American Public Education Inc (APEI) financials
American Public Education revenue and earnings by year
American Public Education's revenue was $649 million in the fiscal year to December 31, 2025, up 3.9% from the year before. Net income was $31.6 million, 4.9% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 8.4% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 649 | 625 | 601 | 606 | 419 | 322 | 286 | 298 | 299 | 313 |
| Revenue growth | 3.9% | 4.0% | -1.0% | 44.8% | 30.1% | 12.4% | -3.8% | -0.5% | -4.4% | — |
| Gross profit | 352 | 329 | 308 | 318 | 246 | 200 | 174 | 182 | 183 | 196 |
| Gross margin | 54.2% | 52.7% | 51.2% | 52.4% | 58.8% | 62.0% | 60.9% | 61.3% | 61.2% | 62.6% |
| Operating income | 52 | 33 | -48 | -134 | 30 | 25 | 13 | 33 | 35 | 38 |
| Operating margin | 8.0% | 5.3% | -8.0% | -22.0% | 7.3% | 7.7% | 4.5% | 10.9% | 11.6% | 12.2% |
| Net income | 32 | 16 | -47 | -115 | 18 | 19 | 10 | 26 | 21 | 24 |
| Net margin | 4.9% | 2.6% | -7.9% | -19.0% | 4.2% | 5.8% | 3.5% | 8.6% | 7.1% | 7.7% |
| Diluted EPS | $1.36 | $0.55 | -$2.94 | -$6.09 | $1.01 | $1.26 | $0.63 | $1.55 | $1.29 | $1.49 |
| Free cash flow | 55 | 28 | 32 | 14 | 5 | 41 | 31 | 35 | 35 | 40 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open APEI in Markets.
How American Public Education makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Health | $86.2M | 50.2% |
| Military | $85.5M | 49.8% |
See also: APEI valuation and P/E history · APEI returns
No forecast, no recommendation. This page describes American Public Education Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.