Filing Flows › American Public Education (APEI) › Q2 2025
American Public Education (APEI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
American Public Education (APEI) reported revenue of $163M for the second quarter 2025 (Q2 2025), +6% from a year earlier and -1% from the quarter before. Operating margin was 4.3%, net earnings $4.5M (2.8% of revenue).
American Public Education, Q2 2025: revenue $163M (+6% year over year), operating margin 4.3%, net earnings $4.5M, operating cash flow $14.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $163M | -1% | +6% |
| Operating profit | $7.0M | -43% | +216% |
| Net earnings | $4.5M | -49% | 12× |
| Operating cash flow | $14.8M | -60% | +19% |
| Free cash flow | $11.1M | -66% | +53% |
What changed
Revenue was $162.8M in Q2 2025, up 6% year over year and down 1% from the previous quarter. Instructional services, net of grants and scholarships was the largest line at 92% of revenue. Instructional services, net of grants and scholarships added $8.5M year over year (up 6%), 86% of the total change.
Operating profit was $7.0M, a 4.3% margin (up 2.9 points year over year). Of the extra revenue versus a year earlier, 49% reached operating profit, above the 1% margin then. Total costs grew 3% against revenue growth of 6%. The fastest-growing cost line was General & admin (+11%). Net earnings were $4.5M, up 1112% year over year. The effective tax rate was 24.0%.
Operating cash flow was $14.8M (up 19% year over year), 329% of net earnings. Non-cash charges added back $4.1M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $4.0M. Capital expenditures of $3.7M left free cash flow of $11.1M.
Questions
What was American Public Education's revenue in the second quarter 2025?
American Public Education (APEI) reported revenue of $163M for the second quarter 2025 (Q2 2025), +6% from a year earlier and -1% from the quarter before.
Was American Public Education profitable in the second quarter 2025?
Operating profit was $7.0M (4.3% of revenue) and net earnings $4.5M.