Strategic Education Inc. (STRA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.8	$1.76	-2.2%	—	—	—
Q4 26	$1.49	$1.41	-5.4%	—	—	—
Q3 26	$1.41	$1.74	+23.4%	—	—	—
Q2 26	$1.3	$1.63	+25.4%	—	—	—
Q1 26	$1.43	$1.52	+6.3%	—	—	—
Q4 25	$0.96	$1.3	+35.4%	—	—	—
Q3 25	$1.24	$1.27	+2.4%	—	—	—
Q2 25	$0.8	$1.16	+45.0%	—	—	—
Q1 25	$1.19	$1.33	+11.8%	—	—	—
Q4 24	$0.58	$1.11	+91.4%	—	—	—
Q3 24	$1.34	$1.68	+25.4%	—	—	—
Q2 24	$0.81	$0.97	+19.8%	—	—	—
Q1 24	$0.69	$0.82	+18.8%	—	—	—
Q4 23	$0.22	$0.24	+9.1%	—	—	—
Q3 23	$0.93	$0.78	-16.1%	—	—	—
Q2 23	$0.26	$0.33	+26.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.57	—	—	$1.3B	—
FY24	—	$4.81	—	—	$1.2B	—
FY23	—	$2.98	—	—	$1.1B	—
FY22	—	$1.97	—	—	$1.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$441.1M	$454.9M	$634.2M	$997.1M	$1B	$1.1B	$1.1B	$1.1B	$1.2B	$1.3B
YoY change	+1.53%	+3.12%	+39.4%	+57.2%	+3.06%	+10.1%	-5.85%	+6.33%	+7.68%	+3.96%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	441.1M	454.9M	634.2M	997.1M	1B	1.1B	1.1B	1.1B	1.2B	1.3B
Cost of revenue	242.1M	268.9M	371.5M	530.6M	532.7M	608.3M	597.3M	623.9M	650.5M	647.1M
Gross profit	199M	185.9M	262.6M	466.5M	495M	523.4M	468.2M	509M	569.4M	621.1M
Gross margin	45.1%	40.9%	41.4%	46.8%	48.2%	46.3%	43.9%	44.9%	46.7%	49%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	126.9M	129.3M	194M	272.4M	295.2M	361.3M	379.8M	384.4M	412.2M	425M
Operating expenses	144.7M	148.8M	225.5M	803M	827.9M	361.3M	379.8M	384.4M	412.2M	425M
Operating income	54.3M	56.6M	42.9M	132.5M	135.5M	110.6M	74M	113.1M	157.3M	196.1M
Operating margin	12.3%	12.4%	6.77%	13.3%	13.2%	9.77%	6.94%	9.98%	12.9%	15.5%
Non-operating income, net	3M	-3.9M	-62.1M	-8.7M	-21.6M	-34M	-4.4M	-12.4M	4.2M	-18.7M
Pretax income	57.3M	52.6M	-19.1M	123.7M	114M	76.6M	69.6M	100.7M	161.4M	177.4M
Income tax	22.5M	32M	-3.5M	42.6M	27.7M	21.5M	22.9M	30.9M	48.7M	50.8M
Net income	34.8M	20.6M	-15.7M	81.1M	86.3M	55.1M	46.7M	69.8M	112.7M	126.6M
Net margin	7.89%	4.53%	-2.47%	8.14%	8.39%	4.87%	4.38%	6.16%	9.24%	9.98%
EBITDA	68.9M	79.7M	163.1M	259.2M	270.8M	250.7M	140.3M	188.2M	203.3M	266.5M
EPS	3.28	1.93	-1.03	3.73	3.81	2.3	1.97	2.98	4.81	5.57
Diluted EPS	3.21	1.84	-1.03	3.67	3.77	2.28	1.94	2.91	4.67	5.41

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	285.9M	302.7M	290.3M	312.3M	306M	311.5M	303.6M	321.5M	319.9M	323.2M	305.9M	337.3M
Cost of revenue	155.7M	153.8M	157.7M	163.2M	162.7M	166.9M	158.3M	166.2M	162.7M	159.9M	154.8M	177.9M
Gross profit	130.2M	149M	132.5M	149M	143.3M	144.6M	145.3M	155.3M	157.2M	163.3M	151.2M	159.4M
Gross margin	45.5%	49.2%	45.7%	47.7%	46.8%	46.4%	47.9%	48.3%	49.1%	50.5%	49.4%	47.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	97.6M	92.4M	96.7M	105.1M	106.2M	104.1M	103.6M	106.8M	105.9M	108.7M	108M	106.4M
Operating expenses	97.6M	92.4M	96.7M	105.1M	106.2M	104.1M	103.6M	106.8M	105.9M	108.7M	108M	106.4M
Operating income	29.2M	55.5M	35.8M	43.9M	37.1M	40.4M	41.7M	48.5M	51.3M	54.6M	43.2M	52.9M
Operating margin	10.2%	18.3%	12.4%	14.1%	12.1%	13%	13.7%	15.1%	16%	16.9%	14.1%	15.7%
Non-operating income, net	-2.8M	-263K	7.3M	-2.1M	1.5M	-2.5M	297K	-3.1M	-14.5M	-1.4M	-897K	-1.1M
Pretax income	26.5M	55.2M	43.1M	41.8M	38.6M	37.9M	42M	45.4M	36.8M	53.2M	42.3M	51.8M
Income tax	8M	16.1M	13.4M	11.9M	10.8M	12.6M	12.3M	13.1M	10.1M	15.3M	9.5M	14.7M
Net income	18.5M	39.1M	29.7M	29.9M	27.7M	25.3M	29.7M	32.3M	26.6M	37.9M	32.8M	37.2M
Net margin	6.46%	12.9%	10.2%	9.57%	9.07%	8.13%	9.8%	10.1%	8.32%	11.7%	10.7%	11%
EBITDA	47.5M	69.2M	41.4M	57.1M	48.6M	56.2M	54.8M	63.3M	77.5M	70.8M	56.2M	66.6M
EPS	0.79	—	1.27	1.28	1.18	1.08	1.28	1.41	1.18	1.71	1.52	1.74
Diluted EPS	0.77	—	1.23	1.24	1.15	1.05	1.24	1.37	1.15	1.66	1.48	1.71

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	855.5M	956.5M	—	—	2.2B	1.4B	1.9B	2.2B	2.2B	1.8B	1.7B
Enterprise value	728.9M	803.4M	—	—	2.2B	1.4B	1.9B	2.2B	2.1B	1.8B	1.7B
Shares outstanding	10.6M	10.7M	15.2M	21.7M	22.6M	24M	23.7M	23.4M	23.4M	22.7M	22.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	24.6	46.4	—	—	25	25.2	39.7	31	19.4	14.4	12.7
P/S	1.94	2.1	—	—	2.1	1.22	1.74	1.91	1.79	1.44	1.32
P/B	4.54	4.57	—	—	1.23	0.81	1.13	1.31	1.32	1.11	1.03
EV/EBITDA	10.6	10.1	—	—	8.29	5.75	13.5	11.5	10.5	6.7	6.75
EV/Sales	1.65	1.77	—	—	2.18	1.27	1.77	1.91	1.74	1.41	1.29
Earnings yield	4.07%	2.15%	—	—	4%	3.98%	2.52%	3.23%	5.15%	6.94%	7.85%
FCF yield	3.67%	3.98%	—	—	4.45%	9.46%	4.47%	3.71%	5.89%	8.44%	9.19%
PEG	—	—	—	—	—	—	—	—	—	—	0.54

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	45.1%	40.9%	41.4%	46.8%	48.2%	46.3%	43.9%	44.9%	46.7%	49%	47.3%
Operating margin	12.3%	12.4%	6.77%	13.3%	13.2%	9.77%	6.94%	9.98%	12.9%	15.5%	15.7%
Net margin	7.89%	4.53%	-2.47%	8.14%	8.39%	4.87%	4.38%	6.16%	9.24%	9.98%	10.5%
ROE	18.5%	9.85%	-1.1%	5.55%	4.93%	3.21%	2.85%	4.22%	6.78%	7.69%	8.15%
ROA	11.7%	6.42%	-0.94%	4.53%	3.76%	2.39%	2.16%	3.28%	5.5%	6.21%	6.07%
ROIC	53.3%	39.5%	3.98%	7.8%	5.59%	4.49%	2.97%	4.73%	6.85%	8.71%	9.16%
Return on tangible assets	13.5%	7.77%	3.4%	-36.8%	-8.68%	-6.73%	-5.41%	-7.91%	-13.2%	-13.4%	-14.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.68	2.76	3.36	3.34	1.43	1.88	1.57	1.57	1.41	1.27	1.1
Quick ratio	2.68	2.76	3.36	3.34	1.43	1.88	1.57	1.57	1.41	1.27	1.1
Debt / equity	0.01	0.01	0	0.07	0.16	0.19	0.16	0.13	0.08	0.07	0.07
Debt / assets	0.01	0.01	0	0.06	0.12	0.14	0.12	0.1	0.06	0.05	0.05
Net debt / EBITDA	-1.84	-1.92	-2.12	-1.35	0.32	0.22	0.26	0.03	-0.29	-0.15	-0.08
Interest coverage	84.5	88.1	—	—	—	—	—	—	—	—	—
Effective tax rate	39.3%	60.8%	0%	34.4%	24.3%	28.1%	32.9%	30.7%	30.2%	28.6%	26.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	41.6	42.6	41.8	45.9	45.4	47.2	45	48.4	52.1	55.7	58.6
EPS (basic)	3.28	1.93	-1.03	3.73	3.81	2.3	1.97	2.98	4.81	5.57	5.57
EPS (diluted)	3.21	1.84	-1.03	3.67	3.77	2.28	1.94	2.91	4.67	5.41	5.99
Book value per share	17.8	19.6	93.8	67.3	77.2	71.6	69.1	70.6	71	72.4	74.4
FCF per share	2.96	3.57	1.27	7.52	4.25	5.47	3.5	3.43	5.5	6.77	7.76
Cash per share	12.2	14.6	23	20.9	8.62	11.5	9.41	8.9	7.86	6.51	5.86
Capex per share	1.24	1.69	1.81	1.78	2.07	1.72	1.55	1.33	1.73	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.98%	3.97%	4.34%	3.88%	4.56%	3.63%	3.44%	2.74%	3.33%	—	—
Capex / operating cash flow	27.4%	30.5%	107.9%	19.8%	28.4%	24.2%	27.7%	27.3%	25.8%	—	—
Payout ratio	0%	55.4%	-177.7%	57.5%	64.9%	107.2%	126.9%	84.2%	52.3%	45.4%	40.1%
Dividend yield	0%	1.19%	—	—	2.59%	4.26%	3.19%	2.72%	2.7%	3.15%	3.16%

Yield

3.16%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.60

ex-dividend Sep 4, 2026

Payout ratio

40%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 4, 2026	$0.60
May 22, 2026	$0.60
Mar 9, 2026	$0.60

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$285.9M	$302.7M	$290.3M	$312.3M	$306M	$311.5M	$303.6M	$321.5M	$319.9M	$323.2M	$305.9M	$337.3M
YoY change	+8.67%	+12.1%	+13.1%	+8.55%	+7%	+2.89%	+4.6%	+2.95%	+4.57%	+3.77%	+0.77%	+4.91%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	129.2M	155.9M	348.9M	454.6M	195.1M	275.4M	222.8M	208.2M	184M	148.1M
Receivables	20.5M	23.1M	55.7M	51.5M	50.2M	51.3M	63M	76.1M	76.1M	78.2M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	160.5M	190.3M	420.4M	524.1M	286.1M	367.8M	329.1M	329.1M	304.9M	277.9M
Property, plant & equipment	53.9M	53M	101.8M	180.7M	258.2M	283.5M	248.2M	231M	208.7M	198.5M
Goodwill & intangibles	41.5M	56M	2.1B	2B	3.3B	3.1B	3B	3B	2.9B	3B
Total assets	298.7M	321.3M	1.7B	1.8B	2.3B	2.3B	2.2B	2.1B	2B	2B
Accounts payable	41.1M	46.2M	36.6M	47.5M	64M	45.3M	45.8M	49.2M	55.7M	56M
Short-term debt	—	—	—	25.3M	34.8M	27M	23.9M	24.2M	22.2M	15.9M
Total current liabilities	59.8M	69.1M	125.1M	156.7M	200.1M	195.8M	209.9M	209.6M	216.5M	217.9M
Long-term debt	2.7M	2.8M	2.3M	80.6M	248M	304.5M	235.4M	189.1M	103M	93.2M
Total liabilities	110.3M	112.1M	235.8M	326.7M	547.5M	591.9M	526M	472.7M	387.2M	392.1M
Shareholders' equity	188.4M	209.2M	1.4B	1.5B	1.7B	1.7B	1.6B	1.7B	1.7B	1.6B
Total debt	2.7M	2.8M	2.3M	105.8M	282.8M	331.5M	259.3M	213.3M	125.2M	109.1M
Net debt	-126.6M	-153.1M	-309.4M	-313.9M	95.3M	62.5M	45.6M	44.8M	-11.8M	-31.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	196.7M	208.2M	253.6M	256.2M	222.1M	184M	182.6M	164.9M	172.6M	148.1M	157.6M	128.8M
Receivables	97.4M	76.1M	83.1M	89.6M	105.8M	76.1M	90.3M	97.9M	114.9M	78.2M	86.2M	100.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	350.6M	329.1M	390.4M	398.9M	383.5M	304.9M	328.3M	319.9M	346.4M	277.9M	303.8M	290.1M
Property, plant & equipment	228.7M	231M	231.1M	228.5M	232.9M	208.7M	210M	211.1M	203.8M	198.5M	196.6M	196.6M
Goodwill & intangibles	3B	3B	3B	3B	3B	2.9B	2.9B	3B	3B	3B	3B	3B
Total assets	2.1B	2.1B	2.2B	2.2B	2.2B	2B	2.1B	2.1B	2.1B	2B	2.1B	2.1B
Accounts payable	54.9M	49.2M	56.8M	54.6M	56.6M	55.7M	58M	59.1M	61.9M	56M	67M	56.7M
Short-term debt	23.1M	24.2M	23.3M	24M	22.8M	22.2M	20.1M	20.1M	18.4M	15.9M	14.3M	14.6M
Total current liabilities	265.5M	209.6M	261.7M	253.4M	285.8M	216.5M	259.4M	254.5M	283.5M	217.9M	262.9M	264.8M
Long-term debt	182.6M	189.1M	177.6M	173.6M	116.1M	103M	99.4M	100.2M	99.2M	93.2M	94.9M	92.1M
Total liabilities	519.3M	472.7M	512.7M	499.4M	470.7M	387.2M	430.9M	424.8M	455.9M	392.1M	443.9M	435.3M
Shareholders' equity	1.6B	1.7B	1.6B	1.7B	1.7B	1.7B	1.6B	1.7B	1.7B	1.6B	1.6B	1.6B
Total debt	205.8M	213.3M	200.9M	197.6M	138.9M	125.2M	119.5M	120.3M	117.7M	109.1M	109.2M	106.7M
Net debt	38.1M	44.8M	-21.2M	-32.5M	-57M	-11.8M	-24.7M	-13.3M	-33.8M	-31.6M	-41.1M	-17M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	34.8M	20.6M	-15.7M	81.1M	86.3M	55.1M	46.7M	69.8M	112.7M	126.6M
Depreciation & amortization	17.8M	18.7M	54.5M	104.9M	109.2M	103.4M	63.1M	57.3M	44.4M	48.4M
Stock-based compensation	10.8M	11.6M	15.5M	12.2M	14.6M	18.1M	21.8M	19.8M	25.6M	23M
Change in working capital	-5.2M	1.7M	-12.9M	5.1M	-32.5M	662K	8.6M	-27.5M	-19.6M	-14.2M
Operating cash flow	48M	59.2M	25.5M	195.6M	164.6M	170.2M	132.1M	113.6M	157.4M	198.2M
Capital expenditure	-13.2M	-18.1M	-27.5M	-38.7M	-46.8M	-41.1M	-36.6M	-31.1M	-40.6M	—
Investing cash flow	-20.8M	-18.1M	128.9M	-38.1M	-642.2M	-33.1M	-31.4M	-48.5M	-64.4M	50.6M
Dividends paid	0	-11.4M	-27.8M	-46.6M	-56M	-59M	-59.2M	-58.8M	-59M	-57.5M
Share repurchases	—	—	0	0	-247K	-5.9M	-40.1M	-10M	-11.5M	-138.9M
Financing cash flow	-1.4M	-11.4M	-29M	-46.6M	303.9M	-65M	-139.4M	-108.8M	-133.5M	-196.4M
Net change in cash	25.8M	29.7M	125.4M	110.9M	-173.7M	72.1M	-38.7M	-43.7M	-40.4M	52.3M
Free cash flow	31.4M	38.1M	19.3M	163.5M	96.1M	131.1M	82.9M	80.2M	128.8M	153.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	18.5M	39.1M	29.7M	29.9M	27.7M	25.3M	29.7M	32.3M	26.6M	37.9M	32.8M	37.2M
Depreciation & amortization	14.7M	12.4M	11.1M	11.2M	10.8M	11.3M	11.2M	12M	12M	13.3M	10.9M	11.2M
Stock-based compensation	4.1M	4.6M	5.3M	6.6M	6.9M	6.8M	5.5M	5.9M	5.9M	5.8M	5.4M	4.9M
Change in working capital	-1.4M	-15.4M	35.2M	-15M	-4.5M	-29.1M	17.6M	-11M	-4.1M	-20.6M	31.6M	-20.1M
Operating cash flow	33M	40.5M	77.7M	29.8M	39.4M	16.8M	67.2M	36.2M	60.1M	39.2M	87.4M	29.2M
Capital expenditure	-9.5M	-9.6M	-9.2M	-10.7M	-9.4M	-11.2M	-10.3M	-10.8M	—	—	—	—
Investing cash flow	-6.7M	-18.1M	-1M	-5.2M	-9M	-49.2M	-1.7M	-2.9M	14.9M	19.1M	-109K	2.5M
Dividends paid	-14.7M	-14.6M	-14.7M	-14.8M	-14.8M	-14.7M	-14.8M	-14.4M	-14.2M	-14.2M	-13.6M	-13.3M
Share repurchases	0	0	—	0	-5M	-6.5M	-32M	-28M	-34.3M	-44.6M	-40M	-32.8M
Financing cash flow	-14.7M	-14.6M	-14.7M	-14.8M	-19.8M	-21.2M	-46.8M	-42.4M	-48.5M	-58.7M	-53.6M	-46.1M
Net change in cash	11.6M	7.8M	61.9M	9.8M	10.7M	-53.6M	18.6M	-9.1M	26.6M	-448K	33.7M	-14.4M
Free cash flow	36.9M	20.3M	68.4M	13.6M	42.1M	4.7M	57.3M	20.4M	49.3M	27M	77.3M	15M

Strategic Education Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history