Strategic Education (STRA) FY2025 results: revenue $1.3 billion, up 4.0% on the year
Strategic Education, Inc. (STRA) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, up 4.0% on the year before. Net income was $127 million, up 12.4%, and diluted earnings per share $5.41. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$1.3 billion
+4.0% on the year
FY2018FY2025
Operating margin
13.7%
12.8% a year earlier
FY2018FY2025
Net income
$127 million
+12.4% on the year
FY2018FY2025
Diluted EPS
$5.41
+15.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Operating margin rose to 16.0%: Quarterly income from operations was $51.6 million, a 16.0% margin against 11.6% a year earlier. The adjusted constant currency margin was 16.9% against 13.0%.
Education Technology Services revenue up 28%: Education Technology Services revenue rose 28.3% to $39.1 million from $30.5 million. Segment operating income rose 18% to $14.0 million from $11.8 million.
USHE enrollment fell 4.0%: Fourth-quarter USHE student enrollment decreased 4.0% to 85,306. Full-year USHE enrollment decreased 1.4% compared with 2024.
Employer-affiliated share hit new high: Employer affiliated enrollment reached 33.5% of USHE enrollment, a new all-time high, up from 30.2%. The full-year share was 32.3%, against 29.6% in 2024.
ANZ enrollment fell, domestic growing: ANZ student enrollment fell 1.6% to 19,514, and full-year enrollment fell 1.8%. Lower international enrollment was partly offset by domestic growth.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
198
169
117
+17.0%
Capital expenditure
44.3
40.6
36.9
+9.0%
Free cash flow
154
129
80.2
+19.6%
Free cash flow margin
12.1%
10.6%
7.1%
Cash from investing
8.5
-64.4
-48.5
Cash from financing
-206
-137
-114
Depreciation and amortisation
48.4
44.4
48.4
+9.0%
Share-based compensation
23.0
25.6
19.8
-10.2%
Buybacks
139
11.5
10.0
+1,106.7%
Dividends paid
57.5
59.0
58.8
-2.4%
Dividend per share
$2.40
$2.40
$2.40
0.0%
Diluted shares, weighted
23m
24m
24m
-3.1%
Shares outstanding at period end
23m
25m
24m
-6.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,646
1,662
1,653
-1.0%
Debt
0.0
0.0
61.4
Operating lease liabilities
93.2
103
128
-9.5%
Other liabilities
299
284
284
+5.2%
Total liabilities and equity
2,039
2,050
2,125
-0.5%
Fixed assets
107
111
119
-3.5%
Goodwill
1,242
1,207
1,252
+2.9%
Intangible assets
249
245
252
+1.7%
Investments
12.3
61.9
40.2
-80.1%
Cash and equivalents
141
137
168
+2.7%
Receivables
78.2
76.1
76.1
+2.7%
Other assets
208
211
218
-1.5%
Total assets
2,039
2,050
2,125
-0.5%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.