American Public Education, Inc. (APEI)
NASDAQ: APEI · Real-Time Price · USD
45.36
-0.02 (-0.04%)
Sep 4, 2026, 4:00 PM EDT - Market closed
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 | 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 |
Net Income | 45.67 | 31.56 | 16.11 | -47.29 | -114.99 | 17.75 |
Depreciation & Amortization | 16.18 | 16.15 | 19.3 | 27.82 | 32.13 | 17.83 |
Other Amortization | 1 | 1.34 | 1.48 | 1.63 | 6.48 | 0.89 |
Loss (Gain) From Sale of Assets | 2.89 | 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 | 8.41 | 8.35 | 7.67 | 7.74 | 8.01 | 7.65 |
Other Operating Activities | 10.63 | 8.14 | 4.05 | -16.01 | -45.72 | 5.55 |
Change in Accounts Receivable | -0.06 | -5.32 | -11.49 | -8.62 | -2.05 | -7.64 |
Change in Accounts Payable | -3.75 | -1.85 | -0.82 | 4.86 | -10.21 | 8.03 |
Change in Unearned Revenue | 1.27 | 1.85 | -0.36 | 0.07 | 0.02 | -23.06 |
Change in Income Taxes | -1.64 | -2.51 | -0.48 | 2.4 | 2.43 | -5.48 |
Change in Other Net Operating Assets | 5.01 | -0.26 | 6.99 | 0.7 | 5.02 | -7.36 |
Operating Cash Flow | 85.6 | 61.97 | 48.87 | 45.51 | 29.22 | 16.27 |
Operating Cash Flow Growth | 26.85% | 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 | 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 |
Capital Expenditures | -15.53 | -15.86 | -21.08 | -13.9 | -16.39 | -11.83 |
Cash Acquisitions | - | - | - | - | 1.95 | -325.51 |
Divestitures | -2.29 | -2.29 | - | - | - | - |
Sale (Purchase) of Real Estate | 0.01 | 22.96 | - | 0.12 | 0.77 | 0.67 |
Investment in Securities | -75.92 | - | - | - | - | - |
Investing Cash Flow | -93.73 | 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 | 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 |
Long-Term Debt Issued | - | - | - | - | - | 175 |
Long-Term Debt Repaid | - | -0.21 | -2.96 | -0.11 | -73.86 | -2.19 |
Net Debt Issued (Repaid) | -7.76 | -0.21 | -2.96 | -0.11 | -73.86 | 172.81 |
Issuance of Common Stock | 1.11 | 1.21 | 0.07 | - | - | 86.21 |
Repurchase of Common Stock | -13.39 | -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 | -21.9 | -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 | 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 |
Net Cash Flow | -30.03 | 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 | 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 |
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% |
Free Cash Flow Margin | 10.49% | 7.11% | 4.45% | 5.27% | 2.11% | 1.06% |
Free Cash Flow Per Share | 3.72 | 2.47 | 1.53 | 1.75 | 0.68 | 0.24 |
Levered Free Cash Flow | 51.04 | 81.99 | 7.78 | 19.34 | 18.3 | -9.73 |
Unlevered Free Cash Flow | 51.49 | 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 | 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 Interest Paid | 8.15 | 9.64 | 10.73 | 10.6 | 12.5 | 3.68 |
Cash Income Tax Paid | 6.47 | 6.52 | 6.3 | 2.42 | 4 | 7.46 |
Change in Working Capital | 0.83 | -8.09 | -6.15 | -0.6 | -4.78 | -35.52 |