Filing Flows › American Public Education (APEI) › Q1 2025
American Public Education (APEI) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
American Public Education (APEI) reported revenue of $165M for the first quarter 2025 (Q1 2025), +7% from a year earlier and +0.3% from the quarter before. Operating margin was 7.4%, net earnings $8.9M (5.4% of revenue).
American Public Education, Q1 2025: revenue $165M (+7% year over year), operating margin 7.4%, net earnings $8.9M, operating cash flow $37.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $165M | +0.3% | +7% |
| Operating profit | $12.2M | -43% | +136% |
| Net earnings | $8.9M | -31% | 17× |
| Operating cash flow | $37.0M | 23× | +78% |
| Free cash flow | $33.1M | — | +128% |
What changed
Revenue was $164.6M in Q1 2025, up 7% year over year and roughly flat from the previous quarter. Instructional services, net of grants and scholarships was the largest line at 91% of revenue. Instructional services, net of grants and scholarships added $8.1M year over year (up 6%), 80% of the total change.
Operating profit was $12.2M, a 7.4% margin (up 4.1 points year over year). Of the extra revenue versus a year earlier, 70% reached operating profit, above the 3% margin then. Total costs grew 2% against revenue growth of 7%. Net earnings were $8.9M, up 1623% year over year. The effective tax rate was 21.7%.
Operating cash flow was $37.0M (up 78% year over year), 416% of net earnings. Non-cash charges added back $4.0M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $21.9M. Capital expenditures of $3.9M left free cash flow of $33.1M.
Questions
What was American Public Education's revenue in the first quarter 2025?
American Public Education (APEI) reported revenue of $165M for the first quarter 2025 (Q1 2025), +7% from a year earlier and +0.3% from the quarter before.
Was American Public Education profitable in the first quarter 2025?
Operating profit was $12.2M (7.4% of revenue) and net earnings $8.9M.