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 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 (YoY)	3.84%	3.89%	4.00%	-0.95%	44.78%	30.15%
Cost of Revenue	296.71	297.02	295.7	292.86	288.47	172.62
Gross Profit	362.34	351.84	328.86	307.68	317.86	246.18
Selling, General & Admin	284.38	281.83	270.77	261.19	275	196.7
Depreciation & Amortization Expenses	16.31	16.15	19.3	27.82	32.13	17.83
Other Operating Expenses	4.4	5.93	5.72	66.98	148.08	1.28
Total Operating Expenses	305.09	303.91	295.79	355.99	455.2	215.81
Operating Income	57.26	47.94	33.07	-48.31	-137.35	30.37
Total Non-Operating Income (Expense)	-5.74	-4.23	-2.13	-4.46	-13.9	-4.28
Pretax Income	51.59	43.71	30.94	-52.77	-151.25	26.09
Provision for Income Taxes	11.2	12.15	10.42	-10.72	-36.28	7.51
Net Income	35.58	25.31	10.06	-53.29	-115.04	17.75
Minority Interest in Earnings	-	-	4.41	5.24	0.02	0.83
Net Income Attributable to Preferred Dividends	4.82	6.25	6.06	6.01	0.05	-
Net Income to Common	35.58	25.31	10.06	-53.29	-115.04	17.75
Net Income Growth	91.91%	151.62%	-	-	-	-5.68%
Shares Outstanding (Basic)	18	18	18	18	19	18
Shares Outstanding (Diluted)	19	19	18	18	19	18
Shares Change (YoY)	2.45%	2.82%	-0.24%	-3.81%	3.61%	21.32%
EPS (Basic)	1.96	1.40	0.57	-2.94	-6.10	0.98
EPS (Diluted)	1.89	1.36	0.55	-2.93	-6.08	0.97
EPS Growth	85.29%	147.27%	-	-	-	-22.40%
Shares Outstanding	18.41	18.13	17.71	17.6	18.89	18.71
Free Cash Flow	73.78	46.1	27.79	31.62	12.83	4.44
Free Cash Flow Growth	60.04%	65.89%	-12.11%	146.52%	189.07%	-88.88%
Free Cash Flow Per Share	3.94	2.47	1.53	1.74	0.68	0.24
Gross Margin	54.98%	54.22%	52.65%	51.23%	52.42%	58.78%
Operating Margin	8.69%	7.39%	5.29%	-8.04%	-22.65%	7.25%
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%
EBITDA	73.57	64.08	52.37	-20.49	-105.22	48.2
EBITDA Margin	11.16%	9.88%	8.38%	-3.41%	-17.35%	11.51%
EBIT	57.26	47.94	33.07	-48.31	-137.35	30.37
EBIT Margin	8.69%	7.39%	5.29%	-8.04%	-22.65%	7.25%
Effective Tax Rate	21.70%	27.80%	33.68%	20.31%	23.98%	28.78%

Updated May 11, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q