Stride, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Stride, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	889	918	1,016	1,041	1,537	1,687	1,837	2,040	2,405	2,518
Cost of revenue	557	592	663	693	1,002	1,090	1,190	1,276	1,461	1,567
Gross profit	331	325	352	348	535	596	647	764	944	951
Research and development	12.5	9.2	9.5	9.7	3.7	7.5	15.5	16.7	16.6	22
Selling, general and administrative	306	300	307	315	424	440	482	514	524	500
Selling and marketing	36.8	37.5	38	63.1	60.3	86.5	96.8	96.5	104	92.1
Operating income	13.1	25.5	45.5	32.5	110	157	165	250	360	451
Other non-operating income			0.11	0.27	2.83	-1.28	15.5	26.9	33.6	2.17
Pre-tax income	4.94	26.5	48.4	33.4	96	147	172	269	381	441
Income tax	5.4	-0.91	10.5	8.54	24.5	40.1	45.3	64.5	93	103
Net income to minority interests	-0.91	-0.2
Net income	0.45	27.6	37.2	24.5	71.5	107	127	204	288	338
EBITDA	87.4	101	117	105	201	255	276	359	475	577
EPS, basic	0.01	0.70	0.96	0.62	1.78	2.58	3.00	4.79	6.69	7.92
EPS, diluted	0.01	0.68	0.91	0.60	1.71	2.52	2.97	4.69	5.95	7.14
Shares, basic (weighted)	38.3	39.3	38.8	39.5	40.2	41.5	42.3	42.6	43	42.7
Shares, diluted (weighted)	39.5	40.6	40.9	40.7	41.9	42.4	42.7	43.5	48.4	47.3

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	231	231	283	212	386	389	411	501	782	755
Short-term investments							112	192	203	203
Receivables	192	176	192	236	369	419	464	473	560	665
Inventory	30.5	25.9	29.9	28.3	39.7	36	36.7	36.7	37.6	38.3
Other current assets	12	10.4	12.3	11.5	43	80.6	17.2	14.5	14.7	12
Total current assets	474	454	530	501	858	951	1,065	1,245	1,633	1,716
Property, plant and equipment	26.3	28.9	32	38.7	72.1	61.5	52.3	50.9	78.6	102
Lease right-of-use assets			0	112	94.7	85.5	69.5	54.5	16	7.3
Goodwill	87.2	90.2	90.2	175	240	241	247	247	247	247
Intangible assets	20.2	18	15	77.5	99.5	88.7	74.8	60.3	18.2	10.9
Other non-current assets	6.06	41.9	48.3	71.8	106	93.9	109	120	157	208
Total assets	735	742	820	1,073	1,577	1,644	1,761	1,920	2,294	2,436
Accounts payable	30.1	29.4	50.5	40.4	62.1	62	48.9	41	44	46.7
Accrued liabilities	21.6	14.3	20.7	27.4	77.6	63.2	76.6	60.8	103	95.4
Deferred revenue	24.8	23.1	22.8	24.4	38.1	53.6	76.2	35.7	27	20.6
Total current liabilities	118	116	156	273	306	302	309	244	303	289
Long-term debt					299	411	413	415	416	418
Lease liabilities				96.5	77.5	75.1	59.4	45.2	35.2	8.32
Other non-current liabilities	11.6	10	8.92	9.57	16.3	10.2	10.5	13.8	15.4	18.6
Total liabilities	160	155	186	398	773	831	813	744	814	803
Total debt					299	411	413	415	416	418
Paid-in capital	690	703	713	731	795	687	695	720	736	740
Retained earnings	-41	-13.4	22.4	47	112	227	354	559	846	1,185
Treasury stock	-75	-102	-102	-102	-102	-102	-102	-102	-102	-292
Other comprehensive income	-0.17	-0.25	-0.04	0.09	-0.47	0.14	-0.04	-0.04	-0.07	-0.06
Shareholders' equity	574	587	633	675	805	813	947	1,176	1,480	1,632
Total equity	574	587	633	675	805	813	947	1,176	1,480	1,632
Total liabilities and equity	735	742	820	1,073	1,577	1,644	1,761	1,920	2,294	2,436
Shares outstanding	40.8	39.6	40.2	41	41.6	42.8	43	43.2	43.5	41.5

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-0.46	27.4	37.2	24.5	71.5	107	127	204	288	338
Depreciation and amortization	74.3	75.3	71.4	72.1	90.1	97.9	110	110	115	127
Stock-based compensation	22.6	20.8	16.7	23.6	39.3	18.6	20.3	31.5	36.8	40.3
Deferred income tax	-7.07	-4.02	3.69	-1.31	2.55	1.19	-10.4	2.89	-17.8	40
Change in receivables	-27.7	12	-21.6	-37.8	-143	-57.5	-54.9	-32.1	-102	-121
Change in inventory	-0.35
Change in payables	5.32	-2.34	20.2	-6.21	18.9	0.01	-12	-6.84	0.31	2.16
Cash from operations	88.7	105	142	80.4	134	207	203	279	433	434
Capital expenditures	-2.17	-8.74	-5.48	-1.68	-3.57	-9.75	-4.34	-2.27	-1.78	-0.59
Acquisitions	-9.06	-7.27	-13.1	-168
Sales and maturities of investments						40.2	91.9	204	253	279
Cash from investing	-57.2	-50.5	-61.1	-217	-165	-111	-118	-140	-88	-180
Stock issued	6.95	0.2	3.03	0.06	0.75	0.41	0.02
Share buybacks		-27.5								-189
Cash from financing	-14.6	-52.7	-29	65.6	205	-93.3	-63.5	-49.1	-62.9	-282
Exchange rate effect	-0.01
Net change in cash	16.9	2.25	51.5	-71.3	173	2.82	21.4	89.8	282	-28
Free cash flow	86.6	96.7	136	78.7	131	197	199	277	431	433
Interest paid	0.75	0.78	1.11	1.29	4.5	6.64	6.95	7.52	9.14	10.4
Income taxes paid	8.05	12.2	4.45	3.38	18.7	36	37.1	85.2	67.9	88

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $76.82 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.4%	Gross profit / revenue.
Operating margin	18.4%	Operating income / revenue.
EBITDA margin	23.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.4%	Pre-tax income / revenue.
Net margin	13.2%	Net income / revenue.
FCF margin	19.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.9%	Cash from operations / revenue.
Effective tax rate	24.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.2%	Net income / average total assets.
Return on invested capital (ROIC)	22.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	19.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	25.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	39.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	32.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	38.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	36.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	34.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	33.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	28.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	26.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	0.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	27.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	19.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.56x	Current assets / current liabilities.
Quick ratio	2.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.5%	Total debt / total assets.
Liabilities / assets	33.9%	Total liabilities / total assets.
Net debt	-$370.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.62x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.07B	Current assets - current liabilities.
Goodwill and intangibles / assets	10.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.42B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Inventory turnover	70.0x	Cost of revenue / average inventory.
Days inventory	5 days	365 x average inventory / cost of revenue.
Receivables turnover	2.97x	Revenue / average receivables.
Days sales outstanding	123 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	111 days	Days inventory + days sales outstanding - days payables.
FCF conversion	150.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$56.58	Revenue / diluted weighted shares.
FCF per share	$11.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.26	Cash from operations / diluted weighted shares.
Book value per share	$39.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$33.69	Tangible book value / shares outstanding.
Cash per share	$18.78	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.19B	Share price x shares outstanding.
Enterprise value	$2.82B	Market cap + total debt - cash - short-term investments.
P/E	9.55x	Market cap / net income. Only when net income is positive.
P/S	1.26x	Market cap / revenue.
P/B	1.91x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.25x	Market cap / tangible book value, when positive.
P/FCF	6.33x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.32x	Market cap / cash from operations, when positive.
EV/Sales	1.11x	Enterprise value / revenue.
EV/EBIT	6.05x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.72x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.59x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.8%	Free cash flow / market cap.
Earnings yield	10.5%	Net income / market cap (the inverse of P/E).
PEG	0.28x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Stride, Inc.'s revenue in fiscal 2026?

Stride, Inc. reported revenue of $2.52B for fiscal 2026, 4.7% higher than the year before.

Was Stride, Inc. profitable in fiscal 2026?

Yes. Net income was $338.2M, a net margin of 13.4%.

How much free cash flow did Stride, Inc. generate in fiscal 2026?

Cash from operations of $433.8M minus capital expenditures of $587.0K left free cash flow of $433.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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