Strategic Education Inc (STRA) financial statements: income statement, balance sheet and cash flow
Strategic Education Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Strategic Education Inc reported revenue of $1.3B (+4.0% year on year) and net income of $126.6M (+12.4% year on year).
Income statement
Strategic Education Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$1.3B
$1.2B
$1.1B
$1.1B
Instructional and support costs
$647.1M
$650.5M
$623.9M
$597.3M
General and administration
$425.0M
$412.2M
$384.4M
$379.8M
Amortization of intangible assets
$0
$0
$11.5M
$14.3M
Merger and integration costs
$0
$0
$1.5M
$1.1M
Restructuring costs
$21.9M
$1.6M
$16.3M
$2.1M
Total costs and expenses
$1.1B
$1.1B
$1.0B
$994.7M
Income from operations
$174.2M
$155.6M
$95.3M
$70.8M
Other income
$3.2M
$5.8M
$5.4M
($1.2M)
Income before income taxes
$177.4M
$161.4M
$100.7M
$69.6M
Provision for income taxes
$50.8M
$48.7M
$30.9M
$22.9M
Net income
$126.6M
$112.7M
$69.8M
$46.7M
Basic (dollars per share)
$5.57
$4.81
$2.98
$1.97
Diluted (dollars per share)
$5.41
$4.67
$2.91
$1.94
Basic (in shares)
22.7M
23.4M
23.4M
23.7M
Diluted (in shares)
23.4M
24.1M
24.0M
24.0M
Strategic Education Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$337.3M
$305.9M
$319.9M
$321.5M
Instructional and support costs
$177.9M
$154.8M
$162.7M
$166.2M
General and administration
$106.4M
$108.0M
$105.9M
$106.8M
Restructuring costs
$2.5M
$2.1M
$14.3M
$2.8M
Total costs and expenses
$286.8M
$264.8M
$282.9M
$275.7M
Income from operations
$50.5M
$41.1M
$37.0M
$45.8M
Other income (expense)
$1.4M
$1.2M
($273.0K)
($315.0K)
Income before income taxes
$51.8M
$42.3M
$36.8M
$45.4M
Provision for income taxes
$14.7M
$9.5M
$10.1M
$13.1M
Net income
$37.2M
$32.8M
$26.6M
$32.3M
Basic (in dollars per share)
$1.74
$1.52
$1.18
$1.41
Diluted (in dollars per share)
$1.71
$1.48
$1.15
$1.37
Basic (in shares)
21.4M
21.6M
22.6M
22.9M
Diluted (in shares)
21.7M
22.2M
23.2M
23.5M
Balance sheet
Strategic Education Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$140.8M
$137.1M
$168.5M
$213.7M
Marketable securities
$7.3M
$46.9M
$39.7M
$9.2M
Tuition receivable, net
$78.2M
$76.1M
$76.1M
$63.0M
Income taxes receivable
$2.5M
—
—
$0
Other current assets
$49.1M
$44.8M
$44.8M
$43.3M
Total current assets
$277.9M
$304.9M
$329.1M
$329.1M
Property and equipment, net
$107.4M
$111.2M
$118.5M
$132.8M
Right-of-use lease assets
$91.1M
$103.7M
$119.2M
$125.2M
Marketable securities, non-current
$5.0M
$15.0M
$483.0K
$13.1M
Intangible assets
$249.2M
$245.1M
$251.6M
$260.5M
Goodwill
$1.2B
$1.2B
$1.3B
$1.3B
Other assets
$65.5M
$62.9M
$54.4M
$49.7M
Total assets
$2.0B
$2.0B
$2.1B
$2.2B
Accounts payable and accrued expenses
$105.8M
$101.7M
$90.9M
$90.6M
Income taxes payable
$0
$2.9M
$2.2M
$7.0M
Contract liabilities
$96.2M
$89.6M
$92.3M
$88.5M
Lease liabilities
$15.9M
$22.2M
$24.2M
$23.9M
Total current liabilities
$217.9M
$216.5M
$209.6M
$209.9M
Deferred income tax liabilities
$35.8M
$27.6M
$28.3M
$34.6M
Lease liabilities, non-current
$93.2M
$103.0M
$127.7M
$134.0M
Other long-term liabilities
$45.1M
$40.2M
$45.6M
$46.0M
Total liabilities
$392.1M
$387.2M
$472.7M
$526.0M
Common stock, par value $0.01; 32,000,000 shares authorized; 24,502,385 and 22,968,860 shares issued and outstanding at December 31, 2024 and 2025, respectively
230.0K
245.0K
244.0K
244.0K
Additional paid-in capital
$1.4B
$1.5B
$1.5B
$1.5B
Accumulated other comprehensive loss
($46.1M)
($88.6M)
($34.2M)
($35.1M)
Retained earnings
$255.5M
$218.4M
$168.9M
$159.7M
Total stockholders’ equity
$1.6B
$1.7B
$1.7B
$1.6B
Total liabilities and stockholders’ equity
$2.0B
$2.0B
$2.1B
$2.2B
Strategic Education Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$123.8M
$150.3M
$151.5M
$133.6M
Marketable securities
$5.0M
$7.3M
$21.2M
$31.4M
Tuition receivable, net
$100.9M
$86.2M
$114.9M
$97.9M
Income taxes receivable
$4.8M
$0
$2.4M
$762.0K
Other current assets
$55.7M
$60.0M
$54.3M
$56.4M
Total current assets
$290.1M
$303.8M
$346.4M
$319.9M
Property and equipment, net
$110.0M
$106.3M
$107.8M
$111.0M
Right-of-use lease assets
$86.6M
$90.3M
$96.0M
$100.0M
Marketable securities, non-current
$5.0M
$5.0M
$10.0M
$15.0M
Intangible assets
$250.8M
$250.4M
$248.9M
$248.2M
Goodwill
$1.3B
$1.3B
$1.2B
$1.2B
Other assets
$67.9M
$66.9M
$65.8M
$66.2M
Total assets
$2.1B
$2.1B
$2.1B
$2.1B
Accounts payable and accrued expenses
$117.2M
$115.1M
$113.2M
$99.2M
Contract liabilities
$133.0M
$132.0M
$151.9M
$135.2M
Lease liabilities
$14.6M
$14.3M
$18.4M
$20.1M
Total current liabilities
$264.8M
$262.9M
$283.5M
$254.5M
Deferred income tax liabilities
$33.5M
$39.3M
$30.9M
$27.9M
Lease liabilities, non-current
$92.1M
$94.9M
$99.2M
$100.2M
Other long-term liabilities
$44.9M
$46.8M
$42.2M
$42.2M
Total liabilities
$435.3M
$443.9M
$455.9M
$424.8M
Common stock, par value $0.01; 32,000,000 shares authorized; 22,968,860 and 22,208,559 shares issued and outstanding at December 31, 2025 and June 30, 2026, respectively
222.0K
226.0K
235.0K
239.0K
Additional paid-in capital
$1.4B
$1.4B
$1.5B
$1.5B
Accumulated other comprehensive loss
($27.5M)
($31.0M)
($52.6M)
($58.9M)
Retained earnings
$283.3M
$265.8M
$241.1M
$236.1M
Total stockholders’ equity
$1.6B
$1.6B
$1.7B
$1.7B
Total liabilities and stockholders’ equity
$2.1B
$2.1B
$2.1B
$2.1B
Cash flow statement
Strategic Education Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$126.6M
$112.7M
$69.8M
$46.7M
Gain on sale of property and equipment
$0
$0
($2.1M)
($2.9M)
Gain on early termination of operating leases
($2.2M)
($6.2M)
—
—
Amortization of deferred financing costs
$425.0K
$674.0K
$557.0K
$552.0K
Amortization of investment discount/premium
($432.0K)
($290.0K)
($65.0K)
$32.0K
Depreciation and amortization
$48.4M
$44.4M
$57.3M
$63.1M
Deferred income taxes
$7.7M
($150.0K)
($6.3M)
($8.7M)
Stock-based compensation
$23.0M
$25.6M
$19.8M
$21.8M
Impairment of right-of-use lease assets
$4.7M
$677.0K
$5.1M
$1.2M
Tuition receivable, net
($1.1M)
$221.0K
($12.9M)
($12.6M)
Other assets
($7.6M)
($11.6M)
($7.6M)
$3.6M
Accounts payable and accrued expenses
$4.2M
$11.6M
$552.0K
($4.3M)
Income taxes payable and income taxes receivable
($5.6M)
$1.1M
($4.7M)
$7.6M
Contract liabilities
$6.1M
($2.9M)
$4.5M
$19.0M
Other liabilities
($6.0M)
($6.3M)
($6.8M)
($9.0M)
Net cash provided by operating activities
$198.2M
$169.3M
$117.1M
$126.1M
Purchases of property and equipment
($44.3M)
($40.6M)
($36.9M)
($43.2M)
Purchases of marketable securities
($28.1M)
($54.1M)
($26.9M)
$0
Proceeds from marketable securities
$79.1M
$31.0M
$9.8M
$6.4M
Proceeds from sale of property and equipment
$2.2M
$0
$5.9M
$6.5M
Proceeds from other investments
$0
$20.0K
$457.0K
—
Other investments
($390.0K)
($531.0K)
($314.0K)
($335.0K)
Cash paid for acquisition, net of cash acquired
($36.0K)
($177.0K)
($530.0K)
($800.0K)
Net cash provided by (used in) investing activities
$8.5M
($64.4M)
($48.5M)
($31.4M)
Common dividends paid
($57.5M)
($59.0M)
($58.8M)
($59.2M)
Payments on long-term debt
$0
($61.3M)
($40.0M)
($40.0M)
Net payments for stock awards
($9.7M)
($3.3M)
($4.8M)
($3.0M)
Payments of deferred financing costs
$0
($1.7M)
—
$0
Repurchase of common stock
($138.9M)
($11.5M)
($10.0M)
($40.1M)
Net cash used in financing activities
($206.2M)
($136.8M)
($113.6M)
($142.4M)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
$2.3M
($3.5M)
($496.0K)
($4.1M)
Net increase (decrease) in cash, cash equivalents, and restricted cash
$2.9M
($35.3M)
($45.5M)
($51.8M)
Cash, cash equivalents, and restricted cash — beginning of period
$146.7M
$181.9M
$227.5M
$279.2M
Cash, cash equivalents, and restricted cash — end of period