American Public Education, Inc. (APEI)
NASDAQ: APEI · Real-Time Price · USD
41.75
+2.66 (6.80%)
Nov 10, 2026, 1:41 PM EST - Market open
American Public Education Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Net Income | 46 | 31.56 | 16.11 | -47.29 | -114.99 | 17.75 |
Depreciation & Amortization | 16.2 | 16.15 | 19.3 | 27.82 | 32.13 | 17.83 |
Other Amortization | 0.78 | 1.34 | 1.48 | 1.63 | 6.48 | 0.89 |
Loss (Gain) From Sale of Assets | 1.22 | 4.52 | 2 | 2.98 | 1.18 | 1.28 |
Asset Writedown & Restructuring Costs | - | - | - | 64 | 146.9 | - |
Loss (Gain) on Equity Investments | - | - | 4.41 | 5.24 | 0.02 | 0.83 |
Stock-Based Compensation | 8.87 | 8.35 | 7.67 | 7.74 | 8.01 | 7.65 |
Other Operating Activities | 4.22 | 8.14 | 4.05 | -16.01 | -45.72 | 5.55 |
Change in Accounts Receivable | -7.78 | -5.32 | -11.49 | -8.62 | -2.05 | -7.64 |
Change in Accounts Payable | -0.05 | -1.85 | -0.82 | 4.86 | -10.21 | 8.03 |
Change in Unearned Revenue | 6.79 | 1.85 | -0.36 | 0.07 | 0.02 | -23.06 |
Change in Income Taxes | 2.4 | -2.51 | -0.48 | 2.4 | 2.43 | -5.48 |
Change in Other Net Operating Assets | -2.93 | -0.26 | 6.99 | 0.7 | 5.02 | -7.36 |
Operating Cash Flow | 75.73 | 61.97 | 48.87 | 45.51 | 29.22 | 16.27 |
Operating Cash Flow Growth | 0.81% | 26.79% | 7.38% | 55.79% | 79.62% | -63.70% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Capital Expenditures | -19.36 | -15.86 | -21.08 | -13.9 | -16.39 | -11.83 |
Cash Acquisitions | - | - | - | - | 1.95 | -325.51 |
Divestitures | -1.59 | -2.29 | - | - | - | - |
Sale (Purchase) of Real Estate | - | 22.96 | - | 0.12 | 0.77 | 0.67 |
Investment in Securities | -90.28 | - | - | - | - | - |
Investing Cash Flow | -111.22 | 4.8 | -21.08 | -13.77 | -13.67 | -336.67 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Long-Term Debt Issued | - | - | - | - | - | 175 |
Long-Term Debt Repaid | - | -0.21 | -2.96 | -0.11 | -73.86 | -2.19 |
Net Debt Issued (Repaid) | -8.89 | -0.21 | -2.96 | -0.11 | -73.86 | 172.81 |
Issuance of Common Stock | 1.09 | 1.21 | 0.07 | - | - | 86.21 |
Repurchase of Common Stock | -23.13 | -4.26 | -4.24 | -10.74 | -1.54 | -3.03 |
Preferred Dividends Paid | - | -2.75 | -6.06 | -6.01 | - | - |
Dividends Paid | - | -2.75 | -6.06 | -6.01 | - | - |
Other Financing Activities | -1.75 | - | - | - | - | -13.64 |
Financing Cash Flow | -32.68 | -49.21 | -13.19 | -16.86 | -35.71 | 242.34 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Net Cash Flow | -68.17 | 17.56 | 14.6 | 14.88 | -20.17 | -78.06 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Free Cash Flow | 56.37 | 46.1 | 27.79 | 31.62 | 12.83 | 4.44 |
Free Cash Flow Growth | -6.00% | 65.89% | -12.11% | 146.52% | 189.07% | -88.88% |
Free Cash Flow Margin | 8.36% | 7.11% | 4.45% | 5.27% | 2.11% | 1.06% |
Free Cash Flow Per Share | 3.00 | 2.47 | 1.53 | 1.75 | 0.68 | 0.24 |
Levered Free Cash Flow | 41.7 | 81.99 | 7.78 | 19.34 | 18.3 | -9.73 |
Unlevered Free Cash Flow | 41.43 | 83.3 | 7.63 | 20.5 | 22.9 | -7.94 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 Interest Paid | 6.93 | 9.64 | 10.73 | 10.6 | 12.5 | 3.68 |
Cash Income Tax Paid | 7.39 | 6.52 | 6.3 | 2.42 | 4 | 7.46 |
Change in Working Capital | -1.56 | -8.09 | -6.15 | -0.6 | -4.78 | -35.52 |