Filing Flows › Strategic Education (STRA) › Q3 2026 › vs Q3 2025
Strategic Education (STRA) Q3 2026 vs Q3 2025 (year over year)
Strategic Education's revenue rose $5.1M (+2%) from $320M in Q3 2025 to $325M in Q3 2026. The biggest changes: Education Technology Services +$4.5M (+12%); U.S. Higher Education +$597K (+0.3%); Australia / New Zealand −$27K (0%).
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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 13.6% | 15.4% | -1.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| U.S. Higher Education | $214M | $213M | $597K | +0.3% |
| Australia / New Zealand | $68.6M | $68.6M | −$27K | 0% |
| Education Technology Services | $42.8M | $38.3M | $4.5M | +12% |
| Revenue | $325M | $320M | $5.1M | +2% |
| Net loss | $98.3M | −$26.6M | $125M | — |
| Costs & expenses | $424M | $320M | $104M | +32% |
| Operating costs | $413M | $283M | $130M | +46% |
| Income tax | $11.0M | $10.1M | $884K | +9% |
| General & admin | $110M | $106M | $4.5M | +4% |
| Other operating costs | $302M | $177M | $125M | +71% |
| Operating cash sources | $155M | $33.5M | $122M | +363% |
| Depreciation & amortization | $11.6M | $12.0M | −$372K | -3% |
| Share-based compensation | $5.7M | $5.9M | −$138K | -2% |
| Working capital & other | $138M | $15.7M | $122M | +780% |
| Net loss absorbed | $98.3M | −$26.6M | $125M | — |
| Operating cash flow | $56.9M | $60.1M | −$3.2M | -5% |
| Free cash flow (OCF − capex) | $44.3M | $49.3M | −$5.0M | -10% |
| Capital expenditures | $12.6M | $10.9M | $1.8M | +16% |
Questions
How much did Strategic Education's revenue grow year over year in Q3 2026?
Strategic Education's revenue rose $5.1M (+2%) from $320M in Q3 2025 to $325M in Q3 2026.
What drove Strategic Education's revenue change in Q3 2026?
Education Technology Services +$4.5M (+12%); U.S.