American Public Education Financial Statements
NASDAQ: APEIReal EstateOther Consumer ServicesUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
American Public Education revenue and earnings
In fiscal 2025, American Public Education generated $648.9 million in revenue, up 3.9% from fiscal 2024, its 2nd consecutive year of revenue growth. Net income was $31.6 million (+95.8% year over year), for a net margin of 4.9% versus a median of 2.6% in the prior 5 years. Gross margin was 54.2% (up from 52.7%) and operating margin 7.4%.
Diluted earnings per share came in at $1.36, up from $0.55. Over the last 5 fiscal years, APEI's revenue has grown at a 15.1% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
American Public Education income statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 648.86M | 624.56M | 600.54M | 606.33M | 418.80M | 321.79M | 286.27M | 297.69M | 299.25M | 313.14M |
| Revenue growth (YoY) | +3.89% | +4.00% | -0.95% | +44.78% | +30.15% | +12.41% | -3.84% | -0.52% | -4.44% | -4.50% |
| Cost of Revenue | 297.02M | 295.70M | 292.86M | 288.47M | 172.62M | 122.16M | 111.92M | 115.28M | 116.16M | 117.01M |
| Gross Profit | 351.84M | 328.86M | 307.68M | 317.86M | 246.18M | 199.62M | 174.35M | 182.41M | 183.09M | 196.13M |
| Operating Expenses | 303.91M | 295.79M | 355.99M | 455.20M | 215.81M | 174.87M | 161.60M | 149.88M | 148.23M | 157.85M |
| Selling, General & Admin | 281.83M | 270.77M | 261.19M | 275.00M | 196.70M | 161.03M | 138.11M | 131.50M | 127.36M | 127.76M |
| Operating Income | 47.94M | 33.07M | -48.31M | -137.35M | 30.37M | 24.76M | 12.76M | 32.53M | 34.86M | 38.28M |
| Interest Expense | — | — | — | 3.90M | — | — | — | — | — | — |
| Pretax Income | 43.70M | 30.94M | -52.77M | -151.25M | 26.09M | 25.85M | 16.66M | 35.44M | 35.04M | 38.39M |
| Income Tax | 12.15M | 10.42M | -10.71M | -36.28M | 7.51M | 7.02M | 5.19M | 9.29M | 11.49M | 14.94M |
| Net Income | 31.56M | 16.11M | -47.29M | -114.99M | 17.75M | 18.82M | 10.01M | 25.64M | 21.12M | 24.16M |
| Net Income growth (YoY) | +95.85% | — | — | -747.77% | -5.68% | +87.98% | -60.95% | +21.39% | -12.56% | -25.48% |
| EPS (Basic) | 1.40 | 0.57 | -2.94 | -6.10 | 0.98 | 1.27 | 0.62 | 1.56 | 1.30 | 1.50 |
| EPS (Diluted) | 1.36 | 0.55 | -2.93 | -6.08 | 0.97 | 1.25 | 0.62 | 1.54 | 1.29 | 1.49 |
| Shares Outstanding (Basic) | 18.01M | 17.63M | 18.11M | 18.86M | 18.09M | 14.88M | 16.09M | 16.40M | 16.24M | 16.07M |
| Shares Outstanding (Diluted) | 18.66M | 18.15M | 18.19M | 18.91M | 18.25M | 15.05M | 16.25M | 16.63M | 16.38M | 16.21M |
| EBITDA | 64.08M | 52.37M | -20.49M | -105.22M | 48.20M | 37.74M | 28.35M | 50.03M | 53.63M | 57.66M |
| Gross Margin | 54.22% | 52.65% | 51.23% | 52.42% | 58.78% | 62.04% | 60.91% | 61.27% | 61.18% | 62.63% |
| Operating Margin | 7.39% | 5.29% | -8.04% | -22.65% | 7.25% | 7.69% | 4.46% | 10.93% | 11.65% | 12.22% |
| Net Margin | 4.86% | 2.58% | -7.87% | -18.97% | 4.24% | 5.85% | 3.50% | 8.61% | 7.06% | 7.71% |
This table shows 10 annual periods of American Public Education's income statement, from FY 2025 back to FY 2016, across 18 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow APEI's reporting calendar. What is a income statement?