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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, 7:34 PM EDT

American Public Education Cash Flow Statement

Millions USD. Fiscal year is Jan - Dec.

Operating Activities

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Mar '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Net Income
40.431.5616.11-47.29-114.9917.75
Depreciation & Amortization
16.3116.1519.327.8232.1317.83
Stock-Based Compensation
8.428.357.677.748.017.65
Other Adjustments
11.041411.9457.84108.868.54
Change in Receivables
1.04-5.32-11.49-8.62-2.05-7.64
Changes in Accounts Payable
5.53-1.85-0.824.86-10.218.03
Changes in Accrued Expenses
8.141.656.09-0.612.78-7.84
Changes in Income Taxes Payable
-3.44-2.51-0.482.42.43-5.48
Changes in Unearned Revenue
2.421.85-0.360.070.02-23.06
Changes in Other Operating Activities
-2.49-1.910.91.312.250.48
Operating Cash Flow
88.2761.9748.8745.5129.2216.27
Operating Cash Flow Growth
35.54%26.79%7.38%55.79%79.62%-63.70%

Investing Activities

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Mar '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Capital Expenditures
-14.49-15.86-21.08-13.9-16.39-11.83
Sale of Property, Plant & Equipment
22.4622.96-0.120.770.67
Other Investing Activities
--2.29--1.95-325.51
Investing Cash Flow
5.684.8-21.08-13.77-13.67-336.67

Financing Activities

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Mar '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
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)
-6.64-0.21-2.96-0.11-73.86172.81
Issuance of Common Stock
1.081.210.07--86.21
Repurchase of Common Stock
-9.28-4.26-4.24-10.74-1.54-3.03
Net Common Stock Issued (Repurchased)
-8.2-3.05-4.17-10.74-1.5483.17
Issuance of Preferred Stock
----39.69-
Repurchase of Preferred Stock
--43.19----
Net Preferred Stock Issued (Repurchased)
--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
-60.45-49.21-13.19-16.86-35.71242.34

Net Cash Flow

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Mar '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Net Cash Flow
33.517.5614.614.88-20.17-78.06

Free Cash Flow

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Mar '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Free Cash Flow
73.7846.127.7931.6212.834.44
Free Cash Flow Growth
59.15%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
3.942.471.531.740.680.24
Levered Free Cash Flow
40.9222.6110.66-31.46-175.91168.69
Unlevered Free Cash Flow
25.0732.1325.49-16.55-91.41-0.25
SEC Filings: 10-K · 10-Q