American Public Education, Inc. (APEI) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 174.74M | 158.33M | 163.22M | 162.77M | 164.55M | 164.11M | 153.12M | 152.9M | 154.43M | 152.8M | 150.84M | 147.21M | 149.69M | 152.44M | 149.53M | 149.61M | 154.75M | 154M | 98.25M | 78.01M |
| Revenue Growth % | 6.19% | -3.52% | 6.59% | 6.46% | 6.55% | 7.4% | 1.51% | 3.86% | 3.17% | 0.24% | 0.87% | -1.6% | -3.27% | -1.01% | 52.2% | 91.77% | 74.77% | 79.26% | 24.16% | -5.01% |
| Cost of Goods Sold | 78.78M | 73.08M | 74.7M | 78.42M | 74.94M | 71.66M | 75.4M | 76.22M | 72.42M | 70.75M | 73.23M | 75M | 73.89M | 72.87M | 71.82M | 72.09M | 71.7M | 67.36M | 42.54M | 30.39M |
| COGS % of Revenue | 45.09% | 46.15% | 45.77% | 48.18% | 45.54% | 43.67% | 49.24% | 49.85% | 46.9% | 46.3% | 48.55% | 50.94% | 49.36% | 47.8% | 48.03% | 48.19% | 46.33% | 43.74% | 43.3% | 38.96% |
| Gross Profit | 95.95M | 85.25M | 88.52M | 84.34M | 89.61M | 92.45M | 77.72M | 76.68M | 82.01M | 82.06M | 77.61M | 72.22M | 75.8M | 79.57M | 77.72M | 77.52M | 83.05M | 86.64M | 55.7M | 47.62M |
| Gross Margin % | 54.91% | 53.85% | 54.23% | 51.82% | 54.46% | 56.33% | 50.76% | 50.15% | 53.1% | 53.7% | 51.45% | 49.06% | 50.64% | 52.2% | 51.97% | 51.81% | 53.67% | 56.26% | 56.7% | 61.04% |
| Gross Profit Growth % | 7.08% | -7.78% | 13.89% | 9.99% | 9.27% | 12.66% | 0.14% | 6.18% | 8.19% | 3.13% | -0.14% | -6.84% | -8.73% | -8.15% | 39.52% | 62.79% | 47.72% | 58.08% | 15.93% | -7.32% |
| Operating Expenses | 74.16M | 66.2M | 78.82M | 77.32M | 77.36M | 70.91M | 73.59M | 74.46M | 76.83M | 66.13M | 71.21M | 137.48M | 81.17M | 79.83M | 78.74M | 218.78M | 77.85M | 70.14M | 54.44M | 45.65M |
| OpEx % of Revenue | 42.44% | 41.81% | 48.29% | 47.5% | 47.01% | 43.21% | 48.06% | 48.7% | 49.75% | 43.27% | 47.21% | 93.39% | 54.23% | 52.37% | 52.66% | 146.23% | 50.31% | 45.54% | 55.41% | 58.51% |
| Selling, General & Admin | 74.16M | 66.2M | 70.83M | 73.19M | 71.61M | 65.28M | 68.49M | 68.26M | 68.73M | 55.68M | 64.2M | 65.5M | 73.41M | 63.94M | 70.58M | 65.77M | 68.91M | 58.17M | 50.06M | 39.85M |
| SG&A % of Revenue | 42.44% | 41.81% | 43.4% | 44.97% | 43.52% | 39.78% | 44.73% | 44.65% | 44.51% | 36.44% | 42.56% | 44.49% | 49.04% | 41.94% | 47.2% | 43.96% | 44.53% | 37.77% | 50.95% | 51.08% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 21.8M | 19.05M | 9.7M | 7.03M | 12.25M | 21.54M | 4.13M | 2.22M | 5.18M | 15.93M | 6.4M | -65.27M | -5.37M | -262K | -1.03M | -141.26M | 5.2M | 16.5M | 1.26M | 1.98M |
| Operating Margin % | 12.47% | 12.03% | 5.94% | 4.32% | 7.44% | 13.12% | 2.7% | 1.45% | 3.36% | 10.43% | 4.24% | -44.34% | -3.59% | -0.17% | -0.69% | -94.42% | 3.36% | 10.71% | 1.28% | 2.53% |
| Operating Income Growth % | 77.99% | -11.52% | 134.85% | 216.44% | 136.32% | 35.17% | -35.48% | 103.4% | 196.5% | 6180.92% | 723.78% | 53.8% | -203.27% | -101.59% | -181.3% | -7252.41% | -51.11% | 69.81% | -61.85% | -78.16% |
| EBITDA | 25.95M | 23.18M | 13.64M | 11.11M | 16.24M | 25.4M | 9.21M | 7.45M | 10.31M | 21.01M | 13.43M | -57.31M | 2.39M | 7.62M | 6.96M | -133.14M | 13.35M | 24.77M | 5.65M | 4.5M |
| EBITDA Margin % | 14.85% | 14.64% | 8.36% | 6.83% | 9.87% | 15.48% | 6.01% | 4.87% | 6.68% | 13.75% | 8.9% | -38.93% | 1.59% | 5% | 4.65% | -88.99% | 8.63% | 16.08% | 5.75% | 5.77% |
| EBITDA Growth % | 59.82% | -8.75% | 48.15% | 49.13% | 57.5% | 20.87% | -31.41% | 113% | 332.1% | 175.91% | 93.01% | 56.95% | -82.12% | -69.25% | 23.16% | -3059.35% | 0.45% | 94.35% | -13.56% | -63.81% |
| D&A (Non-Cash Add-back) | 4.15M | 4.12M | 3.95M | 4.09M | 3.99M | 3.86M | 5.08M | 5.23M | 5.13M | 5.08M | 7.03M | 7.95M | 7.76M | 7.88M | 7.98M | 8.12M | 8.15M | 8.27M | 4.39M | 2.52M |
| EBIT | 21.8M | 19.05M | 9.7M | 7.06M | 12.25M | 21.54M | 4.13M | 3.18M | 5.21M | 21.29M | 6.4M | -65.27M | -5.37M | 7.75M | -848K | -141.97M | 9.73M | 20.2M | 1.26M | 5.25M |
| Net Interest Income | -725K | -1.17M | -1.07M | -1.11M | -887K | -585K | -631K | -785K | -126K | -791K | -792K | -1.1M | -1.78M | -7.39M | -3.59M | -3.39M | -3.35M | -3.11M | -1.3M | 24K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24K |
| Interest Expense | 725K | 1.17M | 1.07M | 1.11M | 887K | 585K | 631K | 785K | 126K | 791K | 792K | 1.1M | 1.78M | 7.39M | 3.59M | 3.39M | 3.35M | 3.11M | 1.3M | 0 |
| Other Income/Expense | -2.55M | -1.25M | -1.07M | -1.11M | -887K | -585K | -631K | -1.86M | -3.45M | -794K | -6.02M | -1.1M | 1.04M | -5.15M | -1.88M | -4.09M | 1.18M | -3.11M | -1.3M | -798K |
| Pretax Income | 19.25M | 17.8M | 8.63M | 5.92M | 11.36M | 20.95M | 3.5M | 355K | 1.73M | 15.14M | 384K | -66.36M | -4.33M | -5.41M | -2.9M | -145.35M | 6.38M | 13.38M | -43K | 1.18M |
| Pretax Margin % | 11.01% | 11.24% | 5.29% | 3.64% | 6.9% | 12.77% | 2.28% | 0.23% | 1.12% | 9.91% | 0.25% | -45.08% | -2.89% | -3.55% | -1.94% | -97.16% | 4.12% | 8.69% | -0.04% | 1.51% |
| Income Tax | 1.51M | 5.19M | 3.07M | 1.42M | 2.47M | 7.99M | 1.24M | -16K | 1.21M | 2.12M | 3.71M | -15.14M | 1.41M | 1.12M | 860K | -35.33M | 1.04M | 4M | 224K | 646K |
| Effective Tax Rate % | 7.87% | 29.17% | 35.56% | 24.02% | 21.71% | 38.12% | 35.33% | -4.51% | 70.16% | 14.03% | 966.67% | 22.81% | -32.69% | -20.77% | -29.63% | 24.31% | 16.31% | 29.9% | -520.93% | 54.89% |
| Net Income | 17.73M | 12.61M | 5.56M | 4.5M | 8.89M | 12.96M | 2.26M | 371K | 516K | 13.01M | -3.33M | -51.23M | -5.74M | -6.54M | -3.76M | -110.03M | 5.33M | 9.38M | -267K | 531K |
| Net Margin % | 10.15% | 7.96% | 3.41% | 2.76% | 5.4% | 7.9% | 1.48% | 0.24% | 0.33% | 8.52% | -2.21% | -34.8% | -3.83% | -4.29% | -2.52% | -73.54% | 3.45% | 6.09% | -0.27% | 0.68% |
| Net Income Growth % | 99.38% | -2.75% | 145.8% | 1111.86% | 1623.45% | -0.38% | 167.97% | 100.72% | 108.99% | 299.14% | 11.54% | 53.44% | -207.63% | -169.66% | -1308.99% | -20821.09% | -34.22% | 32.67% | -110.11% | -92.06% |
| Net Income (Continuing) | 17.73M | 12.61M | 5.56M | 4.5M | 8.89M | 12.96M | 2.26M | 371K | 516K | 13.01M | -3.33M | -51.23M | -5.74M | -6.54M | -3.76M | -110.03M | 5.33M | 9.38M | -267K | 531K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.94 | 0.67 | 0.30 | -0.02 | 0.41 | 0.63 | 0.04 | -0.07 | -0.06 | 0.64 | -0.27 | -2.94 | -0.38 | -0.34 | -0.20 | -5.83 | 0.28 | 0.50 | -0.01 | 0.03 |
| EPS Growth % | 129.27% | 6.35% | 650% | 74.29% | 783.33% | -1.56% | 114.81% | 97.62% | 84.21% | 288.24% | -35% | 49.57% | -235.71% | -168% | -1308.45% | -19533.33% | -42.86% | 6.38% | -107.89% | -93.33% |
| EPS (Basic) | 0.97 | 0.70 | 0.31 | -0.02 | 0.42 | 0.65 | 0.04 | -0.07 | -0.06 | 0.65 | -0.27 | -2.94 | -0.38 | -0.35 | -0.20 | -5.83 | 0.28 | 0.50 | -0.01 | 0.03 |
| Diluted Shares Outstanding | 18.8M | 18.66M | 18.75M | 18.03M | 18.42M | 18.37M | 18.25M | 18.13M | 17.81M | 17.9M | 17.82M | 17.99M | 19.07M | 18.98M | 18.93M | 18.91M | 18.88M | 18.85M | 18.86M | 18.84M |
| Basic Shares Outstanding | 18.28M | 18.01M | 18.07M | 18.03M | 17.84M | 17.69M | 17.68M | 17.63M | 17.51M | 17.76M | 17.78M | 17.93M | 18.98M | 18.89M | 18.89M | 18.86M | 18.8M | 18.71M | 18.7M | 18.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |