Cumulative operating cash flow of $186.2M over the last 10 quarters exceeds net income of $75.4M, but FCF swung from -$15.6M in Q4 2025 to $60.8M in Q1 2026 due to seasonal working capital, and dividends were eliminated in Q2 2026 in favor of buybacks.
American Public Education, Inc. (APEI) cash flow statement — 22-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'03 |
|---|
| Cash from Operations | 85.6M | 61.97M | 48.87M | 45.51M | 29.21M | 16.27M | 44.81M | 38.37M | 44.18M | 47.94M | 56.01M | 57.21M | 61.03M | 59.41M | 52.92M | 70.44M | 47.08M | 36.76M | 29.76M | 17.52M | 8.93M | 3.66M | 2.28M |
| Operating CF Margin % | - | 9.55% | 7.83% | 7.58% | 4.82% | 3.88% | 13.93% | 13.4% | 14.84% | 16.02% | 17.89% | 17.45% | 17.44% | 18.03% | 16.88% | 27.05% | 23.76% | 24.67% | 27.77% | 25.35% | 22.3% | 12.99% | 12.84% |
| Operating CF Growth % | -715.09% | 26.79% | 7.38% | 55.79% | 79.62% | -63.7% | 16.78% | -13.15% | -7.84% | -14.42% | -2.09% | -6.26% | 2.72% | 12.26% | -24.86% | 49.62% | 28.08% | 23.52% | 69.88% | 96.18% | 143.96% | 60.53% | - |
| Net Income | 45.67M | 31.56M | 16.11M | -47.29M | -114.99M | 17.75M | 18.82M | 10.01M | 25.64M | 21.12M | 24.16M | 32.41M | 40.88M | 42.03M | 42.32M | 40.76M | 29.87M | 23.94M | 16.19M | 8.75M | 1.8M | -11.9M | 217K |
| Depreciation & Amortization | 16.18M | 16.15M | 19.3M | 27.82M | 32.13M | 17.83M | 12.98M | 15.6M | 17.5M | 18.78M | 19.38M | 20.52M | 16.12M | 13.51M | 11.15M | 9.24M | 6.5M | 5.23M | 4.24M | 2.83M | 1.95M | 1.3M | 216K |
| Stock-Based Compensation | 8.41M | 8.35M | 7.67M | 7.74M | 8.01M | 7.65M | 7.08M | 5.96M | 7.18M | 6.25M | 5.21M | 5.98M | 5.46M | 4.13M | 3.93M | 3.33M | 2.98M | 2.41M | 1.03M | 284K | 0 | 0 | 0 |
| Deferred Taxes | 9.35M | 8.13M | 4.05M | -16M | -41.91M | 5.53M | -811K | -1.97M | -917K | -2.49M | -455K | -160K | 2.49M | 2.02M | 161K | -867K | 1.81M | 722K | 1.29M | 618K | -599K | 864K | 0 |
| Other Non-Cash Items | -25.1M | 5.86M | 7.89M | 73.85M | 150.76M | 3.01M | 882K | 9.5M | 1.7M | 4.88M | 10.33M | 727K | 281K | 737K | 6.29M | 3.99M | 283K | 364K | 989K | 870K | 3.13M | 13.72M | 1.85M |
| Working Capital Changes | 31.1M | -8.09M | -6.15M | -597K | -4.78M | -35.52M | 5.86M | -727K | -6.92M | -587K | -2.61M | -2.27M | -4.2M | -3.01M | -10.93M | 13.99M | 5.63M | 4.09M | 6.02M | 4.17M | 2.07M | -312K | 0 |
| Change in Receivables | -64K | -5.32M | -11.49M | -8.62M | -2.04M | -7.64M | -6.33M | 2.73M | -6.92M | -187K | 968K | -1.79M | 3.39M | 2.11M | -7.04M | -3.18M | -1.76M | -2.83M | 430K | -989K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.21M | -2.22M | -1.13M | 450K | -1.64M | -6.03M | 5.52M | -4.71M | -71.76M | -55.69M | -54.31M | -31.74M | -16.66M | 0 | 0 | 0 |
| Change in Payables | -3.75M | -1.85M | -816K | 4.86M | -10.21M | 8.03M | -86K | -5.56M | 266K | 1.99M | 589K | -4.76M | -534K | -5.9M | 933K | 6.9M | 2.67M | 1.81M | 969K | 390K | 0 | 0 | 0 |
| Cash from Investing | -93.73M | 4.8M | -21.08M | -13.77M | -13.67M | -336.67M | -4.16M | -7.25M | -9.43M | -13.6M | -13.55M | -31.34M | -21.29M | -69.25M | -48.09M | -25.23M | -23.03M | -11.79M | -10.9M | -7.17M | -4.93M | -5.35M | -4.12M |
| Capital Expenditures | -15.53M | -15.86M | -21.08M | -13.89M | -16.39M | -11.83M | -4.93M | -7.25M | -9.43M | -14.79M | -16.4M | -27.27M | -25.67M | -20.89M | -35.34M | -25.23M | -23.03M | -11.79M | -10.9M | -7.17M | -4.93M | -4.99M | -4.12M |
| CapEx % of Revenue | 2.32% | 2.44% | 3.38% | 2.31% | 2.7% | 2.82% | 1.53% | 2.53% | 3.17% | 4.94% | 5.24% | 8.32% | 7.33% | 6.34% | 11.27% | 9.69% | 11.62% | 7.92% | 10.18% | 10.38% | 12.32% | 17.71% | 23.22% |
| Acquisitions | 21.75M | 20.66M | 0 | 0 | 1.95M | -325.51M | 0 | 0 | 0 | -300K | -950K | -3.87M | -1.62M | -48.36M | -6.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -24.04M | 0 | 0 | 123K | 765K | 672K | 767K | 0 | 0 | -9.06M | 5.53M | 1.07M | 7.08M | -16.65M | -5.67M | -573K | -573K | -1.04M | -347K | -459K | 0 | -360K | 4.12M |
| Cash from Financing | -21.9M | -49.21M | -13.19M | -16.86M | -35.71M | 242.34M | -15.71M | -40.51M | -1.82M | -1.49M | -1.85M | -35.77M | -18.93M | -10.25M | -8.94M | -7.55M | -17.57M | 2.19M | 1.91M | 4.93M | 2.17M | -49K | 0 |
| Debt Issued (Net) | -8.87M | -213K | -2.96M | -114K | -73.86M | 172.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.97M | 1.97M | -30K | 0 |
| Equity Issued (Net) | -12.38M | -46.24M | -4.24M | -10.74M | 38.15M | 83.17M | -15.71M | -40.51M | -1.82M | -1.49M | -729K | -35.26M | -19.18M | -11.11M | -11.8M | -8.84M | -19.12M | 420K | 475K | 99.88M | 199K | -19K | 0 |
| Dividends Paid | 0 | -2.75M | -6.06M | -6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -93.75M | 0 | 0 | 0 |
| Share Repurchases | -13.49M | -47.45M | -4.24M | -10.74M | -1.54M | -3.03M | -15.71M | -40.51M | -1.82M | -1.59M | -847K | -35.31M | -19.71M | -14.42M | -15.86M | -9.74M | -20.24M | -220K | -295K | -55K | 0 | -18.61M | 0 |
| Other Financing | -644K | 0 | 67K | 0 | 0 | -13.64M | 0 | 0 | 0 | 0 | -1.12M | -519K | 250K | 865K | 2.87M | 1.28M | 1.55M | 1.77M | 1.44M | 772K | 0 | 0 | 0 |
| Net Change in Cash | -30.03M | 17.56M | 14.6M | 14.88M | -20.17M | -78.06M | 24.95M | -9.39M | 32.93M | 32.85M | 40.62M | -9.9M | 20.81M | -20.08M | -4.11M | 37.65M | 6.49M | 27.15M | 20.76M | 15.27M | 6.17M | -1.74M | -1.84M |
| Free Cash Flow | 70.07M | 46.1M | 27.79M | 31.62M | 12.83M | 4.44M | 39.88M | 31.11M | 34.75M | 33.15M | 39.62M | 29.94M | 35.36M | 38.52M | 17.58M | 45.21M | 24.05M | 24.96M | 18.85M | 10.34M | 4M | -1.33M | -1.84M |
| FCF Margin % | 10.49% | 7.1% | 4.45% | 5.27% | 2.12% | 1.06% | 12.39% | 10.87% | 11.67% | 11.08% | 12.65% | 9.13% | 10.1% | 11.69% | 5.61% | 17.36% | 12.14% | 16.75% | 17.59% | 14.97% | 9.98% | -4.72% | -10.38% |
| FCF Growth % | 39.54% | 65.89% | -12.11% | 146.52% | 189.07% | -88.88% | 28.18% | -10.46% | 4.82% | -16.32% | 32.3% | -15.31% | -8.21% | 119.09% | -61.11% | 87.96% | -3.65% | 32.41% | 82.27% | 158.9% | 400.38% | 27.87% | - |
| FCF per Share | 3.73 | 2.47 | 1.53 | 1.74 | 0.68 | 0.24 | 2.65 | 1.91 | 2.09 | 2.02 | 2.44 | 1.78 | 2.02 | 2.15 | 0.97 | 2.47 | 1.28 | 1.32 | 1.00 | 0.76 | 0.33 | -0.17 | -0.34 |
| FCF Conversion (FCF/Net Income) | 1.53x | 1.96x | 3.03x | -0.96x | -0.25x | 0.92x | 2.38x | 3.83x | 1.72x | 2.27x | 2.32x | 1.77x | 1.49x | 1.41x | 1.25x | 1.73x | 1.58x | 1.54x | 1.84x | 2.00x | 4.97x | 3.37x | 10.51x |
| Interest Paid | 8.14M | 9.64M | 10.72M | 10.6M | 12.5M | 3.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 6.47M | 6.52M | 6.3M | 2.42M | 4M | 7.46M | 5.9M | 8.02M | 12.71M | 12.84M | 16.64M | 18.04M | 21.63M | 21.01M | 26.85M | 22.62M | 16.82M | 12.93M | 8.02M | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying APEI stock.
American Public Education, Inc. (APEI) generated $62.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
American Public Education, Inc. (APEI) generated $46.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
American Public Education, Inc. (APEI) spent $15.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, American Public Education, Inc. (APEI) returned $2.8M to shareholders via cash dividends and spent $47.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Nursing faculty wage inflation
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Timing Distortions
APEI's OCF/NI swung from 40.2x in Q1 2024 to -0.92x in Q4 2025, per reported financials, indicating working capital timing rather than sustained earnings quality issues.
The extreme OCF/NI ratios are driven by large working capital swings, particularly in Q1 2026 where a $36.1M positive WC change inflated OCF to $63.3M. Excluding these swings, cash conversion appears stable, with D&A and SBC consistently covering net income. Investors should focus on the cumulative gap over multiple quarters rather than single-period ratios.
FCF Recovery Masked by Seasonal Working Capital
FCF swung from -$15.6M in Q4 2025 to $60.8M in Q1 2026, per latest filings, reflecting seasonal enrollment timing and working capital swings rather than a fundamental shift.
The 10-quarter FCF margin averages around 8%, but quarterly volatility is extreme due to working capital swings. Q1 2026's 34.8% FCF margin is an outlier, while Q2 2026's 4.3% is more normalized. The trend suggests improving operational performance, but investors should monitor whether FCF can sustain above 10% margins as the company integrates Rasmussen.
Capital Intensity Declining as Integration Matures
CapEx/Revenue fell from 4.0% in Q1 2024 to 2.8% in Q2 2026, per reported data, indicating reduced capital intensity as Rasmussen integration stabilizes.
CapEx has remained relatively flat in absolute terms ($2.5M-$6.3M per quarter), but revenue growth has outpaced it, suggesting the company is leveraging existing infrastructure. The decline in capital intensity may indicate a shift toward more online and hybrid programs, which require less physical investment. However, the new Orlando campus under the Trailblazer strategy could reverse this trend.
Working Capital Swings Reflect Enrollment Timing
Working capital changes ranged from -$36.1M to +$36.1M across the last 10 quarters, per financial statements, highlighting the seasonal nature of tuition collections and refunds.
The large swings are likely tied to the timing of Title IV disbursements and refunds (R2T4), which can create significant quarterly volatility. Q1 typically sees positive working capital as spring enrollments pay upfront, while Q4 sees negative as refunds are processed. This pattern is consistent with the academic calendar and should be modeled accordingly.
Capital Deployment Shifts from Dividends to Buybacks
APEI eliminated dividends in Q2 2026 while increasing buybacks to $4.1M, per reported cash flow data, signaling a shift toward shareholder returns via repurchases.
The company paid $1.3M-$1.5M in dividends through Q1 2026 but stopped in Q2 2026, while buybacks have been sporadic but increased in Q1 and Q2 2026. This shift may indicate management's confidence in the stock's value, but the small absolute amounts suggest a conservative approach. The $176M cash pile provides ample capacity for larger buybacks or acquisitions.
Cumulative Cash Generation Exceeds Net Income
Over the last 10 quarters, cumulative OCF of $186.2M exceeds cumulative net income of $75.4M, per reported data, indicating strong cash conversion despite earnings volatility.
The cumulative OCF/NI ratio of 2.47x suggests that earnings are understated relative to cash generation, likely due to non-cash charges like D&A and SBC. This divergence may indicate conservative accounting or timing benefits, but it also highlights the company's ability to generate cash beyond reported profits. Investors should monitor whether this gap narrows as integration costs subside.
What the Cash Flow Statement Obscures
APEI's cash flow excludes $2.2M quarterly SBC and $4M D&A, per reported data, which may overstate true cash generation when considering stock-based compensation dilution.
While SBC is added back to operating cash flow, it represents a real economic cost to shareholders through dilution. The company's heavy use of SBC, averaging $2.2M per quarter, may indicate that reported OCF overstates the cash available to shareholders. Additionally, the acquisition of Rasmussen introduced significant goodwill, and potential future impairments could create a gap between cash flow and economic reality. Investors should adjust for these non-cash items when evaluating the sustainability of cash generation.