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Strategic Education, Inc. STRA U.S. Higher Education — Direct segment expenses

Other segment segments

Australia / New Zealand
$67.83M+33.3%
Education Technology Services
$20.88M+4.7%

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Other financials

Income statement

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Revenue$337.3M+4.9%
Operating income$50.5M+10.3%
Net income$37.2M+14.9%
EPS (diluted)$1.71+24.8%

Balance sheet

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Cash & equivalents$132.1M-8.9%
Total debt$106.7M-11.3%
Total equity$1.6B-2.0%
Total assets$2.1B-1.1%

Cash flow

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Operating cash flow$29.2M-6.5%
CapEx$14.1M+30.5%
Free cash flow$15.0M-26.2%

Valuation

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Market cap$1.86B+5.8%
Enterprise value$1.84B+5.8%
P/E13.9×-1.4×
P/S1.5×0.0×

Profitability

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Operating margin14%+1.3pp
Net margin10.5%+1.2pp
FCF margin13.1%+3.1pp

Returns & leverage

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Return on equity8.2%+1.3pp
Debt / equity0.1×0.0×
Current ratio1.1×-0.2×

Where this comes from

Reported directly by Strategic Education, Inc. in its filing.

Tagged under the XBRL concept us-gaap:DirectOperatingCosts.

The source filing: Strategic Education, Inc.’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:06 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001013934-26-000018
Line itemU.S. Higher EducationAustralia/New Zealand(1)Education Technology ServicesTotal
Revenues$220,526$74,384$42,354$337,264
Segment expenses
Direct segment expenses174,12267,83420,883262,839
Enterprise shared services allocation14,0295,5481,90321,480
Segment income from operations$32,375$1,002$19,568$52,945
Unallocated expenses
Restructuring costs(2,465)
Consolidated income from operations$50,480

Item 1. Financial Statements

FAQ

What is Strategic Education, Inc.'s U.S. higher education — direct segment expenses?
Strategic Education, Inc. (STRA) reported U.S. higher education — direct segment expenses of $174.12M in Q2 2026.
How has Strategic Education, Inc.'s U.S. higher education — direct segment expenses changed year-over-year?
Strategic Education, Inc.'s U.S. higher education — direct segment expenses decreased by 3.2% year-over-year, from $179.84M to $174.12M.
What is the long-term trend for Strategic Education, Inc.'s U.S. higher education — direct segment expenses?
Over 3 years (2022 to 2025), Strategic Education, Inc.'s U.S. higher education — direct segment expenses has grown at a 1.5% compound annual growth rate (CAGR), from $676.9M to $707.37M.
What does U.S. higher education — direct segment expenses mean?
These are the operating costs directly attributable to the delivery of educational services within the segment, such as faculty salaries and instructional materials. Monitoring these expenses is essential for evaluating the direct cost structure of the academic business model.

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