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  5. Income Statement
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American Public Education APEI
$ 40.27 2.76%
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Quarterly report 2026-Q3
added 11-09-2026

American Public Education Income Statement 2025-2006 | APEI

Brief overview of revenue and earnings at American Public Education

The comparison covers a five-year financial horizon. Revenue at American Public Education moved from 322 million dollars in 2020 to 158 million dollars in 2025. The five-year change reached −50.8%, while CAGR stood at −13.2%. The business finished the period with a smaller revenue base.

Gross profit was 200 million dollars at the start and −139 million dollars at the end of the period (−169.5%). The cost base moved against the top-line trend and weighed on the gross result. Gross margin moved from 62% to −87.6%. The business retained less gross profit from each unit of revenue.

Over the period, EBITDA shifted from 37.7 million dollars to 64.1 million dollars, a change of +69.8%. Additional revenue translated efficiently into EBITDA. EBITDA margin moved from 11.7% to 40.5%. The business generated more EBITDA from each unit of revenue.

Net income changed from 18.8 million dollars to 31.6 million dollars (+67.7%). The final year delivered the highest net income in the period.

Market value was 428 million dollars at the start and 857 million dollars at the end. The market broadly confirmed the positive direction of the business.

Conclusion

Signs of deterioration dominate the five-year picture. The positive side is supported by an improving EBITDA margin and net-income growth. The weaker side of the profile includes a lower gross margin, weak sales momentum and limited gross profitability. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.

Annual Income Statement American Public Education

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Market Cap

 857 M 338 M 205 M 176 M 387 M 428 M 392 M 484 M 411 M 374 M 263 M 583 M 756 M 676 M 726 M 738 M 606 M 650 M - -

Shares

 18 M 17.6 M 18.1 M 18.9 M 18.1 M 14.9 M 16.1 M 16.4 M 16.2 M 16.1 M 16.7 M 17.4 M 17.7 M 17.8 M 17.9 M 18.3 M 18.2 M 17.8 M 12.8 M -

Historical Prices

 47.6 19.2 11.3 9.31 21.4 28.8 23.8 29.6 25.4 24.3 15.8 33.6 42.3 38.5 40.2 40.3 33.4 36.4 - -

Net Income

 31.6 M 16.1 M -47.3 M -115 M 17.8 M 18.8 M 10 M 25.6 M 21.1 M 24.2 M 32.4 M 40.9 M 42 M 42.3 M 40.8 M 29.9 M 23.9 M 16.2 M 8.75 M -

Revenue

 158 M 164 M 601 M 606 M 419 M 322 M 286 M 298 M 299 M 313 M 328 M 350 M 329 M 314 M 260 M 198 M 149 M 107 M 69.1 M -

Cost of Revenue

 297 M 296 M 293 M 288 M 173 M 122 M 112 M 115 M 116 M 117 M - - - - - - - - - -

Gross Profit

 -139 M -132 M 308 M 318 M 246 M 200 M 174 M 182 M 183 M 196 M 209 M 226 M 217 M 203 M 165 M - - - - -

Operating Income

 47.9 M 33.1 M -48.3 M -137 M 30.4 M 24.8 M 12.8 M 32.5 M 34.9 M 38.3 M 52.3 M 65.8 M 67.4 M 68.8 M 62.9 M 50 M 39.9 M 25.7 M 14.7 M -

Interest Expense

 - - - 3.9 M - - - - 185 K 116 K 115 K 361 K 308 K 135 K 109 K 111 K - - - -

EBITDA

 64.1 M 52.4 M -20.5 M -105 M 48.2 M 37.7 M 36.2 M 50.9 M 55.7 M 68.4 M 72.8 M 82 M 80.9 M 79.9 M 72.1 M 56.5 M 45.1 M 29.9 M 17.5 M -

Operating Expenses

 -187 M -165 M 356 M 455 M 216 M 175 M 154 M 149 M 146 M 147 M 157 M 160 M 149 M 135 M 102 M -50 M -39.9 M -25.7 M - -

General and Administrative Expenses

 145 M 142 M 128 M 120 M 103 M 88 M 78.1 M 74.5 M 69 M 68.7 M 73.9 M 75.1 M 70.1 M 63.6 M 48.4 M 32 M 25 M 21.3 M 15.3 M -

All numbers in USD currency

Quarterly Income Statement American Public Education

2026-Q3 2026-Q2 2026-Q1 2025-Q4 2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1 2010-Q4 2010-Q3 2010-Q2 2010-Q1 2009-Q4 2009-Q3

Shares

 18.3 M 18.4 M 18.3 M 29 K 18.1 M 18 M 17.8 M 21 K 17.7 M 17.6 M 17.5 M -118 K 17.8 M 17.9 M 19 M 5 B 18.9 M 18.9 M 18.8 M 211 K 18.7 M 18.7 M 16.2 M 6 B 14.8 M 14.8 M 15 M -241 K 16 M 16.5 M 16.5 M 6.52 B 16.4 M 16.4 M 16.4 M 10.1 B 16.2 M 16.2 M 16.2 M 10.3 B 16.1 M 16.1 M 16 M -168 K 16.6 M 16.8 M 17.2 M -37.2 K 17.3 M 17.4 M 17.6 M -33.1 K 17.7 M 17.6 M 17.8 M -17.8 M 17.7 M 17.9 M 17.9 M -10.6 K 17.8 M 17.9 M 17.9 B -99.2 K 18.4 M 18.4 M 18.3 M 29.1 B 18.2 M

Net Income

 5.89 M 9.77 M 17.7 M 12.6 M 5.56 M -324 K 7.46 M 11.5 M 731 K -1.16 M -1.02 M 11.5 M -4.85 M -52.7 M -7.2 M -6.58 M -3.76 M -110 M 5.33 M 9.38 M -267 K 531 K 8.11 M 7.07 M 2.64 M 6.69 M 2.42 M 5.72 M -1.64 M 4.92 M 1.01 M 9.09 M 5.5 M 6.46 M 4.59 M 8.42 M 4.37 M 3.83 M 4.51 M 6.89 M 326 K 6.6 M 10.3 M 9.79 M 6.76 M 7.07 M 8.79 M 11.8 M 8.84 M 9.8 M 10.4 M 9 M 10.9 M 10.8 M 11.4 M 13.2 M 10.8 M 9.24 M 9.08 M 13 M 10.9 M 8.98 M 7.86 M 9.61 M 5.59 M 7.02 M 7.65 M 8.38 M 5.01 M

Revenue

 169 M 172 M 175 M 158 M 163 M 163 M 165 M 164 M 153 M 153 M 154 M 153 M 151 M 147 M 150 M 152 M 150 M 150 M 155 M 154 M 98.2 M 78 M 88.5 M 85.9 M 79.1 M 82.1 M 74.6 M 74.4 M 67.9 M 70.6 M 73.4 M 76.9 M 73 M 72.8 M 75 M 78.1 M 73.3 M 72.2 M 75.7 M - -18 K 71 K 600 K - 4 K 14 K -38 K - -26 K 42 K -43 K - -61 K 2 K -48 K - - - - - - 60.8 M 58.7 M 56.3 M 48.3 M 46.3 M 47.3 M 43.7 M 36.5 M

Cost of Revenue

 74.9 M 76.6 M 74.6 M 69 M 74.7 M 78.4 M 74.9 M 71.7 M 75.4 M 76.2 M 72.4 M 70.7 M 73.2 M 75 M 73.9 M 72.9 M 71.8 M 72.1 M 71.7 M 67.4 M 42.5 M 30.4 M 32.3 M 31.1 M 31.1 M 30.7 M 29.2 M 28 M 27.3 M 28.7 M 27.9 M 28.4 M 28.2 M 29 M 29.7 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Gross Profit

 94.2 M 95.1 M 100 M 89.4 M 88.5 M 84.3 M 89.6 M 92.4 M 77.7 M 76.7 M 82 M 82.1 M 77.6 M 72.2 M 75.8 M 79.6 M 77.7 M 77.5 M 83 M 86.6 M 55.7 M 47.6 M 56.2 M 54.8 M 48 M 51.4 M 45.4 M 46.4 M 40.6 M 41.8 M 45.5 M 48.5 M 44.8 M 43.8 M 45.3 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operating Income

 7.92 M 13.5 M 21.6 M 19 M 9.7 M 7.02 M 12.2 M 21.5 M 4.13 M 2.22 M 5.18 M 15.9 M 6.4 M -65.3 M -5.37 M -262 K -1.03 M -141 M 5.2 M 16.5 M 1.26 M 1.98 M 10.6 M 9.72 M 3.31 M 9.04 M 2.69 M 8.61 M -2.91 M 5.68 M 1.38 M 11.4 M 6.88 M 8.05 M 6.16 M 12.6 M 7.6 M 6.32 M 8.31 M 11.3 M 392 K 10.7 M 16 M 15.7 M 10.5 M 11.6 M 14.5 M 18.6 M 14.6 M 15.8 M 16.7 M 14.6 M 17.5 M 17.2 M 18.2 M 21.5 M 17.5 M 15 M 14.9 M 19.9 M 15.1 M 14.9 M 13.1 M 15.8 M 9.32 M 11.7 M 13.1 M 14 M 8.39 M

Interest Expense

 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 78 K 77 K 88 K 64 K 118 K 30 K -34 K 21 K 22 K 35 K 25 K - - - - - - -

EBITDA

 11.9 M 17.5 M 25.8 M 23 M 13.6 M 11.1 M 16.2 M 21.5 M 4.93 M 3.52 M 6.48 M 17.2 M 9.4 M -61.3 M -1.47 M 3.64 M 2.97 M -137 M 9.2 M 12 M 5.65 M 4.5 M 13.3 M 12.8 M 6.53 M 12.4 M 6.03 M 12.2 M 851 K 9.62 M 5.43 M 15.2 M 11.2 M 12.4 M 10.7 M 16.7 M 12.3 M 11 M 13.1 M 11.3 M 5.3 M 15.5 M 20.9 M 21.2 M 15.4 M 16.3 M 19.1 M 21.7 M 18.7 M 19.8 M 20.6 M 17.9 M 20.9 M 20.5 M 21.4 M 24.4 M 20.3 M 17.7 M 17.5 M 22.2 M 17.5 M 17.2 M 15.2 M 17.5 M 11 M 13.3 M 14.5 M 14 M 9.66 M

Operating Expenses

 86.3 M 81.6 M 78.5 M 70.4 M 78.8 M 77.3 M 77.4 M 70.9 M 73.6 M 74.5 M 76.8 M 66.1 M 71.2 M 137 M 81.2 M 79.8 M 78.7 M 219 M 77.8 M 70.1 M 54.4 M 45.6 M 45.6 M 45.1 M 44.7 M 42.3 M 42.7 M 37.8 M 43.5 M 36.2 M 44.1 M 37.1 M 37.9 M 35.8 M 39.1 M -12.6 M -7.6 M -6.32 M -8.31 M -11.3 M -392 K -10.7 M - -15.7 M -10.5 M -11.6 M -14.5 M -18.6 M -14.6 M -15.8 M -16.7 M -14.6 M -17.5 M -17.2 M -18.2 M -21.5 M -17.5 M -15 M -14.9 M -19.9 M -15.1 M -14.9 M -13.1 M - -9.32 M -11.7 M -13.1 M - -8.39 M

General and Administrative Expenses

 39.3 M 37.5 M 36.3 M 35.3 M 34.7 M 38.1 M 36.4 M 36.2 M 35 M 34.4 M 36.3 M 31.3 M 30.9 M 32.5 M 33.5 M 31.2 M 29.7 M 29.9 M 29.6 M 27.8 M 26.6 M 25.5 M 23.5 M 22.7 M 22.6 M 21.7 M 21 M 18.9 M 22 M 18.1 M 19.1 M 18.7 M 19.3 M 17.6 M 18.9 M 17.4 M 17.2 M 16.6 M 17.8 M 18 M 17.1 M 16.9 M 16.7 M 18.2 M 17.6 M 18.1 M 19.1 M 19.5 M 17.4 M 18.5 M 19.5 M 18.7 M 16.8 M 17.2 M 17.5 M 15.4 M 16 M 16.1 M 16.1 M 14.8 M 12.2 M 10.9 M 10.5 M 8.77 M 8.19 M 7.45 M 7.63 M 6.48 M 6.46 M

All numbers in USD currency

The income statement is one of the three key financial reports of a company American Public Education (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:

  • How much revenue the company earned
  • How much it spent on production, personnel, marketing, taxes, etc.
  • What profit remained in the end

Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.

Features
  • The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
  • Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
  • A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.

Reports on the profits and losses of other stocks in the Education training industry

Issuer Price % 24h Market Cap Country
Tarena International Tarena International
TEDU
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LXEH
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2U 2U
TWOU
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Perdoceo Education Corporation Perdoceo Education Corporation
PRDO
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Zovio Inc Zovio Inc
ZVO
 		- -11.16 % $ 4.43 M usaUSA
Graham Holdings Company Graham Holdings Company
GHC
 		$ 1 222.46 0.55 % $ 5.29 B usaUSA
Universal Technical Institute Universal Technical Institute
UTI
 		$ 23.21 5.74 % $ 1.26 B usaUSA
Four Seasons Education (Cayman) Four Seasons Education (Cayman)
FEDU
 		$ 7.35 -6.96 % $ 166 M chinaChina
China Liberal Education Holdings Limited China Liberal Education Holdings Limited
CLEU
 		- - $ 11.6 M chinaChina
Aspen Group Aspen Group
ASPU
 		- 0.08 % $ 3.19 M usaUSA
New Oriental Education & Technology Group New Oriental Education & Technology Group
EDU
 		$ 53.11 -0.93 % $ 83.8 B chinaChina
Afya Limited Afya Limited
AFYA
 		$ 10.5 -1.59 % $ 950 M brasilBrasil
Chegg Chegg
CHGG
 		$ 0.59 -2.84 % $ 63.4 M usaUSA
Skillful Craftsman Education Technology Limited Skillful Craftsman Education Technology Limited
EDTK
 		$ 1.0 -6.54 % $ 16.8 M chinaChina
ATA Creativity Global ATA Creativity Global
AACG
 		$ 0.89 47.61 % $ 56.6 M chinaChina
Ambow Education Holding Ltd. Ambow Education Holding Ltd.
AMBO
 		$ 1.47 -0.83 % $ 84 M chinaChina
Houghton Mifflin Harcourt Company Houghton Mifflin Harcourt Company
HMHC
 		- - $ 2.69 B usaUSA
iHuman iHuman
IH
 		$ 1.02 -19.69 % $ 262 M usaUSA
Grand Canyon Education Grand Canyon Education
LOPE
 		$ 115.31 -0.74 % $ 3.21 B usaUSA
Laureate Education Laureate Education
LAUR
 		$ 35.01 1.3 % $ 5.18 B usaUSA
Gaotu Techedu Inc. Gaotu Techedu Inc.
GOTU
 		$ 2.44 2.52 % $ 398 M chinaChina
Vasta Platform Limited Vasta Platform Limited
VSTA
 		- - $ 286 M brasilBrasil
RISE Education Cayman Ltd RISE Education Cayman Ltd
REDU
 		- 138.46 % $ 202 M chinaChina
China Online Education Group China Online Education Group
COE
 		- -2.11 % $ 34.1 M chinaChina
Meten EdtechX Education Group Ltd. Meten EdtechX Education Group Ltd.
METX
 		- 6.28 % $ 27.7 M chinaChina
Hailiang Education Group Hailiang Education Group
HLG
 		- - $ 368 M chinaChina
Strategic Education Strategic Education
STRA
 		$ 54.64 3.18 % $ 1.24 B usaUSA
TAL Education Group TAL Education Group
TAL
 		$ 10.08 -1.08 % $ 1.92 B chinaChina
Sunlands Technology Group Sunlands Technology Group
STG
 		$ 2.08 -2.35 % $ 14 M -
Arco Platform Limited Arco Platform Limited
ARCE
 		- - $ 676 M brasilBrasil
China Distance Education Holdings Limited China Distance Education Holdings Limited
DL
 		- 0.10 % $ 333 M chinaChina
GP Strategies Corporation GP Strategies Corporation
GPX
 		- - $ 366 M usaUSA
LAIX Inc. LAIX Inc.
LAIX
 		- -9.62 % $ 11 M chinaChina
Puxin Limited Puxin Limited
NEW
 		- 0.74 % $ 11.9 M chinaChina
RYB Education, Inc. RYB Education, Inc.
RYB
 		- 7.3 % $ 20.7 M chinaChina
Vitru Limited Vitru Limited
VTRU
 		- -1.2 % $ 363 M brasilBrasil
Wah Fu Education Group Limited Wah Fu Education Group Limited
WAFU
 		$ 1.39 1.46 % $ 4.06 M chinaChina
Bright Scholar Education Holdings Limited Bright Scholar Education Holdings Limited
BEDU
 		- - $ 267 M chinaChina
Stride Stride
LRN
 		$ 76.84 1.48 % $ 3.28 B usaUSA
Adtalem Global Education Adtalem Global Education
ATGE
 		- - $ 3.65 B usaUSA
Lincoln Educational Services Corporation Lincoln Educational Services Corporation
LINC
 		$ 22.78 3.52 % $ 705 M usaUSA