AMERICAN PUBLIC EDUCATION, INC.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $648.9M | $624.6M | $600.5M | $606.3M | $418.8M | $321.8M | $286.3M | $297.7M |
| Cost of Revenue | $297.0M | $295.7M | $292.9M | $288.5M | $172.6M | $122.2M | $111.9M | $115.3M |
| Gross Profit | $351.8M | $328.9M | $307.7M | $317.9M | $246.2M | $199.6M | $174.4M | $182.4M |
| Gross Margin | 54.2% | 52.7% | 51.2% | 52.4% | 58.8% | 62.0% | 60.9% | 61.3% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $144.6M | $142.0M | $128.2M | $120.4M | $103.4M | $88.0M | $78.1M | $74.5M |
| Operating Income | $47.9M | $33.1M | $-48.3M | $-137.3M | $30.4M | $24.8M | $12.8M | $32.5M |
| Operating Margin | 7.4% | 5.3% | -8.0% | -22.7% | 7.3% | 7.7% | 4.5% | 10.9% |
| Interest Expense | — | — | — | $3.9M | — | — | — | — |
| Pretax Income | $43.7M | $30.9M | $-52.8M | $-151.2M | $26.1M | $25.8M | $16.7M | $35.4M |
| Income Tax Expense | $12.1M | $10.4M | $-10.7M | $-36.3M | $7.5M | $7.0M | $5.2M | $9.3M |
| Net Income | $31.6M | $16.1M | $-47.3M | $-115.0M | $17.8M | $18.8M | $10.0M | $25.6M |
| Net Margin | 4.9% | 2.6% | -7.9% | -19.0% | 4.2% | 5.8% | 3.5% | 8.6% |
| EPS (Basic) | $1.40 | $0.57 | $-2.94 | $-6.10 | $0.98 | $1.27 | $0.62 | $1.56 |
| EPS (Diluted) | $1.36 | $0.55 | $-2.93 | $-6.08 | $0.97 | $1.25 | $0.62 | $1.54 |
| Shares Outstanding (Basic) | 18.0M | 17.6M | 18.1M | 18.9M | 18.1M | 14.9M | 16.1M | 16.4M |
| Shares Outstanding (Diluted) | 18.7M | 18.1M | 18.2M | 18.9M | 18.3M | 15.0M | 16.3M | 16.6M |
| Dividends Per Share | — | — | — | — | — | — | — | — |