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American Public Education APEI Q4 2025 Annual earnings

Reported March 12, 2026 · After market close

Revenue$158.3MBeat by $6.5M
EPS$0.67Beat by $0.28
Revenue estimate$151.8M
EPS estimate$0.39

Next report

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

Financials

Q4 2025

Income statement

See full
Revenue$158.3M-3.5%
Gross profit$89.4M-3.3%
Operating income$19.0M-11.9%
Net income$12.6M+9.6%
EPS (diluted)$0.67+6.3%

Balance sheet

See full
Cash & equivalents$176.5M+11.0%
Total debt$163.0M-18.8%
Total equity$294.8M-3.0%
Total assets$521.4M-8.5%

Cash flow

See full
CapEx$4.1M+21.3%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$683.61M+78.9%
Enterprise value$670.08M+58.1%
P/E21.7×-4.4×
P/S1.1×+0.4×

Profitability

See full
Gross margin54.2%+1.6pp
Operating margin7.4%+2.1pp
Net margin4.9%+2.5pp

Returns & leverage

See full
Return on equity10.5%+5.6pp
Debt / equity0.6×-0.1×
Current ratio3.5×+0.2×

Segments

By product

See full
Instructional services, net of grants and scholarships$142.9M-5.2%
Textbook and other course materials$13.2M+13.0%
Other fees$1.6M+42.0%
Graduation fees$660.0K+22.0%

Versus estimates

Revenue

Q1 2026$174.7MBeat by $1.0M
Q4 2025$158.3MBeat by $6.5M
Q3 2025$163.2MBeat by $11.6MQ2 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 $0.33
Q4 2025$0.67Beat by $0.28
Q3 2025$0.30Beat by $0.39Q2 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 Q4 2025 earnings?
American Public Education (APEI) reported Q4 2025 earnings on March 12, 2026 after market close.
What were American Public Education's Q4 2025 revenue and EPS?
American Public Education reported revenue of $158.3M and eps of $0.67 for Q4 2025.
Did American Public Education beat estimates in Q4 2025?
Revenue beat the consensus estimate of $151.8M by $6.5M. EPS beat the consensus estimate of $0.39 by $0.28.
How did American Public Education's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 3.5% from $164.1M a year earlier and eps grew 6.3% from $0.63.
Where can I find American Public Education's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001104659-26-027043) and the 10-K periodic report (0001201792-26-000004) directly on SEC EDGAR. The filing index links above go to sec.gov.