Short answer
Stride, Inc. (LRN) filed its fiscal 2025 10-K annual report with the SEC on Aug 6, 2025. It reported revenue of $2.4B (+17.9% year over year) and net income of $288M.
- Top risk flagged: Regulatory risk: 2025 Arkansas law requires charter revocation after 3 years poor performance, threatening school authorization and revenue
FY2025 key financial metrics · XBRL
- Revenue
- $2.4B
- +17.9% YoY
- Net income
- $288M
- +41.0% YoY
- Operating margin
- 15.0%
- +2.7 pp YoY
- Gross margin
- 39.2%
- +1.8 pp YoY
- EPS (diluted)
- $5.95
- +26.9% YoY
- ROE
- 19.5%
- +2.1 pp YoY
- Operating cash flow
- $433M
- +55.2% YoY
Source: XBRL data from the Stride, Inc. (LRN) FY2025 10-K on SEC EDGAR. USD.
Stride, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Technology platform delivering comprehensive K-12 online learning via school-as-a-service focusing on General Education and Career Learning
- Emphasized expansion of Career Learning and Adult Learning programs post-2020 acquisitions of Galvanize, Tech Elevator, MedCerts
- Strategic focus on personalized, AI-assisted learning and integration of mobile, flexible solutions enhancing user experience
- Fiscal 2025: Supported 89 General Education schools in 31 states and DC; 56 Career Learning schools/programs in 27 states and DC
- Employee count approximately 8,600 (including teachers), with total 9,100 teachers managed, highlighting scale in virtual education workforce
Management Discussion & Analysis
- Operating cash flow $432.8M, up $154M YoY from $278.8M due to higher net income and favorable working capital changes
- Investing cash outflow $88.0M, down $51.9M YoY from $139.9M due to $65.8M higher marketable securities maturities and $1.7M lower capex
- Financing cash outflow $62.9M, up $13.8M YoY from $49.1M driven by $13.2M higher restricted stock repurchases for tax withholdings and $0.6M higher finance lease repayments
- Convertible Notes issued $420M at 1.125% due 2027, $408.6M net proceeds, includes $60.4M capped call cost to reduce dilution
- Credit Facility $100M fully repaid from Notes proceeds, expired Jan 2025, no renewal; Lease liabilities $86.9M vs $55.6M prior year, rates 4.42%-6.72%
- No explicit revenue or margin figures disclosed; management expects operational cash and working capital adequate for ongoing and strategic needs
Risk Factors
- Regulatory risk: 2025 Arkansas law requires charter revocation after 3 years poor performance, threatening school authorization and revenue
- Macroeconomic risk: Exposure to California with 13 schools, none >10% revenue but possible aggregate funding cuts or payment delays harming cash flow
- Operational risk: Single vendor dependency for managing, assembling, and shipping learning kits and materials creates supply vulnerability
- Competitive risk: Increasing competition in education sector with risk of inability to keep pace with AI and other technology advancements
- Financial risk: Annual contract renewals for 89 schools in 31 states; loss or unfavorable renewal of key contracts would reduce revenue and cash flow
Generated from the filing text; verify against the original. How to read a 10-K
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