Filing Flows › Strategic Education (STRA) › Q2 2026 › vs Q1 2026
Strategic Education (STRA) Q2 2026 vs Q1 2026 (quarter over quarter)
Strategic Education's revenue rose $31.3M (+10%) from $306M in Q1 2026 to $337M in Q2 2026. The biggest changes: Australia / New Zealand +$22.6M (+44%); U.S. Higher Education +$7.9M (+4%); Education Technology Services +$837K (+2%). Operating margin 15.0% against 13.4% (+1.5 pts).
Strategic Education, Q2 2026: revenue $337M (+5% year over year), operating margin 15.0%, net earnings $37.2M, operating cash flow $29.2M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 15.0% | 13.4% | +1.5 pts |
| Net margin | 11.0% | 10.7% | +0.3 pts |
| Free cash flow margin | 4.5% | 25.3% | -20.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| U.S. Higher Education | $221M | $213M | $7.9M | +4% |
| Australia / New Zealand | $74.4M | $51.8M | $22.6M | +44% |
| Education Technology Services | $42.4M | $41.5M | $837K | +2% |
| Revenue | $337M | $306M | $31.3M | +10% |
| Other income, net | $1.4M | $1.2M | $146K | +12% |
| Operating profit | $50.5M | $41.1M | $9.4M | +23% |
| Costs & expenses | $287M | $265M | $21.9M | +8% |
| Pre-tax earnings | $51.8M | $42.3M | $9.5M | +23% |
| General & admin | $106M | $108M | −$1.5M | -1% |
| Other operating costs | $180M | $157M | $23.5M | +15% |
| Net earnings | $37.2M | $32.8M | $4.3M | +13% |
| Income tax | $14.7M | $9.5M | $5.2M | +55% |
| Depreciation & amortization | $11.2M | $10.9M | $269K | +2% |
| Share-based compensation | $4.9M | $5.4M | −$513K | -10% |
| Working capital & other | $24.1M | −$38.3M | $62.3M | — |
| Operating cash flow | $29.2M | $87.4M | −$58.2M | -67% |
| Free cash flow (OCF − capex) | $15.0M | $77.3M | −$62.3M | -81% |
| Capital expenditures | $14.1M | $10.1M | $4.1M | +40% |
Questions
How much did Strategic Education's revenue grow quarter over quarter in Q2 2026?
Strategic Education's revenue rose $31.3M (+10%) from $306M in Q1 2026 to $337M in Q2 2026.
What drove Strategic Education's revenue change in Q2 2026?
Australia / New Zealand +$22.6M (+44%); U.S.