American Public Education (APEI) Cost of Revenue (2016 - 2026)
Quarterly Cost of Revenue changed 0.42% to $74.6 million in Q1 2026 from the year-ago period, while the trailing twelve-month figure was $55.0 million through Mar 2026, up 17.01% year-over-year, with the annual reading at $137.3 million for FY2025, 6.55% up from the prior year.
American Public Education's Cost of Revenue history spans 18 years, with the latest figure at $74.6 million for Q1 2026.
- Cost of Revenue came in at $74.6 million for Q1 2026, up from -$90.8 million in the prior quarter.
- In the past five years, Cost of Revenue ranged from a high of $74.9 million in Q1 2025 to a low of -$95.2 million in Q4 2024.
- The 5-year median for Cost of Revenue is $38.6 million (2022), against an average of $26.7 million.
- Year-over-year, Cost of Revenue crashed 331.18% in 2023 and then skyrocketed 3487.19% in 2024.
- American Public Education's Cost of Revenue stood at $38.6 million in 2022, then plummeted by 331.18% to -$89.2 million in 2023, then fell by 6.81% to -$95.2 million in 2024, then rose by 4.64% to -$90.8 million in 2025, then skyrocketed by 182.18% to $74.6 million in 2026.
- Per Business Quant, the three most recent readings for APEI's Cost of Revenue are $74.6 million (Q1 2026), -$90.8 million (Q4 2025), and $36.1 million (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | 51Talk Online Education | 9.59 Bn | 9.55 Bn | 22.18 Mn | 8.44 Mn |
| 2 | Graham Holdings | 4.73 Bn | 3.72 Bn | 841.00 Mn | 394.99 Mn |
| 3 | Laureate Education | 4.69 Bn | 4.53 Bn | -16.39 Mn | 289.01 Mn |
| 4 | Grand Canyon Education | 4.19 Bn | 3.94 Bn | 244.77 Mn | 63.99 Mn |
| 5 | Stride | 3.77 Bn | 2.96 Bn | 231.57 Mn | 398.31 Mn |
| 6 | Perdoceo Education | 2.11 Bn | 1.43 Bn | 174.68 Mn | 47.07 Mn |
| 7 | Universal Technical Institute | 2.01 Bn | 1.84 Bn | 103.97 Mn | 117.43 Mn |
| 8 | Strategic Education | 1.71 Bn | 1.55 Bn | - | - |
| 9 | Lincoln Educational Services | 1.46 Bn | 1.44 Bn | 120.06 Mn | 23.90 Mn |
| 10 | American Public Education | 943.17 Mn | 722.17 Mn | 100.11 Mn | 74.63 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 74.63 Mn |
| Mar 31, 2026 | 74.63 Mn |
| Dec 31, 2025 | -90.81 Mn |
| Dec 31, 2025 | -90.81 Mn |
| Sep 30, 2025 | 36.14 Mn |
| Sep 30, 2025 | 36.14 Mn |
| Jun 30, 2025 | 35.05 Mn |
| Jun 30, 2025 | 35.05 Mn |
| Mar 31, 2025 | 74.94 Mn |
| Mar 31, 2025 | 74.94 Mn |
| Dec 31, 2024 | -95.23 Mn |
| Dec 31, 2024 | -95.23 Mn |
| Sep 30, 2024 | 33.46 Mn |
| Sep 30, 2024 | 33.46 Mn |
| Jun 30, 2024 | 33.84 Mn |
| Jun 30, 2024 | 33.84 Mn |
| Mar 31, 2024 | 72.43 Mn |
| Mar 31, 2024 | 72.43 Mn |
| Dec 31, 2023 | -89.16 Mn |
| Dec 31, 2023 | -89.16 Mn |
| Sep 30, 2023 | 73.23 Mn |
| Sep 30, 2023 | 73.23 Mn |
| Jun 30, 2023 | -999,000.00 |
| Jun 30, 2023 | -999,000.00 |
| Mar 31, 2023 | 73.89 Mn |
| Mar 31, 2023 | 73.89 Mn |
| Dec 31, 2022 | 38.57 Mn |
| Dec 31, 2022 | 38.57 Mn |
| Sep 30, 2022 | 40.92 Mn |
| Sep 30, 2022 | 40.92 Mn |
| Jun 30, 2022 | 72.09 Mn |
| Jun 30, 2022 | 72.09 Mn |
| Mar 31, 2022 | 71.70 Mn |
| Mar 31, 2022 | 71.70 Mn |
| Dec 31, 2021 | 67.37 Mn |
| Dec 31, 2021 | 67.37 Mn |
| Sep 30, 2021 | 42.54 Mn |
| Sep 30, 2021 | 42.54 Mn |
| Jun 30, 2021 | 30.39 Mn |
| Jun 30, 2021 | 30.39 Mn |
| Mar 31, 2021 | 32.32 Mn |
| Mar 31, 2021 | 32.32 Mn |
| Dec 31, 2020 | 68.40 Mn |
| Dec 31, 2020 | 68.40 Mn |
| Sep 30, 2020 | 31.08 Mn |
| Sep 30, 2020 | 31.08 Mn |
| Jun 30, 2020 | 17.06 Mn |
| Jun 30, 2020 | 17.06 Mn |
| Mar 31, 2020 | 29.23 Mn |
| Mar 31, 2020 | 29.23 Mn |
| Dec 31, 2019 | 15.02 Mn |
| Dec 31, 2019 | 15.02 Mn |
| Sep 30, 2019 | 15.87 Mn |
| Sep 30, 2019 | 15.87 Mn |
| Jun 30, 2019 | 28.73 Mn |
| Jun 30, 2019 | 28.73 Mn |
| Mar 31, 2019 | 15.05 Mn |
| Mar 31, 2019 | 15.05 Mn |
| Dec 31, 2018 | 28.44 Mn |
| Dec 31, 2018 | 28.44 Mn |
| Sep 30, 2018 | 28.19 Mn |
| Sep 30, 2018 | 28.19 Mn |
| Jun 30, 2018 | 13.28 Mn |
| Jun 30, 2018 | 13.28 Mn |
| Mar 31, 2018 | 15.58 Mn |
| Mar 31, 2018 | 15.58 Mn |
| Dec 31, 2017 | -29.18 Mn |
| Dec 31, 2017 | -29.18 Mn |
| Sep 30, 2017 | 14.64 Mn |
| Sep 30, 2017 | 14.64 Mn |
| Jun 30, 2017 | 29.83 Mn |
| Jun 30, 2017 | 29.83 Mn |
| Mar 31, 2017 | 28.96 Mn |
| Mar 31, 2017 | 28.96 Mn |
| Dec 31, 2016 | 72.42 Mn |
| Dec 31, 2016 | 72.42 Mn |
| Sep 30, 2016 | 28.36 Mn |
| Sep 30, 2016 | 28.36 Mn |
| Jun 30, 2016 | 14.98 Mn |
| Jun 30, 2016 | 14.98 Mn |