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Strategic Education (STRA) investor relations material
Strategic Education Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue increased up to $321.7 million, rising 4.6–5.1% year-over-year, led by strong Education Technology Services (ETS) and higher U.S. higher education revenue per student, while Australia/New Zealand (ANZ) faced declines due to regulatory and currency impacts.
Adjusted operating income rose up to $51.7 million, up 39–39.4% year-over-year, with a 400 basis point margin expansion; adjusted EPS increased 41–41.4% to $1.64 from $1.16.
Net income for Q3 2025 was $26.6 million, slightly down from $27.7 million year-over-year; adjusted net income rose to $38 million.
Total enrollment was 104,448, down 1.2% year-over-year, with U.S. higher education enrollment declining 1% and ANZ down 2.1%.
Strong cash position of $183 million and free cash flow of $127 million for the nine months ended September 30, 2025; annual cash dividend of $2.40 per share maintained.
Financial highlights
ETS revenue grew 45.6–46% to $38.3 million, with operating income up 47.8–48% to $16 million and margin at 41.7%.
U.S. higher education revenue increased 2.6–3% to $213.1 million, with operating income nearly doubling to $22.9–23 million and a 520 basis point margin increase.
ANZ revenue decreased 2–4.7% to $68.6–$70.3 million, with operating income down to $12.5–13 million.
Adjusted EBITDA rose to $69.6 million from $56.2 million year-over-year.
Free cash flow for the first nine months was $127 million, up from $124.1 million year-over-year.
Outlook and guidance
Management expects continued benefit from higher revenue per student in U.S. higher education and ongoing ETS growth.
Domestic enrollment growth in ANZ is expected to offset international declines, with new student growth anticipated in 2026.
Company remains on track to achieve long-term financial targets, with sufficient liquidity and no concerns about meeting 2026 goals.
Focus remains on quality, student outcomes, and economic mobility.
Quantify Workforce Edge's enrollment contribution
USHE unaffiliated enrollment decline strategy?
Detail ANZ regulatory changes and domestic growth plan
Progress on $100M operating expense savings
Impact of new ANZ transfer student rules
Capella vs Strayer enrollment growth strategy
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Next Strategic Education earnings date
Q4 202526 Feb, 2026
Next Strategic Education earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Strategic Education Inc provides postsecondary education and workforce training services through its portfolio of institutions and platforms. The company operates Strayer University and Capella University, offering degree programs, certifications, and online learning solutions. It serves working adults and corporate partners. The company is headquartered in Herndon, Virginia, and its shares are listed on the NASDAQ.
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