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Strategic Education (STRA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Strategic Education (STRA) Q3 2026 earnings results →
Q3 2026 Revenue up 2% year over year to $325M · 30¢ of every $1 of revenue lost · operating margin -26.9%
Strategic Education made $325M in Q3 2026 (+2% Y/Y): U.S. Higher Education $214M, Australia / New Zealand $68.6M, Education Technology Services $42.8M. Operating margin -26.9%, net loss $98.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $325.1M in Q3 2026, up 2% year over year and down 4% from the previous quarter. U.S. Higher Education was the largest line at 66% of revenue. Education Technology Services added $4.5M year over year (up 12%), 89% of the total change.
Operating costs exceeded revenue by $87.6M, an operating margin of -26.9%. Total costs grew 46% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+71%). The quarter ended with a net loss of $98.3M, after a profit of $37.2M the previous quarter.
Operating cash flow was $56.9M (down 5% year over year). Non-cash charges added back $11.6M of depreciation and amortization and $5.7M of share-based compensation. Working capital and other items added $137.9M. Capital expenditures of $12.6M left free cash flow of $44.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $325M | +2% | -26.9% | −$98.3M | $56.9M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $337M | +5% | 15.0% | $37.2M | $29.2M |
| Q1 2026 | 10-Q | Apr 23, 2026 | $306M | +0.8% | 13.4% | $32.8M | $87.4M |
| Q4 2025 | 10-K | Feb 27, 2026 | $323M | +4% | 16.0% | $37.9M | $39.2M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $320M | +5% | 11.6% | $26.6M | $60.1M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $321M | +3% | 14.2% | $32.3M | $31.2M |
| Q1 2025 | 10-Q | Apr 24, 2025 | $304M | +5% | 13.1% | $29.7M | $67.7M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Strategic Education
Strategic Education, Inc. (“SEI,” “we,” “us,” “our,” or “the Company”) is an education services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. We operate primarily through our wholly-owned subsidiaries, Capella University and Strayer University, both accredited post-secondary institutions of higher education located in the United States, and Torrens University, an accredited post-secondary institution of higher education located in Australia.
In its own words, from its 10-K, filed Feb 27, 2026.
Strategic Education against its Services-Educational Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +4%. Operating margin: -26.9% against the peers' median 12.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| STRA Strategic Education | Q3 2026 | $325M | +2% | -26.9% |
| GHC Graham Holdings | Q3 2026 | $1.3B | +4% | 6.4% |
| BSAA Best SPAC I Acquisition | Q1 2026 | $1.2B | — | 0.0% |
| LRN Stride | Q1 FY27 | $639M | +3% | 13.2% |
| CVSA Covista | Q1 FY27 | $512M | +11% | 19.2% |
| LAUR Laureate Education | Q3 2026 | $485M | +21% | 24.6% |
| LOPE Grand Canyon Education | Q3 2026 | $267M | +2% | 19.3% |
| PXED Phoenix Education Partners | Q4 FY26 | $261M | +1% | 12.0% |
| UTI Universal Technical Institute | Q3 FY26 | $219M | +7% | 1.5% |
Source: Strategic Education 10-Q on SEC EDGAR · CIK 1013934 · Services-Educational Services
Guidance and outlook
13F: who owns STRA and who is buying
More on STRA
- How Strategic Education makes money: revenue by segment
- Strategic Education next earnings date and what analysts expect
- Strategic Education stock forecast, price target and fair value
- Who owns Strategic Education stock: holders, funds and Congress trades
- Strategic Education guidance and outlook
- Is Strategic Education a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Strategic Education operating margin by quarter
- Strategic Education net income by quarter
- Strategic Education free cash flow by quarter
- Strategic Education capital expenditures by quarter
- Strategic Education U.S. Higher Education revenue by quarter
- Strategic Education Australia / New Zealand revenue by quarter
- Strategic Education Education Technology Services revenue by quarter