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Graham vs Strategic Education: revenue, profit, margins and growth compared

Graham brought in $4.9B of revenue in fiscal 2025, Strategic Education $1.3B in fiscal 2025. Revenue changed by +2.5% at Graham and +4.0% at Strategic Education on the year before, so Strategic Education grew faster. Graham kept 6.0% of its revenue as net profit, Strategic Education 10.0%. Free cash flow was $275.3M at Graham and $153.9M at Strategic Education.

Side by side, latest fiscal year

GHCSTRA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.9B$1.3B
Revenue growth+2.5%+4.0%
Net income$292.3M$126.6M
Net margin6.0%10.0%
Free cash flow$275.3M$153.9M
Free cash flow margin5.6%12.1%
Earnings per share (diluted)$66.47$5.41
Cash$267M$140.8M
Debt$880.8Mn/a
Price to earnings17.414.2
Market value$4.9B$1.7B
Dividend yield0.62%3.12%
Rank by revenue in sector#12 of 162 · Real estate#52 of 162 · Real estate

Over the years

Revenue
GHC FY2018: $2.7BGHC FY2019: $2.9BGHC FY2020: $2.9BGHC FY2021: $3.2BGHC FY2022: $3.9BGHC FY2023: $4.4BGHC FY2024: $4.8BGHC FY2025: $4.9BSTRA FY2018: $634.2MSTRA FY2019: $997.1MSTRA FY2020: $1BSTRA FY2021: $1.1BSTRA FY2022: $1.1BSTRA FY2023: $1.1BSTRA FY2024: $1.2BSTRA FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
GHC $4.9BSTRA $1.3B
Net income
GHC FY2018: $271.2MGHC FY2019: $327.9MGHC FY2020: $300.4MGHC FY2021: $352.1MGHC FY2022: $67.1MGHC FY2023: $205.3MGHC FY2024: $724.6MGHC FY2025: $292.3MSTRA FY2018: -$15.7MSTRA FY2019: $81.1MSTRA FY2020: $86.3MSTRA FY2021: $55.1MSTRA FY2022: $46.7MSTRA FY2023: $69.8MSTRA FY2024: $112.7MSTRA FY2025: $126.6MFY18FY19FY20FY21FY22FY23FY24FY25
GHC $292.3MSTRA $126.6M
Net margin
GHC FY2018: 10.1%GHC FY2019: 11.2%GHC FY2020: 10.4%GHC FY2021: 11.1%GHC FY2022: 1.7%GHC FY2023: 4.6%GHC FY2024: 15.1%GHC FY2025: 6.0%STRA FY2018: -2.5%STRA FY2019: 8.1%STRA FY2020: 8.4%STRA FY2021: 4.9%STRA FY2022: 4.4%STRA FY2023: 6.2%STRA FY2024: 9.2%STRA FY2025: 10.0%FY18FY19FY20FY21FY22FY23FY24FY25
GHC 6.0%STRA 10.0%
Revenue growth
GHC FY2019: +8.8%GHC FY2020: -1.5%GHC FY2021: +10.3%GHC FY2022: +23.2%GHC FY2023: +12.5%GHC FY2024: +8.5%GHC FY2025: +2.5%STRA FY2019: +57.2%STRA FY2020: +3.1%STRA FY2021: +10.1%STRA FY2022: -5.9%STRA FY2023: +6.3%STRA FY2024: +7.7%STRA FY2025: +4.0%FY19FY20FY21FY22FY23FY24FY25
GHC +2.5%STRA +4.0%
Free cash flow
GHC FY2018: $188.8MGHC FY2019: $71.7MGHC FY2020: $141.1MGHC FY2021: $39.9MGHC FY2022: $152.9MGHC FY2023: $166.4MGHC FY2024: $324.1MGHC FY2025: $275.3MSTRA FY2018: $19.3MSTRA FY2019: $163.5MSTRA FY2020: $96.1MSTRA FY2021: $131.1MSTRA FY2022: $82.9MSTRA FY2023: $80.2MSTRA FY2024: $128.8MSTRA FY2025: $153.9MFY18FY19FY20FY21FY22FY23FY24FY25
GHC $275.3MSTRA $153.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Graham and Strategic Education

Which is bigger by revenue, Graham or Strategic Education?

Graham is bigger by revenue: $4.9B in fiscal 2025, against $1.3B for Strategic Education in fiscal 2025.

Which keeps more of its revenue as profit, Graham or Strategic Education?

Graham had a net margin of 6.0% in fiscal 2025; Strategic Education had 10.0% in fiscal 2025.

Which grew revenue faster, Graham or Strategic Education?

In their latest fiscal years revenue changed by +2.5% at Graham and +4.0% at Strategic Education.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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