Strategic Education, Inc. (STRA) FY2025 10-K Annual Report
Strategic Education, Inc. (STRA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Strategic Education, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Postsecondary education and job-ready skills training via Capella University, Strayer University, Torrens University, and related education technology services
- • New 2025 addition: Media Design School (MDS) became a wholly owned subsidiary of Strayer University with NZQA approval, adding creative/technology courses in New Zealand
- • Strategic shift: Integration of MDS under Strayer's Middle States accreditation while retaining ANZ segment reporting for MDS
- • Quantitative metric: Total USHE students 85,306 with 70% age 31 or older; ANZ students 19,514 with 45% international; Revenue $1.3 billion in 2025
- • Noteworthy fact: Introduction of tuition cap pricing at Capella University and expanded student success scholarships to promote affordability and retention
Risk Factors
- • Regulatory risk: Australian government proposed 2024 legislation limiting international student enrollments, impacting ANZ segment goodwill $510.3M and intangible assets $64.6M
- • Geopolitical/macro risk: ANZ segment enrollment down 1.8% YoY to 19,232 in 2025, driven by international enrollment constraints and FX headwinds
- • Operational/supply chain risk: ETS segment heavily dependent on employer partnerships for 32.3% of USHE enrollment, exposing revenue to contract renewal risks
- • Competitive/market disruption risk: Growth in Sophia Learning subscriptions challenging traditional degree programs, shifting revenue mix in ETS segment (+41.4% revenue growth in 2025)
- • Financial/structural risk: Restructuring costs rose to $21.9M in 2025 from $1.6M in 2024 due to severance and asset impairments affecting operating margins
Strategic Education, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.3B
▲ +4.0% YoY
Net Income
$127M
▲ +12.4% YoY
Operating Margin
13.7%
▲ +98bp YoY
Net Margin
10.0%
▲ +75bp YoY
ROE
7.7%
▲ +91bp YoY
Total Assets
$2.0B
▼ -0.5% YoY
EPS (Diluted)
$5.41
▲ +15.8% YoY
Operating Cash Flow
$198M
▲ +17.0% YoY
Source: XBRL data from Strategic Education, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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