Revenue: As of FY2026 Q2, the actual value is USD 337.26 M, beating the estimate of USD 327.55 M.

EPS: As of FY2026 Q2, the actual value is USD 1.71.

EBIT: As of FY2026 Q2, the actual value is USD 51.83 M.

Consolidated Operational Metrics (Three Months Ended June 30, 2026 vs. 2025)

Income from Operations

Income from operations for Strategic Education, Inc. was $50.5 million, or 15.0% of revenue, for the three months ended June 30, 2026, up from $45.8 million, or 14.2% of revenue, for the same period in 2025. Adjusted income from operations on a constant currency basis was $52.7 million, compared to $48.5 million for the same period in 2025, with an adjusted operating income margin of 16.0% compared to 15.1%.

Net Income

Net income was $37.2 million for the three months ended June 30, 2026, compared to $32.3 million for the same period in 2025. Adjusted net income on a constant currency basis was $38.2 million, compared to $35.8 million for the same period in 2025.

Adjusted EBITDA

Adjusted EBITDA was $71.7 million, compared to $68.3 million for the same period in 2025.

Share Repurchases

Strategic Education, Inc. repurchased 420,624 shares of common stock for $32.8 million during the three months ended June 30, 2026, and 913,729 shares for $72.7 million during the six months ended June 30, 2026.

Bad Debt Expense

Consolidated bad debt expense as a percentage of revenue was 3.3% for the second quarter of 2026, compared to 4.0% for the same period in 2025.

Education Technology Services Segment Operational Metrics (Three Months Ended June 30, 2026 vs. 2025)

Operational Metrics

ETS income from operations was $19.6 million, compared to $15.0 million for the same period in 2025. The operating income margin was 46.2%, compared to 41.0% for the same period in 2025.

Unique Metrics

Average total subscribers at Sophia Learning increased approximately 32% year-over-year. Sophia Learning revenue increased 26.7% to $20.7 million, compared to $16.4 million for the same period in 2025. Workforce Edge had 81 corporate agreements, collectively employing approximately 4,020,000 employees as of June 30, 2026.

U.S. Higher Education Segment Operational Metrics (Three Months Ended June 30, 2026 vs. 2025)

Operational Metrics

Income from operations was $32.4 million, compared to $20.8 million for the same period in 2025. The operating income margin was 14.7%, compared to 9.6% for the same period in 2025.

Unique Metrics

Student enrollment decreased 0.5% to 85,894, compared to 86,339 for the same period in 2025. Employer affiliated enrollment reached 34.7% of USHE enrollment, up from 31.8% in the prior year. The healthcare portfolio’s total enrollment increased 11% year-over-year, comprising 52% of USHE total enrollment, up from 47% in the prior year. Approximately 38% of USHE’s total healthcare enrollment is from employer partners. FlexPath enrollment constituted 25% of USHE enrollment, compared to 23% in the prior year, with healthcare programs making up 73% of FlexPath enrollment.

Australia/New Zealand Segment Operational Metrics (Three Months Ended June 30, 2026 vs. 2025)

Operational Metrics

Income from operations was $1.0 million, compared to $12.8 million for the same period in 2025. The operating income margin was 1.3%, compared to 18.4% for the same period in 2025. On a constant currency basis, income from operations was $0.8 million, compared to $12.8 million for the same period in 2025, with an operating income margin of 1.2% compared to 18.4%. Strategic Education, Inc. recorded a $13.9 million reserve ($12.7 million on a constant currency basis) associated with the Australian Fair Work Ombudsman compliance matter.

Unique Metrics

Student enrollment decreased 5.2% to 17,555, compared to 18,524 for the same period in 2025.

Balance Sheet and Cash Flow (Six Months Ended June 30, 2026 vs. 2025)

Cash and Marketable Securities

As of June 30, 2026, Strategic Education, Inc. had cash, cash equivalents, and marketable securities totaling $133.8 million.

Cash Flow from Operating Activities

Cash provided by operations was $116.6 million for the first six months of 2026, compared to $98.9 million for the same period in 2025.

Capital Expenditures

Capital expenditures were $24.2 million for the first six months of 2026, compared to $21.2 million for the same period in 2025. Including cloud computing investments, capital expenditures were $28.6 million, compared to $29.7 million for the same period in 2025.

Free Cash Flow

Free cash flow was $92.4 million for the first six months of 2026, compared to $77.7 million for the same period in 2025.

Common Stock Cash Dividend

Strategic Education, Inc. declared a regular, quarterly cash dividend of $0.60 per share of common stock, payable on September 14, 2026.

Outlook/Guidance

No specific forward-looking financial guidance or outlook was provided in the report. The “Forward-Looking Statements” section primarily details risks and uncertainties that could affect future results.