American Public Education Income Statement (2009-2025) | APEI

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Period:

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Income Statement	Mar2009	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Revenue & cost
Revenue	0.03B	0.04B	0.04B	0.04B	0.05B	0.05B	0.05B	0.06B	0.06B	0.06B	0.07B	0.08B	0.08B	0.07B	0.08B	0.09B	0.08B	0.08B	0.08B	0.08B	0.09B	0.09B	0.08B	0.09B	0.09B	0.08B	0.08B	0.09B	0.08B	0.08B	0.07B	0.08B	0.08B	0.07B	0.07B	0.08B	0.07B	0.07B	0.07B	0.08B	0.07B	0.07B	0.07B	0.07B	0.07B	0.08B	0.08B	0.09B	0.09B	0.08B	0.10B	0.15B	0.15B	0.15B	0.15B	0.15B	0.15B	0.15B	0.15B	0.15B	0.15B	0.15B	0.15B	0.16B	0.16B	0.16B	0.16B
Cost of Revenue	0.01B	0.01B	0.01B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.04B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.08B	0.08B	0.07B	0.07B	0.08B	0.07B
Gross Profit	0.02B	0.02B	0.02B	0.03B	0.03B	0.03B	0.03B	0.04B	0.04B	0.04B	0.04B	0.05B	0.05B	0.05B	0.05B	0.06B	0.06B	0.05B	0.05B	0.05B	0.06B	0.06B	0.05B	0.06B	0.06B	0.05B	0.05B	0.06B	0.05B	0.05B	0.05B	0.05B	0.05B	0.04B	0.04B	0.05B	0.05B	0.04B	0.04B	0.05B	0.05B	0.04B	0.04B	0.05B	0.05B	0.05B	0.05B	0.05B	0.06B	0.05B	0.06B	0.09B	0.08B	0.08B	0.08B	0.08B	0.08B	0.07B	0.08B	0.08B	0.08B	0.08B	0.08B	0.09B	0.09B	0.08B	0.09B
Operating items
Selling, General & Administrative	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.03B	0.04B	0.03B	0.04B	0.04B	0.04B	0.04B	0.03B
Other Operating Expenses	0.02B	0.02B	0.02B	0.02B	0.03B	0.03B	0.03B	0.03B	0.04B	0.03B	0.04B	0.04B	0.04B	0.04B	0.04B	0.05B	0.05B	0.05B	0.05B	0.05B	0.05B	0.05B	0.05B	0.05B	0.05B	0.05B	-0.00B	-0.00B	-0.00B	-0.00B	-0.01B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B		-0.00B	-0.00B	0.00B	-0.00B	-0.00B	-0.00B	-0.00B	0.00B	-0.00B	-0.00B	-0.00B	-0.00B		-0.00B	-0.00B	-0.00B
Operating Expenses	0.02B	0.03B	0.03B	0.03B	0.03B	0.03B	0.04B	0.04B	0.05B	0.05B	0.05B	0.06B	0.06B	0.06B	0.06B	0.06B	0.07B	0.06B	0.06B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.07B	0.06B	0.07B	0.07B	0.07B	0.06B	0.07B	0.07B	0.07B	0.07B	0.08B	0.08B	0.08B	0.08B	0.10B	0.14B	0.15B	0.29B	0.15B	0.15B	0.16B	0.21B	0.14B	0.14B	0.15B	0.15B	0.15B	0.14B	0.15B	0.16B	0.15B
Operating Income	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.02B	0.01B	0.01B	0.02B	0.02B	0.01B	0.01B	0.02B	0.02B	0.02B	0.02B	0.02B	0.01B	0.02B	0.02B	0.01B	0.02B	0.01B	0.01B	0.01B	0.02B	0.02B	0.01B	0.00B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.01B	-0.00B	0.01B	0.00B	0.01B	0.00B	0.01B	0.01B	0.00B	0.00B	0.02B	0.01B	-0.14B	-0.00B	-0.00B	-0.01B	-0.07B	0.01B	0.02B	0.01B	0.00B	0.00B	0.02B	0.01B	0.01B	0.01B
EBIT	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.02B	0.01B	0.01B	0.02B	0.02B	0.01B	0.01B	0.02B	0.02B	0.02B	0.02B	0.02B	0.01B	0.02B	0.02B	0.01B	0.02B	0.01B	0.01B	0.01B	0.02B	0.02B	0.01B	0.00B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.01B	-0.00B	0.01B	0.00B	0.01B	0.00B	0.01B	0.01B	0.00B	0.00B	0.02B	0.01B	-0.14B	-0.00B	-0.00B	-0.01B	-0.07B	0.01B	0.02B	0.01B	0.00B	0.00B	0.02B	0.01B	0.01B	0.01B
Non-operating items
Non Operating Investment Income																																																																			-0.00B
Interest & Investment Income	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B				0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.01B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B
Net income details
EBT	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.02B	0.01B	0.01B	0.02B	0.02B	0.01B	0.01B	0.02B	0.02B	0.02B	0.02B	0.02B	0.01B	0.02B	0.02B	0.01B	0.02B	0.01B	0.01B	0.01B	0.02B	0.02B	0.01B	0.00B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.01B	-0.00B	0.01B	0.00B	0.01B	0.00B	0.01B	0.01B	0.00B	-0.00B	0.01B	0.01B	-0.15B	-0.00B	-0.01B	-0.01B	-0.07B	0.01B	0.02B	0.01B	0.00B	0.00B	0.02B	0.01B	0.01B	0.01B
Tax Provisions	0.00B	0.00B	0.00B	0.01B	0.01B	0.00B	0.00B	0.01B	0.01B	0.01B	0.00B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.00B	0.01B	0.01B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	-0.00B	0.00B	-0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	-0.04B	-0.00B	-0.00B	-0.00B	-0.02B	0.00B	0.00B	0.00B	-0.00B	0.00B	0.01B	0.00B	0.00B	0.00B
Profit After Tax	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.01B	0.00B	0.00B	0.00B	0.01B	0.00B	0.01B	0.01B	0.01B	0.00B	0.00B	-0.00B	0.01B	0.00B	0.01B	0.00B	0.01B	0.01B	0.00B	-0.00B	0.01B	0.01B	-0.11B	-0.00B	-0.01B	-0.01B	-0.05B	-0.00B	0.01B	0.00B	0.00B	0.00B	0.01B	0.01B	0.00B	0.01B
Equity Income																	-0.00B	0.00B	-0.00B	0.00B	-0.00B	0.00B	-0.00B	-0.00B	-0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	-0.00B	0.00B	0.00B	0.00B	0.00B	-0.00B	-0.00B	0.00B	-0.00B	-0.00B	-0.00B	0.00B	0.00B		-0.00B	0.00B	-0.00B	-0.00B	-0.00B	-0.00B		-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.01B	-0.00B	-0.00B	-0.00B
Income from Continuing Operations	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.01B	0.00B	0.00B	0.00B	0.01B	0.00B	0.01B	0.01B	0.01B	0.00B	0.00B	-0.00B	0.01B	0.00B	0.01B	0.00B	0.01B	0.01B	0.00B	-0.00B	0.01B	0.01B	-0.11B	-0.00B	-0.01B	-0.01B	-0.05B	0.00B	0.01B	0.00B	0.00B	0.00B	0.01B	0.01B	0.00B	0.01B
Consolidated Net Income	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.01B	0.00B	0.00B	0.00B	0.01B	0.00B	0.01B	0.01B	0.01B	0.00B	0.00B	-0.00B	0.01B	0.00B	0.01B	0.00B	0.01B	0.01B	0.00B	-0.00B	0.01B	0.01B	-0.11B	-0.00B	-0.01B	-0.01B	-0.05B	0.00B	0.01B	0.00B	0.00B	0.00B	0.01B	0.01B	0.00B	0.01B
Income towards Parent Company	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.01B	0.00B	0.00B	0.00B	0.01B	0.00B	0.01B	0.01B	0.01B	0.00B	0.00B	-0.00B	0.01B	0.00B	0.01B	0.00B	0.01B	0.01B	0.00B	-0.00B	0.01B	0.01B	-0.11B	-0.00B	-0.01B	-0.01B	-0.05B	0.00B	0.01B	0.00B	0.00B	0.00B	0.01B	0.01B	0.00B	0.01B
Preferred Dividend Payments																																																								0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B
Net Income towards Common Stockholders	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.01B	0.00B	0.00B	0.00B	0.01B	0.00B	0.01B	0.01B	0.01B	0.00B	0.00B	-0.00B	0.01B	0.00B	0.01B	0.00B	0.01B	0.01B	0.00B	-0.00B	0.01B	0.01B	-0.11B	-0.00B	-0.01B	-0.01B	-0.05B	-0.00B	0.01B	-0.00B	-0.00B	0.00B	0.01B	0.01B	-0.00B	0.01B
Additional items
EPS (Basic)	0.29	0.29	0.28	0.46	0.42	0.38	0.30	0.53	0.44	0.50	0.61	0.68	0.51	0.52	0.61	746.17	0.64	0.61	0.62	0.51	0.59	0.56	0.51	0.69	0.51	0.42	0.41	0.58	0.64	0.41	0.02	0.43	0.28	0.24	0.27	0.67	0.28	0.39	0.33	0.56	0.06	0.30	-0.10	0.36	0.16	0.45	0.18	0.48	0.50	0.03	-0.01	0.52	0.28	-5.83	-0.20	-0.35	-0.38	-2.94	-0.27	0.63	-0.06	-0.07	0.04	0.65	0.42	-0.02	0.31
EPS (Weighted Average and Diluted)	0.28	0.28	0.27	0.44	0.40	0.37	0.30	0.51	0.43	0.49	0.60	0.66	0.50	0.51	0.60	735.05	0.63	0.60	0.61	0.50	0.59	0.56	0.51	0.68	0.51	0.42	0.41	0.58	0.64	0.41	0.02	0.42	0.28	0.23	0.27	0.67	0.28	0.39	0.33	0.55	0.06	0.30	-0.10	0.35	0.16	0.45	0.18	0.47	0.49	0.03	-0.01	0.51	0.28	-5.82	-0.20	-0.35	-0.38	-2.93	-0.27	0.63	-0.06	-0.06	0.04	0.63	0.41	-0.02	0.30
Shares Outstanding (Weighted Average)	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	17.93B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.00B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.01B	0.01B	0.01B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B
Shares Outstanding (Diluted Average)	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	18.38B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.00B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B	0.02B
EBITDA	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.02B	0.01B	0.01B	0.02B	0.02B	0.01B	0.01B	0.02B	0.02B	0.02B	0.02B	0.02B	0.01B	0.02B	0.02B	0.01B	0.02B	0.01B	0.01B	0.01B	0.02B	0.02B	0.01B	0.00B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.01B	0.00B	0.01B	-0.00B	0.01B	0.00B	0.01B	0.00B	0.01B	0.01B	0.00B	0.00B	0.02B	0.01B	-0.14B	-0.00B	-0.00B	-0.01B	-0.07B	0.01B	0.02B	0.01B	0.00B	0.00B	0.02B	0.01B	0.01B	0.01B
Tax Rate	40.10%	39.69%	40.45%	40.10%	41.88%	40.33%	40.19%	39.41%	40.01%	39.90%	27.41%	39.00%	39.00%	38.22%	38.32%	38.44%	37.48%	37.84%	37.60%	38.63%	37.65%	38.74%	39.86%	36.20%	39.02%	39.18%	35.98%	38.57%	39.36%	39.00%	19.81%	39.22%	46.27%	39.87%	43.25%	14.28%	28.02%	26.18%	24.13%	26.52%	-2.59%	27.86%	12.62%	38.57%	28.69%	27.46%	22.89%	27.83%	24.55%	32.32%	-520.93%	29.89%	16.31%	24.31%	18.61%	14.69%	19.78%	22.81%	66.19%	14.03%	23.99%	-1.11%	35.33%	38.12%	21.71%	24.02%	35.56%

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American Public Education Income Statement (2009-2025) | APEI

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