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Strategic Education cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$44.3M in Q3 2026 · $164M over twelve months

Operating cash flow$56.9M
Capital spending−$12.6M
Free cash flow+$44.3M

Analysis

In Q3 2026, Strategic Education generated $56.9M of operating cash flow and spent $12.6M on capital projects, leaving free cash flow of $44.3M. That is $5.0M less than in Q3 2025 ($49.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $213M; the largest uses were buybacks ($146M), dividends ($54.2M), capital spending ($49.1M); besides operations, cash came from other investing ($21.5M); the cash balance fell by $27.5M.

Operating cash flow was $56.9M against net income of −$98.3M. The largest differences: impairments +$134M, depreciation & amortization +$11.6M, receivables −$11.2M.

Free cash flow

Strategic Education: free cash flow by quarterStrategic Education: free cash flow by quarter$4.7MQ4 2024$57.3MQ1 2025$20.4MQ2 2025$49.3MQ3 2025$27.0MQ4 2025$77.3MQ1 2026$15.0MQ2 2026$44.3MQ3 2026
Operating cash flow less capital spending.
Strategic Education: operating cash flow against capital spendingStrategic Education: operating cash flow against capital spendingOperating cash flowCapital spending$15.9M$11.2MQ4 2024$67.7M$10.3MQ1 2025$31.2M$10.8MQ2 2025$60.1M$10.9MQ3 2025$39.2M$12.2MQ4 2025$87.4M$10.1MQ1 2026$29.2M$14.1MQ2 2026$56.9M$12.6MQ3 2026
Latest (Q3 2026): Operating cash flow $56.9M, Capital spending $12.6M.

Capital allocation, year by year

Strategic Education: where the cash came from (up) and went (down), by fiscal yearStrategic Education: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $181MFY2021: Asset sales $8.3MFY2021: Capital spending −$49.4MFY2021: Buybacks −$5.9MFY2021: Dividends −$59.0M$189MFY2021FY2022: Operating cash flow $126MFY2022: Net borrowing −$40.0MFY2022: Asset sales $6.5MFY2022: Capital spending −$43.2MFY2022: Acquisitions −$800KFY2022: Buybacks −$40.1MFY2022: Dividends −$59.2M$133MFY2022FY2023: Operating cash flow $117MFY2023: Net borrowing −$40.0MFY2023: Asset sales $5.9MFY2023: Capital spending −$36.9MFY2023: Acquisitions −$530KFY2023: Buybacks −$10.0MFY2023: Dividends −$58.8M$123MFY2023FY2024: Operating cash flow $169MFY2024: Net borrowing −$61.3MFY2024: Capital spending −$40.6MFY2024: Acquisitions −$177KFY2024: Buybacks −$11.5MFY2024: Dividends −$59.0M$169MFY2024FY2025: Operating cash flow $198MFY2025: Asset sales $2.2MFY2025: Capital spending −$44.3MFY2025: Acquisitions −$36KFY2025: Buybacks −$139MFY2025: Dividends −$57.5M$200MFY2025
Over these 5 years operating cash flow totalled $791M; the largest uses were dividends ($294M) and capital spending ($214M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$132M
Debtnone
Net cash$132M

Strategic Education funds itself: free cash flow was $164M over the last twelve months, with $132M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Strategic Education: sources (+) and uses (−) of cash, Q3 2026Strategic Education: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$56.9MBuybacks−$28.5MDividends−$13.1MCapital spending−$12.6MOther investing−$2.1MCash drawn (+) / kept (−)−$908KExchange rates$349K
Strategic Education: sources (+) and uses (−) of cash, TTM to Q3 2026Strategic Education: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$213MBuybacks−$146MDividends−$54.2MCapital spending−$49.1MCash drawn (+) / kept (−)$27.5MOther investing$21.5MOther financing−$12.5MExchange rates−$28K

From profit to cash

Strategic Education: net income to operating cash flow, Q3 2026Strategic Education: net income to operating cash flow, Q3 2026Net income−$98.3MDepreciation & amortization$11.6MStock-based pay$5.7MDeferred taxes$723KImpairments$134MReceivables−$11.2MPayables$5.9MDeferred revenue$9.3MPrepaid and other assets$413KOther liabilities−$452KIncome taxes payable−$806KOperating cash flow$56.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$56.9M−$12.6M—−$28.5M−$13.1M−$908K$44.3M
Q2 2026$29.2M−$14.1M—−$32.8M−$13.3M$28.7M$15.0M
Q1 2026$87.4M−$10.1M—−$40.0M−$13.6M−$11.3M$77.3M
Q4 2025$39.2M−$12.2M—−$44.6M−$14.2M$11.0M$27.0M
Q3 2025$60.1M−$10.9M−$20K−$34.3M−$14.2M−$15.5M$49.3M
Q2 2025$31.2M−$10.8M—−$28.0M−$14.4M$11.6M$20.4M
Q1 2025$67.7M−$10.3M—−$32.0M−$14.8M−$9.9M$57.3M
Q4 2024$15.9M−$11.2M−$14K−$6.5M−$14.7M$61.0M$4.7M

Strategic Education: income statement and cash flow

Strategic Education, Q3 2026: revenue $325M (+2% year over year), operating margin -26.9%. The chart follows the revenue to costs, profit and cash.

Strategic Education: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.