APEI on Nasdaq
American Public Education, Inc.
Provider of higher education.1
$49.37 up 1.02 (2.11%)Price as of Oct 15, 2026 at 17:33 UTC
Last updated Oct 16, 2026.
Overview
Compare with Lincoln Group of Schools, Universal Technical Institute or Youdao, Inc., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
7.4%Operating margin5
4.9%Net margin5
3.9%Revenue growth, 20255
10.7%Return on equity5
0.32×Debt to equity5
$46.1MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Instructional Services, Net Of Grants And Scholarships brought in 91% of the revenue American Public Education, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Instructional Services, Net Of Grants And Scholarships | $554.7M | $575.7M | $591.8M |
| Textbook And Other Course Materials | $40.3M | $42.2M | $47.7M |
| Other Fees | $3.8M | $4.2M | $5.5M |
| Graduation Fees | $1.8M | $2.5M | $3.9M |
Business segments
American Public Education Inc brought in 36% of the revenue American Public Education, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| American Public Education Inc | $303.3M | $317.0M | $319.8M |
| Rasmussen University | $214.1M | $216.3M | $246.2M |
| Rasmussen University | $214.1M | $216.3M | $246.2M |
| Hondros College Of Nursing | $56.9M | $67.3M | $75.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue46¢$297.0M
- Other costs47¢$308.1M
- Income tax2¢$12.1M
- Profit5¢$31.6M
Out of $648.9M in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Capital spending26¢$15.9M
- Share buybacks7¢$4.3M
- Kept or used elsewhere68¢$41.8M
Out of $62.0M of cash from operations.5
Financial statements
Every line of the income statement in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $648.9M | $624.6M | $600.5M |
| Instructional costs and services | $297.0M | $295.7M | $292.9M |
| Selling and promotional | $137.3M | $128.8M | $133.0M |
| General and administrative | $144.6M | $142.0M | $128.2M |
| Depreciation and amortization | $16.1M | $19.3M | $27.8M |
| Impairment of goodwill and intangible assets | $0 | $0 | $64.0M |
| Loss on sale of subsidiary (Note 2) | $3.9M | $0 | $0 |
| Loss on assets held for sale (Note 5) | $1.5M | $1.6M | $2.4M |
| Loss on leases (Note 7) | $77.0K | $3.7M | $0 |
| Loss on disposals of long-lived assets | $444.0K | $383.0K | $554.0K |
| Total costs and expenses | $600.9M | $591.5M | $648.9M |
| (Loss) income from operations before interest and income taxes | $47.9M | $33.1M | -$48.3M |
| Interest expense, net | -$4.2M | -$2.1M | -$4.5M |
| (Loss) income from operations before income taxes | $43.7M | $30.9M | -$52.8M |
| Income tax (benefit) expense | $12.1M | $10.4M | -$10.7M |
| Equity investment loss | $0 | -$4.4M | -$5.2M |
| Net (loss) income | $31.6M | $16.1M | -$47.3M |
| Preferred stock dividends | $2.8M | $6.1M | $6.0M |
| Loss on redemption of preferred stock | $3.5M | $0 | $0 |
| Net income (loss) available to common stockholders basic | $25.3M | $10.1M | -$53.3M |
| Net income (loss) available to common stockholders diluted | $25.3M | $10.1M | -$53.3M |
| Basic (in dollars per share) | $1.40 | $0.57 | -$2.94 |
| Diluted (in dollars per share) | $1.36 | $0.55 | -$2.93 |
| Basic (in shares) | 18.0M shares | 17.6M shares | 18.1M shares |
| Diluted (in shares) | 18.7M shares | 18.1M shares | 18.2M shares |
Every line of the balance sheet in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash, cash equivalents, and restricted cash (Note 2) | $176.5M | $158.9M | $144.3M |
| Accounts receivable, net of allowance of $19,280 in 2024 and $21,113 in 2025 | $65.7M | $62.5M | |
| Prepaid expenses | $14.2M | $13.7M | |
| Income tax receivable | $3.5M | $949.0K | |
| Assets held for sale (Note 5) | $0 | $24.5M | |
| Total current assets | $259.8M | $260.6M | |
| Property and equipment, net | $70.6M | $73.4M | |
| Operating lease assets, net | $57.7M | $94.8M | |
| Deferred income taxes | $39.2M | $47.3M | |
| Intangible assets, net | $28.2M | $28.2M | |
| Goodwill | $59.6M | $59.6M | $59.6M |
| Other assets, net | $6.3M | $6.2M | |
| Total assets | $521.4M | $570.1M | |
| Accounts payable | $4.8M | $7.8M | |
| Accrued compensation and benefits | $22.5M | $20.5M | |
| Accrued liabilities | $13.4M | $13.7M | |
| Deferred revenue and student deposits | $23.0M | $23.5M | |
| Lease liabilities, current | $11.4M | $13.6M | |
| Total current liabilities | $75.0M | $79.2M | |
| Lease liabilities, long term | $56.9M | $93.6M | |
| Long-term debt, net | $94.7M | $93.4M | |
| Total liabilities | $226.6M | $266.2M | |
| Preferred Stock, $.01 par value; authorized shares 10,000,000; Series A Senior Preferred Stock, 400 shares issued or outstanding in 2024, respectively. ($117,439 liquidation preference per share, $46,976 in aggregate, for 2024, respectively) (Note 12) | $0 | $39.7M | |
| Common Stock, $.01 par value; authorized shares 100,000,000; 17,712,575 issued and outstanding in 2024; 18,125,860 issued and outstanding in 2025 | $181.0K | $177.0K | |
| Additional paid-in capital | $311.1M | $305.8M | |
| Accumulated other comprehensive loss | -$18.0K | -$7.0K | |
| Accumulated deficit | -$16.5M | -$41.8M | |
| Total stockholders equity | $294.8M | $303.9M | $292.0M |
| Total liabilities and stockholders equity | $521.4M | $570.1M | |
| Accounts receivable, allowance | $21.1M | $19.3M | |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Preferred stock, authorized shares (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, liquidation preference per share (in USD per share) | $47.0M | $47.0M | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, authorized shares (in shares) | 100.0M shares | 100.0M shares | |
| Common stock, issued (in shares) | 18.1M shares | 17.7M shares | |
| Common stock, outstanding (in shares) | 18.1M shares | 17.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (loss) income | $31.6M | $16.1M | -$47.3M |
| Depreciation and amortization | $16.1M | $19.3M | $27.8M |
| Amortization and write-off of debt issuance costs | $1.3M | $1.5M | $1.6M |
| Stock-based compensation | $8.4M | $7.7M | $7.7M |
| Equity investment loss | $0 | $4.4M | $5.2M |
| Deferred income taxes | $8.1M | $4.0M | -$16.0M |
| Loss on assets held for sale | $1.5M | $1.6M | $2.4M |
| Loss on disposal of long-lived assets | $444.0K | $383.0K | $554.0K |
| Loss on sale of subsidiary | $2.5M | $0 | $0 |
| Impairment of goodwill and intangible assets | $0 | $0 | $64.0M |
| Accounts receivable, net of allowance for bad debt | -$5.3M | -$11.5M | -$8.6M |
| Prepaid expenses | -$761.0K | -$716.0K | -$1.6M |
| Income tax receivable/payable | -$2.5M | -$475.0K | $2.4M |
| Operating lease assets, net | $19.0K | $2.7M | $3.2M |
| Other assets | -$1.2M | -$1.1M | -$259.0K |
| Accounts payable | -$1.9M | -$816.0K | $4.9M |
| Accrued compensation and benefits | $1.9M | $3.8M | $1.7M |
| Accrued liabilities | -$275.0K | $2.3M | -$2.3M |
| Deferred revenue and student deposits | $1.9M | -$356.0K | $70.0K |
| Net cash provided by operating activities | $62.0M | $48.9M | $45.5M |
| Cash outlay from sale of subsidiary | -$2.3M | $0 | $0 |
| Capital expenditures | -$15.9M | -$21.1M | -$13.9M |
| Proceeds from the sale of real property | $23.0M | $0 | $123.0K |
| Net cash (used in) provided by investing activities | $4.8M | -$21.1M | -$13.8M |
| Cash paid for repurchase of common/restricted stock | -$4.3M | -$4.2M | -$10.7M |
| Preferred stock dividends paid | -$2.8M | -$6.1M | -$6.0M |
| Cash received from exercise of stock options | $1.2M | $67.0K | $0 |
| Cash paid for redemption of preferred stock | -$43.2M | $0 | $0 |
| Cash paid for principal on borrowings and finance leases | -$213.0K | -$3.0M | -$114.0K |
| Net cash used in financing activities | -$49.2M | -$13.2M | -$16.9M |
| Net increase in cash, cash equivalents, and restricted cash | $17.6M | $14.6M | $14.9M |
| Interest paid | $9.6M | $10.7M | $10.6M |
| Income taxes paid | $6.5M | $6.3M | $2.4M |
Compare American Public Education, Inc. with another company
Subsidiaries and ownership
Subsidiaries
- American Military University
- American Public University
- American Public University System
From Wikidata.1
Timeline
- Nov 11, 2007Went public Listed on NASDAQ1
Recent filings
- Oct 2, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Aug 13, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Aug 13, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Aug 13, 2026SCHEDULE 13G/A
- Aug 12, 2026144
- Aug 12, 2026144
- Aug 10, 202610-Q
- Aug 10, 20268-K
- Aug 6, 2026SCHEDULE 13G
- Aug 5, 20268-K
- Aug 5, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Jul 27, 2026SCHEDULE 13G/A
- Jul 2, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Jun 23, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Jun 22, 2026144
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websitewww.apei.com1
- WikidataQ21992261
- SEC EDGARCIK 1201792
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 3Yahoo FinanceAPEI quote
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