# American Public Education, Inc. (APEI)

**Exchange:** NASDAQ  
**Sector:** Consumer Defensive  
**Market cap:** $1.01B  
**Price:** $53.89 (+2.82%)

> American Public Education Inc. is a provider of online and campus-based postsecondary education and career learning programs in the United States. It operates through three main segments: American Public University System, which offers online degree and certificate programs encompassing American Public University and American Military University; Rasmussen University, focused on nursing and health sciences education including pre-licensure nursing, practical nursing diplomas, and associate degrees; and Hondros College of Nursing, specializing in nursing education services. The company delivers 182 degree programs and 136 certificate programs across diverse fields such as nursing, national security, military studies, intelligence, homeland security, business, health science, information technology, justice studies, education, liberal arts, leadership, finance, and human resources. These programs support career development particularly for military personnel, federal government workforce, and professionals seeking advancement in service-oriented sectors. Founded in 1991 and headquartered in Charles Town, West Virginia, American Public Education Inc. emphasizes affordable, innovative educational services tailored to adult learners balancing work and study.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $649M | $352M | $48M | $32M | — |
| 2024 | $625M | $329M | $33M | $16M | — |
| 2023 | $601M | $308M | -$48M | -$47M | — |
| 2022 | $606M | $318M | -$137M | -$115M | — |
| 2021 | $419M | $246M | $30M | $18M | — |
| 2020 | $322M | $200M | $25M | $19M | — |
| 2019 | $286M | $174M | $13M | $10M | — |
| 2018 | $298M | $182M | $33M | $26M | — |
| 2017 | $299M | $183M | $35M | $21M | — |
| 2016 | $313M | $196M | $38M | $24M | — |
| 2010 | $198M | — | $50M | $30M | — |
| 2009 | $149M | — | $40M | $24M | — |
| 2008 | $107M | — | $26M | $16M | — |
| 2007 | $69M | — | $15M | $9M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $521M | $227M | $295M | $174M | $95M |
| 2024 | $570M | $266M | $304M | $132M | $93M |
| 2023 | $557M | $265M | $292M | $117M | $95M |
| 2022 | $615M | $265M | $350M | $103M | $93M |
| 2021 | $726M | $310M | $416M | — | $161M |
| 2020 | $371M | $64M | $307M | — | — |
| 2019 | $355M | $58M | $297M | — | — |
| 2018 | $371M | $50M | $321M | — | — |
| 2017 | $339M | $50M | $289M | $179M | — |
| 2016 | $316M | $51M | $265M | $146M | — |
| 2010 | $142M | $45M | $97M | $81M | — |
| 2009 | $116M | $34M | $82M | $75M | — |
| 2008 | $79M | $25M | $53M | $48M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $62M | $16M | $46M |
| 2024 | $49M | $21M | $28M |
| 2023 | $46M | $14M | $32M |
| 2022 | $29M | $16M | $13M |
| 2021 | $16M | $12M | $4M |
| 2020 | $45M | $5M | $40M |
| 2019 | $38M | $7M | $31M |
| 2018 | $44M | $9M | $35M |
| 2017 | $48M | $15M | $33M |
| 2016 | $56M | $16M | $40M |
| 2015 | $57M | $26M | $31M |
| 2013 | $59M | $21M | $39M |
| 2012 | $53M | $35M | $18M |
| 2011 | $70M | $25M | $46M |
| 2010 | $47M | $22M | $25M |

Source: [CompaniesByCap](https://companiesbycap.com/company/APEI)