American Public Education, Inc. (APEI) — Financial statements
Income statement, balance sheet, and cash flow for American Public Education, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 649↑3.9% | 625↑4.0% | 601↓1.0% | 606↑44.8% | 419 | |
| Cost of Revenue | 313↑5.9% | 296↑1.0% | 293↑1.5% | 288↑67.1% | 173 | |
| Gross Profit | 336↑2.1% | 329↑6.9% | 308↓3.2% | 318↑29.1% | 246 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 145↑1.8% | 142↑10.7% | 128↑6.6% | 120↑16.4% | 103 | |
| Selling & Marketing Expenses | 137↑6.6% | 129↓3.1% | 133↓14.0% | 155↑65.7% | 93 | |
| SG&A Expenses | 282↑4.1% | 271↑3.7% | 261↓5.0% | 275↑39.8% | 197 | |
| Other Expenses | 0.00↓100.0% | 25↓73.6% | 95↓47.4% | 180↑842.8% | 19 | |
| Operating Expenses | 282↓4.7% | 296↓16.9% | 356↓21.8% | 455↑110.9% | 216 | |
| Total Costs & Expenses | 595↑0.6% | 591↓8.8% | 649↓12.8% | 744↑91.5% | 388 | |
| Operating Results | ||||||
| Operating Income | 54↑62.9% | 33↑168.5% | -48↑64.8% | -137↓552.2% | 30 | |
| Depreciation & Amortization | 16↓16.3% | 19↓30.6% | 28↓13.4% | 32↑80.2% | 18 | |
| EBITDA | 70↑33.7% | 52↑355.6% | -20↑79.8% | -101↓310.3% | 48 | |
| EBIT | 54↑62.9% | 33↑168.5% | -48↑63.8% | -134↓539.6% | 30 | |
| Interest & Other Income | ||||||
| Net Interest Income | -4↓98.9% | -2↑52.3% | -4↑74.8% | -18↓314.5% | -4 | |
| Interest Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Interest Expense | 4↑98.9% | 2↓52.3% | 4↓74.8% | 18↑314.5% | 4 | |
| Non-Operating Income | 0.00 | 0.00 | 0.00↑100.0% | -4 | 0.00 | |
| Other Income / Expenses | -10↓377.4% | -2↑78.1% | -10↑30.4% | -14↓172.5% | -5 | |
| Income Before Tax | 44↑41.3% | 31↑153.3% | -58↑61.7% | -151↓698.8% | 25 | |
| Income Tax Expense | 12↑16.6% | 10↑197.2% | -11↑70.5% | -36↓583.0% | 8 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 32↑53.8% | 21↑143.4% | -47↑58.9% | -115↓747.8% | 18 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 32↑95.8% | 16↑134.1% | -47↑58.9% | -115↓747.8% | 18 | |
| Bottom-Line Net Income | 25↑151.6% | 10↑118.9% | -53↑53.7% | -115↓748.0% | 18 | |
| EPS (Basic) | 1.40↑145.6% | 0.57↑119.4% | -2.94↑51.8% | -6.10↓722.4% | 0.98 | |
| EPS (Diluted) | 1.36↑147.3% | 0.55↑118.7% | -2.94↑51.6% | -6.08↓726.8% | 0.97 | |
| Weighted Average Shares | 18↑2.2% | 18↓2.7% | 18↓4.0% | 19↑4.3% | 18 | |
| Weighted Average Diluted Shares | 19↑2.8% | 18↓0.2% | 18↓3.8% | 19↑3.6% | 18 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.