Strategic Education, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Strategic Education, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	441	455	634	997	1,028	1,132	1,065	1,133	1,220	1,268
Cost of revenue	241	245
Gross profit	200	210
Selling and marketing	79	82.5	137
General and administrative	47.9	129	194	272	295	361	380	384	412	425
Operating income	57.5	52.2	-22.7	111	109	73.9	70.8	95.3	156	174
Interest expense	0.64	0.64
Other non-operating income	-0.18	0.44	3.6	13.2	4.57	2.69	-1.19	5.41	5.8	3.16
Pre-tax income	57.3	52.6	-19.1	124	114	76.6	69.6	101	161	177
Income tax	22.5	32	-3.47	42.6	27.7	21.5	22.9	30.9	48.7	50.8
Net income	34.8	20.6	-15.7	81.1	86.3	55.1	46.7	69.8	113	127
EBITDA	75.3	70.9	8.66	160	161	133	123	144	200	223
EPS, basic	3.28	1.93	-1.03	3.73	3.81	2.30	1.97	2.98	4.81	5.57
EPS, diluted	3.21	1.84	-1.03	3.67	3.77	2.28	1.94	2.91	4.67	5.41
Shares, basic (weighted)	10.6	10.7	15.2	21.7	22.6	24	23.7	23.4	23.4	22.7
Shares, diluted (weighted)	10.8	11.2	15.2	22.1	22.9	24.1	24	24	24.1	23.4
Dividend per share		1.00	1.50	2.10	2.40	2.40	2.40	2.40	2.40	2.40

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	129	156	312	420	188	269	214	168	137	141
Short-term investments			37.1	34.9	7.56	6.5	9.16	39.7	46.9	7.3
Receivables	20.5	23.1	55.7	51.5	50.2	51.3	63	76.1	76.1	78.2
Other current assets	10.8	11.3	15.8	18	39.5	40.8	43.3	44.8	44.8	49.1
Total current assets	161	190	420	524	286	368	329	329	305	278
Property, plant and equipment	73.1	73.8	123	117	159	151	133	119	111	107
Lease right-of-use assets				84.8	121	150	125	119	104	91.1
Goodwill	20.7	20.7	733	732	1,319	1,286	1,251	1,252	1,207	1,242
Intangible assets		7.26	328	273	326	276	261	252	245	249
Long-term investments			37.7	36.6	30.3	23.4	13.1	0.48	15	5
Other non-current assets	13.2	4.71	19.4	21.8	54.9	52.3	49.7	54.4	62.9	65.5
Total assets	299	321	1,661	1,789	2,296	2,306	2,162	2,125	2,050	2,039
Accounts payable	41.1	46.2	86	90.8	105	95.5	90.6	90.9	102	106
Deferred revenue	16.7	21.9	38.7	39.3	60.5	73.2	88.5	92.3	89.6	96.2
Total current liabilities	59.8	69.1	125	157	200	196	210	210	216	218
Long-term debt				0	142	142	101	61.4	0
Lease liabilities				80.6	106	163	134	128	103	93.2
Other non-current liabilities			1.26	41.5	46.1	47.1	46	45.6	40.2	45.1
Total liabilities	110	112	236	327	547	592	526	473	387	392
Total debt				0	142	142	101	61.4	0
Paid-in capital	35.5	47.1	1,307	0	1,520	1,530	1,511	1,518	1,532	1,437
Retained earnings	153	162	118	153	180	175	160	169	218	255
Other comprehensive income			0.03	0.23	48.9	9.2	-35.1	-34.2	-88.6	-46.1
Shareholders' equity	188	209	1,425	1,463	1,748	1,714	1,636	1,653	1,662	1,646
Total equity	188	209	1,425	1,463	1,748	1,714	1,636	1,653	1,662	1,646
Total liabilities and equity	299	321	1,661	1,789	2,296	2,306	2,162	2,125	2,050	2,039
Shares outstanding	11.1	11.2	21.7	22	24.4	24.6	24.4	24.4	24.5	23

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	34.8	20.6	-15.7	81.1	86.3	55.1	46.7	69.8	113	127
Depreciation and amortization	17.8	18.7	31.4	49.5	51.8	59.1	52	48.4	44.4	48.4
Stock-based compensation	10.8	11.6	15.5	12.2	14.6	18.1	21.8	19.8	25.6	23
Deferred income tax	-8.7	6.43	-16.3	-8.04	-13.4	-7.71	-8.67	-6.32	-0.15	7.73
Change in receivables	-1.45	-3.25	7.88	1.77	19.7	-0.2	-12.6	-12.9	0.22	-1.09
Change in payables	-0.26	4.47	1.14	0.25	-22.7	-6.7	-4.34	0.55	11.6	4.22
Cash from operations	44.5	56.2	46.9	202	143	181	126	117	169	198
Capital expenditures	-13.2	-18.1	-27.5	-38.7	-46.8	-49.4	-43.2	-36.9	-40.6	-44.3
Acquisitions	-7.64	0	168	0	-629	0	-0.8	-0.53	-0.18	-0.04
Purchases of investments		0	-1.24	-2.66	-1.86	0	0	0	0
Sales and maturities of investments		0	16.4	43.8	34.7	7.5	6.42	9.8	12.8	0.5
Cash from investing	-20.8	-18.1	130	-38.1	-642	-33.1	-31.4	-48.5	-64.4	8.51
Debt issued			0	0	146	0	0
Stock issued			0	0	220	0	0
Share buybacks			0	0	-0.25	-5.91	-40.1	-10	-11.5	-139
Dividends paid		-11.4	-27.8	-46.6	-56	-59	-59.2	-58.8	-59	-57.5
Cash from financing	-1.36	-11.4	-21.2	-55.8	279	-67.9	-142	-114	-137	-206
Exchange rate effect			0	0	1.62	-2.35	-4.09	-0.5	-3.47	2.31
Net change in cash	22.4	26.7	156	108	-218	77.2	-51.8	-45.5	-35.3	2.86
Free cash flow	31.4	38.1	19.3	163	96.1	131	82.9	80.2	129	154
Interest paid	0.3	0.4	0.4
Income taxes paid	31.6	26.2	13.4	48.8	45.4	27.3	26.8	42.9	49.2	48.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $76.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.0%	Operating income / revenue.
EBITDA margin	17.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.3%	Pre-tax income / revenue.
Net margin	10.5%	Net income / revenue.
FCF margin	13.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.8%	Cash from operations / revenue.
Effective tax rate	26.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.5%	Net income / average total assets.
Return on invested capital (ROIC)	8.7%	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%.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	3.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	35.0%	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	9.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	39.5%	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	8.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	15.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	40.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.5%	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	17.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.3%	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	6.8%	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	19.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	22.9%	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	9.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	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	-1.2%	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	-0.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.9%	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	-2.3%	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	-3.1%	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	-0.8%	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	0.5%	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	1.10x	Current assets / current liabilities.
Quick ratio	0.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.49x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	21.0%	Total liabilities / total assets.
Working capital	$25.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	73.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$124.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	11.7x	Revenue / average property, plant and equipment.
Receivables turnover	12.8x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
FCF conversion	125.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.19	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	$59.18	Revenue / diluted weighted shares.
FCF per share	$7.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.93	Cash from operations / diluted weighted shares.
Book value per share	$73.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.60	Tangible book value / shares outstanding.
Cash per share	$5.80	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	32.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	89.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.71B	Share price x shares outstanding.
Enterprise value	$1.58B	Market cap + total debt - cash - short-term investments.
P/E	12.7x	Market cap / net income. Only when net income is positive.
P/S	1.33x	Market cap / revenue.
P/B	1.04x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.7x	Market cap / tangible book value, when positive.
P/FCF	10.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.90x	Market cap / cash from operations, when positive.
EV/Sales	1.23x	Enterprise value / revenue.
EV/EBIT	8.75x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.93x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.36x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.9%	Free cash flow / market cap.
Earnings yield	7.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.2%	Dividends paid over the period / market cap.
Shareholder yield	12.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.31x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Strategic Education, Inc.'s revenue in fiscal 2025?

Strategic Education, Inc. reported revenue of $1.27B for fiscal 2025, 4% higher than the year before.

Was Strategic Education, Inc. profitable in fiscal 2025?

Yes. Net income was $126.6M, a net margin of 10%.

How much free cash flow did Strategic Education, Inc. generate in fiscal 2025?

Cash from operations of $198.2M minus capital expenditures of $44.3M left free cash flow of $153.9M.

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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