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AMERICAN PUBLIC EDUCATION INC (APEI) Annual Reports

Q: Where can I read AMERICAN PUBLIC EDUCATION INC (APEI) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

AMERICAN PUBLIC EDUCATION INC is listed on Nasdaq, classified by the SEC under Services-Educational Services (SIC 8200). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 12/31
SEC CIK： 1201792 →

Website：Official site ↗

Financial Highlights

FY2026 Q2 (quarterly, ended 2026-06-30)
	Current	Prior year	YoY
Revenue	$171.7M	$162.8M	+5.5%
Operating income	$13.5M	$7.0M	+92.5%
Net income	$9.8M	$4.5M	+117.4%
EPS (diluted)	$0.52	$-0.02	+2700.0%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 172 mn Net income 9.77 mn

Show table：Income statement

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Revenue	33.2	35.7	36.5	43.6	47.3	46.3	48.3	56.3	58.7	60.8	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	313	75.7	72.2	73.3	78.1	75.0	72.8	73.0	76.9	73.4	70.6	67.9	74.4	74.6	82.1	79.1	85.9	88.5	78.0	98.3	154	155	150	150	152	150	147	151	153	154	153	153	164	165	163	163	158	175	172
Operating income	8.73	8.78	8.39	14.0	13.1	11.7	9.32	15.8	13.1	14.9	15.0	19.9	14.9	15.0	17.5	21.5	18.2	17.2	17.5	14.6	16.7	15.8	14.7	18.6	14.5	11.6	10.5	15.7	16.0	10.7	0.39	11.3	8.31	6.32	7.60	12.6	6.16	8.05	6.88	11.4	1.38	5.68	-2.91	8.61	2.69	9.04	3.31	9.72	10.6	1.98	1.26	16.5	5.20	-141	-1.03	-0.26	-5.37	-65.3	6.40	15.9	5.18	2.22	4.13	21.5	12.3	7.03	9.70	19.0	21.6	13.5
Net income	5.24	5.31	5.01	8.38	7.65	7.03	5.59	9.61	7.86	8.98	10.9	13.0	9.08	9.24	10.8	13.2	11.4	10.8	10.9	9.00	10.4	9.80	8.84	11.8	8.79	7.07	6.76	9.79	10.3	6.60	0.33	6.89	4.51	3.83	4.37	8.42	4.59	6.46	5.50	9.09	1.01	4.92	-1.64	5.72	2.42	6.69	2.64	7.07	8.11	0.53	-0.27	9.38	5.33	-110	-3.76	-6.53	-5.74	-51.2	-3.33	13.0	0.52	0.37	2.26	13.0	8.89	4.50	5.56	12.6	17.7	9.77

Balance sheet

Quarterly · In mn (USD)

Total assets 538 mn Total liabilities 224 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Current assets	—	—	79.7	88.4	97.9	102	103	98.0	113	112	127	139	145	137	136	141	143	145	161	117	126	113	130	136	136	124	142	131	141	143	155	164	166	174	180	191	202	210	220	233	238	240	230	223	216	235	248	252	344	350	190	203	225	231	229	186	196	189	203	217	224	224	237	261	273	235	259	260	282	283
Total assets	—	—	105	116	128	135	140	142	158	159	179	199	209	211	229	238	247	250	267	272	282	273	293	298	301	291	311	304	314	315	313	321	320	325	330	339	346	352	358	371	378	376	361	355	345	362	370	371	463	469	723	726	771	662	661	615	619	559	555	557	559	561	570	570	579	537	525	521	538	538
Current liabilities	—	—	27.9	29.0	32.1	28.9	36.2	37.6	46.5	41.0	50.0	56.7	56.8	53.1	63.8	55.1	56.0	51.0	55.1	54.3	52.3	44.1	53.0	48.3	45.0	42.6	57.4	50.8	51.0	44.3	44.0	42.2	39.8	39.7	40.6	43.4	45.3	41.4	41.0	44.3	40.5	42.2	45.7	45.3	45.8	53.9	59.8	55.1	50.5	54.3	90.1	83.7	93.7	95.1	95.8	70.8	79.3	79.2	82.3	74.0	79.6	78.9	89.4	79.2	83.4	82.9	91.4	75.0	94.5	87.0
Total liabilities	—	—	32.5	33.7	36.9	34.5	42.0	44.5	53.4	48.4	58.7	65.1	66.2	62.6	73.5	66.5	68.1	61.5	65.5	64.6	65.9	58.0	67.6	63.7	61.0	59.1	73.9	66.7	67.0	60.4	56.5	56.0	51.2	50.5	49.9	49.6	52.5	48.6	48.0	49.7	56.3	57.6	60.3	58.2	59.9	68.1	72.2	64.1	62.6	65.8	319	310	348	346	345	265	276	274	274	265	271	272	279	266	269	265	246	227	232	224
Equity	—	—	72.7	82.0	90.8	100	97.8	97.3	105	110	120	134	143	148	156	171	179	189	201	207	216	215	225	234	239	232	238	237	247	255	257	265	269	274	280	289	294	303	310	321	321	318	301	297	285	294	298	307	401	403	404	416	423	316	315	350	343	285	281	292	288	289	290	304	310	272	279	295	306	314

Cash flow

Quarterly · In mn (USD)

Operating 12.1 mn Investing -80.7 mn Financing -5.93 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Operating	6.26	6.38	10.2	13.9	14.2	3.97	14.7	14.2	19.9	5.80	21.8	22.9	14.8	7.85	11.8	18.4	20.6	14.0	19.6	5.22	12.4	9.78	24.9	13.9	7.15	15.6	20.1	14.2	20.1	8.74	13.9	13.3	5.05	11.2	13.0	18.7	10.2	9.32	5.99	18.6	7.90	15.8	8.22	6.43	11.5	20.2	13.0	0.08	11.2	-2.33	-8.32	15.7	25.3	20.1	6.85	-23.0	12.8	15.7	20.2	-3.14	20.7	12.4	14.1	1.60	37.0	14.8	21.7	-11.6	63.3	12.1
Investing	-1.91	-2.97	-3.70	-3.21	-3.84	-4.89	-5.61	-8.68	-3.66	-3.25	-7.09	-11.2	-6.69	-12.5	-22.4	-6.46	-10.0	-5.05	-4.20	-50.0	-5.24	-6.94	-6.15	-2.97	-5.43	-8.59	-7.06	-10.1	-4.17	-4.52	-0.44	-4.42	-2.30	-1.89	-3.86	-5.55	-1.67	-1.89	-1.79	-4.08	-1.58	-1.37	-1.19	-3.10	-1.87	-1.02	-0.87	-0.4	-1.53	-1.50	-328	-5.34	-0.28	-4.33	-3.58	-5.48	-3.21	-3.35	-2.83	-4.39	-6.22	-5.20	-6.31	-3.35	-3.40	18.8	-4.90	-5.65	-2.53	-80.7
Financing	0.9	0.73	0.19	0.37	0.33	1.55	-8.64	-10.8	-1.04	-4.57	-1.94	0	-1.34	-4.43	-4.54	1.37	-4.92	-1.42	0.31	-4.21	-2.35	-12.7	0.04	-3.90	-5.02	-15.6	-2.92	-12.2	-1.63	-0.11	0.14	-0.24	-1.30	0	0	-0.18	-1.61	0	-0.2	-0.01	-2.51	-9.55	-17.8	-10.7	-15.6	0	-0.15	0	83.4	-0.04	161	-2.20	-3.66	-2.23	-2.30	-27.5	-2.85	-9.15	-1.58	-3.28	-5.67	-4.26	-1.70	-1.55	-5.03	-44.5	-0.25	0.56	-16.3	-5.93
Cash at period end	53.0	57.1	63.8	74.9	85.5	86.2	86.6	81.3	96.5	94.5	107	119	126	117	102	115	121	128	144	94.8	99.7	89.8	109	116	112	104	114	106	120	124	138	146	148	157	166	179	186	194	198	212	216	221	210	203	197	216	228	228	321	317	141	150	171	185	186	103	136	113	128	117	125	130	135	132	162	175	191	174	221	147

Profitability

Quarterly · %

Operating margin 7.9% Net margin 5.7%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Operating margin	26.3%	24.6%	23.0%	32.0%	27.8%	25.4%	19.3%	28.1%	22.3%	24.5%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.6%	11.0%	8.8%	10.4%	16.2%	8.2%	11.1%	9.4%	14.9%	1.9%	8.1%	-4.3%	11.6%	3.6%	11.0%	4.2%	11.3%	12.0%	2.5%	1.3%	10.7%	3.4%	-94.4%	-0.7%	-0.2%	-3.6%	-44.3%	4.2%	10.4%	3.4%	1.4%	2.7%	13.1%	7.4%	4.3%	5.9%	12.0%	12.4%	7.9%
Net margin	15.8%	14.9%	13.7%	19.2%	16.2%	15.2%	11.6%	17.1%	13.4%	14.8%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.2%	6.0%	5.3%	6.0%	10.8%	6.1%	8.9%	7.5%	11.8%	1.4%	7.0%	-2.4%	7.7%	3.2%	8.1%	3.3%	8.2%	9.2%	0.7%	-0.3%	6.1%	3.5%	-73.5%	-2.5%	-4.3%	-3.8%	-34.8%	-2.2%	8.5%	0.3%	0.2%	1.5%	7.9%	5.4%	2.8%	3.4%	8.0%	10.2%	5.7%

Returns & leverage

Quarterly · %

ROE 15.6% ROA 8.5% Debt ratio 41.6%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
ROE	—	—	—	29.2%	29.0%	28.0%	33.6%	33.3%	30.7%	30.4%	34.3%	35.3%	33.9%	32.7%	30.6%	27.8%	27.8%	27.4%	25.9%	22.2%	20.8%	19.9%	17.9%	18.5%	17.2%	16.3%	14.9%	13.8%	13.9%	13.7%	10.9%	9.6%	7.1%	5.9%	7.3%	7.6%	7.5%	8.3%	8.5%	8.4%	7.2%	6.6%	4.4%	3.2%	3.8%	4.3%	5.8%	6.2%	7.2%	5.3%	4.4%	4.9%	3.6%	-26.6%	-27.5%	-30.1%	-32.9%	-22.4%	-22.4%	-14.7%	-13.0%	3.7%	5.7%	5.4%	8.2%	10.2%	11.2%	10.5%	13.1%	15.6%
ROA	—	—	—	20.7%	20.6%	20.8%	23.4%	23.2%	21.0%	21.9%	23.5%	23.9%	22.9%	22.9%	20.7%	19.4%	19.6%	20.0%	18.6%	16.5%	15.5%	15.3%	13.6%	14.3%	13.5%	12.9%	11.4%	10.8%	11.1%	11.0%	8.7%	7.7%	5.8%	4.9%	6.1%	6.4%	6.4%	7.0%	7.3%	7.2%	6.1%	5.6%	3.7%	2.8%	3.2%	3.6%	4.8%	5.2%	6.1%	4.4%	2.8%	3.2%	2.4%	-16.9%	-14.3%	-17.1%	-18.1%	-11.0%	-11.0%	-8.1%	-7.0%	1.9%	2.9%	2.9%	4.3%	5.2%	5.8%	5.8%	7.2%	8.5%
Debt ratio	—	—	30.9%	29.1%	28.9%	25.6%	30.0%	31.4%	33.7%	30.5%	32.8%	32.7%	31.7%	29.7%	32.1%	28.0%	27.6%	24.5%	24.6%	23.8%	23.4%	21.3%	23.1%	21.4%	20.3%	20.3%	23.7%	22.0%	21.3%	19.1%	18.1%	17.5%	16.0%	15.6%	15.1%	14.6%	15.2%	13.8%	13.4%	13.4%	14.9%	15.3%	16.7%	16.4%	17.4%	18.8%	19.5%	17.3%	13.5%	14.0%	44.1%	42.7%	45.1%	52.3%	52.3%	43.1%	44.6%	49.0%	49.3%	47.6%	48.4%	48.5%	49.0%	46.7%	46.4%	49.3%	46.8%	43.5%	43.1%	41.6%

EPS

Quarterly · US$

EPS US$0.52

Show table：EPS

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
EPS（US$）	0.28	0.28	0.27	0.45	0.40	0.37	0.30	0.52	0.43	0.49	0.60	0.71	0.50	0.51	0.60	0.74	0.63	0.60	0.61	0.51	0.59	0.56	0.51	0.68	0.51	0.42	0.41	0.60	0.64	0.41	0.02	0.42	0.28	0.23	0.27	0.51	0.28	0.39	0.33	0.55	0.06	0.30	-0.10	0.37	0.16	0.45	0.18	0.47	0.49	0.03	-0.01	0.50	0.28	-5.82	-0.20	-0.35	-0.38	-2.93	-0.27	0.64	-0.06	-0.06	0.04	0.63	0.41	-0.02	0.30	0.67	0.94	0.52

Revenue & profit

Year-to-date · In mn (USD)

Revenue 346 mn Net income 27.5 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 538 mn Total liabilities 224 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating 75.4 mn Investing -83.2 mn Financing -22.2 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Operating margin 10.2% Net margin 7.9%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 15.6% ROA 8.5% Debt ratio 41.6%

EPS

Year-to-date · US$

EPS US$1.46

Revenue & profit

Annual · In mn (USD)

Revenue 649 mn Net income 31.6 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	149	198	—	—	—	—	—	—	299	298	286	322	419	606	601	625	649
Operating income	39.9	50.0	62.9	68.9	67.5	65.8	52.3	38.3	34.9	32.5	12.8	24.8	30.4	-137	-48.3	33.1	47.9
Net income	23.9	29.9	40.8	42.3	42.0	40.9	32.4	24.2	21.1	25.6	10.0	18.8	17.8	-115	-47.3	16.1	31.6

Balance sheet

Annual · In mn (USD)

Total assets 521 mn Total liabilities 227 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Current assets	88.4	98.0	139	141	117	136	131	164	191	233	223	252	203	186	217	261	260
Total assets	116	142	199	238	272	298	304	321	339	371	355	371	726	615	557	570	521
Current liabilities	29.0	37.6	56.7	55.1	54.3	48.3	50.8	42.2	43.4	44.3	45.3	55.1	83.7	70.8	74.0	79.2	75.0
Total liabilities	33.7	44.5	65.1	66.5	64.6	63.7	66.7	56.0	49.6	49.7	58.2	64.1	310	265	265	266	227
Equity	82.0	97.3	134	171	207	234	237	265	289	321	297	307	416	350	292	304	295

Cash flow

Annual · In mn (USD)

Operating 62.0 mn Investing 4.80 mn Financing -49.2 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating	36.8	47.1	70.4	52.9	59.4	61.0	57.0	56.0	47.9	44.2	38.4	44.8	16.3	29.2	45.5	48.9	62.0
Investing	-11.8	-23.0	-25.2	-48.1	-69.3	-21.3	-31.1	-13.6	-13.6	-9.43	-7.25	-4.16	-337	-13.7	-13.8	-21.1	4.80
Financing	2.19	-17.6	-7.55	-8.94	-10.3	-18.9	-35.8	-1.85	-1.49	-1.82	-40.5	-15.7	242	-35.7	-16.9	-13.2	-49.2
Cash at period end	74.9	81.3	119	115	94.8	116	106	146	179	212	203	228	150	103	117	132	174

Profitability

Annual · %

Operating margin 7.4% Net margin 4.9%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating margin	26.8%	25.2%	—	—	—	—	—	—	11.7%	10.9%	4.5%	7.7%	7.3%	-22.6%	-8.0%	5.3%	7.4%
Net margin	16.1%	15.1%	—	—	—	—	—	—	7.1%	8.6%	3.5%	5.8%	4.2%	-19.0%	-7.9%	2.6%	4.9%

Returns & leverage

Annual · %

ROE 10.5% ROA 5.8% Debt ratio 43.5%

Show table：Returns & leverage

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
ROE	29.2%	33.3%	35.3%	27.8%	22.2%	18.5%	13.8%	9.6%	7.6%	8.4%	3.2%	6.2%	4.9%	-30.1%	-14.7%	5.4%	10.5%
ROA	20.7%	23.2%	23.9%	19.4%	16.5%	14.3%	10.8%	7.7%	6.4%	7.2%	2.8%	5.2%	3.2%	-17.1%	-8.1%	2.9%	5.8%
Debt ratio	29.1%	31.4%	32.7%	28.0%	23.8%	21.4%	22.0%	17.5%	14.6%	13.4%	16.4%	17.3%	42.7%	43.1%	47.6%	46.7%	43.5%

EPS

Annual · US$

EPS US$1.36

Show table：EPS

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
EPS（US$）	1.28	1.59	2.23	2.35	2.35	2.34	1.94	1.49	1.29	1.55	0.63	1.26	1.01	-6.09	-2.94	0.55	1.36

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read AMERICAN PUBLIC EDUCATION INC (APEI) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

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