Revenue growth has shown a modest recovery to 6.2% in 2026Q1, though operating margins remain sensitive to cost fluctuations, evidenced by a range between 1.5% and 12.5% over the last two years.
| 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 |
|---|
| Sales/Revenue | 659.05M | 648.86M | 624.56M | 600.54M | 606.33M | 418.8M | 321.79M | 286.27M | 297.69M | 299.25M | 313.14M | 327.91M | 350.02M | 329.48M | 313.52M | 260.38M | 198.17M | 149M | 107.15M | 69.09M | 40.05M | 28.18M | 17.76M |
| Revenue Growth % | 3.84% | 3.89% | 4% | -0.95% | 44.78% | 30.15% | 12.41% | -3.84% | -0.52% | -4.44% | -4.5% | -6.32% | 6.23% | 5.09% | 20.41% | 31.39% | 33% | 39.06% | 55.07% | 72.54% | 42.11% | 58.68% | - |
| Cost of Goods Sold | 304.98M | 313.17M | 295.7M | 292.86M | 288.47M | 172.62M | 122.16M | 111.92M | 115.28M | 116.16M | 117.01M | 118.85M | 123.77M | 112.78M | 110.19M | 95.22M | 75.31M | 58.38M | 43.56M | 29.48M | 17.96M | 13.25M | 8.6M |
| COGS % of Revenue | - | 48.26% | 47.35% | 48.77% | 47.58% | 41.22% | 37.96% | 39.09% | 38.73% | 38.82% | 37.37% | 36.24% | 35.36% | 34.23% | 35.15% | 36.57% | 38% | 39.18% | 40.66% | 42.66% | 44.85% | 47.01% | 48.45% |
| Gross Profit | 354.07M | 335.69M | 328.86M | 307.68M | 317.86M | 246.18M | 199.62M | 174.35M | 182.41M | 183.09M | 196.13M | 209.06M | 226.25M | 216.69M | 203.32M | 165.16M | 122.86M | 90.61M | 63.59M | 39.62M | 22.09M | 14.93M | 9.15M |
| Gross Margin % | 53.72% | 51.74% | 52.65% | 51.23% | 52.42% | 58.78% | 62.04% | 60.91% | 61.27% | 61.18% | 62.63% | 63.76% | 64.64% | 65.77% | 64.85% | 63.43% | 62% | 60.82% | 59.34% | 57.34% | 55.15% | 52.99% | 51.55% |
| Gross Profit Growth % | - | 2.08% | 6.88% | -3.2% | 29.11% | 23.32% | 14.49% | -4.41% | -0.37% | -6.65% | -6.19% | -7.6% | 4.41% | 6.58% | 23.11% | 34.42% | 35.59% | 42.51% | 60.51% | 79.37% | 47.92% | 63.09% | - |
| Operating Expenses | 296.49M | 281.83M | 295.79M | 355.99M | 455.2M | 215.81M | 174.87M | 153.71M | 149M | 146.13M | 147.15M | 156.78M | 160.42M | 149.26M | 134.52M | 102.3M | 72.84M | 50.75M | 37.9M | 24.93M | 19.15M | 12.71M | 7.31M |
| OpEx % of Revenue | - | 43.44% | 47.36% | 59.28% | 75.08% | 51.53% | 54.34% | 53.69% | 50.05% | 48.83% | 46.99% | 47.81% | 45.83% | 45.3% | 42.91% | 39.29% | 36.76% | 34.06% | 35.37% | 36.07% | 47.81% | 45.1% | 41.15% |
| Selling, General & Admin | 284.38M | 281.83M | 270.77M | 261.19M | 275M | 196.7M | 161.03M | 138.11M | 131.5M | 127.36M | 127.76M | 136.26M | 144.3M | 135.75M | 123.38M | 93.06M | 66.34M | 45.52M | 33.66M | 22.1M | 14.04M | 11.41M | 2.82M |
| SG&A % of Revenue | - | 43.44% | 43.35% | 43.49% | 45.36% | 46.97% | 50.04% | 48.24% | 44.17% | 42.56% | 40.8% | 41.55% | 41.23% | 41.2% | 39.35% | 35.74% | 33.48% | 30.55% | 31.42% | 31.98% | 35.07% | 40.48% | 15.86% |
| Research & Development | 0 | 0 | 0 | 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 | 2M | 0 | 25.02M | 94.8M | 180.2M | 19.11M | 13.84M | 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 | 5.1M | 1.3M | 4.49M |
| Operating Income | 57.57M | 53.86M | 33.07M | -48.31M | -137.35M | 30.37M | 24.76M | 28.54M | 33.41M | 34.86M | 38.28M | 52.28M | 65.83M | 67.44M | 68.8M | 62.86M | 50.02M | 39.87M | 25.69M | 14.69M | 2.94M | 2.22M | 1.85M |
| Operating Margin % | 8.74% | 8.3% | 5.29% | -8.04% | -22.65% | 7.25% | 7.69% | 9.97% | 11.22% | 11.65% | 12.22% | 15.94% | 18.81% | 20.47% | 21.95% | 24.14% | 25.24% | 26.76% | 23.97% | 21.26% | 7.34% | 7.89% | 10.41% |
| Operating Income Growth % | - | 62.89% | 168.45% | 64.83% | -552.23% | 22.68% | -13.26% | -14.57% | -4.16% | -8.93% | -26.79% | -20.58% | -2.38% | -1.98% | 9.45% | 25.66% | 25.48% | 55.19% | 74.86% | 399.69% | 32.19% | 20.35% | - |
| EBITDA | 73.88M | 70.01M | 52.37M | -20.49M | -105.22M | 48.2M | 37.74M | 44.14M | 50.91M | 53.63M | 57.66M | 72.8M | 81.95M | 80.94M | 79.95M | 72.1M | 56.52M | 45.1M | 29.92M | 17.52M | 4.89M | 3.52M | 2.06M |
| EBITDA Margin % | 11.21% | 10.79% | 8.38% | -3.41% | -17.35% | 11.51% | 11.73% | 15.42% | 17.1% | 17.92% | 18.41% | 22.2% | 23.41% | 24.57% | 25.5% | 27.69% | 28.52% | 30.27% | 27.93% | 25.35% | 12.22% | 12.51% | 11.62% |
| EBITDA Growth % | 26.74% | 33.68% | 355.58% | 80.53% | -318.29% | 27.72% | -14.49% | -13.3% | -5.08% | -6.98% | -20.8% | -11.17% | 1.25% | 1.25% | 10.89% | 27.55% | 25.34% | 50.71% | 70.83% | 257.98% | 38.85% | 70.74% | - |
| D&A (Non-Cash Add-back) | 16.31M | 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 |
| EBIT | 57.61M | 53.86M | 33.07M | -48.31M | -133.52M | 30.37M | 25.61M | 20.65M | 33.41M | 36.95M | 48.98M | 53.1M | 65.95M | 67.75M | 68.94M | 62.86M | 50.02M | 39.87M | 25.69M | 14.69M | 2.94M | 2.22M | 1.85M |
| Net Interest Income | -4.07M | -4.23M | -2.13M | -4.46M | -17.73M | -4.28M | 1.09M | 3.91M | 2.92M | 185K | 116K | 115K | 361K | 309K | 135K | 109K | 111K | 94K | 706K | 888K | 289K | 225K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 1.09M | 3.91M | 2.92M | 185K | 116K | 115K | 361K | 309K | 135K | 109K | 111K | 94K | 706K | 888K | 289K | 225K | 0 |
| Interest Expense | 4.07M | 4.23M | 2.13M | 4.46M | 17.73M | 4.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.98M | -10.15M | -2.13M | -9.7M | -13.92M | -5.11M | 1.09M | -3.98M | 2.03M | 185K | 116K | 115K | 361K | 309K | 135K | 109K | 111K | 94K | 706K | 888K | 289K | 225K | 5K |
| Pretax Income | 51.59M | 43.7M | 30.94M | -58M | -151.27M | 25.26M | 25.85M | 16.66M | 35.44M | 35.04M | 38.39M | 52.4M | 66.19M | 67.75M | 68.94M | 62.97M | 50.13M | 39.96M | 26.39M | 15.58M | 3.23M | 2.45M | 1.85M |
| Pretax Margin % | 7.83% | 6.74% | 4.95% | -9.66% | -24.95% | 6.03% | 8.03% | 5.82% | 11.91% | 11.71% | 12.26% | 15.98% | 18.91% | 20.56% | 21.99% | 24.18% | 25.3% | 26.82% | 24.63% | 22.55% | 8.06% | 8.69% | 10.43% |
| Income Tax | 11.2M | 12.15M | 10.42M | -10.71M | -36.28M | 7.51M | 7.02M | 5.19M | 9.29M | 11.49M | 14.94M | 20.07M | 25.15M | 25.64M | 26.53M | 22.21M | 20.27M | 16.02M | 10.21M | 6.83M | 771K | 1.06M | 634K |
| Effective Tax Rate % | 21.7% | 27.8% | 33.68% | 18.47% | 23.98% | 29.73% | 27.16% | 31.13% | 26.2% | 32.8% | 38.91% | 38.31% | 37.99% | 37.85% | 38.48% | 35.27% | 40.42% | 40.08% | 38.67% | 43.83% | 23.88% | 43.32% | 34.21% |
| Net Income | 40.4M | 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 | 1.08M | 217K |
| Net Margin % | 6.13% | 4.86% | 2.58% | -7.87% | -18.97% | 4.24% | 5.85% | 3.5% | 8.61% | 7.06% | 7.71% | 9.88% | 11.68% | 12.76% | 13.5% | 15.65% | 15.07% | 16.07% | 15.11% | 12.66% | 4.49% | 3.85% | 1.22% |
| Net Income Growth % | 64.94% | 95.85% | 134.08% | 58.88% | -747.77% | -5.68% | 87.98% | -60.95% | 21.39% | -12.56% | -25.48% | -20.7% | -2.75% | -0.68% | 3.84% | 36.46% | 24.75% | 47.91% | 84.99% | 386.65% | 65.71% | 400% | - |
| Net Income (Continuing) | 40.4M | 31.56M | 20.52M | -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 | 2.46M | 1.39M | 1.22M |
| Discontinued Operations | 0 | 0 | 0 | 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 | 0 | 0 | 0 |
| EPS (Diluted) | 2.15 | 1.36 | 0.55 | -2.94 | -6.08 | 0.97 | 1.25 | 0.62 | 1.54 | 1.29 | 1.49 | 1.93 | 2.33 | 2.35 | 2.35 | 2.23 | 1.59 | 1.27 | 0.86 | 0.64 | 0.15 | -1.44 | 0.04 |
| EPS Growth % | 87.33% | 147.27% | 118.71% | 51.64% | -726.8% | -22.4% | 101.61% | -59.74% | 19.38% | -13.42% | -22.8% | -17.17% | -0.85% | 0% | 5.38% | 40.25% | 25.2% | 47.67% | 34.38% | 326.67% | 110.42% | -3700% | - |
| EPS (Basic) | - | 1.40 | 0.57 | -2.94 | -6.10 | 0.98 | 1.27 | 0.62 | 1.56 | 1.30 | 1.50 | 1.94 | 2.36 | 2.38 | 2.38 | 2.28 | 1.63 | 1.32 | 0.91 | 0.69 | 0.15 | -1.44 | 0.04 |
| Diluted Shares Outstanding | 18.8M | 18.66M | 18.15M | 18.19M | 18.91M | 18.25M | 15.05M | 16.25M | 16.63M | 16.38M | 16.21M | 16.8M | 17.54M | 17.92M | 18.04M | 18.3M | 18.84M | 18.91M | 18.82M | 13.6M | 12.18M | 8.06M | 5.4M |
| Basic Shares Outstanding | 18.28M | 18.01M | 17.63M | 18.11M | 18.86M | 18.09M | 14.88M | 16.09M | 16.4M | 16.24M | 16.07M | 16.68M | 17.36M | 17.66M | 17.77M | 17.88M | 18.28M | 18.17M | 17.84M | 12.76M | 11.74M | 8.06M | 5.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1071.43% | - | - | - |
Regulatory and Enrollment Volatility
According to recent financial disclosures, APEI's revenue growth has fluctuated, reaching 6.2% in 2026Q1 after a period of contraction in late 2025, suggesting that the company's efforts to stabilize enrollment across its core APUS and nursing segments are beginning to yield early, albeit inconsistent, top-line results.
The recent return to positive year-over-year growth suggests that the company may be successfully navigating the post-acquisition integration challenges of Rasmussen University. However, investors should monitor whether this growth is driven by sustainable enrollment gains or temporary pricing adjustments, as the competitive landscape in nursing education remains intense.
As reported in quarterly filings, APEI's operating margins have exhibited significant volatility, ranging from a low of 1.5% in 2024Q2 to 12.5% in 2026Q1, indicating that the company's cost structure remains highly sensitive to fluctuations in student acquisition costs and faculty wage inflation within its nursing programs.
The wide variance in operating margins suggests that the company lacks the structural cost flexibility to maintain consistent profitability during periods of shifting enrollment. The reliance on high-touch, campus-based nursing programs appears to be a primary drag on margin stability compared to the more scalable online APUS model.
Based on the provided income statement data, APEI's operating income has struggled to scale proportionally with gross profit, as evidenced by the 2025Q3 period where gross profit of $88.5M yielded only $9.7M in operating income, highlighting the heavy burden of fixed SG&A expenses on the bottom line.
The inability to consistently leverage operating expenses suggests that the company's administrative and marketing overhead is not yet optimized for its current revenue scale. Future margin expansion will likely depend on management's ability to control SG&A growth while simultaneously driving higher enrollment density across its existing campus footprint.
Analysis of the income statement reveals that despite recent improvements, APEI's net margins remain thin at 10.1% in 2026Q1, which may indicate that the company's business model is vulnerable to any further increases in regulatory compliance costs or competitive pressure on tuition pricing in the nursing sector.
Short-term profitability gains may be masking underlying structural weaknesses, particularly the high cost of maintaining physical nursing labs and clinical partnerships. Investors should remain cautious, as any disruption to the Title IV funding pipeline or a decline in NCLEX-RN pass rates could rapidly reverse recent earnings momentum.
Quick answers to the most common questions about buying APEI stock.
For fiscal year 2025, American Public Education, Inc. (APEI) reported total revenue of $648.9M. This represents a 3553.9% increase compared to $17.8M in 2003.
American Public Education, Inc. (APEI) is profitable, generating $31.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.9%.
American Public Education, Inc. (APEI) reported an operating income of $53.9M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
American Public Education, Inc. (APEI) generated $335.7M in gross profit for the year, representing a gross profit margin of 51.7%. This demonstrates the company's core pricing power and production efficiency.