# American Public Education Inc: overview

APEI · Nasdaq · CIK 1201792 · [Other](/sectors/other.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/apei.md) · [Financials](/companies/apei/financials.md) · [Filings](/companies/apei/filings.md) · [Insiders](/companies/apei/insiders.md)

Latest reported revenue: [$171.7m](/filings/0001201792-26-000012.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 10, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001201792-26-000012).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [153](/filings/0001201792-26-000004.md) | [164](/filings/0001201792-26-000004.md) | [165](/filings/0001201792-26-000008.md) | [163](/filings/0001201792-26-000012.md) | [163](/filings/0001201792-26-000004.md) | [158](/filings/0001201792-26-000004.md) | [175](/filings/0001201792-26-000008.md) | [172](/filings/0001201792-26-000012.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [2.7%](/filings/0001201792-25-000020.md) | [13.1% d](/filings/0001201792-26-000004.md) | [7.4%](/filings/0001201792-26-000008.md) | [4.3%](/filings/0001201792-26-000012.md) | [5.9%](/filings/0001201792-25-000020.md) | [12.0% d](/filings/0001201792-26-000004.md) | [12.4%](/filings/0001201792-26-000008.md) | [7.9%](/filings/0001201792-26-000012.md) |
| Net margin | % | [1.5%](/filings/0001201792-25-000020.md) | [7.0%](/filings/0001201792-26-000004.md) | [5.4%](/filings/0001201792-26-000012.md) | [2.8%](/filings/0001201792-26-000012.md) | [3.4%](/filings/0001201792-25-000020.md) | [8.0%](/filings/0001201792-26-000004.md) | [10.1%](/filings/0001201792-26-000012.md) | [5.7%](/filings/0001201792-26-000012.md) |
| Diluted EPS | $ per share | [0.04](/filings/0001201792-26-000004.md) | [0.63](/filings/0001201792-26-000004.md) | [0.41](/filings/0001201792-26-000008.md) | [(0.02)](/filings/0001201792-26-000012.md) | [0.30](/filings/0001201792-26-000004.md) | [0.67](/filings/0001201792-26-000004.md) | [0.94](/filings/0001201792-26-000008.md) | [0.52](/filings/0001201792-26-000012.md) |
| Free cash flow | $m | [7.8 d](/filings/0001201792-25-000020.md) | [(1.8) d](/filings/0001201792-26-000004.md) | [33.1](/filings/0001201792-26-000008.md) | [11.1 d](/filings/0001201792-26-000012.md) | [17.5 d](/filings/0001201792-25-000020.md) | [(15.6) d](/filings/0001201792-26-000004.md) | [60.8](/filings/0001201792-26-000008.md) | [7.4 d](/filings/0001201792-26-000012.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Net income: us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [419](/filings/0001201792-24-000005.md) | [606](/filings/0001201792-25-000004.md) | [601](/filings/0001201792-26-000004.md) | [625](/filings/0001201792-26-000004.md) | [649](/filings/0001201792-26-000004.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [7.3%](/filings/0001201792-24-000005.md) | [(22.7%)](/filings/0001201792-25-000004.md) | [(8.0%)](/filings/0001201792-26-000004.md) | [5.3%](/filings/0001201792-26-000004.md) | [7.4%](/filings/0001201792-26-000004.md) |
| Net margin | % | [4.2%](/filings/0001201792-24-000005.md) | [(19.0%)](/filings/0001201792-25-000004.md) | [(7.9%)](/filings/0001201792-26-000004.md) | [2.6%](/filings/0001201792-26-000004.md) | [4.9%](/filings/0001201792-26-000004.md) |
| Diluted EPS | $ per share | [0.97](/filings/0001201792-24-000005.md) | [(6.08)](/filings/0001201792-25-000004.md) | [(2.93)](/filings/0001201792-26-000004.md) | [0.55](/filings/0001201792-26-000004.md) | [1.36](/filings/0001201792-26-000004.md) |
| Free cash flow | $m | [4.4](/filings/0001201792-24-000005.md) | [12.8](/filings/0001201792-25-000004.md) | [31.6](/filings/0001201792-26-000004.md) | [27.8](/filings/0001201792-26-000004.md) | [46.1](/filings/0001201792-26-000004.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/apei/insiders.md)

| Date | Insider | Role | Transaction | Shares | Reported price | Value | Filing |
| --- | --- | --- | --- | ---: | ---: | ---: | --- |
| 2026-10-22 | [Kenigsberg James](/insiders/1603516.md) | Chief Innov. & Tech Officer, Officer | Sale (S) | 1,256 | $47.69 | $59.9k | [Form 4](/filings/0001123292-26-001425.md) |

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $95.2m | 1,772,227 |  | Added +321,872 |
| [325 CAPITAL LLC](/funds/1873893.md) | 2026-06-30 | $63.6m | 1,183,732 |  | Unchanged |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $63.6m | 1,183,609 |  | Added +395,254 |
| [Divisadero Street Capital Management, LP](/funds/1901865.md) | 2026-06-30 | $62.8m | 1,169,356 |  | Added +117,287 |
| [RENAISSANCE TECHNOLOGIES LLC](/funds/1037389.md) | 2026-06-30 | $48.9m | 910,620 |  | Reduced −9,600 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $38.6m | 718,498 |  | Added +17,480 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $37.7m | 702,127 |  | Reduced −97,048 |
| [AMERICAN CENTURY COMPANIES INC](/funds/748054.md) | 2026-06-30 | $37.3m | 694,506 |  | Added +35,671 |
| [Prescott Group Capital Management, L.L.C.](/funds/1166152.md) | 2026-06-30 | $36.5m | 679,749 |  | Unchanged |
| [Driehaus Capital Management LLC](/funds/938206.md) | 2026-06-30 | $28.7m | 534,665 |  | Added +2,370 |

## Recent filings

[All 1,603 filings](/companies/apei/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-27 | 16:04 ET | [8-K](/filings/0001104659-26-119152.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001104659-26-119152 |
| 2026-08-10 | 16:12 ET | [8-K](/filings/0001104659-26-093372.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001104659-26-093372 |
| 2026-08-10 | 16:06 ET | [10-Q](/filings/0001201792-26-000012.md) | Quarterly report, period 2026-06-30 | 0001201792-26-000012 |
| 2026-08-05 | 16:10 ET | [8-K](/filings/0001104659-26-091094.md) | 7.01 Regulation FD disclosure | 0001104659-26-091094 |
| 2026-05-26 | 16:02 ET | [8-K](/filings/0001104659-26-066248.md) | 5.07 Shareholder vote results | 0001104659-26-066248 |
| 2026-05-11 | 16:02 ET | [10-Q](/filings/0001201792-26-000008.md) | Quarterly report, period 2026-03-31 | 0001201792-26-000008 |
| 2026-05-11 | 16:01 ET | [8-K](/filings/0001104659-26-058617.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001104659-26-058617 |
| 2026-04-09 | 16:01 ET | [DEF 14A](/filings/0001140361-26-013996.md) | Proxy statement, period 2026-05-22 | 0001140361-26-013996 |
| 2026-03-20 | 20:08 ET | [SCHEDULE 13D/A](/filings/0000921895-26-000763.md) | Ownership report, active investor, amended | 0000921895-26-000763 |
| 2026-03-12 | 16:30 ET | [10-K](/filings/0001201792-26-000004.md) | Annual report, period 2025-12-31 | 0001201792-26-000004 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001201792-26-000004.md), filed Mar 12, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/1b8dd7e7-10a5-45b4-95ea-b72d70377c6d)

## About the filer

- CIK: 1201792
- Tickers: APEI
- Exchange: Nasdaq
- SIC code: 8200 Services-Educational Services
- State of incorporation: DE
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 16:20 ET. No prices; not investment advice.