Filing Flows › Strategic Education (STRA) › Q3 2026
Strategic Education (STRA) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Strategic Education (STRA) reported revenue of $325M for the third quarter 2026 (Q3 2026), +2% from a year earlier and -4% from the quarter before. Operating margin was -26.9%, net loss $98.3M (30.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $325M | -4% | +2% |
| Operating profit | −$87.6M | -273% | -336% |
| Net earnings | −$98.3M | -365% | -469% |
| Operating cash flow | $56.9M | +95% | -5% |
| Free cash flow | $44.3M | +195% | -10% |
What changed
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.
Questions
What was Strategic Education's revenue in the third quarter 2026?
Strategic Education (STRA) reported revenue of $325M for the third quarter 2026 (Q3 2026), +2% from a year earlier and -4% from the quarter before.
Was Strategic Education profitable in the third quarter 2026?
Operating loss was $87.6M (-26.9% of revenue) and net loss $98.3M.