Filing Flows › Strategic Education (STRA) › Q3 2026 › vs Q2 2026
Strategic Education (STRA) Q3 2026 vs Q2 2026 (quarter over quarter)
Strategic Education's revenue fell $12.2M (-4%) from $337M in Q2 2026 to $325M in Q3 2026. The biggest changes: U.S. Higher Education −$6.9M (-3%); Australia / New Zealand −$5.8M (-8%); Education Technology Services +$487K (+1%).
Strategic Education, Q3 2026: revenue $325M (+2% year over year), operating margin -26.9%, net loss $98.3M, operating cash flow $56.9M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 13.6% | 4.5% | +9.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| U.S. Higher Education | $214M | $221M | −$6.9M | -3% |
| Australia / New Zealand | $68.6M | $74.4M | −$5.8M | -8% |
| Education Technology Services | $42.8M | $42.4M | $487K | +1% |
| Revenue | $325M | $337M | −$12.2M | -4% |
| Net loss | $98.3M | −$37.2M | $135M | — |
| Costs & expenses | $424M | $339M | $85.0M | +25% |
| Operating costs | $413M | $287M | $126M | +44% |
| Income tax | $11.0M | $14.7M | −$3.6M | -25% |
| General & admin | $110M | $106M | $4.0M | +4% |
| Other operating costs | $302M | $180M | $122M | +68% |
| Operating cash sources | $155M | −$8.0M | $163M | — |
| Depreciation & amortization | $11.6M | $11.2M | $395K | +4% |
| Share-based compensation | $5.7M | $4.9M | $857K | +18% |
| Working capital & other | $138M | −$24.1M | $162M | — |
| Net loss absorbed | $98.3M | −$37.2M | $135M | — |
| Operating cash flow | $56.9M | $29.2M | $27.8M | +95% |
| Free cash flow (OCF − capex) | $44.3M | $15.0M | $29.3M | +195% |
| Capital expenditures | $12.6M | $14.1M | −$1.5M | -11% |
Questions
How much did Strategic Education's revenue grow quarter over quarter in Q3 2026?
Strategic Education's revenue fell $12.2M (-4%) from $337M in Q2 2026 to $325M in Q3 2026.
What drove Strategic Education's revenue change in Q3 2026?
U.S.