American Public Education, Inc. (APEI)

NASDAQ: APEI · Real-Time Price · USD

37.38

-0.84 (-2.20%)

At close: Nov 6, 2026, 4:00 PM EST

37.28

-0.10 (-0.27%)

After-hours: Nov 6, 2026, 4:29 PM EST

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	Jun '26 Jun 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
Revenue	668.01	648.86	624.56	600.55	606.33	418.8
Revenue Growth	3.64%	3.89%	4.00%	-0.95%	44.78%	30.15%
Gross Profit	373.09	351.84	328.86	307.68	317.86	246.18
Operating Income	68.13	53.86	39.58	18.67	12.13	39.25
Net Income	45.67	25.31	10.06	-53.29	-115.04	17.75
Earnings Per Share	2.42	1.36	0.55	-2.94	-6.10	0.97
EPS Growth	130.57%	147.27%	-	-	-	-22.40%

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 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
Military	329.15	319.84	317.05	303.3	285.13	283.7
Corporate and Other	0.66	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	668.01	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	Jun '26 Jun 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
Cash & Investments	221.6	174.1	131.93	116.66	102.52	122.63
Total Debt	153.47	162.96	200.62	204.73	208.97	243.71
Net Cash (Debt)	68.14	11.14	-68.7	-88.07	-106.45	-121.09
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	3.62	0.60	-3.79	-4.86	-5.64	-6.63

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 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
Operating Cash Flow	85.6	61.97	48.87	45.51	29.22	16.27
Capital Expenditures	-15.53	-15.86	-21.08	-13.9	-16.39	-11.83
Free Cash Flow	70.07	46.1	27.79	31.62	12.83	4.44
Free Cash Flow Growth	39.54%	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	Jun '26 Jun 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
Gross Margin	55.85%	54.22%	52.65%	51.23%	52.42%	58.78%
Operating Margin	10.20%	8.30%	6.34%	3.11%	2.00%	9.37%
Pretax Margin	8.96%	6.74%	4.25%	-9.66%	-24.95%	6.03%
Profit Margin	6.84%	3.90%	1.61%	-8.87%	-18.97%	4.24%
FCF Margin	10.49%	7.11%	4.45%	5.27%	2.11%	1.06%

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '26 Nov 6, 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	15.42	27.02	37.99	-	-	23.45
Forward PE	14.97	22.41	19.59	14.77	162.14	13.01
P/FCF Ratio	9.58	14.83	13.75	5.43	18.10	93.82
PS Ratio	1.01	1.05	0.61	0.29	0.38	0.99