American Public Education Inc income statement

In fiscal 2025, American Public Education Inc reported revenue of $649m, up 3.9% on the year before, operating income of $47.9m (a 7.4% margin) and net income of $31.6m, or $1.36 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

American Public Education Inc: income statement, annual
Fiscal year	2007Dec 2007	2008Dec 2008	2009Dec 2009	2010Dec 2010	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	69	107	149	198	313	299	298	286	322	419	606	601	625	649	668
Cost of revenue	—	—	—	—	117	116	115	112	122	173	288	293	296	297	295
Gross profit	—	—	—	—	196	183	182	174	200	246	318	308	329	352	373
Selling and marketing	7	12	20	34	59	58	57	60	73	93	155	133	129	137	145
General and administrative	15	21	25	32	69	69	74	78	88	103	120	128	142	145	144
Operating income	15	26	40	50	38	35	33	13	25	30	−137	−48	33	48	64
Interest expense	—	—	—	—	—	—	—	—	—	—	4	—	—	—	—
Net interest income	—	—	—	0	0	0	—	—	—	—	—	—	—	—	—
Income before tax	16	26	40	50	38	35	35	17	26	26	−151	−53	31	44	60
Income tax	7	10	16	20	15	11	9	5	7	8	−36	−11	10	12	14
Net income	9	16	24	30	24	21	26	10	19	18	−115	−47	16	32	46
Diluted EPS	$0.64	$0.86	$1.27	$1.59	$1.49	$1.29	$1.54	$0.62	$1.25	$0.97	−$6.08	−$2.93	$0.55	$1.36	$2.43
Diluted shares (average)	14m	19m	19m	19m	16m	16m	17m	16m	15m	18m	19m	18m	18m	19m	19m
EBITDA	18	30	45	57	58	54	50	28	38	48	−105	−20	52	64	80

US$ millions unless shown otherwise. Fiscal quarters.

American Public Education Inc: income statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Revenue	153	164	165	163	163	158	175	172
Cost of revenue	75	72	75	78	75	69	75	77
Gross profit	78	92	90	84	89	89	100	95
Selling and marketing	33	29	35	35	36	31	38	40
General and administrative	35	36	36	38	35	35	36	37
Operating income	4	22	12	7	10	19	22	14
Interest expense	2	—	2	2	3	—	2	1
Income before tax	3	11	11	6	9	18	19	14
Income tax	1	8	2	1	3	5	2	4
Net income	2	12	9	4	6	13	18	10
Diluted EPS	$0.04	$0.63	$0.41	−$0.02	$0.30	$0.67	$0.94	$0.52
EBITDA	9	25	16	11	14	23	26	17

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from American Public Education Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to American Public Education Inc.