American Public Education, Inc. (APEI)

NASDAQ: APEI · Real-Time Price · USD

49.63

-1.59 (-3.10%)

At close: Jul 30, 2026, 4:00 PM EDT

49.75

+0.12 (0.24%)

After-hours: Jul 30, 2026, 5:53 PM EDT

American Public Education Financials Overview

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

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	659.05	648.86	624.56	600.55	606.33	418.8
Revenue Growth	3.84%	3.89%	4.00%	-0.95%	44.78%	30.15%
Gross Profit	362.34	351.84	328.86	307.68	317.86	246.18
Operating Income	16.72	47.94	33.07	-48.31	-137.35	30.37
Net Income	35.58	25.31	10.06	-53.29	-115.04	17.75
Earnings Per Share	1.89	1.36	0.55	-2.94	-6.10	0.97
EPS Growth	85.29%	147.27%	-	-	-	-22.40%

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Military	325.34	319.84	317.05	303.3	285.13	283.7
Corporate and Other	4.07	7.81	23.96	26.22	20.87	-0.18
Rasmussen University Segment	-	246.23	216.26	214.09	253.26	89.48
Hondros College of Nursing Segment	-	74.98	67.29	56.94	47.08	45.8
Total	659.05	648.86	624.56	600.55	606.33	418.8

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Cash & Investments	221	176.5	158.94	144.34	129.46	149.63
Total Debt	153.46	162.96	200.62	204.73	208.97	243.71
Net Cash (Debt)	67.54	13.54	-41.68	-60.39	-79.51	-94.09
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	3.60	0.73	-2.30	-3.32	-4.20	-5.15

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Operating Cash Flow	88.27	61.97	48.87	45.51	29.22	16.27
Capital Expenditures	-14.49	-15.86	-21.08	-13.9	-16.39	-11.83
Free Cash Flow	73.78	46.1	27.79	31.62	12.83	4.44
Free Cash Flow Growth	59.15%	65.89%	-12.11%	146.52%	189.07%	-88.88%

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Gross Margin	54.98%	54.22%	52.65%	51.23%	52.42%	58.78%
Operating Margin	2.54%	7.39%	5.29%	-8.04%	-22.65%	7.25%
Pretax Margin	7.83%	6.74%	4.95%	-8.79%	-24.94%	6.23%
Profit Margin	6.13%	4.86%	3.29%	-7.00%	-18.96%	4.44%
FCF Margin	11.20%	7.10%	4.45%	5.27%	2.12%	1.06%

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul '26 Jul 30, 2026	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
PE Ratio	26.22	27.79	39.22	-	-	22.94
Forward PE	21.22	22.41	19.59	14.77	162.14	13.01
P/FCF Ratio	12.49	14.86	13.75	5.37	18.10	93.83
PS Ratio	1.40	1.06	0.61	0.28	0.38	0.99