APEI · XBRL financial data

American Public Education financial statements, every fiscal year

The same tables from 7 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

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

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

In thousands of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue from contracts with customers	321,785	418,803	606,328	600,545	624,559	648,862
Cost of goods and services sold	122,161	172,622	288,472	292,862	295,703	297,020
General and administrative	88,043	103,379	120,352	128,239	141,961	144,582
Operating income (loss)	24,757	30,371	(137,348)	(48,306)	33,066	47,935
Interest expense	—	—	3,900	—	—	—
Income tax expense (benefit)	7,020	7,511	(36,276)	(10,715)	10,419	12,148
Net income (loss)	18,822	17,752	(114,993)	(47,286)	16,113	31,557
Earnings per share, basic USD per share	1.27	0.98	(6.10)	(2.94)	0.57	1.40
Earnings per share, diluted USD per share	1.25	0.97	(6.08)	(2.93)	0.55	1.36
Weighted average shares, basic thousands of shares	14,876	18,085	18,859	18,112	17,625	18,011
Weighted average shares, diluted thousands of shares	15,047	18,255	18,914	18,193	18,149	18,660

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

In thousands of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	227,686	149,627	102,519	116,660	131,926	174,095
Short-term investments	—	—	—	—	—	0
Accounts receivable	17,652	36,026	42,353	50,973	62,465	65,662
Total current assets	251,810	202,637	186,091	217,382	260,572	259,816
Property and equipment, net	68,434	102,417	100,892	87,503	73,383	70,598
Right-of-use asset	8,743	77,943	108,870	100,023	94,776	57,686
Goodwill	26,563	243,486	112,593	59,593	59,593	59,593
Total assets	371,018	725,608	615,056	557,386	570,103	521,418
Accounts payable	3,757	13,497	3,808	8,663	7,847	4,822
Accrued liabilities	10,967	10,819	13,784	11,476	13,735	13,375
Current portion of long-term debt	0	8,750	0	0	0	0
Total current liabilities	55,058	83,678	70,758	73,989	79,155	75,050
Long-term debt	0	151,771	93,151	94,682	93,424	94,665
Lease liability, non-current	6,455	69,488	101,309	96,739	93,406	56,886
Total liabilities	64,093	309,996	265,329	265,410	266,224	226,636
Retained earnings (accumulated deficit)	111,180	128,932	13,891	(49,096)	(41,805)	(16,500)
Total stockholders' equity	306,925	415,612	349,727	291,976	303,879	294,782
Total liabilities and equity	371,018	725,608	615,056	557,386	570,103	521,418
Common shares outstanding (cover page) thousands of shares	18,642	18,856	19,031	17,505	17,996	18,380

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

In thousands of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	18,822	17,752	(114,993)	(47,286)	16,113	31,557
Stock-based compensation	7,075	7,654	8,009	7,740	7,668	8,352
Net cash from operating activities	44,810	16,265	29,215	45,514	48,872	61,965
Purchases of property and equipment	4,926	11,828	16,389	13,895	21,082	15,864
Net cash from investing activities	(4,159)	(336,665)	(13,673)	(13,772)	(21,082)	4,801
Proceeds from issuing common stock	0	86,205	0	0	—	—
Share repurchases	15,705	3,032	1,538	10,739	4,238	4,262
Proceeds from long-term debt	0	175,000	0	0	—	—
Repayments of long-term debt	0	2,188	73,864	114	2,964	213
Net cash from financing activities	(15,705)	242,341	(35,711)	(16,858)	(13,191)	(49,208)
Net change in cash	24,946	(78,059)	(20,169)	14,884	14,599	17,558

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.

Company	Cash ($K)	Revenue, quarter ($K)	Operating cash flow, quarter ($K)	Shares outstanding	Runway	Quarter
American Public Education	146,548	171,731	12,137*	18.3M	—	Q2 FY26 10-QJun 30, 2026
Lincoln Educational Services	44,178	142,560	22,067*	31.7M	—	Q2 FY26 10-QJun 30, 2026
Udemy	252,563	not reported	15,440	146.3M	—	Q1 FY26 10-QMar 31, 2026
Phoenix Education Partners	159,363	260,680*	79,643*	36.7M	—	Q4 FY26 10-KAug 31, 2026
Universal Technical Institute	130,060	218,907	10,333*	55.1M	—	Q3 FY26 10-QJun 30, 2026
Perdoceo Education	162,889	213,355	74,629*	62.6M	—	Q2 FY26 10-QJun 30, 2026
Chegg	28,847	46,468	7,215*	111.2M	—	Q3 FY26 10-QSep 30, 2026
Stride	547,750	639,378	(124,787)	42.0M	6.3 quarters	Q1 FY27 10-QSep 30, 2026
Strategic Education	123,755	337,264	29,176*	22.2M	—	Q2 FY26 10-QJun 30, 2026

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