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American Public Education Inc. (APEI)

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American Public Education Inc. (APEI) reported revenue of $172 million for Q2 FY2026, the quarter ended 30 June 2026, up 5.5% on the same quarter a year earlier. Net income was $10 million, up 117.4% on the year, and diluted earnings per share $0.52. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue$172 millionup 5.5%
Net income$10 millionup 117.4%
Diluted EPS$0.52
QuarterQ2 FY2026ended 30 June 2026

American Public Education (APEI) in brief

American Public Education (APEI) reported revenue of $649 million for fiscal 2025, the year ended 31 December 2025, up 3.9% on the year before.
Read moreNet income was $32 million and diluted earnings per share $1.36. Revenue was $625 million in fiscal 2024, $601 million in fiscal 2023, $606 million in fiscal 2022 and $419 million in fiscal 2021. Net income in the same years was $16 million, a loss of $47 million, a loss of $115 million and $18 million. Over the twelve months to 30 June 2026, American Public Education reported revenue of $668 million and net income of $46 million. Revenue grew 15.1% a year, compounded, over the five years to fiscal 2025. American Public Education had 18 million shares outstanding at the latest filed count. At 30 June 2026 it carried $87 million of debt and $147 million of cash. At the close of 29 October 2026 the market cap of American Public Education was $813 million, 18.2 times its earnings over the last twelve months.

Ratios

From the filings

ROE14.5%
ROCE15.9%
Operating margin9.6%
Net margin6.8%
FCF margin10.5%
Interest covern/a
Debt to equity0.28
Cash conversion1.87
Share count, last 12 months1.7%
Sales CAGR, 3 years2.3%
Profit CAGR, 3 yearsn/a
EPS, TTM$2.43

At the close of 29 October 2026

Price$44.25
Market cap$813 million
Stock P/E18.21
Price to book2.59
EV / EBITDA9.42
Dividend yieldn/a
Market cap / sales1.22
52-week high$60.86
52-week low$30.67
Price, 1 year30.8%
Price CAGR, 3 years119.2%
Price CAGR, 5 years12.1%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as American Public Education Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
APEIgreeksoup.ai
Daily prices to 29 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on APEI

Dividends$93.8 million paid in cash dividends in FY2007
Filings15 in twelve months: 8 current reports (8-K), about 4 results of operations; 2 regulation FD disclosure; 1 officer or director change; 1 shareholder vote
Planned insider sales19 Form 144 notices in twelve months, $17.9 million; latest 22 October 2026
Options tapeput/call 1.22 by open interest at the 29 October 2026 close; the straddle prices a 16.3% move to 20 November 2026
13F holders209 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading25 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest2.6 million shares short, 11.25 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026Q2 FY2026
Revenue98.2154155150150152150147151153154153153164165163163158175172
Cost of revenue42.567.471.772.171.872.973.975.073.270.772.476.275.471.774.978.474.769.074.676.6
Gross profit55.786.683.077.577.779.675.872.277.682.182.076.777.792.489.684.388.589.410095.1
Gross margin57%56%54%52%52%52%51%49%51%54%53%50%51%56%54%52%54%56%57%55%
Operating income1.316.55.2-141-1.0-0.3-5.4-65.36.415.95.22.24.121.512.27.09.719.021.613.5
Operating margin1%11%3%-94%-1%-0%-4%-44%4%10%3%1%3%13%7%4%6%12%12%8%
Interest expensen/an/an/an/an/an/a1.91.92.2n/a1.91.91.9n/a2.42.42.5n/a2.01.4
Pre-tax income-0.013.46.4-145-4.6-7.7-7.1-66.45.615.15.11.43.520.911.45.98.617.819.214.2
Tax raten/a30%16%n/an/an/an/an/a66%14%24%-1%35%38%22%24%36%29%8%31%
Net income-0.39.45.3-110-3.8-6.6-5.7-51.2-3.311.50.50.42.311.58.94.55.612.617.79.8
Net margin-0%6%3%-74%-3%-4%-4%-35%-2%8%0%0%1%7%5%3%3%8%10%6%
Diluted EPS-$0.01$0.50$0.28-$5.82-$0.20-$0.35-$0.38-$2.93-$0.27$0.64-$0.06-$0.06$0.04$0.63$0.41-$0.02$0.30$0.67$0.94$0.52
Operating cash flow-8.315.725.320.16.9-23.012.815.720.2-3.120.712.514.11.637.014.821.7-11.663.312.1
Capital expenditure2.86.03.04.33.65.53.23.33.04.46.25.26.33.43.93.74.24.12.54.7
Free cash flow-11.19.722.315.83.3-28.59.612.417.2-7.514.57.37.8-1.833.111.117.5-15.660.87.4
Buybacks0.20.01.40.00.10.01.47.60.01.74.10.00.10.03.70.00.20.38.74.1
Shares outstanding19m19m19m19m19m19m19m18m18m18m18m18m18m18m18m18m18m18m18m18m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read moreMoney is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 14 fiscal years and the trailing twelve months

FY2007FY2008FY2009FY2010FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue69.1107149198313299298286322419606601625649668
Cost of revenuen/an/an/an/a117116115112122173288293296297295
Gross profitn/an/an/an/a196183182174200246318308329352373
Gross marginn/an/an/an/a62.6%61.2%61.3%60.9%62.0%58.8%52.4%51.2%52.7%54.2%55.9%
Operating income14.725.739.950.038.334.932.512.824.830.4-137-48.333.147.963.8
Operating margin21.3%24.0%26.8%25.2%12.2%11.6%10.9%4.5%7.7%7.3%-22.7%-8.0%5.3%7.4%9.6%
Interest expensen/an/an/an/an/an/an/an/an/an/a3.9n/an/an/an/a
Pre-tax income15.626.440.050.138.435.035.416.725.826.1-151-52.830.943.759.8
Income tax6.810.216.020.314.911.59.35.27.07.5-36.3-10.710.412.114.2
Effective tax rate43.8%38.7%40.1%40.4%38.9%32.8%26.2%31.1%27.2%28.8%n/an/a33.7%27.8%23.7%
Net income8.816.223.929.924.221.125.610.018.817.8-115-47.316.131.645.7
Net margin12.7%15.1%16.1%15.1%7.7%7.1%8.6%3.5%5.8%4.2%-19.0%-7.9%2.6%4.9%6.8%
Diluted EPS$0.64$0.86$1.27$1.59$1.49$1.29$1.54$0.62$1.25$0.97-$6.08-$2.93$0.55$1.36$2.43
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service FY2023 to FY2025

FY2023FY2024FY2025Share
of the parts, latest year
Instructional services, net of grants and scholarships55557659291.2%
Textbook and other course materials40.342.247.77.3%
Other fees3.84.25.50.8%
Graduation fees1.82.53.90.6%
Instructional services, net of grants and scholarshipsTextbook and other course materialsOther feesGraduation fees
601FY2023625FY2024649FY2025

$ million; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2007FY2008FY2009FY2010FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow17.529.836.847.156.047.944.238.444.816.329.245.548.962.085.6
Capital expenditure6.810.010.822.516.414.89.47.34.911.816.413.921.115.915.5
Free cash flow10.719.726.024.639.633.134.731.139.94.412.831.627.846.170.1
Free cash flow margin15.5%18.4%17.4%12.4%12.7%11.1%11.7%10.9%12.4%1.1%2.1%5.3%4.4%7.1%10.5%
Cash from investing-7.2-10.9-11.8-23.0-13.5-13.6-9.4-7.3-4.2-337-13.7-13.8-21.14.8-93.7
Cash from financing4.91.92.2-17.6-1.8-1.5-1.8-40.5-15.7242-35.7-16.9-13.2-49.2-21.9
Depreciation and amortisation2.84.25.26.519.418.817.515.613.017.832.127.819.316.116.2
Share-based compensation1.01.72.22.85.26.27.26.07.17.78.07.77.78.48.4
Buybacksn/an/a0.220.20.81.61.840.515.73.01.510.74.24.313.4
Dividends paid93.8n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Diluted shares, weighted14m19m19m19m16m16m17m16m15m18m19m18m18m19m19m
Shares outstanding at period endn/a18m18m18m16m16m16m15m15m19m19m18m18m18m18m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2007FY2008FY2009FY2010FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity33.553.582.097.3265289321297307416350292304295314
Debtn/an/an/an/an/an/an/an/a0.016193.294.793.494.787.3
Operating lease liabilitiesn/an/an/an/an/an/an/a9.56.569.510196.793.456.955.1
Finance lease liabilitiesn/an/an/an/an/an/an/an/an/an/a0.10.00.20.00.0
Other liabilitiesn/a25.333.744.551.049.649.748.757.680.070.874.079.275.081.3
Total liabilities and equityn/a78.8116142316339371355371726615557570521538
Owned
Fixed assetsn/a19.625.342.497.795.286.978.568.410210187.573.470.669.5
Goodwilln/an/an/an/a33.933.933.926.626.624311359.659.659.659.6
Intangible assetsn/an/an/an/a5.24.64.03.73.785.154.731.528.228.228.2
Investmentsn/an/an/an/an/an/an/an/an/an/an/an/an/a0.076.3
Cash and equivalents27.047.774.981.4146179212203228150103117132174147
Receivablesn/a6.28.710.36.97.114.111.317.736.042.451.062.565.735.5
Other assetsn/a5.36.97.825.518.919.932.127.0109202211215123122
Total assetsn/a78.8116142316339371355371726615557570521538
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a15.1%2.3%3.6%
Profit growth, compoundedn/a10.9%n/a68.2%
Return on equity, average0.5%-5.8%-0.1%10.7%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was American Public Education's revenue in fiscal 2025?

American Public Education (APEI) reported revenue of $649 million for fiscal 2025, the year ended 31 December 2025, up 3.9% on the year before.

How much did American Public Education earn in fiscal 2025?

Net income was $32 million for fiscal 2025, and diluted earnings per share $1.36.

What is American Public Education's P/E ratio?

At the close of 29 October 2026, American Public Education traded at 18.2 times its earnings over the twelve months to 30 June 2026.

What is American Public Education's market cap?

The market cap of American Public Education was $813 million at the close of 29 October 2026.

How much debt does American Public Education have?

At 30 June 2026 American Public Education carried $87 million of debt and $147 million of cash.

Peers: Personal Services

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Graham Holdings Co. GHC$4.9 billion10.1910.3%5.4%4.3%0.180.6%
Laureate Education, Inc. LAUR$4.9 billion13.3233.5%25.8%20.9%0.17n/a
Covista Inc. CVSA$4.3 billion17.5818.1%19.8%9.3%0.35n/a
Grand Canyon Education, Inc. LOPE$4.0 billion18.6433.5%24.5%7.0%0.00n/a
Stride, Inc. LRN$3.4 billion11.1320.0%18.4%2.5%0.25n/a
Perdoceo Education Corp. PRDO$2.0 billion11.4517.1%24.6%11.7%n/a1.9%
Strategic Education, Inc. STRA$1.7 billion12.978.2%14.0%3.5%0.003.1%
Universal Technical Institute Inc. UTI$1.3 billion38.0610.0%5.0%9.1%0.46n/a
Yelp Inc. YELP$1.0 billion9.0719.6%11.7%1.5%0.16n/a
American Public Education Inc. APEI$813 million18.2114.5%9.6%3.6%0.28n/a
Lincoln Educational Services Corp. LINC$702 million30.7611.3%5.9%22.0%0.13n/a
Hertz Global Holdings, Inc. HTZ$694 millionn/an/a-2.5%3.4%n/an/a
All 22 in Personal Services
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Ryder System Inc. R$10.7 billion21.3917.5%n/a3.2%2.421.3%
Service Corp. International SCI$10.2 billion18.6535.6%22.7%3.0%3.281.9%
H&R Block Inc. HRB$6.1 billion8.69624.4%23.0%4.9%12.693.4%
Graham Holdings Co. GHC$4.9 billion10.1910.3%5.4%4.3%0.180.6%
Laureate Education, Inc. LAUR$4.9 billion13.3233.5%25.8%20.9%0.17n/a
Unifirst Corp. UNF$4.7 billion42.724.9%5.4%3.7%0.00n/a
Covista Inc. CVSA$4.3 billion17.5818.1%19.8%9.3%0.35n/a
Grand Canyon Education, Inc. LOPE$4.0 billion18.6433.5%24.5%7.0%0.00n/a
Avis Budget Group, Inc. CAR$3.8 billionn/an/a-4.6%0.4%n/an/a
Stride, Inc. LRN$3.4 billion11.1320.0%18.4%2.5%0.25n/a
Bright Horizons Family Solutions Inc. BFAM$3.3 billion21.2318.6%10.3%8.5%1.36n/a
Driven Brands Holdings Inc. DRVN$2.0 billion11.6223.0%14.0%7.6%2.02n/a
Perdoceo Education Corp. PRDO$2.0 billion11.4517.1%24.6%11.7%n/a1.9%
Strategic Education, Inc. STRA$1.7 billion12.978.2%14.0%3.5%0.003.1%
Universal Technical Institute Inc. UTI$1.3 billion38.0610.0%5.0%9.1%0.46n/a
CRA International, Inc. CRAI$1.2 billion26.2227.1%10.0%11.5%1.201.1%
U-Haul Holding Co. UHAL$1.1 billionn/a0.8%7.0%3.0%1.36n/a
Yelp Inc. YELP$1.0 billion9.0719.6%11.7%1.5%0.16n/a
American Public Education Inc. APEI$813 million18.2114.5%9.6%3.6%0.28n/a
Lincoln Educational Services Corp. LINC$702 million30.7611.3%5.9%22.0%0.13n/a
Hertz Global Holdings, Inc. HTZ$694 millionn/an/a-2.5%3.4%n/an/a
Carriage Services Inc. CSV$562 million12.6716.0%21.9%2.4%1.901.3%
9 companies share its SEC industry code (Services-Educational Services); the rest are the names nearest in size in its wider industry, Personal Services, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202610 August 2026EDGAR
10-Q31 March 202611 May 2026EDGAR
10-K31 December 202512 March 2026EDGAR
10-Q30 September 202510 November 2025EDGAR
10-Q30 June 20256 August 2025EDGAR
10-Q31 March 202512 May 2025EDGAR
10-K31 December 20246 March 2025EDGAR
10-Q30 September 202412 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR
10-Q31 March 20247 May 2024EDGAR