AMERICAN PUBLIC EDUCATION INC

Listed Company

APEICIK 0001201792NasdaqAcceleratedServices-Educational ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$648.86M

Net Income

$31.56M

Total Assets

$521.42M

Equity

$294.78M

Shares Out

18.38M

Op. Cash Flow

$61.97M

Business

AMERICAN PUBLIC EDUCATION INC provides postsecondary education and career learning through subsidiary institutions serving primarily service‑minded and working adult students. It offers degree, certificate, and diploma programs—including a comprehensive nursing “ladder” from PN to doctoral programs—online courses, campus‑based instruction, career training, and government contract training. Its key institutions and reportable segments are American Public University System (APUS), Rasmussen University (RU), Hondros College of Nursing (HCN), with Graduate School USA operating as a career‑learning provider reported in Corporate and Other. Programs are delivered online, at 28 on‑ground campuses across multiple U.S. states, to federal and public workforce clients, and via direct‑to‑student and business‑to‑business channels.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	649	625	601	606	419
Instructional costs and services	297	296	293	288	173
Selling and promotional	137	129	133	155	93
General and administrative	145	142	128	120	103
Depreciation and amortization	16	19	28	32	18
Impairment of goodwill and intangible assets	0	0	64	147	0
Loss on sale of subsidiary (Note 2)	4	0	0	—	—
Loss on assets held for sale (Note 5)	2	2	2	—	—
Loss on leases (Note 7)	100,000	4	0	0	—
Loss on disposals of long-lived assets	400,000	400,000	600,000	1	1
Total costs and expenses	601	591	649	744	388
(Loss) income from operations before interest and income taxes	48	33	−48	−137	30
Interest expense, net	−4	−2	−4	−18	−4
(Loss) income from operations before income taxes	44	31	−53	−151	26
Income tax (benefit) expense	12	10	−11	−36	8
Equity investment loss	0	−4	−5	−21,000	−831,000
Net (loss) income	32	16	−47	−115	18
Preferred stock dividends	3	6	6	48,000	0
Loss on redemption of preferred stock	4	0	0	—	—
Net income (loss) available to common stockholders basic	25	10	−53	−115	18
Net income (loss) available to common stockholders diluted	25	10	−53	−115	18
Basic (in dollars per share)	1.4	0.57	−2.94	−6.1	0.98
Diluted (in dollars per share)	1.36	0.55	−2.93	−6.08	0.97
Basic (in shares)	18	18	18	19	18
Diluted (in shares)	19	18	18	19	18

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents, and restricted cash (Note 2)	176	159	144	129	150
Accounts receivable, net of allowance of $19,280 in 2024 and $21,113 in 2025	66	62	51	42	36
Prepaid expenses	14	14	13	11	12
Income tax receivable	3	949,000	474,000	3	5
Assets held for sale (Note 5)	0	24	9	0	—
Total current assets	260	261	217	186	203
Property and equipment, net	71	73	88	101	102
Operating lease assets, net	58	95	100	109	78
Deferred income taxes	39	47	51	35	0
Intangible assets, net	28	28	32	55	85
Goodwill	60	60	60	113	243
Other assets, net	6	6	10	17	14
Total assets	521	570	557	615	726
Accounts payable	5	8	9	4	13
Accrued compensation and benefits	22	21	17	15	15
Accrued liabilities	13	14	11	14	11
Deferred revenue and student deposits	23	24	24	24	22
Lease liabilities, current	11	14	13	14	14
Total current liabilities	75	79	74	71	84
Lease liabilities, long term	57	94	97	101	69
Long-term debt, net	95	93	95	93	152
Total liabilities	227	266	265	265	310
Commitments and contingencies (Note 13)	—	—	—	—	—
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	40	40	40	0
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	181,000	177,000	176,000	189,000	187,000
Additional paid-in capital	311	306	300	293	286
Accumulated other comprehensive loss	−18,000	−7,000	2	3	108,000
Accumulated deficit	−17	−42	−49	14	129
Total stockholders equity	295	304	292	350	416
Total liabilities and stockholders equity	521	570	557	615	726

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization and write-off of debt issuance costs	1	1	2	6	885,000
Stock-based compensation	8	8	8	8	8
Deferred income taxes	8	4	−16	−42	6
Loss on assets held for sale	2	2	2	—	—
Loss on sale of subsidiary	3	0	0	—	—
Accounts receivable, net of allowance for bad debt	−5	−11	−9	−2	−8
Prepaid expenses	−761,000	−716,000	−2	354,000	−614,000
Income tax receivable/payable	−3	−475,000	2	2	−5
Operating lease assets, net	19,000	3	3	1	3
Other assets	−1	−1	−259,000	519,000	−2
Accounts payable	−2	−816,000	5	−10	8
Accrued compensation and benefits	2	4	2	−141,000	−3
Accrued liabilities	−275,000	2	−2	3	−4
Deferred revenue and student deposits	2	−356,000	70,000	15,000	−23
Net cash provided by operating activities	62	49	46	29	16
Cash outlay from sale of subsidiary	−2	0	0	—	—
Capital expenditures	−16	−21	−14	−16	−12
Proceeds from the sale of real property	23	0	123,000	765,000	672,000
Net cash (used in) provided by investing activities	5	−21	−14	−14	−337
Cash paid for repurchase of common/restricted stock	−4	−4	−11	−2	−3
Preferred stock dividends paid	−3	−6	−6	0	0
Cash received from exercise of stock options	1	67,000	0	0	—
Cash paid for redemption of preferred stock	−43	0	0	—	—
Cash paid for principal on borrowings and finance leases	−213,000	−3	−114,000	−74	−2
Net cash used in financing activities	−49	−13	−17	−36	242
Net increase in cash, cash equivalents, and restricted cash	18	15	15	−20	−78
Interest paid	10	11	11	12	4
Income taxes paid	7	6	2	4	7

Filings

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