Strategic Education, Inc. (STRA) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has stalled near $320M quarterly, but gross margin expanded from 45.7% in 2024Q1 to 47.3% in 2026Q2, and operating margin reached 15.0% in 2026Q2, driving EPS up 63% to $1.71.

Annual statement

STRA Income Statement

Strategic Education, Inc. (STRA) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	1.29B	1.27B	1.22B	1.13B	1.07B	1.13B	1.03B	997.14M	634.18M	454.85M	441.09M	434.44M	446.04M	503.6M	561.98M	627.43M	636.73M	511.96M	396.27M	318.01M	263.65M	220.51M	183.19M	147.03M	116.71M	92.88M	78.21M	69.8M	62.9M	53.1M	45M
Revenue Growth %	2.79%	3.96%	7.68%	6.33%	-5.85%	10.12%	3.06%	57.23%	39.43%	3.12%	1.53%	-2.6%	-11.43%	-10.39%	-10.43%	-1.46%	24.37%	29.19%	24.61%	20.62%	19.56%	20.37%	24.6%	25.97%	25.66%	18.75%	12.05%	10.97%	18.46%	18%	-
Cost of Goods Sold	656.24M	647.11M	650.5M	623.9M	597.32M	608.26M	532.66M	530.6M	340.08M	245.18M	241.03M	234.1M	236.3M	310.45M	300.1M	292M	205.21M	166.6M	130.84M	108.85M	91.12M	76.98M	63.86M	53.12M	41.6M	33.7M	28.19M	25.1M	22.4M	19.7M	16.8M
COGS % of Revenue	-	51.03%	53.32%	55.07%	56.06%	53.75%	51.83%	53.21%	53.62%	53.9%	54.64%	53.89%	52.98%	61.65%	53.4%	46.54%	32.23%	32.54%	33.02%	34.23%	34.56%	34.91%	34.86%	36.13%	35.64%	36.28%	36.04%	35.96%	35.61%	37.1%	37.33%
Gross Profit	635.23M	621.11M	569.43M	509.02M	468.16M	523.42M	494.99M	466.53M	294.11M	209.67M	200.06M	200.34M	209.74M	193.15M	261.88M	335.43M	431.52M	345.36M	265.44M	209.16M	172.53M	143.53M	119.33M	93.91M	75.11M	59.18M	50.03M	44.7M	40.5M	33.4M	28.2M
Gross Margin %	49.19%	48.97%	46.68%	44.93%	43.94%	46.25%	48.17%	46.79%	46.38%	46.1%	45.36%	46.11%	47.02%	38.35%	46.6%	53.46%	67.77%	67.46%	66.98%	65.77%	65.44%	65.09%	65.14%	63.87%	64.36%	63.72%	63.96%	64.04%	64.39%	62.9%	62.67%
Gross Profit Growth %	-	9.07%	11.87%	8.73%	-10.56%	5.74%	6.1%	58.63%	40.27%	4.8%	-0.14%	-4.48%	8.59%	-26.24%	-21.93%	-22.27%	24.95%	30.11%	26.91%	21.23%	20.2%	20.28%	27.07%	25.03%	26.92%	18.29%	11.92%	10.37%	21.26%	18.44%	-
Operating Expenses	574.53M	424.97M	413.81M	413.7M	397.4M	449.51M	385.61M	356M	251.19M	157.47M	142.59M	130.64M	127.99M	160.45M	148.29M	156.29M	215.75M	173M	269.42M	129.62M	92.99M	68.67M	53.85M	41.01M	33.88M	25.67M	19.1M	17.2M	14.3M	12.7M	12.2M
OpEx % of Revenue	-	33.51%	33.92%	36.52%	37.3%	39.72%	37.52%	35.7%	39.61%	34.62%	32.33%	30.07%	28.69%	31.86%	26.39%	24.91%	33.88%	33.79%	67.99%	40.76%	35.27%	31.14%	29.4%	27.89%	29.03%	27.64%	24.42%	24.64%	22.73%	23.92%	27.11%
Selling, General & Admin	319.31M	310.79M	412.16M	384.44M	379.82M	361.35M	295.23M	272.41M	194.03M	137.97M	124.76M	114.34M	111.33M	140.06M	121.92M	156.29M	215.75M	173M	138.59M	111.6M	92.99M	68.67M	53.85M	42.78M	33.88M	25.67M	19.1M	17.2M	14.3M	12.7M	11.2M
SG&A % of Revenue	-	24.51%	33.79%	33.93%	35.65%	31.93%	28.73%	27.32%	30.6%	30.33%	28.28%	26.32%	24.96%	27.81%	21.69%	24.91%	33.88%	33.79%	34.97%	35.09%	35.27%	31.14%	29.4%	29.1%	29.03%	27.64%	24.42%	24.64%	22.73%	23.92%	24.89%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	3M	114.18M	1.65M	29.26M	17.58M	88.17M	90.38M	83.59M	3.6M	19.49M	17.83M	16.3M	16.66M	20.39M	26.37M	0	0	0	0	18.02M	0	0	0	-1.77M	0	0	0	0	0	0	1M
Operating Income	60.7M	196.14M	155.63M	95.32M	70.76M	73.91M	109.38M	110.53M	-22.74M	52.21M	57.47M	69.7M	81.75M	32.7M	113.59M	179.14M	215.77M	172.35M	126.85M	79.54M	79.54M	74.86M	65.48M	52.9M	41.23M	33.51M	30.93M	27.5M	26.2M	20.7M	16M
Operating Margin %	4.7%	15.47%	12.76%	8.41%	6.64%	6.53%	10.64%	11.08%	-3.59%	11.48%	13.03%	16.04%	18.33%	6.49%	20.21%	28.55%	33.89%	33.67%	32.01%	25.01%	30.17%	33.95%	35.75%	35.98%	35.33%	36.08%	39.54%	39.4%	41.65%	38.98%	35.56%
Operating Income Growth %	-	26.03%	63.27%	34.71%	-4.26%	-32.43%	-1.04%	586.07%	-143.56%	-9.16%	-17.54%	-14.74%	149.98%	-71.21%	-36.59%	-16.98%	25.19%	35.87%	59.49%	0%	6.24%	14.33%	23.79%	28.31%	23.05%	8.34%	12.46%	4.96%	26.57%	29.38%	-
EBITDA	107.93M	244.55M	200.01M	152.63M	133.88M	177.33M	218.54M	215.39M	31.8M	70.94M	75.29M	87.8M	102.38M	68.26M	137.56M	200.67M	232.8M	186.01M	136.81M	87.8M	86.78M	81.71M	71.47M	57.6M	44.78M	36.15M	32.99M	29.4M	27.8M	21.9M	17M
EBITDA Margin %	8.36%	19.28%	16.39%	13.47%	12.57%	15.67%	21.27%	21.6%	5.01%	15.6%	17.07%	20.21%	22.95%	13.56%	24.48%	31.98%	36.56%	36.33%	34.52%	27.61%	32.92%	37.06%	39.01%	39.18%	38.37%	38.92%	42.18%	42.12%	44.2%	41.24%	37.78%
EBITDA Growth %	-47.38%	22.27%	31.04%	14%	-24.5%	-18.86%	1.46%	577.27%	-55.17%	-5.77%	-14.25%	-14.24%	49.97%	-50.38%	-31.45%	-13.8%	25.15%	35.97%	55.82%	1.16%	6.21%	14.33%	24.07%	28.64%	23.87%	9.58%	12.21%	5.76%	26.94%	28.82%	-
D&A (Non-Cash Add-back)	47.23M	48.41M	44.38M	57.31M	63.12M	103.42M	109.15M	104.86M	54.54M	18.73M	17.82M	18.1M	20.63M	35.56M	23.97M	21.52M	17.03M	13.66M	9.96M	8.26M	7.25M	6.85M	5.99M	4.7M	3.55M	2.64M	2.06M	1.9M	1.6M	1.2M	1M
EBIT	61.12M	177.39M	157.28M	113.12M	73.99M	110.58M	135.54M	132.46M	-19.14M	56.58M	54.26M	70.12M	81.75M	87.1M	113.59M	179.29M	217M	172.35M	126.85M	104.05M	84.08M	77.85M	67.08M	52.9M	41.23M	33.51M	30.93M	27.5M	26.3M	20.7M	16M
Net Interest Income	0	0	0	0	0	0	1.2M	3.4M	0	-642K	-642K	-3.57M	-5.13M	-5.42M	-4.62M	-3.77M	1.23M	1.41M	4.53M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	2.6M	3.4M	0	0	0	283K	117K	0	0	0	1.23M	1.41M	4.53M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	1.4M	0	0	642K	642K	3.85M	5.25M	5.42M	4.62M	3.77M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-693K	-18.75M	5.8M	5.41M	-1.19M	2.69M	4.57M	13.19M	3.6M	437K	-180K	-3.57M	-5.13M	-5.42M	-4.61M	-3.62M	1.23M	1.41M	4.53M	6.5M	4.54M	2.98M	1.59M	2.42M	1.28M	3.79M	4.76M	4.3M	3.2M	2.7M	1M
Pretax Income	60.01M	177.39M	161.43M	100.73M	69.57M	76.6M	113.96M	123.72M	-19.14M	52.65M	57.29M	66.13M	76.62M	27.28M	108.97M	175.52M	217M	173.76M	131.38M	104.05M	84.08M	77.85M	67.08M	55.32M	42.51M	37.3M	35.68M	31.8M	29.4M	23.4M	17M
Pretax Margin %	4.65%	13.99%	13.23%	8.89%	6.53%	6.77%	11.09%	12.41%	-3.02%	11.57%	12.99%	15.22%	17.18%	5.42%	19.39%	27.97%	34.08%	33.94%	33.15%	32.72%	31.89%	35.3%	36.62%	37.63%	36.43%	40.16%	45.62%	45.56%	46.74%	44.07%	37.78%
Income Tax	50.44M	50.78M	48.75M	30.93M	22.9M	21.51M	27.69M	42.59M	-3.47M	32.03M	22.49M	26.11M	30.26M	10.86M	43.05M	69.48M	85.74M	68.68M	50.57M	39.12M	31.77M	29.78M	25.84M	21.65M	16.73M	14.49M	13.97M	12.5M	11.4M	9M	2.7M
Effective Tax Rate %	84.06%	28.63%	30.2%	30.71%	32.92%	28.08%	24.3%	34.42%	18.12%	60.85%	39.26%	39.48%	39.5%	39.8%	39.5%	39.58%	39.51%	39.53%	38.49%	37.59%	37.79%	38.26%	38.52%	39.13%	39.35%	38.85%	39.16%	39.31%	38.78%	38.46%	15.88%
Net Income	9.57M	126.61M	112.68M	69.79M	46.67M	55.09M	86.27M	81.14M	-15.67M	20.61M	34.8M	40.02M	46.36M	16.43M	65.93M	106.04M	131.26M	105.08M	80.81M	64.94M	52.31M	48.06M	41.24M	33.67M	25.78M	22.81M	21.71M	19.3M	17.9M	14.4M	14.3M
Net Margin %	0.74%	9.98%	9.24%	6.16%	4.38%	4.87%	8.39%	8.14%	-2.47%	4.53%	7.89%	9.21%	10.39%	3.26%	11.73%	16.9%	20.61%	20.52%	20.39%	20.42%	19.84%	21.8%	22.51%	22.9%	22.09%	24.56%	27.76%	27.65%	28.46%	27.12%	31.78%
Net Income Growth %	-91.61%	12.36%	61.46%	49.54%	-15.28%	-36.14%	6.32%	617.76%	-176.03%	-40.77%	-13.05%	-13.66%	182.23%	-75.09%	-37.83%	-19.21%	24.92%	30.03%	24.44%	24.15%	8.83%	16.55%	22.47%	30.6%	13.04%	5.07%	12.48%	7.82%	24.31%	0.7%	-
Net Income (Continuing)	9.57M	126.61M	112.68M	69.79M	46.67M	55.09M	86.27M	81.14M	-15.67M	20.61M	34.8M	40.02M	46.36M	16.43M	65.93M	106.04M	131.26M	105.08M	80.81M	64.94M	52.31M	48.06M	41.24M	33.67M	25.78M	22.81M	21.71M	19.3M	17.9M	14.4M	14.3M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	0.45	5.42	4.67	2.91	1.94	2.28	3.77	3.67	-1.03	1.84	3.21	3.73	4.35	1.55	5.76	8.88	9.70	7.60	5.67	4.47	3.61	3.26	2.74	2.27	1.78	1.55	1.41	1.23	1.12	0.93	0.55
EPS Growth %	-96.47%	16.06%	60.48%	50%	-14.91%	-39.52%	2.72%	456.31%	-155.98%	-42.68%	-13.94%	-14.25%	180.65%	-73.09%	-35.14%	-8.45%	27.63%	34.04%	26.85%	23.82%	10.74%	18.98%	20.7%	27.53%	14.84%	9.93%	14.63%	9.82%	20.43%	69.09%	-
EPS (Basic)	-	5.58	4.81	2.98	1.97	2.30	3.81	3.73	-1.03	1.93	3.28	3.78	4.39	1.55	5.79	8.91	9.78	7.67	5.77	4.56	3.69	3.32	2.91	2.67	2.14	1.62	1.42	1.25	1.15	0.96	0.56
Diluted Shares Outstanding	21.03M	22.82M	24.14M	23.96M	24M	24.12M	22.86M	22.1M	15.19M	11.2M	10.85M	10.74M	10.65M	10.62M	11.44M	11.94M	13.54M	13.82M	14.24M	14.52M	14.49M	14.74M	15.06M	14.86M	10.58M	14.74M	15.4M	15.69M	15.98M	15.48M	16.44M
Basic Shares Outstanding	21.03M	22.18M	23.41M	23.4M	23.68M	23.95M	22.63M	21.73M	15.19M	10.68M	10.61M	10.59M	10.56M	10.58M	11.39M	11.91M	13.43M	13.7M	14.02M	14.25M	14.19M	14.47M	13.67M	10.69M	8.62M	10.97M	15.29M	15.44M	15.57M	15M	16.44M
Dividend Payout Ratio	-	45.45%	52.33%	84.22%	126.93%	107.19%	64.86%	57.46%	-	55.39%	-	-	-	-	71.79%	46.31%	33.93%	30.1%	64.26%	29.3%	29.22%	18.78%	13.69%	17.92%	28.79%	22.2%	17.3%	17.1%	15.64%	17.36%	172.03%

Key Metrics

Growth RegimeStable

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Revenue growth plateauing

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Stalls Near $320M

STRA's quarterly revenue has hovered around $320M for the past year, with year-over-year growth decelerating from 13.1% in 2024Q1 to 4.9% in 2026Q2, as per recent financial statements.

The company's revenue growth has clearly plateaued, with sequential quarters showing minimal variation (e.g., $319.9M in 2025Q3 vs. $321.5M in 2025Q2). The deceleration from double-digit growth in early 2024 to mid-single digits suggests the enrollment-driven expansion is maturing. Investors should monitor whether new program launches or marketing initiatives can reaccelerate growth, as the current trajectory appears capped.

Gross Margin Expansion Offsets Slowing Growth

Gross margin improved from 45.7% in 2024Q1 to 47.3% in 2026Q2, as reported in quarterly filings, indicating modest pricing power or cost efficiencies despite revenue stagnation.

The 160 basis point gross margin expansion over the period suggests STRA is managing its cost of services effectively, possibly through scale or pricing adjustments. However, the margin remains below peers like PRDO (71.7%) and LOPE (53.2%), implying structural differences in delivery model. The stability of gross margin around 47-50% in recent quarters suggests limited further upside without significant operational changes.

Operating Leverage Emerges in 2026

Operating margin expanded from 11.6% in 2024Q4 to 15.0% in 2026Q2, driven by SG&A discipline, as per income statement data, despite flat revenue growth.

The 340 basis point improvement in operating margin over six quarters indicates that SG&A expenses have been well-controlled, with 2026Q2 SG&A at $106.4M versus $104.1M in 2024Q4, a modest increase relative to revenue growth. This suggests the company is achieving operating leverage as it scales its fixed cost base. However, the 2025Q4 SG&A figure of -$5.5M appears anomalous, likely due to a one-time credit, which investors should not extrapolate.

EPS Growth Outpaces Revenue on Margin Gains

Diluted EPS rose from $1.05 in 2024Q4 to $1.71 in 2026Q2, a 63% increase, while revenue grew only 8% over the same period, according to reported figures.

The EPS growth is primarily driven by margin expansion and a lower share count, as SBC has remained stable around $5-6M per quarter. The tax rate appears consistent, with net margin improving from 8.1% to 11.0%. This quality of earnings is high because it stems from operational efficiency rather than one-time items, though the sustainability of such margin gains warrants monitoring.

SG&A Discipline Drives Profitability

SG&A as a percentage of revenue declined from 33.3% in 2024Q1 to 31.5% in 2026Q2, as per financial statements, indicating improved cost control.

The reduction in SG&A intensity is notable given the flat revenue environment, suggesting management has been prudent in controlling administrative and marketing expenses. COGS has also been managed, with gross margin improving. However, R&D is not separately disclosed, implying it may be embedded in SG&A or COGS, which limits visibility into innovation spending. Investors should monitor whether cost cuts are sustainable without impacting enrollment growth.

Growth Stagnation Could Pressure Valuation

With revenue growth decelerating to 4.9% in 2026Q2 and operating margin near 15%, STRA's ability to expand further is limited, as per income statement data.

Short-sellers might argue that the company's growth has stalled, and the margin improvements are nearing their ceiling. The 2025Q4 SG&A anomaly (negative $5.5M) inflates operating income for that quarter, and if normalized, the margin trend is less impressive. Additionally, peer comparison shows STRA's operating margin (15%) is below PRDO (23.2%) and LOPE (27.4%), suggesting potential competitive disadvantages. If revenue growth remains subdued, the market may re-rate the stock lower.

STRA — Frequently Asked Questions

Quick answers to the most common questions about buying STRA stock.

What was Strategic Education, Inc.'s (STRA) revenue in 2025?

For fiscal year 2025, Strategic Education, Inc. (STRA) reported total revenue of $1.27B. This represents a 2718.3% increase compared to $45.0M in 1996.

Is Strategic Education, Inc. (STRA) profitable?

Strategic Education, Inc. (STRA) is profitable, generating $126.6M in net income for the fiscal year ending 2025 with a net profit margin of 10.0%.

What is Strategic Education, Inc.'s operating profit margin?

Strategic Education, Inc. (STRA) reported an operating income of $196.1M, resulting in an operating profit margin of 15.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Strategic Education, Inc.'s gross profit and gross margin?

Strategic Education, Inc. (STRA) generated $621.1M in gross profit for the year, representing a gross profit margin of 49.0%. This demonstrates the company's core pricing power and production efficiency.