Filing Flows › American Public Education (APEI) › Q3 2025
American Public Education (APEI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
American Public Education (APEI) reported revenue of $163M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.3% from the quarter before. Operating margin was 5.9%, net earnings $5.6M (3.4% of revenue).
American Public Education, Q3 2025: revenue $163M (+7% year over year), operating margin 5.9%, net earnings $5.6M, operating cash flow $21.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $163M | +0.3% | +7% |
| Operating profit | $9.7M | +38% | +135% |
| Net earnings | $5.6M | +24% | +146% |
| Operating cash flow | $21.7M | +47% | +54% |
| Free cash flow | $17.5M | +58% | +126% |
What changed
Revenue was $163.2M in Q3 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 $7.4M year over year (up 5%), 74% of the total change.
Operating profit was $9.7M, a 5.9% margin (up 3.2 points year over year). Of the extra revenue versus a year earlier, 55% reached operating profit, above the 3% margin then. Total costs grew 3% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+57%). Net earnings were $5.6M, up 146% year over year. The effective tax rate was 35.6%.
Operating cash flow was $21.7M (up 54% year over year), 390% of net earnings. Non-cash charges added back $3.9M of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items added $10.6M. Capital expenditures of $4.2M left free cash flow of $17.5M.
Questions
What was American Public Education's revenue in the third quarter 2025?
American Public Education (APEI) reported revenue of $163M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.3% from the quarter before.
Was American Public Education profitable in the third quarter 2025?
Operating profit was $9.7M (5.9% of revenue) and net earnings $5.6M.