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American Public Education APEI Q3 2025 earnings

Reported November 10, 2025 · After market close

Revenue$163.2MBeat by $11.6M
EPS$0.30Beat by $0.39
Revenue estimate$151.6M
EPS estimate-$0.09

Next report

Aug 10, 2026 (In 1 week)
Revenue estimate$170.9M
EPS estimate$0.36

Financials

Q3 2025

Income statement

See full
Revenue$163.2M+6.6%
Gross profit$88.5M+13.9%
Operating income$9.7M+135%
Net income$5.6M+146%
EPS (diluted)$0.30+650%

Balance sheet

See full
Cash & equivalents$193.1M+19.0%
Total debt$166.2M-18.2%
Total equity$279.3M-3.8%
Total assets$525.3M-7.8%

Cash flow

See full
Operating cash flow$21.7M+54.2%
CapEx$4.2M-33.5%
Free cash flow$17.5M+126%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$713.11M+173%
Enterprise value$686.21M+127%
P/E23.4×+5.6×
P/S1.1×+0.7×

Profitability

See full
Gross margin54.2%+2.3pp
Operating margin7.7%—
Net margin4.7%+2.3pp
FCF margin9.4%—

Returns & leverage

See full
Return on equity10.7%+5.6pp
Debt / equity0.6×-0.1×
Current ratio2.8×+0.2×

Segments

By product

See full
Instructional services, net of grants and scholarships$148.8M+5.3%
Textbook and other course materials$11.8M+18.9%
Other fees$1.4M+34.2%
Graduation fees$1.2M+54.3%

Versus estimates

Revenue

Q1 2026$174.7MBeat by $1.0MQ4 2025$158.3MBeat by $6.5M
Q3 2025$163.2MBeat by $11.6M
Q2 2025$162.8MBeat by $2.7MQ1 2025$164.6MBeat by $2.8MQ4 2024$164.1MBeat by $2.4M

Diluted EPS

Q1 2026$0.94Beat by $0.33Q4 2025$0.67Beat by $0.28
Q3 2025$0.30Beat by $0.39
Q2 2025-$0.02Beat by $0.05Q1 2025$0.41Beat by $0.26Q4 2024$0.63Beat by $0.09

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Questions, answered.

When did American Public Education report Q3 2025 earnings?
American Public Education (APEI) reported Q3 2025 earnings on November 10, 2025 after market close.
What were American Public Education's Q3 2025 revenue and EPS?
American Public Education reported revenue of $163.2M and eps of $0.30 for Q3 2025.
Did American Public Education beat estimates in Q3 2025?
Revenue beat the consensus estimate of $151.6M by $11.6M. EPS beat the consensus estimate of $-0.09 by $0.39.
How did American Public Education's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 6.6% from $153.1M a year earlier and eps grew 650.0% from $0.04.
Where can I find American Public Education's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001104659-25-109265) and the 10-Q periodic report (0001201792-25-000020) directly on SEC EDGAR. The filing index links above go to sec.gov.