APEI

MKT CAP:$1B

American Public Education, Inc.

Market Cap

$1B

Consumer Defensive·Education & Training Services·🇺🇸 United States·NASDAQ

Consumer Def.·Education·🇺🇸·NASDAQ

Stock Price

$56.57+$20.42 (+56.49%)

Apr 23, 2026

Company Details

American Public Education, Inc., together with its subsidiaries, provides online and campus-based postsecondary education. The company operates through three segments: American Public University System, Rasmussen University, and Hondros Col...

CEO

Angela K. Selden

IPO Date

Nov 9, 2007

Website

www.apei.com

Key Metrics TTM

Revenue

$649M

+3.9% YoY

Net Income

$32M

EPS (Diluted)

$1.36

Free Cash Flow

$46M

Revenue / Share

$34.77

Gross Margin

53.6%

Operating Margin

7.4%

Net Margin

4.9%

FCF Margin

7.1%

P/S

1.6x

P/E

32.6x

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 12, 2026

$649M+3.9%EPS $1.36

Q4 2025

Mar 12, 2026

$158M-3.5%EPS $0.67

Q3 2025

Nov 10, 2025

$163M+6.6%EPS $0.30

Q2 2025

Aug 6, 2025

$163M+6.5%EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$155M	$83M	$5M
Q2 22	$150M	$78M	-$141M
Q3 22	$150M	$78M	-$1M
Q4 22	$152M	$80M	-$262.0K
Q1 23	$150M	$76M	-$5M
Q2 23	$147M	$72M	-$65M
Q3 23	$151M	$78M	$6M
Q4 23	$153M	$82M	$16M
Q1 24	$154M	$82M	$5M
Q2 24	$153M	$77M	$2M
Q3 24	$153M	$78M	$4M
Q4 24	$164M	$92M	$22M
Q1 25	$165M	$90M	$12M
Q2 25	$163M	$84M	$7M
Q3 25	$163M	$89M	$10M
Q4 25	$158M	$85M	$19M

Valuation

Quarter	P/S	P/E
Q1 22	0.9x	28.6x
Q2 22	0.5x	—
Q3 22	0.3x	—
Q4 22	0.4x	—
Q1 23	0.2x	—
Q2 23	0.1x	—
Q3 23	0.1x	—
Q4 23	0.3x	—
Q1 24	0.4x	—
Q2 24	0.5x	29.2x
Q3 24	0.4x	16.1x
Q4 24	0.6x	23.8x
Q1 25	0.6x	16.3x
Q2 25	0.8x	19.0x
Q3 25	1.1x	22.1x
Q4 25	1.0x	21.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$25M	$22M
Q2 22	$20M	$16M
Q3 22	$7M	$3M
Q4 22	-$23M	-$29M
Q1 23	$13M	$10M
Q2 23	$16M	$12M
Q3 23	$20M	$17M
Q4 23	-$3M	-$8M
Q1 24	$21M	$15M
Q2 24	$12M	$7M
Q3 24	$14M	$8M
Q4 24	$2M	-$2M
Q1 25	$37M	$33M
Q2 25	$15M	$11M
Q3 25	$22M	$18M
Q4 25	-$12M	-$16M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$4M
Q3 22	$4M
Q4 22	$5M
Q1 23	$3M
Q2 23	$3M
Q3 23	$3M
Q4 23	$4M
Q1 24	$6M
Q2 24	$5M
Q3 24	$6M
Q4 24	$3M
Q1 25	$4M
Q2 25	$4M
Q3 25	$4M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+74.8%	+92.0%
Q2 22	+91.8%	+282.5%
Q3 22	+52.2%	+55.2%
Q4 22	-1.0%	+11.1%
Q1 23	-3.3%	+3.7%
Q2 23	-1.6%	-26.9%
Q3 23	+0.9%	-4.1%
Q4 23	+0.2%	-10.4%
Q1 24	+3.2%	-3.7%
Q2 24	+3.9%	-29.1%
Q3 24	+1.5%	+3.2%
Q4 24	+7.4%	+4.2%
Q1 25	+6.6%	+2.0%
Q2 25	+6.5%	+3.4%
Q3 25	+6.6%	+3.0%
Q4 25	-3.5%	-2.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	1.5%
Q2 22	$2M	1.6%
Q3 22	$2M	1.3%
Q4 22	$1M	0.9%
Q1 23	$2M	1.5%
Q2 23	$2M	1.4%
Q3 23	$2M	1.1%
Q4 23	$2M	1.1%
Q1 24	$2M	1.2%
Q2 24	$2M	1.2%
Q3 24	$2M	1.2%
Q4 24	$2M	1.3%
Q1 25	$2M	1.4%
Q2 25	$2M	1.4%
Q3 25	$2M	1.0%
Q4 25	$2M	1.4%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$30M	$39M
Q2 22	$30M	$36M
Q3 22	$30M	$41M
Q4 22	$29M	$35M
Q1 23	$33M	$40M
Q2 23	$33M	$33M
Q3 23	$31M	$33M
Q4 23	$31M	$24M
Q1 24	$36M	$32M
Q2 24	$34M	$34M
Q3 24	$35M	$33M
Q4 24	$36M	$29M
Q1 25	$36M	$35M
Q2 25	$38M	$35M
Q3 25	$35M	$36M
Q4 25	$35M	$31M

Revenue Segments

Quarter	Graduation Fees	Instructional Services, Net Of Grants And Scholarships	Other Fees	Textbook And Other Course Materials
Q1 22	$335.0K	$141M	$1M	$12M
Q2 22	$380.0K	$137M	$1M	$11M
Q3 22	$374.0K	$137M	$1M	$11M
Q4 22	$259.0K	$140M	$1M	$11M
Q1 23	$369.0K	$138M	$916.0K	$11M
Q2 23	$388.0K	$136M	$960.0K	$10M
Q3 23	$381.0K	$140M	$953.0K	$10M
Q4 23	$626.0K	$141M	$978.0K	$10M
Q1 24	$660.0K	$142M	$1M	$10M
Q2 24	$459.0K	$141M	$1M	$10M
Q3 24	$794.0K	$141M	$1M	$10M
Q1 25	$1M	$150M	$1M	$12M
Q2 25	$910.0K	$150M	$1M	$11M
Q3 25	$1M	$149M	$1M	$12M
Q4 25	$660.0K	$143M	$2M	$13M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$145M	$0	$145M
Q2 22	$158M	$0	$158M
Q3 22	$159M	$0	$159M
Q4 22	$129M	$0	$129M
Q1 23	$109M	$0	$109M
Q2 23	$139M	$0	$139M
Q3 23	$128M	$0	$128M
Q4 23	$117M	$0	$117M
Q1 24	$153M	$0	$153M
Q2 24	$130M	$0	$130M
Q3 24	$162M	$0	$162M
Q4 24	$132M	$0	$132M
Q1 25	$162M	$0	$162M
Q2 25	$175M	$0	$175M
Q3 25	$191M	$0	$191M
Q4 25	$176M	$0	$176M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	19M	+0.1%	+15.0%
Q2 22	19M	+0.1%	+0.4%
Q3 22	19M	+0.1%	+0.4%
Q4 22	19M	+0.3%	+0.6%
Q1 23	19M	+0.5%	+1.0%
Q2 23	18M	-5.7%	-4.8%
Q3 23	18M	-1.0%	-5.8%
Q4 23	18M	+0.4%	-5.7%
Q1 24	18M	-0.5%	-6.6%
Q2 24	18M	+1.8%	+0.8%
Q3 24	18M	+0.6%	+2.4%
Q4 24	18M	+0.7%	+2.6%
Q1 25	18M	+0.3%	+3.4%
Q2 25	18M	-2.1%	-0.6%
Q3 25	19M	+4.0%	+2.8%
Q4 25	19M	-0.5%	+1.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$26.7K	6K
Q2 22	$25.8K	6K
Q3 22	$25.8K	6K
Q4 22	$6.1K	25K
Q1 23	$6.0K	25K
Q2 23	$5.9K	25K
Q3 23	$6.0K	25K
Q4 23	$5.7K	27K
Q1 24	$5.7K	27K
Q2 24	$5.7K	27K
Q3 24	$5.7K	27K
Q4 24	$6.7K	25K
Q1 25	$6.7K	25K
Q2 25	$6.6K	25K
Q3 25	$6.6K	25K
Q4 25	$4M	40

Revenue / Employee