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10-K

Annual Report

AMERICAN PUBLIC EDUCATION, INC. APEI

0001201792-26-000004

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Filed
Mar 12, 2026 12:00 AM ET
Period of report

On SEC.gov

Financials in this filing

Metric Period Value
Shares Outstanding FY 2025 · Mar 10, 2026 18.38M sh
Shares Diluted FY 2025 · Dec 31, 2025 18.66M sh
Shares Diluted FY 2025 · Dec 31, 2024 18.15M sh
Shares Diluted FY 2025 · Dec 31, 2023 18.19M sh
Stock Repurchased FY 2025 · Dec 31, 2025 $4.26M
Stock Repurchased FY 2025 · Dec 31, 2024 $4.24M
Stock Repurchased FY 2025 · Dec 31, 2023 $10.74M
Capex FY 2025 · Dec 31, 2025 $15.86M
Capex FY 2025 · Dec 31, 2024 $21.08M
Capex FY 2025 · Dec 31, 2023 $13.9M
Operating Cash Flow FY 2025 · Dec 31, 2025 $61.97M
Operating Cash Flow FY 2025 · Dec 31, 2024 $48.87M
Operating Cash Flow FY 2025 · Dec 31, 2023 $45.51M
Long Term Debt FY 2025 · Dec 31, 2025 $94.67M
Long Term Debt FY 2025 · Dec 31, 2024 $93.42M
Short Term Debt FY 2025 · Dec 31, 2025 $0
Short Term Debt FY 2025 · Dec 31, 2024 $0
Cash And Equivalents FY 2025 · Dec 31, 2025 $174.1M
Cash And Equivalents FY 2025 · Dec 31, 2024 $131.93M
Stockholders Equity FY 2025 · Dec 31, 2025 $294.78M
Stockholders Equity FY 2025 · Dec 31, 2024 $303.88M
Stockholders Equity FY 2025 · Dec 31, 2023 $291.98M
Stockholders Equity FY 2025 · Dec 31, 2022 $349.73M
Current Liabilities FY 2025 · Dec 31, 2025 $75.05M
Current Liabilities FY 2025 · Dec 31, 2024 $79.16M
Total Liabilities FY 2025 · Dec 31, 2025 $226.64M
Total Liabilities FY 2025 · Dec 31, 2024 $266.22M
Current Assets FY 2025 · Dec 31, 2025 $259.82M
Current Assets FY 2025 · Dec 31, 2024 $260.57M
Total Assets FY 2025 · Dec 31, 2025 $521.42M
Total Assets FY 2025 · Dec 31, 2024 $570.1M
Eps Diluted FY 2025 · Dec 31, 2025 $0.67
Eps Diluted FY 2025 · Dec 31, 2025 $1.36
Eps Diluted FY 2025 · Sep 30, 2025 $0.30
Eps Diluted FY 2025 · Jun 30, 2025 −$0.02
Eps Diluted FY 2025 · Mar 31, 2025 $0.41
Eps Diluted FY 2025 · Dec 31, 2024 $0.63
Eps Diluted FY 2025 · Dec 31, 2024 $0.55
Eps Diluted FY 2025 · Sep 30, 2024 $0.04
Eps Diluted FY 2025 · Jun 30, 2024 −$0.06
Eps Diluted FY 2025 · Mar 31, 2024 −$0.06
Eps Diluted FY 2025 · Dec 31, 2023 −$2.93
Eps Basic FY 2025 · Dec 31, 2025 $0.70
Eps Basic FY 2025 · Dec 31, 2025 $1.40
Eps Basic FY 2025 · Sep 30, 2025 $0.31
Eps Basic FY 2025 · Jun 30, 2025 −$0.02
Eps Basic FY 2025 · Mar 31, 2025 $0.42
Eps Basic FY 2025 · Dec 31, 2024 $0.65
Eps Basic FY 2025 · Dec 31, 2024 $0.57
Eps Basic FY 2025 · Sep 30, 2024 $0.04
Eps Basic FY 2025 · Jun 30, 2024 −$0.07
Eps Basic FY 2025 · Mar 31, 2024 −$0.06
Eps Basic FY 2025 · Dec 31, 2023 −$2.94
Sga Expense FY 2025 · Dec 31, 2025 $144.58M
Sga Expense FY 2025 · Dec 31, 2024 $141.96M
Sga Expense FY 2025 · Dec 31, 2023 $128.24M
Net Income FY 2025 · Dec 31, 2025 $31.56M
Net Income FY 2025 · Dec 31, 2024 $16.11M
Net Income FY 2025 · Dec 31, 2023 −$47.29M
Operating Income FY 2025 · Dec 31, 2025 $47.94M
Operating Income FY 2025 · Dec 31, 2024 $33.07M
Operating Income FY 2025 · Dec 31, 2023 −$48.31M
Cost Of Revenue FY 2025 · Dec 31, 2025 $297.02M
Cost Of Revenue FY 2025 · Dec 31, 2024 $295.7M
Cost Of Revenue FY 2025 · Dec 31, 2023 $292.86M
Revenue FY 2025 · Dec 31, 2025 $158.33M
Revenue FY 2025 · Dec 31, 2025 $648.86M
Revenue FY 2025 · Sep 30, 2025 $163.22M
Revenue FY 2025 · Jun 30, 2025 $162.77M
Revenue FY 2025 · Mar 31, 2025 $164.55M
Revenue FY 2025 · Dec 31, 2024 $164.11M
Revenue FY 2025 · Dec 31, 2024 $624.56M
Revenue FY 2025 · Sep 30, 2024 $153.12M
Revenue FY 2025 · Jun 30, 2024 $152.9M
Revenue FY 2025 · Mar 31, 2024 $154.43M
Revenue FY 2025 · Dec 31, 2023 $600.55M