American Public Education Inc (APEI) financial statements: income statement, balance sheet and cash flow
American Public Education Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), American Public Education Inc reported revenue of $648.9M (+3.9% year on year) and net income of $25.3M (+151.6% year on year).
Income statement
American Public Education Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$648.9M
$624.6M
$600.5M
$606.3M
Instructional costs and services
$297.0M
$295.7M
$292.9M
$288.5M
Selling and promotional
$137.3M
$128.8M
$133.0M
$154.6M
General and administrative
$144.6M
$142.0M
$128.2M
$120.4M
Depreciation and amortization
$16.1M
$19.3M
$27.8M
$32.1M
Impairment of goodwill and intangible assets
$0
$0
$64.0M
$146.9M
Loss on sale of subsidiary (Note 2)
$3.9M
—
—
—
Loss on assets held for sale (Note 5)
$1.5M
—
—
—
Loss on leases (Note 7)
$77.0K
$3.7M
—
—
Loss on disposals of long-lived assets
$444.0K
$383.0K
$554.0K
$1.2M
Total costs and expenses
$600.9M
$591.5M
$648.9M
$743.7M
(Loss) income from operations before interest and income taxes
$47.9M
$33.1M
($48.3M)
($137.3M)
Interest expense, net
($4.2M)
($2.1M)
($4.5M)
($17.7M)
(Loss) income from operations before income taxes
$43.7M
$30.9M
($52.8M)
($151.2M)
Income tax (benefit) expense
$12.1M
$10.4M
($10.7M)
($36.3M)
Equity investment loss
$0
($4.4M)
($5.2M)
($21.0K)
Net (loss) income
$31.6M
$16.1M
($47.3M)
($115.0M)
Preferred stock dividends
$2.8M
$6.1M
$6.0M
$48.0K
Loss on redemption of preferred stock
$3.5M
—
—
—
Net income (loss) available to common stockholders basic
$25.3M
$10.1M
($53.3M)
($115.0M)
Net income (loss) available to common stockholders diluted
$25.3M
$10.1M
($53.3M)
($115.0M)
Basic (in dollars per share)
$1.40
$0.57
-$2.94
-$6.10
Diluted (in dollars per share)
$1.36
$0.55
-$2.93
-$6.08
Basic (in shares)
18.0M
17.6M
18.1M
18.9M
Diluted (in shares)
18.7M
18.1M
18.2M
18.9M
American Public Education Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$171.7M
$174.7M
$163.2M
$162.8M
Instructional costs and services
$76.6M
$74.6M
$74.7M
$78.4M
Selling and promotional
$40.1M
$37.9M
$36.1M
$35.0M
General and administrative
$37.5M
$36.3M
$34.7M
$38.1M
Depreciation and amortization
$4.0M
$4.2M
$3.9M
$4.1M
Loss on assets held for sale (Note 2)
$0
$0
$0
$0
Loss on disposals of long-lived assets
$5.0K
$154.0K
$92.0K
$35.0K
Total costs and expenses
$158.2M
$153.1M
$153.5M
$155.7M
Income from operations before interest and income taxes
$13.5M
$21.6M
$9.7M
$7.0M
Loss on extinguishment of debt
$0
($1.7M)
—
—
Interest income (expense), net
$634.0K
($725.0K)
($1.1M)
($1.1M)
Income before income taxes
$14.2M
$19.2M
$8.6M
$5.9M
Income tax expense (Note 2)
$4.4M
$1.5M
$3.1M
$1.4M
Net income
$9.8M
$17.7M
$5.6M
$4.5M
Preferred stock dividends
$0
$0
$0
$1.3M
Loss on redemption of preferred stock
$0
—
$0
$3.5M
Net income (loss) available to common stockholders basic
$9.8M
$17.7M
$5.6M
($324.0K)
Net income (loss) available to common stockholders diluted
$9.8M
$17.7M
$5.6M
($324.0K)
Basic (in dollars per share)
$0.53
$0.97
$0.31
-$0.02
Diluted (in dollars per share)
$0.52
$0.94
$0.30
-$0.02
Basic (in shares)
18.4M
18.3M
18.1M
18.0M
Diluted (in shares)
18.8M
18.8M
18.8M
18.6M
Balance sheet
American Public Education Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash, cash equivalents, and restricted cash (Note 2)
$176.5M
$158.9M
$144.3M
$129.5M
Accounts receivable, net of allowance of $19,280 in 2024 and $21,113 in 2025
$65.7M
$62.5M
$51.0M
$42.4M
Prepaid expenses
$14.2M
$13.7M
$13.0M
$11.4M
Income tax receivable
$3.5M
$949.0K
$474.0K
$2.9M
Assets held for sale (Note 5)
$0
$24.5M
$8.6M
—
Total current assets
$259.8M
$260.6M
$217.4M
$186.1M
Property and equipment, net
$70.6M
$73.4M
$87.5M
$100.9M
Operating lease assets, net
$57.7M
$94.8M
$100.0M
$108.9M
Deferred income taxes
$39.2M
$47.3M
$51.4M
$35.4M
Intangible assets, net
$28.2M
$28.2M
$31.5M
$54.7M
Goodwill
$59.6M
$59.6M
$59.6M
$112.6M
Other assets, net
$6.3M
$6.2M
$10.0M
$16.5M
Total assets
$521.4M
$570.1M
$557.4M
$615.1M
Accounts payable
$4.8M
$7.8M
$8.7M
$3.8M
Accrued compensation and benefits
$22.5M
$20.5M
$16.7M
$15.0M
Accrued liabilities
$13.4M
$13.7M
$11.5M
$13.8M
Deferred revenue and student deposits
$23.0M
$23.5M
$23.8M
$23.8M
Lease liabilities, current
$11.4M
$13.6M
$13.3M
$14.4M
Total current liabilities
$75.0M
$79.2M
$74.0M
$70.8M
Lease liabilities, long term
$56.9M
$93.6M
$96.7M
$101.4M
Long-term debt, net
$94.7M
$93.4M
$94.7M
$93.2M
Total liabilities
$226.6M
$266.2M
$265.4M
$265.3M
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)
$0.00
$39691000.00
$39691000.00
$39691000.00
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
176.0K
189.0K
Additional paid-in capital
$311.1M
$305.8M
$299.6M
$292.9M
Accumulated other comprehensive loss
($18.0K)
($7.0K)
$1.6M
$3.1M
Accumulated deficit
($16.5M)
($41.8M)
($49.1M)
$13.9M
Total stockholders’ equity
$294.8M
$303.9M
$292.0M
$349.7M
Total liabilities and stockholders’ equity
$521.4M
$570.1M
$557.4M
$615.1M
American Public Education Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash, cash equivalents, and restricted cash (Note 2)
$146.5M
$221.0M
$193.1M
$176.6M
Short-term investments (Note 3)
$76.3M
—
—
—
Accounts receivable, net of allowance of $21,754 in 2026 and $21,113 in 2025
$35.5M
$38.7M
$43.9M
$37.6M
Prepaid expenses
$20.1M
$19.2M
$14.4M
$18.3M
Income tax receivable
$4.1M
$3.3M
$7.6M
$2.5M
Total current assets
$282.5M
$282.1M
$259.1M
$235.0M
Property and equipment, net
$69.5M
$68.8M
$70.7M
$72.6M
Operating lease assets, net (Note 5)
$55.4M
$54.9M
$61.6M
$89.5M
Deferred income taxes
$36.6M
$38.2M
$40.1M
$46.0M
Intangible assets, net (Note 6)
$28.2M
$28.2M
$28.2M
$28.2M
Goodwill (Note 6)
$59.6M
$59.6M
$59.6M
$59.6M
Other assets, net
$5.9M
$6.0M
$6.0M
$6.5M
Total assets
$537.7M
$537.9M
$525.3M
$537.4M
Accounts payable
$5.1M
$8.1M
$7.7M
$10.1M
Accrued compensation and benefits
$20.8M
$22.3M
$30.0M
$20.3M
Accrued liabilities
$20.3M
$22.6M
$18.0M
$14.1M
Deferred revenue and student deposits
$23.9M
$25.2M
$24.0M
$25.0M
Lease liabilities, current (Note 5)
$11.1M
$11.2M
$11.7M
$13.4M
Long-term debt, current (Note 8)
$5.6M
$5.1M
—
—
Total current liabilities
$87.0M
$94.5M
$91.4M
$82.9M
Lease liabilities, long-term (Note 5)
$55.1M
$54.0M
$60.2M
$88.2M
Long-term debt, net (Note 8)
$81.6M
$83.2M
$94.4M
$94.1M
Total liabilities
$223.7M
$231.7M
$246.0M
$265.1M
Common stock, $.01 par value; 100,000,000 shares authorized; 18,367,887 and 18,125,860; issued and outstanding in 2026 and 2025
183.0K
184.0K
181.0K
180.0K
Additional paid-in capital
$307.9M
$305.8M
$308.3M
$306.8M
Accumulated other comprehensive loss
($7.0K)
$0
($27.0K)
($28.0K)
Retained earnings (deficit)
$6.0M
$231.0K
($29.1M)
($34.7M)
Total stockholders’ equity
$314.1M
$306.2M
$279.3M
$272.2M
Total liabilities and stockholders’ equity
$537.7M
$537.9M
$525.3M
$537.4M
Cash flow statement
American Public Education Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net (loss) income
$31.6M
$16.1M
($47.3M)
($115.0M)
Depreciation and amortization
$16.1M
$19.3M
$27.8M
$32.1M
Amortization and write-off of debt issuance costs
$1.3M
$1.5M
$1.6M
$6.5M
Stock-based compensation
$8.4M
$7.7M
$7.7M
$8.0M
Equity investment loss
$0
$4.4M
$5.2M
$21.0K
Deferred income taxes
$8.1M
$4.0M
($16.0M)
($41.9M)
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
$1.2M
Loss on sale of subsidiary
$2.5M
—
—
—
Impairment of goodwill and intangible assets
$0
$0
$64.0M
$146.9M
Accounts receivable, net of allowance for bad debt
($5.3M)
($11.5M)
($8.6M)
($2.0M)
Prepaid expenses
($761.0K)
($716.0K)
($1.6M)
$354.0K
Income tax receivable/payable
($2.5M)
($475.0K)
$2.4M
$2.4M
Operating lease assets, net
$19.0K
$2.7M
$3.2M
$1.4M
Other assets
($1.2M)
($1.1M)
($259.0K)
$519.0K
Accounts payable
($1.9M)
($816.0K)
$4.9M
($10.2M)
Accrued compensation and benefits
$1.9M
$3.8M
$1.7M
($141.0K)
Accrued liabilities
($275.0K)
$2.3M
($2.3M)
$2.9M
Deferred revenue and student deposits
$1.9M
($356.0K)
$70.0K
$15.0K
Net cash provided by operating activities
$62.0M
$48.9M
$45.5M
$29.2M
Cash outlay from sale of subsidiary
($2.3M)
—
—
—
Capital expenditures
($15.9M)
($21.1M)
($13.9M)
($16.4M)
Proceeds from the sale of real property
$23.0M
$0
$123.0K
$765.0K
Net cash (used in) provided by investing activities
$4.8M
($21.1M)
($13.8M)
($13.7M)
Cash paid for repurchase of common/restricted stock
($4.3M)
($4.2M)
($10.7M)
($1.5M)
Preferred stock dividends paid
($2.8M)
($6.1M)
($6.0M)
—
Cash received from exercise of stock options
$1.2M
$67.0K
—
—
Cash paid for redemption of preferred stock
($43.2M)
—
—
—
Cash paid for principal on borrowings and finance leases
($213.0K)
($3.0M)
($114.0K)
($73.9M)
Net cash used in financing activities
($49.2M)
($13.2M)
($16.9M)
($35.7M)
Net increase in cash, cash equivalents, and restricted cash
$17.6M
$14.6M
$14.9M
($20.2M)
Cash, cash equivalents, and restricted cash at beginning of period
$158.9M
$144.3M
$129.5M
$149.6M
Cash, cash equivalents, and restricted cash at end of period
$176.5M
$158.9M
$144.3M
$129.5M
Interest paid
$9.6M
$10.7M
$10.6M
$12.5M
Income taxes paid
$6.5M
$6.3M
$2.4M
$4.0M
American Public Education Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$27.5M
$17.7M
$18.9M
$13.4M
Depreciation and amortization
$8.1M
$4.2M
$12.0M
$8.1M
Loss on extinguishment of debt
$1.6M
$1.6M
—
—
Amortization of debt issuance costs
$346.0K
$235.0K
$1.0M
$688.0K
Stock-based compensation
$4.6M
$2.3M
$6.1M
$4.5M
Accretion of investment discounts
($348.0K)
—
—
—
Deferred income taxes
$2.6M
$929.0K
$7.2M
$1.4M
Loss on assets held for sale
$0
$0
$1.5M
$1.5M
Loss on disposals of long-lived assets
$159.0K
$154.0K
$357.0K
$265.0K
Accounts receivable, net of allowance for bad debt
$30.1M
$27.0M
$16.4M
$24.9M
Prepaid expenses
($5.9M)
($5.0M)
($990.0K)
($4.6M)
Income tax receivable
($678.0K)
$191.0K
($6.7M)
($1.5M)
Operating leases, net
$315.0K
($289.0K)
($364.0K)
($185.0K)
Other assets
$458.0K
$285.0K
($785.0K)
($374.0K)
Accounts payable
$326.0K
$3.3M
$1.0M
$2.2M
Accrued compensation and benefits
($1.7M)
($146.0K)
$9.3M
($229.0K)
Accrued liabilities
$7.0M
$8.6M
$2.7M
$295.0K
Deferred revenue and student deposits
$912.0K
$2.2M
$2.8M
$1.5M
Net cash provided by operating activities
$75.4M
$63.3M
$73.5M
$51.8M
Capital expenditures
($7.3M)
($2.5M)
($11.8M)
($7.6M)
Purchases of short-term investments
($75.9M)
—
—
—
Proceeds from the sale of real property
$0
$0
$23.0M
$22.9M
Net cash (used in) provided by investing activities
($83.2M)
($2.5M)
$10.5M
$15.3M
Cash paid for repurchase of common stock
($12.9M)
($8.7M)
($3.9M)
($3.7M)
Cash received from exercise of stock options
$54.0K
$17.0K
$265.0K
$158.0K
Preferred stock dividends paid
$0
$0
($2.8M)
($2.8M)
Cash paid for redemption of preferred stock
$0
—
($43.2M)
($43.1M)
Cash paid for principal on borrowings and finance leases
($97.7M)
($96.5M)
($160.0K)
($107.0K)
Cash received from borrowings
$90.0M
$90.0M
—
—
Cash paid for debt issuance costs
($1.8M)
($1.1M)
—
—
Net cash used in financing activities
($22.2M)
($16.3M)
($49.8M)
($49.5M)
Net (decrease) increase in cash, cash equivalents, and restricted cash
($30.0M)
$44.5M
$34.2M
$17.6M
Cash, cash equivalents, and restricted cash at beginning of period
$176.5M
$176.5M
$158.9M
$158.9M
Cash, cash equivalents, and restricted cash at end of period