American Public Education advertising spend, FY2025

American Public Education (APEI) reported $84.4M of advertising expense for the fiscal year ended Dec 31, 2025. That is 13.0% of revenue of $649M. Up 7.4% from FY2024.

Ad spend, FY2025
$84.4M
year ended Dec 31, 2025
Change vs prior year
+7.4%
vs FY2024
Share of revenue
13.0%
of $649M revenue
Rank by ad spend
#372
of 458 companies

Key facts

  • Ad spend is 1.6x its FY2020 level ($51.3M), slower than revenue (2.0x).
  • The highest year on file is FY2022 at $90.5M; FY2025 is 7% below it.
  • Largest increase +82.1% in FY2010; largest cut -8.7% in FY2023.
  • Ad spend is 13.0% of revenue, down from 15.9% in FY2020.
  • American Public Education spends more on advertising than 19% of the 458 US-listed companies tracked. Its ad-to-revenue ratio is 2.9x the median of 4.6%.

Ad spend by fiscal year

$0 $25M $50M $75M $100M FY2009 (ended 2009-12-31): $12.1M FY2010 (ended 2010-12-31): $22M 2010 FY2011 (ended 2011-12-31): $29.3M FY2012 (ended 2012-12-31): $41.9M 2012 FY2013 (ended 2013-12-31): $47M FY2014 (ended 2014-12-31): $51M 2014 FY2018 (ended 2018-12-31): $37.4M FY2019 (ended 2019-12-31): $40.9M 2019 FY2020 (ended 2020-12-31): $51.3M FY2021 (ended 2021-12-31): $60.3M 2021 FY2022 (ended 2022-12-31): $90.5M FY2023 (ended 2023-12-31): $82.6M 2023 FY2024 (ended 2024-12-31): $78.6M FY2025 (ended 2025-12-31): $84.4M 2025 $84.4M

Ad spend as % of revenue

0% 5% 10% 15% 20% FY2009 (ended 2009-12-31): 8.1% FY2010 (ended 2010-12-31): 11.1% 2010 FY2011 (ended 2011-12-31): n/a FY2012 (ended 2012-12-31): n/a 2012 FY2013 (ended 2013-12-31): n/a FY2014 (ended 2014-12-31): n/a 2014 FY2018 (ended 2018-12-31): 12.6% FY2019 (ended 2019-12-31): 14.3% 2019 FY2020 (ended 2020-12-31): 15.9% FY2021 (ended 2021-12-31): 14.4% 2021 FY2022 (ended 2022-12-31): 14.9% FY2023 (ended 2023-12-31): 13.8% 2023 FY2024 (ended 2024-12-31): 12.6% FY2025 (ended 2025-12-31): 13.0% 2025 13.0%

History

Download CSV
Fiscal year Period end Ad spend YoY Revenue Ad / revenue Tag Filing
FY2025 Dec 31, 2025 $84.4M +7.4% $649M 13.0% AdvertisingExpense 10-K Mar 12, 2026
FY2024 Dec 31, 2024 $78.6M -4.8% $625M 12.6% AdvertisingExpense 10-K Mar 12, 2026
FY2023 Dec 31, 2023 $82.6M -8.7% $601M 13.8% AdvertisingExpense 10-K Mar 12, 2026
FY2022 Dec 31, 2022 $90.5M +50.1% $606M 14.9% AdvertisingExpense 10-K Mar 6, 2025
FY2021 Dec 31, 2021 $60.3M +17.5% $419M 14.4% AdvertisingExpense 10-K Mar 5, 2024
FY2020 Dec 31, 2020 $51.3M +25.4% $322M 15.9% AdvertisingExpense 10-K Mar 14, 2023
FY2019 Dec 31, 2019 $40.9M +9.4% $286M 14.3% AdvertisingExpense 10-K Mar 2, 2022
FY2018 Dec 31, 2018 $37.4M n/a $298M 12.6% AdvertisingExpense 10-K Mar 9, 2021
FY2014 Dec 31, 2014 $51M +8.4% n/a n/a AdvertisingExpense 10-K Feb 26, 2015
FY2013 Dec 31, 2013 $47M +12.1% n/a n/a AdvertisingExpense 10-K Feb 26, 2015
FY2012 Dec 31, 2012 $41.9M +43.1% n/a n/a AdvertisingExpense 10-K Feb 26, 2015
FY2011 Dec 31, 2011 $29.3M +32.9% n/a n/a AdvertisingExpense 10-K Feb 27, 2014
FY2010 Dec 31, 2010 $22M +82.1% $198M 11.1% AdvertisingExpense 10-K Feb 28, 2013
FY2009 Dec 31, 2009 $12.1M n/a $149M 8.1% AdvertisingExpense 10-K Feb 28, 2012

What the figure is

Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).

Compared with similar spenders

The 6 companies closest to American Public Education in latest-year ad spend.

Rank Company Ad spend Ad / revenue YoY Fiscal year
370 Polaris $85.7M 1.2% +0.2% FY2025
371 Callaway Golf $84.8M 4.1% -4.5% FY2025
372 American Public Education $84.4M 13.0% +7.4% FY2025
373 Invesco $84M 1.3% +3.3% FY2025
374 Lumen Technologies $84M 0.7% -10.6% FY2025
375 Trimble $83.8M 2.3% +44.7% FY2026
376 Okta $83M 2.8% +22.1% FY2026

Full ranking of 458 companies · Biggest increases #212

Questions

How much does American Public Education spend on advertising?

American Public Education spent $84.4M on advertising in fiscal 2025, the year ended Dec 31, 2025, according to its 10-K filed Mar 12, 2026.

What percentage of revenue does American Public Education spend on advertising?

13.0% of revenue in fiscal 2025 ($84.4M of $649M). The median across the 458 companies tracked is 4.6%.

Is American Public Education spending more on advertising?

Yes. Ad spend rose 7.4% in fiscal 2025 from fiscal 2024.

How does American Public Education rank by advertising spend?

#372 of 458 US-listed companies with $50M or more in ad spend, ranked on each company's latest fiscal year.

What does American Public Education's advertising figure include?

Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).

Source

Filing
10-K for FY2025, filed Mar 12, 2026
Accession number
0001201792-26-000004
Company
AMERICAN PUBLIC EDUCATION INC, CIK 1201792, SIC 8200 (Services-Educational Services)
Data
SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
Cite
American Public Education advertising spend, FY2009-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 10-K filed Mar 12, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/american-public-education/advertising-spend/
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