STRA

MKT CAP:$2B

Strategic Education, Inc.

Market Cap

$2B

Consumer Defensive·Education & Training Services·🇺🇸 United States·NASDAQ

Consumer Def.·Education·🇺🇸·NASDAQ

Stock Price

$83.62+$5.04 (+6.41%)

Apr 22, 2026

Company Details

Strategic Education, Inc., through its subsidiaries, provides education services through campus-based and online post-secondary education, and programs to develop job-ready skills. It operates through three segments: U.S. Higher Education, ...

CEO

Karl McDonnell

IPO Date

Jul 25, 1996

Website

www.strategiceducation.com

Key Metrics TTM

Revenue

$1.3B

+3.0% YoY

Net Income

$130M

EPS (Diluted)

$5.66

Free Cash Flow

$174M

Revenue / Share

$57.31

Gross Margin

37.4%

Operating Margin

14.0%

Net Margin

10.2%

FCF Margin

13.7%

P/S

1.3x

P/E

12.7x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$306M+0.8%EPS $1.48

FY 2025

Feb 27, 2026

$1.3B+4.0%EPS $5.42

Q4 2025

Feb 27, 2026

$323M+3.8%EPS $1.66

Q3 2025

Nov 6, 2025

$320M+4.6%EPS $1.15

Q2 2025

Jul 30, 2025

$321M+2.9%EPS $1.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$274M	$126M	$22M
Q3 22	$263M	$110M	$8M
Q4 22	$270M	$118M	$28M
Q1 23	$257M	$104M	-$1M
Q2 23	$288M	$126M	$17M
Q3 23	$286M	$130M	$26M
Q4 23	$303M	$149M	$54M
Q1 24	$290M	$133M	$41M
Q2 24	$312M	$149M	$42M
Q3 24	$306M	$143M	$36M
Q4 24	$311M	$145M	$36M
Q1 25	$304M	$145M	$40M
Q2 25	$321M	$155M	$46M
Q3 25	$320M	$157M	$37M
Q4 25	$323M	$163M	$55M
Q1 26	$306M	$0	$41M

Valuation

Quarter	P/S	P/E
Q2 22	1.5x	34.4x
Q3 22	1.5x	32.8x
Q4 22	1.5x	35.2x
Q1 23	1.5x	43.7x
Q2 23	1.5x	44.8x
Q3 23	1.5x	33.5x
Q4 23	1.4x	23.5x
Q1 24	1.4x	16.2x
Q2 24	1.4x	14.0x
Q3 24	1.4x	13.0x
Q4 24	1.3x	14.6x
Q1 25	1.3x	14.6x
Q2 25	1.3x	14.3x
Q3 25	1.3x	14.4x
Q4 25	1.3x	13.0x
Q1 26	1.3x	12.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$24M	$11M
Q3 22	$44M	$34M
Q4 22	$1M	-$9M
Q1 23	$35M	$27M
Q2 23	$5M	-$4M
Q3 23	$46M	$37M
Q4 23	$30M	$20M
Q1 24	$78M	$68M
Q2 24	$24M	$14M
Q3 24	$51M	$42M
Q4 24	$16M	$5M
Q1 25	$68M	$57M
Q2 25	$31M	$20M
Q3 25	$60M	$49M
Q4 25	$39M	$27M
Q1 26	$87M	$77M

Capital Expenditures

Quarter	CapEx
Q2 22	$13M
Q3 22	$10M
Q4 22	$11M
Q1 23	$8M
Q2 23	$10M
Q3 23	$10M
Q4 23	$10M
Q1 24	$9M
Q2 24	$11M
Q3 24	$9M
Q4 24	$11M
Q1 25	$10M
Q2 25	$11M
Q3 25	$11M
Q4 25	$12M
Q1 26	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-8.6%	-7.6%
Q3 22	-2.6%	-2.8%
Q4 22	-0.8%	-0.8%
Q1 23	-0.9%	+5.1%
Q2 23	+5.2%	+7.6%
Q3 23	+8.7%	+2.0%
Q4 23	+12.1%	+2.6%
Q1 24	+13.1%	-3.5%
Q2 24	+8.5%	-0.2%
Q3 24	+7.0%	+3.6%
Q4 24	+2.9%	+10.8%
Q1 25	+4.6%	+6.0%
Q2 25	+2.9%	+2.0%
Q3 25	+4.6%	+4.9%
Q4 25	+3.8%	-2.5%
Q1 26	+0.8%	+0.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$6M	2.0%
Q3 22	$6M	2.1%
Q4 22	$6M	2.1%
Q1 23	$6M	2.2%
Q2 23	$0	0.0%
Q3 23	$4M	1.4%
Q4 23	$5M	1.5%
Q1 24	$5M	1.8%
Q2 24	$7M	2.1%
Q3 24	$7M	2.3%
Q4 24	$7M	2.2%
Q1 25	$5M	1.8%
Q2 25	$6M	1.8%
Q3 25	$6M	1.8%
Q4 25	$6M	1.8%
Q1 26	$5M	1.8%

OpEx Breakdown

Quarter	G&A
Q2 22	$97M
Q3 22	$98M
Q4 22	$91M
Q1 23	$95M
Q2 23	$99M
Q3 23	$98M
Q4 23	$92M
Q1 24	$97M
Q2 24	$105M
Q3 24	$106M
Q4 24	$104M
Q1 25	$104M
Q2 25	$107M
Q3 25	$106M

Revenue Segments

Quarter	Australia/New Zealand Segment	Education Technology Services	U.S. Higher Education Segment
Q2 22	$68M	$16M	$190M
Q3 22	$61M	$16M	$185M
Q4 22	$54M	$17M	$200M
Q1 23	$42M	$18M	$197M
Q2 23	$65M	$20M	$203M
Q3 23	$63M	$21M	$202M
Q4 23	$63M	$22M	$218M
Q1 24	$47M	$24M	$219M
Q2 24	$71M	$25M	$217M
Q3 24	$72M	$26M	$208M
Q4 24	$67M	$30M	$214M
Q1 25	$48M	$34M	$221M
Q2 25	$69M	$37M	$216M
Q3 25	$69M	$38M	$213M
Q4 25	$66M	$39M	$219M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$263M	$9M	$272M
Q3 22	$263M	$11M	$274M
Q4 22	$214M	$9M	$223M
Q1 23	$203M	$24M	$227M
Q2 23	$181M	$25M	$206M
Q3 23	$168M	$29M	$197M
Q4 23	$168M	$40M	$208M
Q1 24	$222M	$31M	$254M
Q2 24	$230M	$26M	$256M
Q3 24	$196M	$26M	$222M
Q4 24	$137M	$47M	$184M
Q1 25	$144M	$38M	$183M
Q2 25	$134M	$31M	$165M
Q3 25	$160M	$21M	$181M
Q4 25	$141M	$7M	$148M
Q1 26	$150M	$7M	$158M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	24M	-0.2%	-0.3%
Q3 22	24M	-0.7%	-0.9%
Q4 22	24M	+0.0%	-0.8%
Q1 23	23M	-2.0%	-2.8%
Q2 23	24M	+2.3%	-0.4%
Q3 23	24M	-0.4%	-0.1%
Q4 23	24M	+0.4%	+0.2%
Q1 24	24M	+0.4%	+2.7%
Q2 24	24M	+0.5%	+0.9%
Q3 24	24M	-0.2%	+1.1%
Q4 24	24M	+0.0%	+0.8%
Q1 25	24M	-0.3%	+0.0%
Q2 25	24M	-1.1%	-1.6%
Q3 25	23M	-2.4%	-3.8%
Q4 25	23M	-1.7%	-5.5%
Q1 26	22M	-2.8%	-7.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$73.1K	4K
Q3 22	$70.3K	4K
Q4 22	$69.1K	4K
Q1 23	$65.7K	4K
Q2 23	$73.6K	4K
Q3 23	$73.2K	4K
Q4 23	$80.2K	4K
Q1 24	$76.9K	4K
Q2 24	$82.7K	4K
Q3 24	$81.1K	4K
Q4 24	$81.9K	4K
Q1 25	$79.9K	4K
Q2 25	$84.6K	4K
Q3 25	$84.2K	4K
Q4 25	$85.0K	4K
Q1 26	$80.5K	4K

Revenue / Employee