Strategic Education (STRA) Q3 FY2026 earnings: revenue $325 million, up 1.6% on the year

Strategic Education, Inc. (STRA) reported revenue of $325 million for Q3 FY2026, the quarter ended 30 September 2026, up 1.6% on the same quarter a year earlier. Net income was -$98 million, and diluted earnings per share $-4.68. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$325 million

+1.6% on the year · -3.6% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-26.9%

11.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$98 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$4.68

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Revenue rose 1.6 percent: Revenue was $325.1 million, up from $319.9 million. Management cited Education Technology Services growth, higher USHE revenue per student, and favorable foreign currency. On a constant currency basis, revenue rose 0.1% to $320.1 million.
Operating result turned to loss: Loss from operations was $87.6 million, against income of $37.0 million, or 11.6% of revenue, a year earlier. The loss includes the non-cash ANZ impairment described under changes.
Net loss and diluted loss per share: Net loss was $98.3 million, compared with net income of $26.6 million a year earlier. Diluted loss per share was $4.68, compared with diluted earnings per share of $1.15.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	325	337	320	-3.6%	+1.6%
Operating income	-87.6	50.5	37.0
Operating margin	-26.9%	15.0%	11.6%
Pre-tax income	-87.3	51.8	36.8
Income tax	11.0	14.7	10.1	-24.9%	+8.7%
Effective tax rate	n/a	28.3%	27.6%
Net income	-98.3	37.2	26.6
Net margin	-30.2%	11.0%	8.3%
Diluted EPS	-$4.68	$1.71	$1.15

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	56.9	29.2	60.1	+95.2%	-5.3%
Capital expenditure	12.6	14.1	10.9	-10.7%	+16.3%
Free cash flow	44.3	15.0	49.3	+194.6%	-10.1%
Free cash flow margin	13.6%	4.5%	15.4%
Cash from investing	-14.7	-11.7	4.1
Cash from financing	-41.7	-46.1	-49.0
Depreciation and amortisation	11.6	11.2	12.0	+3.5%	-3.1%
Share-based compensation	5.7	4.9	5.9	+17.6%	-2.4%
Buybacks	28.5	32.8	34.3	-12.9%	-16.8%
Dividends paid	13.1	13.3	14.2	-1.6%	-7.4%
Dividend per share	$0.60	$0.60	$0.60	0.0%	0.0%
Diluted shares, weighted	21m	22m	23m	-3.3%	-9.4%
Shares outstanding at period end	22m	22m	24m	-1.5%	-6.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,509	1,634	1,656	-7.6%	-8.9%
Debt	0.0	0.0	0.0
Operating lease liabilities	87.9	92.1	99.2	-4.6%	-11.5%
Other liabilities	361	343	357	+5.2%	+1.3%
Total liabilities and equity	1,958	2,069	2,112	-5.4%	-7.3%
Fixed assets	112	110	108	+1.7%	+3.8%
Goodwill	1,141	1,259	1,237	-9.4%	-7.8%
Intangible assets	245	251	249	-2.5%	-1.7%
Investments	12.0	10.0	31.2	+20.0%	-61.5%
Cash and equivalents	127	124	151	+2.3%	-16.4%
Receivables	113	101	115	+11.6%	-2.0%
Other assets	210	215	221	-2.3%	-4.9%
Total assets	1,958	2,069	2,112	-5.4%	-7.3%

Questions

What was Strategic Education's revenue in Q3 FY2026?

Strategic Education (STRA) reported revenue of $325 million for Q3 FY2026, the quarter ended 30 September 2026, up 1.6% on the same quarter a year earlier.

How much did Strategic Education earn in Q3 FY2026?

Net loss for Q3 FY2026 was $98 million, and the diluted loss per share $4.68.

When did Strategic Education report Q3 FY2026 results?

Strategic Education filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	272	259	274	263	270	257	288	286	303	290	312	306	311	304	321	320	323	306	337	325
Operating income	27.9	13.4	21.9	7.8	27.6	-1.3	16.8	25.6	54.2	41.4	41.9	36.3	36.0	39.8	45.8	37.0	51.6	41.1	50.5	-87.6
Operating margin	10%	5%	8%	3%	10%	-1%	6%	9%	18%	14%	13%	12%	12%	13%	14%	12%	16%	13%	15%	-27%
Pre-tax income	29.5	12.3	22.2	7.5	27.6	-1.0	20.0	26.5	55.2	43.1	41.8	38.6	37.9	42.0	45.4	36.8	53.2	42.3	51.8	-87.3
Tax rate	26%	43%	31%	19%	34%	n/a	29%	30%	29%	31%	28%	28%	33%	29%	29%	28%	29%	22%	28%	n/a
Net income	21.7	7.0	15.2	6.1	18.3	-2.0	14.2	18.5	39.1	29.7	29.9	27.7	25.3	29.7	32.3	26.6	37.9	32.8	37.2	-98.3
Net margin	8%	3%	6%	2%	7%	-1%	5%	6%	13%	10%	10%	9%	8%	10%	10%	8%	12%	11%	11%	-30%
Diluted EPS	$0.89	$0.29	$0.63	$0.25	$0.77	-$0.09	$0.59	$0.77	$1.63	$1.23	$1.24	$1.15	$1.05	$1.24	$1.37	$1.15	$1.66	$1.48	$1.71	-$4.68
Operating cash flow	19.4	56.6	24.1	44.1	1.3	35.2	5.5	46.4	29.9	77.6	24.3	51.5	15.9	67.7	31.2	60.1	39.2	87.4	29.2	56.9
Capital expenditure	15.8	9.7	13.0	9.8	10.7	8.3	9.5	9.5	9.6	9.2	10.7	9.4	11.2	10.3	10.8	10.9	12.2	10.1	14.1	12.6
Free cash flow	3.6	46.9	11.1	34.2	-9.3	27.0	-4.0	36.9	20.3	68.4	13.6	42.1	4.7	57.3	20.4	49.3	27.0	77.3	15.0	44.3
Buybacks	0.0	4.0	21.0	11.9	3.2	0.0	10.0	0.0	0.0	0.0	0.0	5.0	6.5	32.0	28.0	34.3	44.6	40.0	32.8	28.5
Dividends paid	14.8	15.0	14.9	14.7	14.6	14.8	14.7	14.7	14.6	14.7	14.8	14.8	14.7	14.8	14.4	14.2	14.2	13.6	13.3	13.1
Shares outstanding	25m	25m	25m	24m	24m	25m	24m	24m	24m	25m	25m	25m	25m	24m	24m	24m	23m	23m	22m	22m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.