American Public Education, Inc. (APEI) Income Statement
APEI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAPEI revenue and net income
Where APEI's revenue goes
2025Each bar shows an amount and its share of revenue. APEI kept 4.9% of revenue as net income.
APEI profit margins
APEI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.9% | +2.3% | +15.1% | +7.1% |
| Gross profit | +2.1% | +1.8% | +11.0% | +4.8% |
| Operating income | +62.9% | — | +16.8% | +0.3% |
| Net income | +95.8% | — | +10.9% | −0.3% |
| EPS (diluted) | +71.0% | — | +12.2% | +0.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
APEI quarterly EPS vs estimates
American Public Education beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 9, 2026 (estimate $0.26).
APEI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $648.9M | $624.6M | $600.5M | $606.3M | $418.8M | $321.8M | $286.3M | $297.7M | $299.2M | $313.1M |
| Cost of revenue | $313.2M | $295.7M | $292.9M | $288.5M | $172.6M | $122.2M | $111.9M | $115.3M | $116.2M | $117.0M |
| Gross profit | $335.7M | $328.9M | $307.7M | $317.9M | $246.2M | $199.6M | $174.4M | $182.4M | $183.1M | $196.1M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $281.8M | $270.8M | $261.2M | $275.0M | $196.7M | $161.0M | $138.1M | $131.5M | $127.4M | $127.8M |
| Total operating expenses | $281.8M | $295.8M | $356.0M | $455.2M | $215.8M | $174.9M | $153.7M | $149.0M | $146.1M | $147.1M |
| Operating income | $53.9M | $33.1M | −$48.3M | −$137.3M | $30.4M | $24.8M | $28.5M | $33.4M | $34.9M | $38.3M |
| Interest income | — | — | — | — | — | $1.1M | $3.9M | $2.9M | $185,000 | $116,000 |
| Interest expense | $4.2M | $2.1M | $4.5M | $17.7M | $4.3M | $617,000 | $13.3M | $0 | $0 | $0 |
| Income before taxes | $43.7M | $30.9M | −$58.0M | −$151.3M | $25.3M | $25.8M | $16.7M | $35.4M | $35.0M | $38.4M |
| Income taxes | $12.1M | $10.4M | −$10.7M | −$36.3M | $7.5M | $7.0M | $5.2M | $9.3M | $11.5M | $14.9M |
| Net income | $31.6M | $16.1M | −$47.3M | −$115.0M | $17.8M | $18.8M | $10.0M | $25.6M | $21.1M | $24.2M |
| EBITDA | $64.1M | $52.4M | −$25.7M | −$101.4M | $47.4M | $38.6M | $44.1M | $51.8M | $55.7M | $68.4M |
| EPS (diluted) | $2.24 | $1.31 | $0.11 | −$0.21 | $1.01 | $1.26 | $1.19 | $1.62 | $1.29 | $1.82 |
| Gross margin | 51.7% | 52.7% | 51.2% | 52.4% | 58.8% | 62.0% | 60.9% | 61.3% | 61.2% | 62.6% |
| Operating margin | 8.3% | 5.3% | −8.0% | −22.7% | 7.3% | 7.7% | 10.0% | 11.2% | 11.6% | 12.2% |
| Net margin | 4.9% | 2.6% | −7.9% | −19.0% | 4.2% | 5.8% | 3.5% | 8.6% | 7.1% | 7.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $171.7M | $174.7M | $158.3M | $163.2M | $162.8M | $164.6M | $164.1M | $153.1M | $152.9M | $154.4M | $152.8M | $150.8M |
| Cost of revenue | $76.6M | $78.8M | $73.1M | $74.7M | $78.4M | $74.9M | $71.7M | $75.4M | $76.2M | $72.4M | $70.7M | $73.2M |
| Gross profit | $95.1M | $96.0M | $85.3M | $88.5M | $84.3M | $89.6M | $92.4M | $77.7M | $76.7M | $82.0M | $82.1M | $77.6M |
| Sales, general & admin | $77.6M | $74.2M | $66.2M | $70.8M | $73.2M | $71.6M | $65.3M | $68.5M | $68.3M | $68.7M | $55.7M | $64.2M |
| Total operating expenses | $81.6M | $74.2M | $66.2M | $78.8M | $77.3M | $77.4M | $70.9M | $73.6M | $74.5M | $76.8M | $66.1M | $71.2M |
| Operating income | $13.5M | $21.8M | $19.1M | $9.7M | $7.0M | $12.2M | $21.5M | $4.1M | $2.2M | $5.2M | $15.9M | $6.4M |
| Interest expense | $634,000 | $725,000 | $1.2M | $1.1M | $1.1M | $887,000 | $585,000 | $631,000 | $785,000 | $126,000 | $791,000 | $792,000 |
| Income before taxes | $14.2M | $19.2M | $17.8M | $8.6M | $5.9M | $11.4M | $20.9M | $3.5M | $355,000 | $1.7M | $15.1M | $384,000 |
| Income taxes | $4.4M | $1.5M | $5.2M | $3.1M | $1.4M | $2.5M | $8.0M | $1.2M | −$16,000 | $1.2M | $2.1M | $3.7M |
| Net income | $9.8M | $17.7M | $12.6M | $5.6M | $4.5M | $8.9M | $13.0M | $2.3M | $371,000 | $516,000 | $13.0M | −$3.3M |
| EBITDA | $18.1M | $24.1M | $23.1M | $17.7M | $11.1M | $18.0M | $28.0M | $9.2M | $8.4M | $10.3M | $26.4M | $8.2M |
| EPS (diluted) | $0.52 | $1.19 | $0.88 | $0.54 | $0.20 | $0.62 | $0.78 | $0.17 | $0.13 | $0.23 | $0.64 | −$0.22 |
| Gross margin | 55.4% | 54.9% | 53.8% | 54.2% | 51.8% | 54.5% | 56.3% | 50.8% | 50.2% | 53.1% | 53.7% | 51.5% |
| Operating margin | 7.9% | 12.5% | 12.0% | 5.9% | 4.3% | 7.4% | 13.1% | 2.7% | 1.5% | 3.4% | 10.4% | 4.2% |
| Net margin | 5.7% | 10.1% | 8.0% | 3.4% | 2.8% | 5.4% | 7.9% | 1.5% | 0.2% | 0.3% | 8.5% | −2.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in APEI's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
APEI financial results
In fiscal year 2025 (ended December 31, 2025), American Public Education reported revenue of $648.9 million, up 3.9% from the year before. It had net income of $31.6 million (up 95.8%), a net profit margin of 4.9%. Diluted earnings per share came to $2.24. Over five years revenue grew at an average rate of 15.1% a year.
See the APEI stock overview for the latest quote and news, or the APEI chart for price history and technical indicators.
APEI income statement FAQ
What is American Public Education's annual revenue?
American Public Education reported total revenue of $648.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 3.9% from $624.6 million the previous year.
Is American Public Education profitable?
Yes. American Public Education reported net income of $31.6 million in fiscal 2025, a net profit margin of 4.9%; its operating margin was 8.3%.
What is American Public Education's gross margin?
American Public Education's gross margin was 51.7% in fiscal 2025: for every $100 of revenue, American Public Education kept $52 after the direct cost of its products and services.
How fast is American Public Education growing?
Revenue grew 15.1% a year on average over the last five fiscal years, from $321.8 million to $648.9 million.
What are American Public Education's earnings per share?
American Public Education earned $2.24 per diluted share in fiscal 2025, compared with $1.31 a year earlier.
When will American Public Education report its next earnings?
American Public Education is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 after the market closes.
When does American Public Education's fiscal year end?
American Public Education's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.