Short answer
Stride, Inc. (LRN) filed its fiscal 2026 10-K annual report with the SEC on Aug 5, 2026. It reported revenue of $2.5B (+4.7% year over year) and net income of $338M.
- Top risk flagged: Regulatory risk: Arkansas 2025 law mandates charter closure after 3 years of poor performance, risking contract termination and revenue loss
FY2026 key financial metrics · XBRL
- Revenue
- $2.5B
- +4.7% YoY
- Net income
- $338M
- +17.5% YoY
- Operating margin
- 17.9%
- +2.9 pp YoY
- Gross margin
- 37.8%
- −1.5 pp YoY
- EPS (diluted)
- $7.14
- +20.0% YoY
- ROE
- 20.7%
- +1.3 pp YoY
- Operating cash flow
- $434M
- +0.2% YoY
Source: XBRL data from the Stride, Inc. (LRN) FY2026 10-K on SEC EDGAR. USD.
Stride, Inc. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: technology-driven educational platform delivering online K-12 and adult learning via school-as-a-service and stand-alone products
- Emphasis on Career Learning market expansion with 57 schools/programs nationwide and adult learning growth through Galvanize, Tech Elevator, MedCerts
- Strategic focus on AI-assisted learning, mobile-enabled products, and enhanced personalization within platform functionality and curriculum
- Employees approx. 9,200, managing 9,600 teachers including 5,900 direct employees and 3,700 employed by partner schools
- 2025-26 school year operating 92 General Education and 57 Career Learning schools in 31 and 25 states plus D.C. respectively, showing geographic expansion
Management Discussion & Analysis
- Revenue $2,518.1M, up 4.7% YoY from $2,405.3M; General Education down 2.1% to $1,417.8M, Career Learning up 15.0% to $1,100.3M
- Operating income $450.8M, up 25.2% YoY; operating margin 17.9% vs 15.0% in prior year
- Best segment: Career Learning revenue $1,100.3M, up 15.0%; Worst: General Education revenue $1,417.8M, down 2.1%
- Net cash from operations $433.8M; capital expenditures $18.8M increase YoY; stock repurchases $188.7M; cash & equivalents $754.5M at year-end
- Board authorized $500M buyback through Oct 31, 2026; management cites growth in adult learning and expanding distribution channels as key strategies; potential risks from audit adjustments and school funding variability
Risk Factors
- Regulatory risk: Arkansas 2025 law mandates charter closure after 3 years of poor performance, risking contract termination and revenue loss
- Macroeconomic risk: Dependency on California schools (13 schools, none >10% revenue); statewide funding delays or cuts could materially impact finances
- Operational risk: Single logistics vendor manages all learning kits and materials from one warehouse; disruption could severely harm operations and revenue
- Competitive risk: Intense competition from traditional publishers and AI-enhanced education products may erode market share and margins
- Financial risk: Cash deposits exceed FDIC insured limits at major banks; failure of these institutions could disrupt access to uninsured funds and liquidity
Generated from the filing text; verify against the original. How to read a 10-K
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