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How Strategic Education (STRA) makes money
Strategic Education (STRA) made $325M of revenue in the third quarter 2026 (Q3 2026), +2% from a year earlier. U.S. Higher Education brought in $214M (66%); Australia / New Zealand brought in $68.6M (21%); Education Technology Services brought in $42.8M (13%).
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| U.S. Higher Education | $214M | 65.7% | -3% | +0.3% |
| Australia / New Zealand | $68.6M | 21.1% | -8% | 0% |
| Education Technology Services | $42.8M | 13.2% | +1% | +12% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $325M | 100.0% |
| Income tax | $11.0M | 3.4% |
| Operating cash flow | $56.9M | 17.5% |
| Free cash flow | $44.3M | 13.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $325M | +2% |
| Q2 2026 | $337M | +5% |
| Q1 2026 | $306M | +0.8% |
| Q4 2025 | $323M | +4% |
| Q3 2025 | $320M | +5% |
| Q2 2025 | $321M | +3% |
| Q1 2025 | $304M | +5% |
From Strategic Education's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Strategic Education make money?
Strategic Education (STRA) made $325M of revenue in the third quarter 2026 (Q3 2026), +2% from a year earlier. U.S. Higher Education brought in $214M (66%); Australia / New Zealand brought in $68.6M (21%); Education Technology Services brought in $42.8M (13%).
What is Strategic Education's biggest business?
U.S. Higher Education: $214M in the third quarter 2026, 66% of revenue, +0.3% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.