Income Statement

AMERICAN PUBLIC EDUCATION INC

APEI
Annual
Performance Overview Click any row in the table to add it to this chart
in millions USD
Metric Dec 31, 2025 2025 FY Dec 31, 2024 2024 FY Dec 31, 2023 2023 FY Dec 31, 2022 2022 FY Dec 31, 2021 2021 FY Dec 31, 2020 2020 FY Dec 31, 2019 2019 FY Dec 31, 2018 2018 FY Dec 31, 2017 2017 FY Dec 31, 2016 2016 FY Dec 31, 2015 2015 FY Dec 31, 2014 2014 FY Dec 31, 2013 2013 FY Dec 31, 2012 2012 FY Dec 31, 2011 2011 FY Dec 31, 2010 2010 FY Dec 31, 2009 2009 FY
Revenue
648.86 624.56 600.55 606.33 418.80 321.79 286.27 297.70 - - - - - - - 198.17 149.00
Cost of Revenue
297.02 295.70 292.86 288.47 172.62 122.16 111.92 115.28 - - - - - - - - -
Gross Profit
351.84 328.86 307.68 317.86 246.18 199.62 174.35 182.42 - - - - - - - 198.17 149.00
Operating Expenses
144.58 141.96 128.24 120.35 103.38 88.04 78.08 74.46 69.02 68.67 73.86 75.07 70.06 63.62 48.35 32.05 25.04
Research & Development
- - - - - - - - - - - - - - - - -
Selling, General & Administrative
144.58 141.96 132.96 154.65 103.38 88.04 78.08 74.46 69.02 68.67 73.86 75.07 70.06 63.62 48.35 34.30 25.04
Other Operating Expenses
- - - - - - - - - - - - - - - - -
Operating Income
207.26 186.90 179.44 197.50 142.80 111.58 96.27 107.96 -69.02 -68.67 -73.86 -75.07 -70.06 -63.62 -48.35 166.13 123.96
Non-Operating Income
163.56 155.96 232.21 348.75 116.71 85.73 79.61 72.52 -104.07 -107.06 -126.26 -141.27 -137.81 -132.55 -111.32 116.00 84.00
Interest Income
- - - - - - - - - - - - - - 0.11 0.11 0.09
Interest Expense
0.00 3.00 2.90 3.90 - - - - - - - - - - - - -
Other Non-Op Income / Expense
0.00 -4.41 -5.24 -0.02 -0.83 -0.01 - - -2.43 0.70 0.09 -0.17 -0.07 - - - -
Income Before Tax
43.71 30.94 -52.77 -151.25 26.09 25.85 16.66 35.44 35.04 38.39 52.40 66.19 67.75 68.94 62.97 50.13 39.96
Income Tax Expense
12.15 14.83 -5.48 -36.26 8.34 7.03 6.65 9.80 13.92 14.24 19.98 25.32 25.71 26.61 22.21 20.27 16.02
Non-Controlling Interest
- - - - - - - - - - - - - - - - -
Net Income
31.56 16.11 -47.29 -114.99 17.75 18.82 10.01 25.64 21.12 24.16 32.41 40.88 42.03 42.32 40.76 29.87 23.94
Supplemental Per share data, derived & other items — not part of the income statement
in millions USD unless noted
Metric Dec 31, 2025 2025 FY Dec 31, 2024 2024 FY Dec 31, 2023 2023 FY Dec 31, 2022 2022 FY Dec 31, 2021 2021 FY Dec 31, 2020 2020 FY Dec 31, 2019 2019 FY Dec 31, 2018 2018 FY Dec 31, 2017 2017 FY Dec 31, 2016 2016 FY Dec 31, 2015 2015 FY Dec 31, 2014 2014 FY Dec 31, 2013 2013 FY Dec 31, 2012 2012 FY Dec 31, 2011 2011 FY Dec 31, 2010 2010 FY Dec 31, 2009 2009 FY
Depreciation & Amortization
- - - - - - - - - - - - - - - - -
EBITDA
223.41 206.20 207.26 229.63 160.63 124.57 111.87 125.46 -50.25 -49.28 -53.34 -58.95 -56.56 -52.47 -39.11 172.63 129.19
Earnings Per Share (Basic)
1.40 0.57 -2.94 -6.10 0.98 1.27 0.62 1.56 1.30 1.50 1.94 2.36 2.38 2.38 2.28 1.63 1.32
Diluted EPS
1.36 0.55 -2.93 -6.08 0.97 1.25 0.62 1.54 1.29 1.49 1.93 2.33 2.35 2.35 2.23 1.59 1.27
Weighted Average Shares
18.01 17.63 18.11 18.86 18.09 14.88 16.09 16.40 16.24 16.07 16.68 0.02 17.66 17.77 17.88 18.28 18.17
Diluted Weighted Avg Shares
18.66 18.15 18.19 18.91 18.26 15.05 16.26 16.63 16.38 16.21 16.80 0.02 17.92 18.04 18.30 18.84 18.91
Comprehensive Income
31.55 14.46 -48.74 -112.00 17.86 - - - - - - - - - - - -