (YoY)	2.82%	-0.24%	-3.81%	3.61%	21.32%
EPS (Basic)	1.40	0.57	-2.94	-6.10	0.98
EPS (Diluted)	1.36	0.55	-2.93	-6.08	0.97
EPS Growth	147.27%	-	-	-	-22.40%
Shares Outstanding	18.13	17.71	17.6	18.89	18.71
Free Cash Flow	46.1	27.79	31.62	12.83	4.44
Free Cash Flow Growth	65.89%	-12.11%	146.52%	189.07%	-88.88%
Free Cash Flow Per Share	2.47	1.53	1.74	0.68	0.24
Gross Margin	54.22%	52.65%	51.23%	52.42%	58.78%
Operating Margin	7.39%	5.29%	-8.04%	-22.65%	7.25%
Profit Margin	4.86%	3.29%	-7.00%	-18.96%	4.44%
FCF Margin	7.10%	4.45%	5.27%	2.12%	1.06%
EBITDA	64.08	52.37	-20.49	-105.22	48.2
EBITDA Margin	9.88%	8.38%	-3.41%	-17.35%	11.51%
EBIT	47.94	33.07	-48.31	-137.35	30.37
EBIT Margin	7.39%	5.29%	-8.04%	-22.65%	7.25%
Effective Tax Rate	27.80%	33.68%	20.31%	23.98%	28.78%

Updated Mar 12, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q