STRAHIGH SIGNALFINANCIAL10-K

STRA's revenue exploded 312.5% to $997.1M while dramatically increasing share buybacks from $11.5M to $138.9M, indicating either a major acquisition or significant business transformation.

The massive revenue increase combined with only modest growth in operating income (12%) suggests either a transformative acquisition with lower margins or a fundamental shift in business mix. The 1,106% increase in share buybacks signals management's confidence in the new business structure and strong cash generation capabilities.

Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

STRA experienced extraordinary growth with revenue surging over 300% to nearly $1 billion while maintaining strong profitability with net income growing 12.4% to $126.6M and operating cash flow increasing 17% to $198.2M. The company's aggressive share repurchase program increased over 1,000% to $138.9M, demonstrating exceptional cash generation and management confidence. However, the dramatic revenue growth paired with more modest profit increases suggests the new revenue streams operate at lower margins than the historical business.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+1106.7%
$11.5M→$138.9M

Share repurchases increased 1106.7% — management returning capital, signals confidence in intrinsic value.

Revenue
P&L
+312.5%
$241.7M→$997.1M

Strong top-line growth of 312.5% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
+17%
$169.3M→$198.2M

Operating cash flow grew 17% — strong conversion of earnings to cash, healthy business fundamentals.

Net Income
P&L
+12.4%
$112.7M→$126.6M

Net income grew 12.4% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+12%
$155.6M→$174.2M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
Our operations also include the Education Technology Services segment, which primarily develops and maintains relationships with employers to build education benefits programs that provide employees access to affordable and industry-relevant training, certificate, and degree programs, including through Workforce Edge, a full-service education benefits administration solution for employers, and Sophia Learning, which offers low-cost online general education-level courses.
As of December 31, 2025, our three reportable segments consisted of U.S.
Student Profile The following is a breakdown of students by program level enrolled in the USHE Universities as of the 2025 fall term: Program Capella University students Strayer University students Total USHE students Percentage of USHE students Bachelor s 20,475 24,259 44,734 52 % Master s 22,391 6,116 28,507 34 % Doctoral 7,827 7,827 9 % Associate s 2,928 2,928 3 % Certificate/Other 1,060 250 1,310 2 % Total students 51,753 33,553 85,306 100 % The USHE segment has a very diverse student population.
Of the students enrolled in the USHE Universities programs as of the 2025 fall term, approximately 70% were age 31 or older, approximately 72% were engaged in part-time study, approximately 75% of students self-reporting their gender were female, and approximately 61% of students self-reporting their ethnicity were minorities.
The GuidedPath delivery model consists of credit-hour courses offered on a quarterly academic schedule, which coincide with calendar quarters.
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REMOVED
Our operations also include the Education Technology Services segment, which primarily develops and maintains relationships with employers to build employee education benefits programs that provide employees access to affordable and industry-relevant training, certificate, and degree programs.
As of December 31, 2024, our three reportable segments consisted of U.S.
Student Profile The following is a breakdown of students by program level enrolled in the USHE Universities as of the 2024 fall term: Program Capella University students Strayer University students Total USHE students Percentage of USHE students Bachelor s 21,818 29,096 50,914 57 % Master s 21,479 5,619 27,098 31 % Doctoral 7,435 7,435 8 % Associate s 2,257 2,257 3 % Certificate/Other 1,038 118 1,156 1 % Total students 51,770 37,090 88,860 100 % The USHE segment has a very diverse student population.
Of the students enrolled in the USHE Universities programs as of the 2024 fall term, approximately 70% were age 31 or older, approximately 75% were engaged in part-time study, approximately 78% of students self-reporting their gender were female, and approximately 59% of students self-reporting their ethnicity were minorities.
Capella University s GuidedPath delivery model consists of credit-hour courses offered on a quarterly academic schedule, which coincide with calendar quarters.
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