Strategic Education, Inc. (STRA) Income Statement
STRA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSTRA revenue and net income
Where STRA's revenue goes
2025Each bar shows an amount and its share of revenue. STRA kept 10.0% of revenue as net income.
STRA profit margins
STRA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.0% | +6.0% | +4.3% | +11.3% |
| Gross profit | +9.1% | +9.9% | +4.6% | +12.0% |
| Operating income | +26.0% | +40.5% | +12.4% | +10.9% |
| Net income | +12.4% | +39.5% | +8.0% | +12.2% |
| EPS (diluted) | +27.1% | +35.3% | −1.7% | +5.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
STRA quarterly EPS vs estimates
Strategic Education beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $1.92).
STRA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.27B | $1.22B | $1.13B | $1.07B | $1.13B | $1.03B | $997.1M | $634.2M | $454.9M | $441.1M |
| Cost of revenue | $647.1M | $650.5M | $623.9M | $597.3M | $608.3M | $532.7M | $530.6M | $340.1M | $245.2M | $241.0M |
| Gross profit | $621.1M | $569.4M | $509.0M | $468.2M | $523.4M | $495.0M | $466.5M | $294.1M | $209.7M | $200.1M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $310.8M | $412.2M | $384.4M | $379.8M | $361.3M | $295.2M | $272.4M | $194.0M | $138.0M | $124.8M |
| Total operating expenses | $425.0M | $413.8M | $413.7M | $397.4M | $449.5M | $385.6M | $356.0M | $251.2M | $157.5M | $142.6M |
| Operating income | $196.1M | $155.6M | $95.3M | $70.8M | $73.9M | $109.4M | $110.5M | −$22.7M | $52.2M | $57.5M |
| Interest income | — | — | — | — | — | — | $145,000 | $700,000 | $1.1M | $180,000 |
| Interest expense | — | $3.8M | $7.2M | $7.7M | $3.6M | $1.4M | $30.7M | $0 | $642,000 | $642,000 |
| Income before taxes | $177.4M | $161.4M | $100.7M | $69.6M | $76.6M | $114.0M | $123.7M | −$19.1M | $52.6M | $57.3M |
| Income taxes | $50.8M | $48.7M | $30.9M | $22.9M | $21.5M | $27.7M | $42.6M | −$3.5M | $32.0M | $22.5M |
| Net income | $126.6M | $112.7M | $69.8M | $46.7M | $55.1M | $86.3M | $81.1M | −$15.7M | $20.6M | $34.8M |
| EBITDA | $225.8M | $201.7M | $170.4M | $137.1M | $214.0M | $244.7M | $237.3M | $97.5M | $75.3M | $72.3M |
| EPS (diluted) | $6.19 | $4.87 | $3.71 | $2.50 | $4.82 | $6.74 | $6.66 | $4.58 | $3.38 | $3.00 |
| Gross margin | 49.0% | 46.7% | 44.9% | 43.9% | 46.3% | 48.2% | 46.8% | 46.4% | 46.1% | 45.4% |
| Operating margin | 15.5% | 12.8% | 8.4% | 6.6% | 6.5% | 10.6% | 11.1% | −3.6% | 11.5% | 13.0% |
| Net margin | 10.0% | 9.2% | 6.2% | 4.4% | 4.9% | 8.4% | 8.1% | −2.5% | 4.5% | 7.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $337.3M | $305.9M | $323.2M | $319.9M | $321.5M | $303.6M | $311.5M | $306.0M | $312.3M | $290.2M | $302.7M | $285.9M |
| Cost of revenue | $177.9M | $154.8M | $159.9M | $162.7M | $166.2M | $158.3M | $166.9M | $162.7M | $163.2M | $157.7M | $153.8M | $155.7M |
| Gross profit | $159.4M | $151.2M | $163.3M | $157.2M | $155.3M | $145.3M | $144.6M | $143.3M | $149.0M | $132.5M | $149.0M | $130.2M |
| Sales, general & admin | $106.4M | $108.0M | $5.5M | $105.9M | $106.8M | $103.6M | $104.1M | $106.2M | $105.1M | $96.7M | $92.4M | $97.6M |
| Total operating expenses | $108.9M | $108.0M | $108.7M | $120.2M | $109.6M | $105.5M | $108.5M | $107.0M | $107.1M | $91.2M | $94.7M | $104.6M |
| Operating income | $50.5M | $43.2M | $54.6M | $37.0M | $45.8M | $39.8M | $36.0M | $36.3M | $41.9M | $41.4M | $54.2M | $25.6M |
| Interest expense | — | — | — | — | — | — | $400,000 | $700,000 | $1.3M | $1.4M | $1.4M | $2.0M |
| Income before taxes | $51.8M | $42.3M | $53.2M | $36.8M | $45.4M | $42.0M | $37.9M | $38.6M | $41.8M | $43.1M | $55.2M | $26.5M |
| Income taxes | $14.7M | $9.5M | $15.3M | $10.1M | $13.1M | $12.3M | $12.6M | $10.8M | $11.9M | $13.4M | $16.1M | $8.0M |
| Net income | $37.2M | $32.8M | $37.9M | $26.6M | $32.3M | $29.7M | $25.3M | $27.7M | $29.9M | $29.7M | $39.1M | $18.5M |
| EBITDA | $64.1M | $53.5M | $66.4M | $48.7M | $60.5M | $52.9M | $51.8M | $47.9M | $55.1M | $46.9M | $67.9M | $43.9M |
| EPS (diluted) | $1.76 | $1.41 | $1.74 | $1.63 | $1.52 | $1.30 | $1.27 | $1.16 | $1.33 | $1.11 | $1.68 | $0.97 |
| Gross margin | 47.3% | 49.4% | 50.5% | 49.1% | 48.3% | 47.9% | 46.4% | 46.8% | 47.7% | 45.7% | 49.2% | 45.5% |
| Operating margin | 15.0% | 14.1% | 16.9% | 11.6% | 14.2% | 13.1% | 11.6% | 11.9% | 13.4% | 14.2% | 17.9% | 9.0% |
| Net margin | 11.0% | 10.7% | 11.7% | 8.3% | 10.1% | 9.8% | 8.1% | 9.1% | 9.6% | 10.2% | 12.9% | 6.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in STRA's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
STRA financial results
In fiscal year 2025 (ended December 31, 2025), Strategic Education reported revenue of $1.3 billion, up 4.0% from the year before. It had net income of $126.6 million (up 12.4%), a net profit margin of 10.0%. Diluted earnings per share came to $6.19. Over five years revenue grew at an average rate of 4.3% a year.
See the STRA stock overview for the latest quote and news, or the STRA chart for price history and technical indicators.
STRA income statement FAQ
What is Strategic Education's annual revenue?
Strategic Education reported total revenue of $1.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 4.0% from $1.2 billion the previous year.
Is Strategic Education profitable?
Yes. Strategic Education reported net income of $126.6 million in fiscal 2025, a net profit margin of 10.0%; its operating margin was 15.5%.
What is Strategic Education's gross margin?
Strategic Education's gross margin was 49.0% in fiscal 2025: for every $100 of revenue, Strategic Education kept $49 after the direct cost of its products and services.
How fast is Strategic Education growing?
Revenue grew 4.3% a year on average over the last five fiscal years, from $1.0 billion to $1.3 billion.
What are Strategic Education's earnings per share?
Strategic Education earned $6.19 per diluted share in fiscal 2025, compared with $4.87 a year earlier.
When will Strategic Education report its next earnings?
Strategic Education is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Strategic Education's fiscal year end?
Strategic Education's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.