Filing Flows › American Public Education (APEI) › Q4 2024
American Public Education (APEI) Q4 2024 earnings results (fourth quarter 2024)
10-K filed Mar 6, 2025
American Public Education (APEI) reported revenue of $164M for the fourth quarter 2024 (Q4 2024), +7% from a year earlier and +7% from the quarter before. Operating margin was 13.1%, net earnings $13.0M (7.9% of revenue).
American Public Education, Q4 2024: revenue $164M (+7% year over year), operating margin 13.1%, net earnings $13.0M, operating cash flow $1.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2024 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $164M | +7% | +7% |
| Operating profit | $21.5M | +422% | +35% |
| Net earnings | $13.0M | +473% | -0.4% |
| Operating cash flow | $1.6M | -89% | — |
What changed
Revenue was $164.1M in Q4 2024, up 7% year over year and up 7% from the previous quarter. Instructional services, net of grants and scholarships was the largest line at 92% of revenue.
Operating profit was $21.5M, a 13.1% margin (up 2.7 points year over year). Of the extra revenue versus a year earlier, 50% reached operating profit, above the 10% margin then. Total costs grew 4% against revenue growth of 7%. The fastest-growing cost line was General & admin (+16%). Net earnings were $13.0M, roughly flat year over year. The effective tax rate was 38.1%.
Operating cash flow was $1.6M, 12% of net earnings. Non-cash charges added back $3.9M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $17.4M. Capital expenditures of $3.4M exceeded it, leaving free cash flow of −$1.8M.
Questions
What was American Public Education's revenue in the fourth quarter 2024?
American Public Education (APEI) reported revenue of $164M for the fourth quarter 2024 (Q4 2024), +7% from a year earlier and +7% from the quarter before.
Was American Public Education profitable in the fourth quarter 2024?
Operating profit was $21.5M (13.1% of revenue) and net earnings $13.0M.