Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $313M | $299M | $298M | $286M | $322M | $419M | $606M | $601M | $625M | $649M |
| Revenue growth | — | -4.4% | -0.5% | -3.8% | 12.4% | 30.1% | 44.8% | -1.0% | 4.0% | 3.9% |
| Operating income | $38.3M | $34.9M | $32.5M | $12.8M | $24.8M | $30.4M | -$137M | -$48.3M | $33.1M | $47.9M |
| Operating margin | 12.2% | 11.6% | 10.9% | 4.5% | 7.7% | 7.3% | -22.7% | -8.0% | 5.3% | 7.4% |
| Net income | $24.2M | $21.1M | $25.6M | $10.0M | $18.8M | $17.8M | -$115M | -$47.3M | $16.1M | $31.6M |
| Net margin | 7.7% | 7.1% | 8.6% | 3.5% | 5.8% | 4.2% | -19.0% | -7.9% | 2.6% | 4.9% |
| EPS (diluted) | $1.49 | $1.29 | $1.54 | $0.62 | $1.25 | $0.97 | -$6.08 | -$2.93 | $0.55 | $1.36 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $56.0M | $47.9M | $44.2M | $38.4M | $44.8M | $16.3M | $29.2M | $45.5M | $48.9M | $62.0M |
| Capital expenditures | $16.4M | $14.8M | $9.43M | $7.25M | $4.93M | $11.8M | $16.4M | $13.9M | $21.1M | $15.9M |
| Free cash flow | $39.6M | $33.1M | $34.7M | $31.1M | $39.9M | $4.44M | $12.8M | $31.6M | $27.8M | $46.1M |
| Share buybacks | $848K | $1.59M | $1.82M | $40.5M | $15.7M | $3.03M | $1.54M | $10.7M | $4.24M | $4.26M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $146M | $179M | $212M | $203M | $228M | $150M | $103M | $117M | $132M | $174M |
| Total assets | $316M | $339M | $371M | $355M | $371M | $726M | $615M | $557M | $570M | $521M |
| Total liabilities | $51.0M | $49.6M | $49.7M | $58.2M | $64.1M | $310M | $265M | $265M | $266M | $227M |
| Long-term debt | — | — | — | — | $0.00 | $152M | $93.2M | $94.7M | $93.4M | $94.7M |
| Shareholders' equity | $265M | $289M | $321M | $297M | $307M | $416M | $350M | $292M | $304M | $295M |
| Retained earnings | $87.4M | $109M | $134M | $106M | $111M | $129M | $13.9M | -$49.1M | -$41.8M | -$16.5M |
| Shares (wtd avg diluted) | 16.2M | 16.4M | 16.6M | 16.3M | 15.0M | 18.3M | 18.9M | 18.2M | 18.1M | 18.7M |
Every figure is extracted from AMERICAN PUBLIC EDUCATION INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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