American Public Education, Inc. (APEI) quarterly cash flow statement — complete operating, investing & financing history
American Public Education, Inc. (APEI) cash flow statement — 22-year operating, investing & financing cash flows
| Metric | Q2'26 | 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 |
|---|
| Cash from Operations | 12.14M | 63.3M | -11.55M | 21.71M | 14.81M | 37M | 1.6M | 14.07M | 12.45M | 20.74M | -3.14M | 20.16M | 15.74M | 12.76M | -23.03M | 6.85M | 20.14M | 25.25M | 15.69M | -8.32M |
| Operating CF Margin % | 7.07% | 36.23% | -7.3% | 13.3% | 9.1% | 22.48% | 0.97% | 9.19% | 8.15% | 13.43% | -2.06% | 13.36% | 10.69% | 8.52% | -15.11% | 4.58% | 13.46% | 16.32% | 10.19% | -8.47% |
| Operating CF Growth % | -18.04% | 71.1% | -822.39% | 54.24% | 18.91% | 78.36% | 150.88% | -30.18% | -20.88% | 62.6% | 86.35% | 194.11% | -21.83% | -49.48% | -246.82% | 182.39% | 964.95% | 124.97% | 20271.43% | -164.05% |
| Net Income | 9.77M | 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 |
| Depreciation & Amortization | 3.95M | 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 | 4.61M |
| Stock-Based Compensation | 2.23M | 2.33M | 2.22M | 1.63M | 2.24M | 2.26M | 2.17M | 1.76M | 1.82M | 1.92M | 1.72M | 1.73M | 2.07M | 2.22M | 1.31M | 2M | 2.35M | 2.36M | 1.69M | 1.8M |
| Deferred Taxes | 1.64M | 929K | 899K | 5.88M | 109K | 1.25M | 3.23M | 567K | -94K | 343K | -2.69M | 4.02M | -18.02M | 688K | -2.99M | -3.83M | -35.99M | 901K | 3.04M | 0 |
| Other Non-Cash Items | -30.5M | 2.02M | 195K | 3.19M | 375K | 2.1M | 2.12M | 388K | 1.64M | 3.74M | 3.36M | 5.61M | 64.44M | 437K | 6.76M | 825K | 146.25M | -3.08M | 1.77M | -13.99M |
| Working Capital Changes | 25.04M | 36.15M | -31.59M | 1.5M | 3.5M | 18.5M | -22.75M | 4.02M | 3.48M | 9.1M | -23.61M | 5.1M | 10.53M | 7.39M | -29.45M | 3.64M | 9.44M | 11.59M | -8.47M | -471K |
| Change in Receivables | 3.2M | 26.95M | -21.75M | -8.46M | 4.3M | 20.59M | -19.82M | -3.82M | 5.74M | 6.4M | -21.93M | 1.41M | 6.61M | 5.28M | -14.83M | -707K | 6.84M | 6.64M | -6.58M | 239K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.99M | 3.32M | -2.89M | -1.19M | 2.22M | 2K | -2.61M | 3.46M | -339K | -1.32M | 687K | 2.32M | -1.14M | 2.99M | 0 | 5.99M | -8.73M | -2.49M | 4.43M | 0 |
| Cash from Investing | -80.66M | -2.53M | -5.65M | -4.9M | 18.75M | -3.4M | -3.35M | -6.31M | -5.2M | -6.22M | -4.39M | -2.83M | -3.35M | -3.21M | -5.48M | -3.58M | -4.33M | -279K | -5.34M | -328.29M |
| Capital Expenditures | -4.74M | -2.53M | -4.07M | -4.2M | -3.7M | -3.9M | -3.35M | -6.31M | -5.2M | -6.22M | -4.39M | -2.95M | -3.35M | -3.21M | -5.48M | -3.6M | -4.34M | -2.96M | -6.01M | -2.79M |
| CapEx % of Revenue | 2.76% | 1.45% | 2.57% | 2.57% | 2.27% | 2.37% | 2.04% | 4.12% | 3.4% | 4.03% | 2.87% | 1.96% | 2.27% | 2.14% | 3.6% | 2.4% | 2.9% | 1.92% | 3.91% | 2.83% |
| Acquisitions | 0 | 0 | 22.45M | -700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19K | 0 | 1.93M | 0 | -325.51M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -24.04M | 0 | 22.45M | 500K | 0 | 0 | 0 | 0 | 0 | 123K | 0 | 0 | 0 | 0 | 11K | 754K | 672K | 0 |
| Cash from Financing | -5.93M | -16.28M | 559K | -248K | -44.48M | -5.04M | -1.55M | -1.71M | -4.26M | -5.67M | -3.28M | -1.58M | -9.15M | -2.85M | -27.53M | -2.3M | -2.23M | -3.66M | -2.2M | 161.15M |
| Debt Issued (Net) | -1.18M | -7.58M | -53K | -53K | -54K | -53K | -81K | -82K | -2.77M | -28K | -29K | -28K | -29K | -28K | -67.22M | -2.22M | -2.22M | -2.22M | -2.19M | 0 |
| Equity Issued (Net) | -4.11M | -8.69M | 612K | -195K | -30K | -3.69M | -13K | -92K | -25K | -4.11M | -1.71M | -27K | -7.63M | -1.37M | -4K | -80K | -10K | -1.44M | 0 | -224K |
| Dividends Paid | 0 | 0 | 0 | 0 | -1.32M | -1.43M | -1.46M | -1.53M | -1.53M | -1.53M | -1.54M | -1.52M | -1.49M | -1.46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.14M | -8.71M | -333K | -302K | -30K | -3.69M | -13K | -92K | -25K | -4.11M | -1.71M | -27K | -7.63M | -1.37M | -4K | -80K | -10K | -1.44M | 0 | -224K |
| Other Financing | -644K | 0 | 0 | 0 | -43.08M | 143K | 0 | 0 | 67K | 0 | 0 | 0 | 0 | 0 | 39.69M | 0 | 0 | 0 | -15K | 161.37M |
| Net Change in Cash | -74.45M | 44.5M | -16.64M | 16.57M | -10.92M | 28.56M | -3.31M | 6.06M | 2.99M | 8.86M | -10.81M | 15.75M | 3.24M | 6.7M | -56.04M | 981K | 13.58M | 21.32M | 8.14M | -175.47M |
| Free Cash Flow | 7.4M | 60.78M | -15.62M | 17.51M | 11.11M | 33.1M | -1.75M | 7.76M | 7.26M | 14.53M | -7.53M | 17.21M | 12.39M | 9.55M | -28.51M | 3.26M | 15.79M | 22.29M | 9.67M | -11.1M |
| FCF Margin % | 4.31% | 34.78% | -9.86% | 10.73% | 6.83% | 20.11% | -1.07% | 5.07% | 4.75% | 9.41% | -4.93% | 11.41% | 8.42% | 6.38% | -18.71% | 2.18% | 10.56% | 14.4% | 6.28% | -11.3% |
| FCF Growth % | -33.42% | 83.64% | -789.97% | 125.6% | 53.13% | 127.84% | 76.7% | -54.88% | -41.46% | 52.07% | 73.58% | 428.12% | -21.52% | -57.15% | -394.84% | 129.34% | 512.54% | 129.84% | 1526.4% | -194.82% |
| FCF per Share | 0.39 | 3.23 | -0.84 | 0.93 | 0.62 | 1.80 | -0.10 | 0.43 | 0.40 | 0.82 | -0.42 | 0.97 | 0.69 | 0.50 | -1.50 | 0.17 | 0.84 | 1.18 | 0.51 | -0.59 |
| FCF Conversion (FCF/Net Income) | 1.24x | 3.57x | -0.92x | 3.90x | 3.29x | 4.16x | 0.12x | 6.22x | 33.57x | 40.20x | -0.24x | -6.06x | -0.31x | -2.22x | 3.52x | -1.82x | -0.18x | 4.74x | 1.67x | 31.16x |
| Interest Paid | 1.56M | 1.76M | 2.37M | 2.45M | 2.42M | 2.4M | 2.54M | 2.75M | 2.72M | 2.71M | 2.74M | 2.72M | 2.63M | 2.51M | 3.75M | 3.31M | 2.74M | 2.7M | 3.68M | 0 |
| Taxes Paid | 3.62M | 396K | 123K | 2.33M | 3.98M | 80K | 281K | 1.73M | 3.68M | 618K | 866K | 16K | 1.47M | 62K | 604K | 2.76M | 594K | 41K | 481K | 0 |