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American Public Education (APEI)

American Public Education (APEI)
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American Public Education, Inc. is an online provider of higher education, focused on serving the military and public service communities. The majority of students are either serving the U.S. military actively or are civilians who are indirectly associated with the military like veterans, reservists or National Guard members. Its students also include public service professionals in the civilian space, including federal, national and local law enforcement personnel. American Public Education segment (American Military University and American Public University System, Inc) offers 124-degree programs and 112 certificate programs in fields ranging from national security, military studies, intelligence, homeland security, criminal justice, technology, business administration, education, health science, education and liberal arts. Hondros College of Nursing segment provides nursing education through in-person classes and online. The students are offered Diploma in Practical Nursing and Associate Degree in Nursing.

Fiscal Year End Date: 12/31

(Values in U.S. Thousands) Dec, 2025 Dec, 2024 Dec, 2023 Dec, 2022 Dec, 2021
Sales 648,860 624,560 600,550 606,330 418,800
Sales Growth +3.89% +4.00% -0.95% +44.78% +30.15%
Net Income 31,560 16,110 -47,290 -114,990 17,750
Net Income Growth +95.90% +134.07% +58.87% -747.83% -5.69%
(Values in U.S. Thousands) Dec, 2025 Dec, 2024 Dec, 2023 Dec, 2022 Dec, 2021
Total Assets 521,420 570,100 557,390 615,060 725,610
Total Assets Growth -8.54% +2.28% -9.38% -15.24% +95.57%
Total Liabilities 226,640 266,220 265,410 265,330 310,000
Total Liabilities Growth -14.87% +0.31% +0.03% -14.41% +383.69%
(Values in U.S. Thousands) Dec, 2025 Dec, 2024 Dec, 2023 Dec, 2022 Dec, 2021
Operating Cash Flow 61,970 48,870 45,510 29,220 16,270
Operating Cash Flow Growth +26.81% +7.38% +55.75% +79.59% -63.69%
Net Cash Flow 17,560 14,600 14,880 -20,170 -78,060
Change in Net Cash Flow +20.27% -1.88% +173.77% +74.16% -412.87%
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