American Public Education, Inc. (APEI)

American Public Education Balance Sheet

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

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	124.97	174.1	131.93	116.66	102.52	122.63
Cash & Short-Term Investments	216.43	174.1	131.93	116.66	102.52	122.63
Cash Growth	13.11%	31.96%	13.09%	13.79%	-16.40%	-45.86%
Accounts Receivable	51.68	65.66	62.47	50.97	42.35	36.03
Other Receivables	5.24	3.46	0.95	0.47	2.87	5.3
Receivables	56.92	69.12	63.41	51.45	45.22	41.33
Prepaid Expenses	17.22	14.2	13.75	13.03	11.41	11.68
Restricted Cash	-	2.4	27.02	27.68	26.94	27
Other Current Assets	0.65	-	24.47	8.56	-	-
Total Current Assets	291.21	259.82	260.57	217.38	186.09	202.64
Property, Plant & Equipment	127	128.28	168.16	187.53	209.76	180.36
Goodwill	59.59	59.59	59.59	59.59	112.59	243.49
Other Intangible Assets	28.22	28.22	28.22	31.54	54.73	85.08
Long-Term Deferred Tax Assets	36.28	39.18	47.31	51.36	35.36	-
Other Long-Term Assets	6.17	6.33	6.25	9.99	16.52	14.04
Total Assets	548.47	521.42	570.1	557.39	615.06	725.61

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts Payable	7.66	4.82	7.85	8.66	3.81	13.5
Accrued Expenses	44.83	35.84	34.28	28.19	28.79	25.95
Current Portion of Long-Term Debt	6.19	-	-	-	-	8.75
Current Portion of Leases	10.7	11.37	13.55	13.31	14.4	13.71
Current Unearned Revenue	30.75	23.02	23.47	23.83	23.76	21.78
Total Current Liabilities	100.13	75.05	79.16	73.99	70.76	83.68
Long-Term Debt	80.05	94.67	93.42	94.68	93.15	151.77
Long-Term Leases	56.12	56.92	93.65	96.74	101.42	69.49
Long-Term Deferred Tax Liabilities	-	-	-	-	-	5.06
Total Liabilities	236.3	226.64	266.22	265.41	265.33	310

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Common Stock	0.18	0.18	0.18	0.18	0.19	0.19
Additional Paid-In Capital	309.12	311.12	305.82	299.56	292.85	286.39
Retained Earnings	2.89	-16.5	-41.81	-49.1	13.89	128.93
Comprehensive Income & Other	-0.03	-0.02	-0.01	1.64	3.1	0.11
Total Common Equity	312.17	294.78	264.19	252.29	310.04	415.61
Shareholders' Equity	312.17	294.78	303.88	291.98	349.73	415.61
Total Liabilities & Equity	548.47	521.42	570.1	557.39	615.06	725.61

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Total Debt	153.06	162.96	200.62	204.73	208.97	243.71
Net Cash (Debt)	63.37	11.14	-68.7	-88.07	-106.45	-121.09
Net Cash Growth	152.45%	-	-	-	-	-
Net Cash Per Share	3.37	0.60	-3.79	-4.86	-5.64	-6.63
Filing Date Shares Outstanding	18.2	18.38	18	17.51	19.03	18.86
Total Common Shares Outstanding	18.22	18.13	17.71	17.6	18.89	18.71
Working Capital	191.08	184.77	181.42	143.39	115.33	118.96
Book Value Per Share	17.13	16.26	14.92	14.33	16.41	22.21
Tangible Book Value	224.36	206.97	176.37	161.15	142.71	87.04
Tangible Book Value Per Share	12.31	11.42	9.96	9.15	7.55	4.65
Land	-	3.16	3.16	8.27	8.8	8.95
Buildings	-	16.72	16.72	40.11	50.59	51.94
Machinery	-	40.08	46.9	47.48	43.04	39.08
Leasehold Improvements	-	52.58	49.83	42.92	37.16	30.34

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Nov 9, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 10, 2026

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