AMERICAN PUBLIC EDUCATION INC (APEI) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — APEI

Balance Sheet

(in millions USD)

Metric	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	221.00	191.35	174.95	161.60	135.42	129.80	125.34	127.86	112.80	136.16	185.50	184.52	170.94	141.49	316.95	320.82
Accounts Receivable	38.71	43.91	37.58	41.87	42.65	38.83	44.57	29.05	30.46	37.07	27.53	26.82	33.66	29.45	18.95	13.44
Total Current Assets	282.13	259.11	234.96	272.51	236.50	223.50	223.76	203.13	188.98	195.86	228.67	230.74	224.90	189.91	350.47	343.56
Property, Plant & Equipment	68.80	70.74	72.61	73.04	92.86	92.46	89.82	98.46	99.59	100.29	99.55	100.16	100.05	102.57	65.82	67.14
Goodwill	59.59	59.59	59.59	59.59	59.59	59.59	59.59	59.59	59.59	112.59	112.59	112.59	243.99	243.77	26.56	26.56
Intangible Assets	28.22	28.22	0.00	0.00	0.01	0.80	2.06	4.58	7.62	11.57	19.47	23.42	27.37	88.94	--	--
Total Non-current Assets*	255.79	266.19	302.41	306.15	333.09	337.21	335.22	352.15	369.83	422.67	432.15	431.33	546.51	533.28	118.45	119.64
Total Assets	537.91	525.30	537.37	578.66	569.59	560.70	558.98	555.27	558.81	618.52	660.83	662.07	771.41	723.19	468.92	463.20
Accounts Payable	8.14	7.71	10.07	7.85	10.46	7.00	7.34	7.98	5.66	6.80	26.58	26.55	11.27	9.07	3.05	2.68
Total Current Liabilities	94.54	91.39	82.91	83.43	89.41	78.88	79.63	82.28	79.19	79.33	95.84	95.06	93.70	90.13	54.33	50.49
Long-term Debt	88.27	94.37	94.06	93.75	93.09	92.75	95.04	94.32	93.94	93.56	155.82	157.40	158.96	162.09	--	--
Total Non-current Liabilities*	137.21	154.57	182.22	185.22	189.76	193.13	190.88	191.61	194.74	196.28	249.64	251.01	254.53	228.62	11.46	12.07
Total Liabilities	231.75	245.96	265.13	268.65	279.17	272.01	270.51	273.88	273.93	275.61	345.48	346.07	348.23	318.75	65.79	62.56
Retained Earnings	0.23	(29.11)	(34.67)	(34.34)	(53.31)	(54.04)	(52.88)	(58.86)	(54.01)	6.32	20.47	24.24	134.26	119.55	119.82	119.29
Total Stockholder Equity	306.17	279.34	272.24	310.01	290.42	288.70	288.47	281.39	284.88	342.91	315.35	316.00	423.18	404.44	403.13	400.64

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Total Revenue	174.74	158.33	163.22	162.77	164.55	164.11	153.12	152.90	154.43	152.80	150.84	147.21	149.69	152.44	149.54	149.61	154.75	154.00	98.25	78.01
Cost of Revenue	74.63	68.96	74.70	78.42	74.94	71.66	75.40	76.22	72.43	70.75	73.23	75.00	73.89	72.87	71.82	72.09	71.70	67.36	42.54	30.39
Gross Profit	100.11	89.38	88.52	84.34	89.61	92.45	77.72	76.68	82.01	82.06	77.61	72.22	75.80	79.57	55.70	77.52	83.05	86.64	159.55	51.38
Selling, General & Admin	36.29	35.34	34.69	38.15	36.41	36.23	35.03	34.43	36.28	31.33	30.89	32.53	33.49	31.17	29.67	29.92	29.59	27.80	26.60	25.46
Total Operating Expenses	78.47	70.41	78.82	77.32	77.36	70.91	73.59	74.46	76.83	66.13	71.21	137.48	81.17	79.83	54.44	218.78	77.85	70.14	145.67	42.34
Operating Income	21.64	18.97	9.70	7.03	12.25	21.54	4.13	2.22	5.18	15.93	6.40	(65.27)	(5.37)	(0.26)	(1.03)	(141.26)	5.20	16.50	1.26	1.98
Pretax Income	19.25	17.80	8.63	5.92	11.36	20.95	3.50	1.44	5.06	15.14	5.61	(66.36)	(7.15)	(7.65)	(4.62)	(145.35)	6.38	13.39	(0.04)	2.00
Tax Provision	1.52	5.19	3.07	1.42	2.47	7.99	1.24	(0.02)	1.21	2.12	3.71	(15.14)	(1.41)	(1.12)	(0.86)	(35.33)	1.04	4.00	0.22	0.65
Net Income	17.73	12.61	5.56	4.50	8.89	12.96	2.26	0.37	0.52	13.01	(3.33)	(51.23)	(5.74)	(6.53)	(3.76)	(110.03)	5.33	9.38	(0.27)	0.53
Basic EPS	0.97	0.69	0.31	(0.02)	0.42	0.66	0.04	(0.07)	(0.06)	0.65	(0.27)	(2.94)	(0.38)	(0.35)	(0.20)	(5.83)	0.28	0.46	(0.01)	0.03
Diluted EPS	0.94	0.67	0.30	(0.02)	0.41	0.63	0.04	(0.06)	(0.06)	0.65	(0.27)	(2.93)	(0.38)	(0.34)	(0.20)	(5.82)	0.28	0.46	(0.01)	0.03

Cash Flow Statement

(in millions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	63.30	(11.55)	21.71	14.81	37.00	1.60	14.08	12.45	20.74	(3.14)	20.16	15.74	12.76	(23.03)	6.85	20.14	25.26	15.69	(8.32)	(2.33)
Capital Expenditures	2.53	4.07	4.20	3.70	3.90	3.35	6.31	5.20	6.22	4.39	2.95	3.35	3.21	5.48	3.60	4.34	2.97	6.02	2.79	1.50
Free Cash Flow*	60.78	(15.62)	17.51	11.11	33.10	(1.75)	7.76	7.26	14.53	(7.53)	17.21	12.39	9.55	(28.51)	3.26	15.79	22.29	9.67	(11.10)	(3.83)
Investing Cash Flow	(2.53)	(5.65)	(4.90)	18.75	(3.40)	(3.35)	(6.31)	(5.20)	(6.22)	(4.39)	(2.83)	(3.35)	(3.21)	(5.48)	(3.58)	(4.33)	(0.28)	(5.34)	(328.29)	(1.50)
Financing Cash Flow	(16.28)	0.56	(0.25)	(44.48)	(5.03)	(1.55)	(1.70)	(4.26)	(5.67)	(3.28)	(1.58)	(9.15)	(2.85)	(27.53)	(2.30)	(2.23)	(3.66)	(2.20)	161.15	(0.04)

* Derived from reported values