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APEI · XBRL financial data

American Public Education financial statements, every quarter

The same tables from 12 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

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How these numbers work
  • Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
  • Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
  • * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
  • 0 means a filing states zero; a dash (—) means no filing states that number.
  • “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
  • Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
  • Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
  • Shares outstanding come from each filing's cover page, as of the date printed there.
  • Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

CSV

Fiscal quarters (APEI's year ends in late December)

In thousands of dollarsSep 30, 2023Dec 31, 2023Mar 31, 2024Jun 30, 2024Sep 30, 2024Dec 31, 2024Mar 31, 2025Jun 30, 2025Sep 30, 2025Dec 31, 2025Mar 31, 2026Jun 30, 2026
Revenue from contracts with customers150,838152,804154,432152,895153,122164,110164,551162,766163,215158,330174,738171,731
Cost of goods and services sold73,22870,747*72,42576,21675,40171,661*74,94478,42374,69868,955*74,63076,640
General and administrative30,88531,332*36,27734,42635,03036,228*36,40738,14734,68935,339*36,29037,492
Operating income (loss)6,40015,932*5,1822,2204,12921,535*12,2467,0259,69718,967*21,64313,526
Interest income———————————1,900
Interest expense2,200—1,9001,9001,900—2,4002,4002,500—2,0001,400
Income tax expense (benefit)3,7122,124*1,213(16)1,2367,986*2,4661,4213,0685,193*1,5154,387
Net income (loss)(3,328)13,014*5163712,26212,964*8,8934,4965,56012,608*17,7319,773
Earnings per share, basic USD per share(0.27)0.65(0.06)(0.07)0.040.650.42(0.02)0.310.700.970.53
Earnings per share, diluted USD per share(0.27)0.64(0.06)(0.06)0.040.630.41(0.02)0.300.670.940.52
Weighted average shares, basic thousands of shares17,77817,773*17,51017,62717,67917,683*17,84018,03418,07018,097*18,28218,362
Weighted average shares, diluted thousands of shares17,82017,906*17,81118,13418,24718,400*18,41718,59718,75518,865*18,80418,810

Balance sheet

CSV

Fiscal quarters (APEI's year ends in late December)

In thousands of dollarsSep 30, 2023Dec 31, 2023Mar 31, 2024Jun 30, 2024Sep 30, 2024Dec 31, 2024Mar 31, 2025Jun 30, 2025Sep 30, 2025Dec 31, 2025Mar 31, 2026Jun 30, 2026
Cash and cash equivalents127,859116,660125,341129,797135,422131,926161,597174,946191,345174,095220,998146,548
Short-term investments—————————0—76,256
Accounts receivable29,04650,97344,57138,83042,64862,46541,87237,57543,90865,66238,71035,512
Total current assets203,125217,382223,757223,495236,501260,572272,508234,958259,110259,816282,127282,520
Property and equipment, net98,46087,50389,82292,46392,86173,38373,03872,61370,73970,59868,80069,534
Right-of-use asset101,632100,02397,58599,72397,43194,77692,64989,47761,59657,68654,92555,390
Goodwill59,59359,59359,59359,59359,59359,59359,59359,59359,59359,59359,59359,593
Total assets555,271557,386558,980560,703569,588570,103578,661537,369525,296521,418537,914537,746
Accounts payable7,9768,6637,3386,99910,4607,8477,84910,0677,7084,8228,1385,148
Accrued liabilities12,20511,47615,36416,60715,99213,73518,79014,10918,02413,37522,64320,349
Current portion of long-term debt00000000005,0635,625
Total current liabilities82,27673,98979,62578,87589,40879,15583,43182,90791,38975,05094,53686,956
Long-term debt94,31694,68295,04092,75293,09293,42493,74794,06294,36894,66583,20381,635
Lease liability, non-current97,26196,73995,463100,04696,38393,40691,28288,02260,11556,88654,01055,098
Total liabilities273,881265,410270,507272,008279,170266,224268,649265,129245,960226,636231,749223,689
Retained earnings (accumulated deficit)(58,864)(49,096)(52,881)(54,041)(53,310)(41,805)(34,344)(34,668)(29,108)(16,500)2316,003
Total stockholders' equity281,390291,976288,473288,695290,418303,879310,012272,240279,336294,782306,165314,057
Total liabilities and equity555,271557,386558,980560,703569,588570,103578,661537,369525,296521,418537,914537,746
Common shares outstanding (cover page) thousands of shares17,78417,50517,57517,70217,71217,99618,04018,06718,08518,38018,34318,302

Cash flows

CSV

Fiscal quarters (APEI's year ends in late December)

In thousands of dollarsSep 30, 2023Dec 31, 2023Mar 31, 2024Jun 30, 2024Sep 30, 2024Dec 31, 2024Mar 31, 2025Jun 30, 2025Sep 30, 2025Dec 31, 2025Mar 31, 2026Jun 30, 2026
Net income (loss)(3,328)13,014*5163712,26212,964*8,8934,4965,56012,608*17,7319,773
Stock-based compensation1,733*1,715*1,9181,823*1,761*2,166*2,2632,238*1,634*2,217*2,3272,232*
Net cash from operating activities20,158*(3,143)*20,74412,454*14,075*1,599*36,99814,809*21,709*(11,551)*63,30412,137*
Purchases of property and equipment2,952*4,390*6,2185,198*6,312*3,354*3,9023,698*4,196*4,068*2,5274,739*
Net cash from investing activities(2,829)*(4,390)*(6,218)(5,198)*(6,312)*(3,354)*(3,402)18,752*(4,896)*(5,653)*(2,527)(80,658)*
Proceeds from issuing common stock—year only——————————
Share repurchases27*1,711*4,10825*92*13*3,69330*206*333*8,7104,143*
Proceeds from long-term debt—year only————00*——90,0000*
Repayments of long-term debt28*29*282,773*82*81*5354*53*53*96,4781,179*
Net cash from financing activities(1,578)*(3,279)*(5,671)(4,262)*(1,705)*(1,553)*(5,035)(44,484)*(248)*559*(16,278)(5,929)*
Net change in cash15,751*(10,812)*8,8552,994*6,058*(3,308)*28,561(10,923)*16,565*(16,645)*44,499(74,450)*

Compare with peers

SIC 8200 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen
  • SIC 8200 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
  • Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
  • Runway shows only for companies burning cash with under $10B of public float.
  • * marks a quarter worked out from the filing totals: for a 10-K, the year less the first three quarters; for a 10-Q, the year-to-date total less the earlier one.
  • A cell reading “not reported” means the filings give no figure for that quarter alone.
CompanyCash ($K)Revenue, quarter ($K)Operating cash flow, quarter ($K)Shares outstandingRunwayQuarter
American Public Education146,548171,73112,137*18.3M— 10-QJun 30, 2026
Lincoln Educational Services44,178142,56022,067*31.7M— 10-QJun 30, 2026
Udemy252,563not reported15,440146.3M— 10-QMar 31, 2026
Phoenix Education Partners159,363260,680*79,643*36.7M— 10-KAug 31, 2026
Universal Technical Institute130,060218,90710,333*55.1M— 10-QJun 30, 2026
Perdoceo Education162,889213,35574,629*62.6M— 10-QJun 30, 2026
Chegg28,84746,4687,215*111.2M— 10-QSep 30, 2026
Stride547,750639,378(124,787)42.0M6.3 quarters 10-QSep 30, 2026
Strategic Education123,755337,26429,176*22.2M— 10-QJun 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.