On this page of StockholderLetter.com we present the latest annual shareholder letter from AMERICAN PUBLIC EDUCATION INC — ticker symbol APEI. Reading current and past APEI letters to shareholders can bring important insights into the investment thesis.
011234 6789
Z5 4 h 5 I897# 9 541 ij lmnopq rq snm trouv rq wxumysruz ojv snm mjsxum pmovmuznx{ smo| os }|muxyoj ~ lpxy v yosxrj jy }~ o| zxjymump uosmq p sr r u vmvxyosmv qoy ps ojv zso qru snmxu j o muxj yr||xs|mjs sr r u zs vmjsz oz snmxu {ozzxrj ojv jr pmv m oum snm qr jvosxrj rq r u z yymzz opzr ojs sr snoj r u r mu zs vmjsz qru ynrrzxj }~ oz snmxu mv yosxrjop {ousjmu ojs sr m {umzz vmm{ o{{umyxosxrj sr uxy xy }jvmuzmj ojv xppxo| rlxjzrj u qru snmxu xj op olpm yrjsuxl sxrjz ojv zsuosm xy pmovmuznx{ v uxj snmxu prj smj umz oz trouv |m|lmuz xjopp ojs sr m smjv | o{{umyxosxrj sr r r u zsry nrpvmuz qru r u yrjsxj mv su zs ojv z {{rus 01 3 456578 9 9 4 1849 54 94 75 3 49 9 9 4 1 7 8 779 1 581 3 5 5 5 5 5 518 1 5 19 9 8 9 94 9 854 1 511 49 8 5 45 58854 91 8 9 5 89 79 8 5 49 94 5 8! 45 5 8 77511 5 5 7 8 9 8 8 84 1 94 1 51 751 7 45541 49 51 79 8 51 " 8 9 4 4#58 5 91 8 9 1 78 5 8! 8 4! 5854 1 41 5 8 7 45 5 7 8 9 5 45 79 885 89 5$578 9 9 4 184 85 7 8 8 51 9 5 54 8! 5 7 8 9 8 94 5 4 751 49 18 58 9 879 51 7 5 5 5 5 5 54 9 854 5 89 9 4 1897# 9 541 % '()*(+,(- ./012(/ 30/+45267 08 8 1 115 9 541 8! :89; <9 491 =9 5 5 9 > 41 :<=>; 5 79 8 5 89 4 94 8 ?5 18 58 9 879 51 7 >=@AB 11 4 851 8 8 1 948 7 4554 9 1 91 8 5 4584 9 18 581C 5 7 8 9 518 58 3 D 9 9 4 E 89 41 45 948 58 8 51 8 455 9 9 4 9 4 <=> 41 45 948 58 8 51 58 18 85 >=@AB 11 4 85 8 451 9 1 7 5 5 5 5 4 5 549 58 49 8 7 54 94 75 % ./F2(-/)2(,(- 30F 3G2F,(-67 08 0 54 7 H 7 9 541 8! I!185 :0H9I; 5 45 7 5 8 5 0 54 7 H 7 9 541 8! 4 5 455 58 5 8 455 58 5 7 4554 154 751 94 18 581 5 7 85 9 54 JJ 78 5 8! 8 4! 5854 1 5$85 5 8 4! ! 5 541 5 541 9 98 54 7 154 75 154 75 5 79 8 51 "5 5 5 5 8 515 8 8 51 5 75 18 58 1 8 1 78 9 8 85 ! 4 45 5 5 49 8 % K5LF4M,(- N,(*(+,*O P2FQ4F5*(+27 R94 17 !5 4 !5 4 9 54 !5 4 45 5 5 745 15 S 89 TU U 9 58 79 5 745 15 89 TVU V 9 W185 AX3YZ0 745 15 VS 89 T[ D 9 85 5 4 1 54 1 45 5 89 79 9 1897# 9 541 745 15 89 T EE 49 85 911 54 1 45 9 :T \D; 3 8 9 7 1 69 745 15 1 79 45 89 D 5 5 5 8 5 !5 4 8 TVEJ \ 9 9 7 1 9 9 4 75 1 558 @99# 94 4 5 4579 ?5 8 5 9 9 5 9 8 9 9 8 5 54 5 7 8 9 17 5 3 45 58 1 18 7 9 8 9 4 18 88 9 1 5 7 9 7 45 4915 8 89 5 7 85 154 75 5 18 581 ] 4 184 85 7 4 94 8 51 94 E 7 5^ % '_L*(1 30F 0F6,(- *(1 a2*O/)+*F2 '10+*/,4( PO*/Q4F56 Q4F bF4c/)7 d 7 9 8 5 94# 9 54 8 5 18 8 9 !5 41 8 89 1 55 9715 9 1845 8 5 81 9 8 9 94 9 854 49 8 "5 5 5 45 49 4511 1 451 8 5 5$ 578 89 9 8 <=> 89 5 54 549 58 49 8 49 8 8! E 5 8 8! 5 7 8 9 9 879 51 "5 5 5 5 9 4 41 17 99 1 7 79 8 5 89 5 948 8 4 541 9 49 8 4 5$ 1 9 5 89 8 5 45 5 4 41 1 948 5 8 5 9 85 I8 851 % .,5LO,Qe 3L2F*/,4(67 01 9 75 f 4! 9 8 1 !5 4 5 89 79 5 0H9I 89 <=> 89 9 5 79 19 85 18 88 9 11 45 894! 7745 8 8 9 45 45 581 45 1 8 1 5 "5 5 5 5 8 1 79 8 9 9 1 89 5 54 5 5 7 9 9 4 18 88 9C1 1845 8 1 9 54 85 8 45 854 5g7 57! 7 8 85 9 8 9 8 49 945 4578 79 94 8 9 9 9 4 18 88 9 1 0 8 9 ! 5 5$578 89 5$ 9 4 41 7 1 9984 8 89 4511 8 5 49 5 94 41 98 54 7 7 49 51 8 5 5 8 7 45 5791!185 5$578 79 8 5 49 8 9 4 8 4! 5854 1 9 1 5 5$ 9 4 45 7 89 945 18 581 8 49 9 4 8 4! 51C 8 8 51
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`ab defg_` hie`aj_kbl mb`n
 • shareholder letter icon 4/8/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/5/2023 APEI Stockholder Letter
 • stockholder letter icon 4/4/2024 APEI Stockholder Letter
 • stockholder letter icon More "Education & Training Services" Category Stockholder Letters
 • Benford's Law Stocks icon APEI Benford's Law Stock Score = 99


APEI Shareholder/Stockholder Letter Transcript:

011234  6789


Z5 4  h  5   I897# 9  541 
ij  lmnopq  rq  snm  trouv  rq  wxumysruz  ojv  snm  mjsxum  pmovmuznx{  smo|  os  
}|muxyoj  ~ lpxy    v yosxrj      jy      }~            o|  zxjymump      uosmq p  sr  r u  
vmvxyosmv  qoy ps    ojv  zso    qru  snmxu   j  o  muxj    yr||xs|mjs  sr  r u  
zs vmjsz    oz  snmxu  {ozzxrj  ojv    jr  pmv  m  oum  snm  qr jvosxrj  rq  r u  
z yymzz        opzr    ojs  sr  snoj    r u  r  mu                  zs vmjsz  qru  ynrrzxj    
}~      oz  snmxu  mv yosxrjop  {ousjmu          ojs  sr  m  {umzz  vmm{  o{{umyxosxrj  sr  
  uxy        xy            }jvmuzmj  ojv    xppxo|          rlxjzrj      u    qru  snmxu  xj  op olpm  
yrjsuxl sxrjz  ojv  zsuosm  xy  pmovmuznx{  v uxj    snmxu  prj    smj umz  oz  
trouv  |m|lmuz      xjopp            ojs  sr  m  smjv  |    o{{umyxosxrj  sr    r     r u  
zsry  nrpvmuz    qru    r u  yrjsxj mv  su zs  ojv  z {{rus  
01  3  456578  9   9 4  1849   54 94  75            3      49    9   9 4  1    7 8   779    1  581   3   5  5 5   5     5  
518    1 5      19      9   8 9    94   9  854     1 511  49 8         5   45   58854  91 8 9 5   89  79 8  5  49       
  94    5           8!   45 5  8       77511   5  5  7 8 9   8  8  84 1 94 1     51       751  7 45541          49 51  
79    8 51   " 8   9 4    4#58   5      91 8 9 1      78  5   8!      8 4!    5854 1  41         5  8 7 45  5  7 8 9     5  
45     79   885   89  5$578    9   9 4  184 85  7    8  8  51  9    5   54             8!  5  7 8 9    8    94    5  4 751      
   49     18 58  9 879 51      7    5   5  5 5         5   54   9  854      5  89  9 4  1897# 9  541   
%  '()*(+,(-  ./012(/  30/+45267  08  8 1  115  9   541 8!  :89;      <9  491  =9  5 5  9   > 41    :<=>;    5  79 8  5  
89  4 94 8 ?5  18 58  9 879 51    7      >=@AB   11  4 851   8  8  1 948  7 4554  9  1         91 8  5  4584  9   18 581C  
5  7 8 9       518 58   3          D  9   9 4   E  89   41    45 948    58 8 51      8 455  9   9 4   9 4  <=>   41    45 948    
58 8 51   58  18 85  >=@AB   11  4 85  8 451 9  1      7    5   5  5 5         4  5  549   58  49 8         7     54 94  75   
%  ./F2(-/)2(,(-  30F  3G2F,(-67  08  0 54 7   H   7  9   541 8!  I!185   :0H9I;    5  45   7 5   8 5  0 54 7   H   7  
9   541 8!   4        5    455   58     5  8        455     58  5  7 4554  154  751   94       18 581                  5  7 85   9 54  
JJ       78  5   8!      8 4!    5854 1   5$85 5       8 4!       !   5  541       5  541  9   98 54      7  154  75      154  75 
   5   79    8 51   "5   5  5 5  8 515    8  8  51        5  75  18 58  1 8 1  78 9    8   85 !   4      45 5 5  49 8    
%  K5LF4M,(-  N,(*(+,*O  P2FQ4F5*(+27  R94   17    !5 4         !5 4 9 54 !5 4   45 5 5   745 15    S  89  TU   U       9    
58   79 5   745 15   89  TVU V       9      W185   AX3YZ0   745 15    VS  89  T[  D       9           85   5 4  1  54  1  45  
        5  89  79  9   1897# 9  541   745 15   89  T  EE   49         85    911  54  1  45  9   :T  \D;   3      8 9    7 1   69   
 745 15    1  79   45   89     D        5  5  5   8 5  !5 4    8   TVEJ \       9   9   7 1   9   9 4      75  1 558   
@99#     94  4     5  4579  ?5  8 5  9 9    5 9 8 9   9   8 5     54  5  7 8 9      17 5   3  45     58 1  18 7    9 8  9 4  
 18 88 9 1   5 7   9      7    45   4915      8  89  5  7 85  154  75    5   18 581   ] 4  184 85  7  4 94 8 51   94     E   7  5^  
%  '_L*(1  30F    0F6,(-  *(1  a2*O/)+*F2  '10+*/,4(  PO*/Q4F56  Q4F  bF4c/)7  d 7   9   8 5   94#  9 54  8 5   18  8 9  !5 41  
 8  89    1   55   9715   9   1845 8 5     81   9   8 9    94   9  854   49 8    "5     5     5  45    49 4511       1     
451 8   5  5$ 578  89     9     8   <=>   89   5   54  549   58  49 8       49 8     8!        E       5     8          8!  
5  7 8 9     9 879 51   "5   5  5 5  9 4   41    17 99 1  7   79 8  5  89   5     948 8   4  541  9   49 8         4   
5$  1 9     5  89  8 5    45      5   4     41    1 948  5     8 5  9  85   I8 851   
%  .,5LO,Qe  3L2F*/,4(67  01    9 75      f   4!  9   8  1  !5 4    5      89  79   5  0H9I   89      <=>   89  9 5   
79 19    85    18 88 9    11          45   894!       7745  8 8 9   45  45 581   45  1 8 1 5    "5   5  5 5  8  1  79    8 9   
         9   1  89   5 54 5  5 7   9   9 4   18 88 9C1  1845 8 1   9 54 85    8   45 854  5g7 57!         7   8 85    9  8 9   8 49    
 945    4578  79    94 8 9     9   9 4   18 88 9 1   0   8 9    !    5  5$578  89  5$    9 4   41    7   1   9984 8  89  
   4511  8 5  49      5      94   41        98 54  7   7    49 51     8 5   5  8 7 45  5791!185       5$578  79 8  5   49 8   
   9 4      8 4!       5854       1 9    1   5  5$    9 4  45 7   89   945  18 581  8 49    9 4      8 4!        51C    8  8  51   

0  2334546784  9 6   875   67    6 78                          ! "! # $   #%   &   "'(  #  ")  *&+* , &  # ,% " "-  .      
*    /"!#  #"  (   ( $   ,".#.  * &    ,! *.   *,, ..  #"  #"" .  * &  "#% !   &0,*# " *   . !+ , .  #"   ( !"+   .#0&  #  "0#,"( .  
* &  ! #  # " 1  
0  222  344  7 2  5677 2  56 8    3 6     86 9246  8768 46 :7    ;   .  <  #"    # !    #"        0!.  -  !"+ & !  
*!#  !.% .  * &   = * &   = .#  -   0!.  -  !"+ & !  *!#  !.% .   .0,%  *.  #%".        *,   *#  >?@1  A0!  -  #%   )"0!#%  
B0*!# !  ")     C       D -*    =  "!  -  . (  *!  " "!#0  #  .  #%!"0-%   = * . "   ")   = .#  -  !  *# " .% .  *#  EF1  
0  G864  8:4   9 6  H 7 375  8  8     ;   *!   !"0&  ")  #%   *,%  + (  #.  ")     C  * &  D    +       *!       I". # "  &  
)"!   ( !"+ (  #  * &  . -  J,* #  -!" #%  " "!#0  #  .            * &  D '" &1  ;   * (  #"    ,! *.   "0!  0D  ,  (*!< #  .,*    
D'  -!"   -  ! +  0   "!-*  ,*  '  * &    "!-*  ,*  '  * &  &   + !  -   ( !"+ &    # !! . I  &   "  !*#  -  (*!-  .1  K"  
*,%  +   #%*#        *   #"  ," #  0   #"  *.. ..  * &  0!.0   .#!*# - ,  *,B0 . # " .  * &  #"  &   + !   ( !"+ &    # !! . I  &   
"  !*#  -  (*!-  .  D'  ," #  0  -  #"   = !, .   J * , *   & .,        )",0.  -  "   ! *  -   -  "0!  "  !*#  -  ("&       , 0&  -  
#%    *   &  ,"(D  *# "       (  *#  -  ! &0 &* ,  .  * &  " # ( $  -  , !#*    )0 ,# " .1  
   *(  " # ( .# ,  *D"0#  #%   )0#0!   ")  LMN   * &  ! (*    )",0. &  "    = ,0#  -  "0!  .#!*# -'  #"  &! +   -!" #%  * &  ,! *#    *.#  -  
+* 0 1  O0!    *& !.%   # *(  ! (*  .  & & ,*# &  #"  ,! *#  -  *  .#!" -  +* 0   !" ". # "   )"!  "0!  .#0&  #.  D'  )".# !  -  *  
.0 "!# +     *!   -    + !" (  #    ( "  !  -  "0!  )*,0 #'  * &  .#*/   * &  ," #! D0#  -  ". # +  '  #"  #%   ,"((0  #  .      
. !+ 1  ;   *!   ," J&  #  #%*#  "0!  )",0.  "   . (   )'  -  * &  .#!  -#%    -  #%   "  !*# " .  ")  "0!  D0.   ..          *D    0.  #"  
 *+ -*#   #%   ,%* -  -    + !" (  #  * &  &   + !   " -I# !(  +* 0   #"  "0!  .#",<%" & !.1  
    ""<  )"! *!&  #"  .%*!  -  "0!  !"-! ..    #%  '"0      #%   ' *!  *% *&1
P  , !  ' 
QRSTUV  XTUYTR
M! . &  #  Z  ?NO    
[\]^_`ab  defg_`  hie`aj_kbl  mb`n



shareholder letter icon 4/8/2025 Letter Continued (Full PDF)
 

APEI Stockholder/Shareholder Letter (AMERICAN PUBLIC EDUCATION INC) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.