American Public Education, Inc. (APEI)

American Public Education Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	40.4	31.56	16.11	-47.29	-114.99	17.75
Depreciation & Amortization	16.31	16.15	19.3	27.82	32.13	17.83
Stock-Based Compensation	8.42	8.35	7.67	7.74	8.01	7.65
Other Adjustments	10.83	14	11.94	57.84	108.86	8.54
Change in Receivables	1.04	-5.32	-11.49	-8.62	-2.05	-7.64
Changes in Accounts Payable	2.65	-1.85	-0.82	4.86	-10.21	8.03
Changes in Accrued Expenses	5.13	1.65	6.09	-0.61	2.78	-7.84
Changes in Income Taxes Payable	-3.44	-2.51	-0.48	2.4	2.43	-5.48
Changes in Unearned Revenue	2.42	1.85	-0.36	0.07	0.02	-23.06
Changes in Other Operating Activities	-2.65	-1.91	0.9	1.31	2.25	0.48
Operating Cash Flow	88.27	61.97	48.87	45.51	29.22	16.27
Operating Cash Flow Growth	35.54%	26.79%	7.38%	55.79%	79.62%	-63.70%
Capital Expenditures	-14.49	-15.86	-21.08	-13.9	-16.39	-11.83
Sale of Property, Plant & Equipment	22.46	22.96	-	0.12	0.77	0.67
Other Investing Activities	-1.59	-2.29	-	-	1.95	-325.51
Investing Cash Flow	5.68	4.8	-21.08	-13.77	-13.67	-336.67
Long-Term Debt Issued	90	-	-	-	-	175
Long-Term Debt Repaid	-96.64	-0.21	-2.96	-0.11	-73.86	-2.19
Net Long-Term Debt Issued (Repaid)	-6.64	-0.21	-2.96	-0.11	-73.86	172.81
Issuance of Common Stock	1.08	1.21	0.07	-	-	86.21
Repurchase of Common Stock	-9.28	-4.26	-4.24	-10.74	-1.54	-3.03
Net Common Stock Issued (Repurchased)	-8.2	-3.05	-4.17	-10.74	-1.54	83.17
Issuance of Preferred Stock	-	-	-	-	39.69	-
Repurchase of Preferred Stock	-21.64	-43.19	-	-	-	-
Net Preferred Stock Issued (Repurchased)	-21.64	-43.19	-	-	39.69	-
Preferred Share Dividends Paid	-1.32	-2.75	-6.06	-6.01	-	-
Other Financing Activities	-1.11	-	-	-	-	-13.64
Financing Cash Flow	-60.45	-49.21	-13.19	-16.86	-35.71	242.34
Net Cash Flow	33.5	17.56	14.6	14.88	-20.17	-78.06
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%
FCF Margin	11.20%	7.10%	4.45%	5.27%	2.12%	1.06%
Free Cash Flow Per Share	3.94	2.47	1.53	1.74	0.68	0.24
Levered Free Cash Flow	34.87	22.61	10.66	-31.46	-175.91	168.69
Unlevered Free Cash Flow	50.76	32.13	25.49	-16.55	-91.41	-0.25

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

SEC Filings: 10-K · 10-Q