American Public Education Inc. (APEI)
Nasdaq · Services-Educational Services · Services · CIK 1201792 · fiscal year ends in Dec
Closing price $44.25 on 29 Oct 2026; 52-week range $30.67 to $60.86.
Key figures
The last twelve months reported, with the latest price and balance sheet.
- Revenue, last twelve months
- $668.0M
- Revenue growth
- 3.6%
- Net income, last twelve months
- $45.7M
- Earnings per share
- $2.43
- Gross margin
- 55.9%
- Operating margin
- 9.6%
- Net margin
- 6.8%
- Free cash flow
- $70.1M
- Return on equity
- 14.5%
- Market value
- $812.8M
- Price to earnings
- 18.2x
- Cash
- $146.5M
- Debt
- $87.3M
- Debt to equity
- 0.28
- Shares outstanding
- 18.4M
Financial statements
Revenue, profit and cash flow by fiscal year, each year linked to its annual report.
| Fiscal year | Year end | Revenue | Operating income | Net income | EPS | Free cash flow | Filing |
|---|---|---|---|---|---|---|---|
| FY2025 | 31 Dec 2025 | $648.9M | $47.9M | $31.6M | $1.36 | $46.1M | 10-K filed 12 Mar 2026 |
| FY2024 | 31 Dec 2024 | $624.6M | $33.1M | $16.1M | $0.55 | $27.8M | 10-K filed 6 Mar 2025 |
| FY2023 | 31 Dec 2023 | $600.5M | -$48.3M | -$47.3M | -$2.93 | $31.6M | 10-K filed 5 Mar 2024 |
| FY2022 | 31 Dec 2022 | $606.3M | -$137.3M | -$115.0M | -$6.08 | $12.8M | 10-K filed 14 Mar 2023 |
| FY2021 | 31 Dec 2021 | $418.8M | $30.4M | $17.8M | $0.97 | $4.4M | 10-K filed 2 Mar 2022 |
By quarter
| Quarter | Quarter end | Revenue | Net income | EPS |
|---|---|---|---|---|
| Q2 FY2026 | 30 Jun 2026 | $171.7M | $9.8M | $0.52 |
| Q1 FY2026 | 31 Mar 2026 | $174.7M | $17.7M | $0.94 |
| Q4 FY2025 | 31 Dec 2025 | $158.3M | $12.6M | $0.67 |
| Q3 FY2025 | 30 Sep 2025 | $163.2M | $5.6M | $0.30 |
| Q2 FY2025 | 30 Jun 2025 | $162.8M | $4.5M | -$0.02 |
| Q1 FY2025 | 31 Mar 2025 | $164.6M | $8.9M | $0.41 |
| Q4 FY2024 | 31 Dec 2024 | $164.1M | $11.5M | $0.63 |
| Q3 FY2024 | 30 Sep 2024 | $153.1M | $2.3M | $0.04 |
Revenue by segment
As the company reports it in the segment note of its annual report.
By product, FY2025
| Segment | Revenue | Share |
|---|---|---|
| Instructional services, net of grants and scholarships | $591.8M | 91.2% |
| Textbook and other course materials | $47.7M | 7.3% |
| Other fees | $5.5M | 0.8% |
| Graduation fees | $3.9M | 0.6% |
Company events
The newest 8-K filings of 167 held.
| Filed | Form | Event | Items |
|---|---|---|---|
| 27 Oct 2026 | 8-K | Leadership change, Investor update | 5.02, 7.01, 9.01 |
| 10 Aug 2026 | 8-K | Results | 2.02, 9.01 |
| 5 Aug 2026 | 8-K | Investor update | 7.01 |
| 26 May 2026 | 8-K | Shareholder vote | 5.07 |
| 11 May 2026 | 8-K | Results | 2.02, 9.01 |
| 12 Mar 2026 | 8-K | Results | 2.02, 9.01 |
| 10 Nov 2025 | 8-K | Results | 2.02, 9.01 |
| 20 Oct 2025 | 8-K | Leadership change, Investor update | 5.02, 7.01, 9.01 |
| 14 Oct 2025 | 8-K | Results | 2.02 |
| 6 Aug 2025 | 8-K | Results | 2.02, 9.01 |
| 23 Jun 2025 | 8-K | Shareholder rights change, Bylaws or fiscal year change, Other events | 3.03, 5.03, 8.01, 9.01 |
| 13 Jun 2025 | 8-K | Other events | 8.01 |
Every filing
The newest filings with the SEC of 365 held.
| Filed | Form | Period |
|---|---|---|
| 27 Oct 2026 | 8-K | 22 Oct 2026 |
| 10 Aug 2026 | 8-K | 10 Aug 2026 |
| 10 Aug 2026 | 10-Q | 30 Jun 2026 |
| 5 Aug 2026 | 8-K | 5 Aug 2026 |
| 26 May 2026 | 8-K | 22 May 2026 |
| 11 May 2026 | 10-Q | 31 Mar 2026 |
| 11 May 2026 | 8-K | 11 May 2026 |
| 9 Apr 2026 | ARS | 31 Dec 2025 |
| 9 Apr 2026 | DEFA14A | – |
| 9 Apr 2026 | DEF 14A | 22 May 2026 |
| 12 Mar 2026 | 10-K | 31 Dec 2025 |
| 12 Mar 2026 | 8-K | 12 Mar 2026 |
Insider trades
Form 4 trades by officers, directors and 10% owners, last 12 months.
| Traded | Insider | Type | Shares | Price | Value | Held after | Form 4 |
|---|---|---|---|---|---|---|---|
| 22 Oct 2026 | Kenigsberg James, Chief Innov. & Tech Officer | Sale under a trading plan | 1,256 | $47.69 | $59.9K | 43,473 | 26 Oct 2026 |
| 1 Oct 2026 | Pianko Daniel S., Director | Took pay in stock | 1,106 | $36.15 | $40.0K | – | 2 Oct 2026 |
| 12 Aug 2026 | Fernandes Nuno S., President, APUS | Sale outside a trading plan | 8,800 | $45.13 | $397.1K | 78,575 | 13 Aug 2026 |
| 12 Aug 2026 | Kenigsberg James, Chief Inno & Tech Officer | Sale under a trading plan | 1,313 | $45.72 | $60.0K | 44,729 | 13 Aug 2026 |
| 1 Jul 2026 | Pianko Daniel S., Director | Took pay in stock | 1,107 | $36.15 | $40.0K | – | 2 Jul 2026 |
| 22 Jun 2026 | Beckett Thomas, SVP, General Counsel | Sale under a trading plan | 2,000 | $54.00 | $108.0K | 52,172 | 23 Jun 2026 |
| 15 Jun 2026 | Beckett Thomas, SVP, General Counsel | Sale under a trading plan | 5,213 | $51.39 | $267.9K | 56,959 | 17 Jun 2026 |
| 15 Jun 2026 | Beckett Thomas, SVP, General Counsel | Sale under a trading plan | 2,587 | $52.44 | $135.7K | 54,372 | 17 Jun 2026 |
| 15 Jun 2026 | Beckett Thomas, SVP, General Counsel | Sale under a trading plan | 200 | $53.01 | $10.6K | 54,172 | 17 Jun 2026 |
| 13 May 2026 | Fernandes Nuno S., President, APUS | Sale outside a trading plan | 4,500 | $53.34 | $240.0K | 78,575 | 15 May 2026 |
| 1 Apr 2026 | Pianko Daniel S., Director | Took pay in stock | 1,107 | $36.15 | $40.0K | – | 2 Apr 2026 |
| 20 Mar 2026 | 325 Capital Llc, Insider | Sale outside a trading plan | 62,100 | $53.74 | $3.3M | 839,134 | 23 Mar 2026 |
Planned insider sales
Form 144 notices, filed when the sell order goes to the broker.
| Filed | Seller | Shares | Value | Planned sale |
|---|---|---|---|---|
| 22 Oct 2026 | Kenigsberg James, Officer | 1,256 | $59.9K | 22 Oct 2026 |
| 12 Aug 2026 | Kenigsberg James, Officer | 1,313 | $60.0K | 12 Aug 2026 |
| 12 Aug 2026 | Fernandes Nuno S., Officer | 8,800 | $405.3K | 12 Aug 2026 |
| 22 Jun 2026 | Beckett Thomas, Officer | 2,000 | $108.0K | 22 Jun 2026 |
| 15 Jun 2026 | Beckett Thomas, Officer | 8,000 | $414.2K | 15 Jun 2026 |
| 13 May 2026 | Fernandes Nuno S., Officer | 4,500 | $240.0K | 13 May 2026 |
| 19 Mar 2026 | Fernandes Nuno S., Officer | 1,100 | $59.5K | 19 Mar 2026 |
| 17 Mar 2026 | Gaffney Karmela, Officer | 2,700 | $150.9K | 17 Mar 2026 |
| 17 Mar 2026 | 325 CAPITAL LLC, Director | 215,000 | $12.0M | 16 Mar 2026 |
| 16 Mar 2026 | Beckett Thomas, Officer | 2,000 | $115.4K | 16 Mar 2026 |
Large holders
Schedule 13D and 13G filings by holders of more than 5% of the voting shares.
| Filed | Holder | Schedule | Stake | Shares |
|---|---|---|---|---|
| 13 Aug 2026 | Renaissance Technologies LLC | 13G amended | 4.96% | 910.6K |
| 6 Aug 2026 | FMR LLC | 13G | 6.5% | 1.2M |
| 27 Jul 2026 | BlackRock, Inc. | 13G amended | 7.9% | 1.5M |
| 15 May 2026 | No Street GP LP | 13G amended | 3.5% | 647.6K |
| 15 May 2026 | Divisadero Street Capital Management, LP | 13G amended | 5.7% | 1.1M |
| 26 Mar 2026 | The Vanguard Group | 13G amended | 0% | 0 |
| 20 Mar 2026 | 325 Capital Master Fund LP | 13D amended | 6.6% | 1.2M |
| 17 Feb 2026 | No Street GP LP | 13G | 5.1% | 925.0K |
| 13 Feb 2026 | Divisadero Street Capital Management, LP | 13G amended | 9.2% | 1.7M |
| 30 Jan 2026 | The Vanguard Group | 13G amended | 6.29% | 1.1M |
Short interest
Shares sold short and not yet bought back, on each FINRA settlement date.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 15 Oct 2026 | 2.6M | +9% | 11.25 |
| 30 Sep 2026 | 2.4M | +18.37% | 8.05 |
| 15 Sep 2026 | 2.0M | +6.62% | 9.81 |
| 31 Aug 2026 | 1.9M | +6.26% | 7.77 |
| 14 Aug 2026 | 1.8M | -2.49% | 4.56 |
| 31 Jul 2026 | 1.8M | -5.07% | 5.75 |
| 15 Jul 2026 | 1.9M | -4.49% | 5.62 |
| 30 Jun 2026 | 2.0M | +3.19% | 6.06 |
Funds that hold it
From each fund's latest Form 13F.
238 funds held it at 30 Jun 2026: 112 added and 62 trimmed in the quarter. The largest:
| Fund | Shares | Value | Change in the quarter |
|---|---|---|---|
| BlackRock, Inc. | 1,772,227 | $95.2M | +321,872 |
| 325 Capital LLC | 1,183,732 | $63.6M | 0 |
| FMR LLC | 1,183,609 | $63.6M | +395,254 |
| Divisadero Street Capital Management, LP | 1,169,356 | $62.8M | +117,287 |
| Renaissance Technologies LLC | 910,620 | $48.9M | -9,600 |
| Vanguard Capital Management LLC | 718,498 | $38.6M | +17,480 |
| Dimensional Fund Advisors LP | 702,127 | $37.7M | -97,048 |
| American Century Companies Inc. | 694,506 | $37.3M | +35,671 |
| Prescott Group Capital Management, L.L.C. | 679,749 | $36.5M | 0 |
| Acadian Asset Management LLC | 542,407 | $29.1M | -15,668 |
Peers
Companies in the same industry.
- Graham Holdings Co. (GHC): revenue $5.1B, market value $4.9B
- Laureate Education, Inc. (LAUR): revenue $1.9B, market value $4.9B
- Covista Inc. (CVSA): revenue $2.0B, market value $4.3B
- Grand Canyon Education, Inc. (LOPE): revenue $1.1B, market value $4.0B
- Stride, Inc. (LRN): revenue $2.5B, market value $3.4B
- Perdoceo Education Corp. (PRDO): revenue $858.6M, market value $2.0B
- Strategic Education, Inc. (STRA): revenue $1.3B, market value $1.7B
- Universal Technical Institute Inc. (UTI): revenue $883.6M, market value $1.3B
- Lincoln Educational Services Corp. (LINC): revenue $570.8M, market value $702.5M