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American Public Education cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$7.4M in Q2 2026 · $70.1M over twelve months

Operating cash flow$12.1M
Capital spending−$4.7M
Free cash flow+$7.4M
Cash / net income1.2×
Cash conversion cycle12 days

Analysis

In Q2 2026, American Public Education generated $12.1M of operating cash flow and spent $4.7M on capital projects, leaving free cash flow of $7.4M. That is $3.7M less than in Q2 2025 ($11.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $85.6M; the largest uses were net borrowing (+) / repaid (−) ($97.8M), other investing ($78.2M), capital spending ($15.5M); besides operations, cash came from other financing ($88.2M), shares issued ($1.1M); the cash balance fell by $30.0M.

Operating cash flow was $12.1M against net income of $9.8M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$4.0M, receivables +$3.2M, payables −$3.0M.

Its cash conversion cycle was 12 days (receivables 20 + inventory 0 − payables 8).

Free cash flow

American Public Education: free cash flow by quarterAmerican Public Education: free cash flow by quarter$7.8MQ3 2024−$1.8MQ4 2024$33.1MQ1 2025$11.1MQ2 2025$17.5MQ3 2025−$15.6MQ4 2025$60.8MQ1 2026$7.4MQ2 2026
Operating cash flow less capital spending.
American Public Education: operating cash flow against capital spendingAmerican Public Education: operating cash flow against capital spendingOperating cash flowCapital spending$14.1M$6.3MQ3 2024$1.6M$3.4MQ4 2024$37.0M$3.9MQ1 2025$14.8M$3.7MQ2 2025$21.7M$4.2MQ3 2025−$11.6M$4.1MQ4 2025$63.3M$2.5MQ1 2026$12.1M$4.7MQ2 2026
Latest (Q2 2026): Operating cash flow $12.1M, Capital spending $4.7M.

Capital allocation, year by year

American Public Education: where the cash came from (up) and went (down), by fiscal yearAmerican Public Education: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $16.3MFY2021: Net borrowing $173MFY2021: Shares issued $86.2MFY2021: Capital spending −$11.8MFY2021: Buybacks −$3.0M$275MFY2021FY2022: Operating cash flow $29.2MFY2022: Net borrowing −$73.9MFY2022: Shares issued $39.7MFY2022: Capital spending −$16.4MFY2022: Buybacks −$1.5M$68.9MFY2022FY2023: Operating cash flow $45.5MFY2023: Net borrowing −$114KFY2023: Capital spending −$13.9MFY2023: Buybacks −$10.7M$45.5MFY2023FY2024: Operating cash flow $48.9MFY2024: Net borrowing −$3.0MFY2024: Shares issued $67KFY2024: Capital spending −$21.1MFY2024: Buybacks −$4.2M$48.9MFY2024FY2025: Operating cash flow $62.0MFY2025: Net borrowing −$213KFY2025: Shares issued $1.2MFY2025: Asset sales $23.0MFY2025: Capital spending −$15.9MFY2025: Acquisitions −$2.3MFY2025: Buybacks −$4.3M$86.2MFY2025
Over these 5 years operating cash flow totalled $202M; the largest uses were capital spending ($79.1M) and net borrowing ($77.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$223M
Debt$87.3M
Net cash$136M
Due within a year$5.6M

American Public Education funds itself: free cash flow was $70.1M over the last twelve months, and $223M of cash and investments stands against $87.3M of debt ($5.6M due within a year, 39.6× covered by cash).

Where the cash came from and went

American Public Education: sources (+) and uses (−) of cash, Q2 2026American Public Education: sources (+) and uses (−) of cash, Q2 2026Other investing−$75.9MCash drawn (+) / kept (−)$74.5MOperating cash flow$12.1MCapital spending−$4.7MBuybacks−$4.1MNet borrowing (+) / repaid (−)−$1.2MOther financing−$644KShares issued$37K
American Public Education: sources (+) and uses (−) of cash, TTM to Q2 2026American Public Education: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)−$97.8MOther financing$88.2MOperating cash flow$85.6MOther investing−$78.2MCash drawn (+) / kept (−)$30.0MCapital spending−$15.5MBuybacks−$13.4MShares issued$1.1M

From profit to cash

American Public Education: net income to operating cash flow, Q2 2026American Public Education: net income to operating cash flow, Q2 2026Net income$9.8MDepreciation & amortization$4.0MStock-based pay$2.2MDeferred taxes$1.6MGains on disposals$5KReceivables$3.2MPayables−$3.0MAccrued liabilities−$1.6MEmployee-related liabilities−$1.5MDeferred revenue−$1.3MPrepaid and other assets−$916KIncome taxes payable−$869KOperating cash flow$12.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202620—812
Q1 202627—819
Q4 202532—823
Q3 202523—1112
Q2 202522—1012
Q1 202529—919
Q4 202429—1218
Q3 202424—1114

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$12.1M−$4.7M−$4.1M−$1.2M$37K$74.5M$7.4M
Q1 2026$63.3M−$2.5M−$8.7M−$6.5M$17K−$44.5M$60.8M
Q4 2025−$11.6M−$4.1M−$333K−$53K$945K$16.6M−$15.6M
Q3 2025$21.7M−$4.2M−$206K−$53K$107K−$16.6M$17.5M
Q2 2025$14.8M−$3.7M−$30K−$54K$15K$10.9M$11.1M
Q1 2025$37.0M−$3.9M−$3.7M−$53K$143K−$28.6M$33.1M
Q4 2024$1.6M−$3.4M−$13K−$81K—$3.3M−$1.8M
Q3 2024$14.1M−$6.3M−$92K−$82K—−$6.1M$7.8M

American Public Education: income statement and cash flow

American Public Education, Q2 2026: revenue $172M (+6% year over year), operating margin 7.9%. The chart follows the revenue to costs, profit and cash.

American Public Education: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.