Filing Flows › American Public Education (APEI) › Q4 2025
American Public Education (APEI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
American Public Education (APEI) reported revenue of $158M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -3% from the quarter before. Operating margin was 12.0%, net earnings $12.6M (8.0% of revenue).
American Public Education, Q4 2025: revenue $158M (-4% year over year), operating margin 12.0%, net earnings $12.6M, operating cash flow −$11.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $158M | -3% | -4% |
| Operating profit | $19.0M | +96% | -12% |
| Net earnings | $12.6M | +127% | -3% |
| Operating cash flow | −$11.6M | -153% | -822% |
What changed
Revenue was $158.3M in Q4 2025, down 4% year over year and down 3% from the previous quarter. Instructional services, net of grants and scholarships was the largest line at 90% of revenue.
Operating profit was $19.0M, a 12.0% margin (down 1.1 points year over year). Total costs fell 2% while revenue fell 4%. Net earnings were $12.6M, down 3% year over year. The effective tax rate was 29.2%.
Operating cash flow was −$11.6M. Non-cash charges added back $4.1M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $30.5M. Capital expenditures of $4.1M exceeded it, leaving free cash flow of −$15.6M.
Questions
What was American Public Education's revenue in the fourth quarter 2025?
American Public Education (APEI) reported revenue of $158M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -3% from the quarter before.
Was American Public Education profitable in the fourth quarter 2025?
Operating profit was $19.0M (12.0% of revenue) and net earnings $12.6M.