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Other financials

Income statement

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Revenue$174.7M+6.2%
Operating income$21.6M+76.7%
Net income$17.7M+99.4%
EPS (diluted)$0.94+129%

Balance sheet

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Cash & equivalents$221.0M+17.9%
Total debt$153.5M-22.8%
Total equity$306.2M-1.2%
Total assets$537.9M-7.0%

Cash flow

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Operating cash flow$63.3M+71.1%
CapEx$2.5M-35.2%
Free cash flow$60.8M+83.6%

Valuation

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Market cap$956.25M+77.9%
Enterprise value$888.71M+62.0%
P/E23.7×+0.3×
P/S1.5×+0.6×

Profitability

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Gross margin55%+2.0pp
Operating margin8.7%+2.4pp
Net margin6.1%+2.5pp
FCF margin9.4%

Returns & leverage

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Return on equity13.1%+5.4pp
Debt / equity0.5×-0.1×
Current ratio-0.3×

Where this comes from

Calculated from American Public Education’s reported figures.

The official record: American Public Education’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is American Public Education's gross profit?
American Public Education (APEI) reported gross profit of $100.11M in Q1 2026.
How has American Public Education's gross profit changed year-over-year?
American Public Education's gross profit increased by 11.7% year-over-year, from $89.61M to $100.11M.
What is the long-term trend for American Public Education's gross profit?
Over 4 years (2021 to 2025), American Public Education's gross profit has grown at a 9.3% compound annual growth rate (CAGR), from $246.18M to $351.84M.
What does gross profit mean?
Revenue minus cost of revenue — the profit available to cover operating expenses, representing the company's pricing power and production efficiency.