Strategic Education (STRA) financial statements
Strategic Education reported revenue of $1.3B in fiscal 2025, up 12.5% a year over 9 years.
Net income was $127M and the operating margin 13.7%, against 13.0% in 2016.
Free cash flow was $154M, and the company returned $58M in dividends and $139M in net buybacks.
The diluted share count rose 116% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Strategic Education's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $441M | $455M | $634M | $997M | $1.0B | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B |
| Cost of revenue | $241M | $245M | — | — | — | — | — | — | — | — |
| Gross profit | $200M | $210M | — | — | — | — | — | — | — | — |
| Selling, general and admin | $127M | $212M | $331M | $272M | $295M | $361M | $380M | $384M | $412M | $425M |
| Operating income | $57M | $52M | -$23M | $111M | $109M | $74M | $71M | $95M | $156M | $174M |
| Interest expense | $642,000 | $642,000 | — | — | — | — | — | — | — | — |
| Pre-tax income | $57M | $53M | -$19M | $124M | $114M | $77M | $70M | $101M | $161M | $177M |
| Income tax | $22M | $32M | -$3M | $43M | $28M | $22M | $23M | $31M | $49M | $51M |
| Net income | $35M | $21M | -$16M | $81M | $86M | $55M | $47M | $70M | $113M | $127M |
| EPS (diluted) | $3.21 | $1.84 | -$1.03 | $3.67 | $3.77 | $2.28 | $1.94 | $2.91 | $4.67 | $5.41 |
| Diluted shares | 11M | 11M | 15M | 22M | 23M | 24M | 24M | 24M | 24M | 23M |
| Gross margin | 45.4% | 46.1% | — | — | — | — | — | — | — | — |
| Operating margin | 13.0% | 11.5% | -3.6% | 11.1% | 10.6% | 6.5% | 6.6% | 8.4% | 12.8% | 13.7% |
| Net margin | 7.9% | 4.5% | -2.5% | 8.1% | 8.4% | 4.9% | 4.4% | 6.2% | 9.2% | 10.0% |
Balance sheet
Fiscal years, from Strategic Education's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $129M | $156M | $349M | $455M | $195M | $275M | $223M | $208M | $184M | $148M |
| Receivables | $21M | $23M | $56M | $52M | $50M | $51M | $63M | $76M | $76M | $78M |
| Total current assets | $161M | $190M | $420M | $524M | $286M | $368M | $329M | $329M | $305M | $278M |
| Property, plant and equipment | $73M | $74M | $123M | $117M | $159M | $151M | $133M | $119M | $111M | $107M |
| Goodwill | $21M | $21M | $733M | $732M | $1.3B | $1.3B | $1.3B | $1.3B | $1.2B | $1.2B |
| Total assets | $299M | $321M | $1.7B | $1.8B | $2.3B | $2.3B | $2.2B | $2.1B | $2.0B | $2.0B |
| Total current liabilities | $60M | $69M | $125M | $157M | $200M | $196M | $210M | $210M | $216M | $218M |
| Long-term debt | — | — | — | $0 | $142M | $142M | $101M | $61M | $0 | — |
| Total liabilities | $110M | $112M | $236M | $327M | $547M | $592M | $526M | $473M | $387M | $392M |
| Shareholders' equity | $188M | $209M | $1.4B | $1.5B | $1.7B | $1.7B | $1.6B | $1.7B | $1.7B | $1.6B |
| Net debt | -$129M | -$156M | -$312M | -$420M | -$46M | -$127M | -$112M | -$107M | -$137M | -$141M |
Cash flow
Fiscal years, from Strategic Education's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $45M | $56M | $47M | $202M | $143M | $181M | $126M | $117M | $169M | $198M |
| Capital spending | $13M | $18M | $28M | $39M | $47M | $49M | $43M | $37M | $41M | $44M |
| Free cash flow | $31M | $38M | $19M | $163M | $96M | $131M | $83M | $80M | $129M | $154M |
| Stock-based compensation | $11M | $12M | $16M | $12M | $15M | $18M | $22M | $20M | $26M | $23M |
| Dividends paid | — | $11M | $28M | $47M | $56M | $59M | $59M | $59M | $59M | $58M |
| Share buybacks (net) | — | — | $0 | $0 | -$247,000 | -$6M | -$40M | -$10M | -$12M | -$139M |
| Net borrowing | — | — | $0 | $0 | $146M | $0 | $0 | — | — | — |
| Free cash flow margin | 7.1% | 8.4% | 3.0% | 16.4% | 9.4% | 11.6% | 7.8% | 7.1% | 10.6% | 12.1% |
| Dividends per share | — | $1.02 | $1.83 | $2.11 | $2.45 | $2.45 | $2.47 | $2.45 | $2.44 | $2.46 |
Questions
What was Strategic Education's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Strategic Education generate?
$154M in fiscal 2025 (operating cash flow minus capital spending).
From Strategic Education's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.