STRA

• Income from operations was $50.5 million (15.0% of revenue) versus $45.8 million (14.2%) in the prior year; net income was $37.2 million versus $32.3 million.
• Diluted EPS was $1.71 for Q2 2026, up from $1.37 in Q2 2025; adjusted diluted EPS on a constant currency basis was $1.76 versus $1.52.
• Education Technology Services revenue grew 15.4% to $42.4 million, with Sophia Learning subscribers up 32% and revenue up 26.7% to $20.7 million.
• The company recorded a $13.9 million reserve related to the Australian Fair Work Ombudsman compliance matter, impacting Q2 results.
• A quarterly cash dividend of $0.60 per share was declared, payable September 14, 2026.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Income from operations was $41.1 million (13.4% of revenue), up from $39.8 million (13.1%) in the prior year.
• Net income rose to $32.8 million from $29.7 million, and diluted EPS increased to $1.48 from $1.24.
• Education Technology Services revenue grew 21% to $41.5 million, with operating income up 42% to $19.7 million.
• The company declared a quarterly cash dividend of $0.60 per share, payable June 1, 2026.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Full-year 2025 income from operations was $174.2 million (13.7% of revenue), up from $155.6 million (12.8%) in 2024.
• Fourth-quarter 2025 revenue increased 3.8% to $323.2 million from $311.5 million in Q4 2024.
• Fourth-quarter 2025 diluted EPS was $1.66, up from $1.05 in Q4 2024; full-year diluted EPS was $5.41, up from $4.67.
• Declared a quarterly cash dividend of $0.60 per share, payable March 16, 2026.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Income from operations was $37.0 million (11.6% of revenue), compared to $36.3 million (11.9% of revenue) in Q3 2024.
• Net income was $26.6 million, down from $27.7 million in Q3 2024; diluted EPS was $1.15, unchanged year-over-year.
• Education Technology Services revenue grew 45.6% to $38.3 million, with Sophia Learning revenue up 42.2% to $17.8 million.
• Declared a quarterly cash dividend of $0.60 per share, payable December 8, 2025 to shareholders of record December 1, 2025.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Income from operations was $45.8 million (14.2% of revenue), up from $41.9 million (13.4% of revenue) in Q2 2024.
• Net income was $32.3 million, compared to $29.9 million in Q2 2024; diluted EPS was $1.37 versus $1.24.
• Education Technology Services revenue grew 49.6% to $36.7 million, with Sophia Learning revenue up 39.8% to $16.4 million.
• The company declared a quarterly cash dividend of $0.60 per share, payable September 15, 2025.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Jerry Johnson resigned from the Board of Directors of Strategic Education, Inc. on May 21, 2025, effective immediately.
• The company thanked Mr. Johnson for his service.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements

• Revenue for Q1 2025 was $303.6 million, up 4.6% from $290.3 million in Q1 2024.
• Net income was $29.7 million in Q1 2025, unchanged from Q1 2024.
• Adjusted EBITDA was $60.0 million in Q1 2025, up from $54.3 million in Q1 2024.
• The company declared a quarterly cash dividend of $0.60 per share, payable June 2, 2025.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• PwC's reports for fiscal years 2023 and 2024 contained no adverse opinion, disclaimer, or qualification.
• No disagreements or reportable events occurred between the Company and PwC during fiscal years 2023, 2024, and the interim period through February 27, 2025.
• On February 25, 2025, the Audit Committee approved engaging Deloitte & Touche LLP as the independent auditor for the fiscal year ending December 31, 2025, subject to standard client acceptance procedures.
• The Company had no prior consultations with Deloitte regarding accounting principles, disagreements, or reportable events during the relevant periods.

4.01 Changes in Registrant's Certifying Accountant · 9.01 Financial Statements and Exhibits