Strategic Education, Inc.
strategiceducation.comWhat Do They Do?
Provides degree and certificate programs to working adults through online and campus-based universities. Also offers employers education-benefit administration and workers access to career-relevant courses.
10-K for FY2025, filed Feb 27, 2026Strategic Education, Inc. (“SEI,” “we,” “us,” “our,” or “the Company”) is an education services company that provides access to…View ↗
Our USHE segment provides flexible and affordable certificate and degree programs to working adults primarily through Capella University…View ↗
Workforce Edge is our education benefits administration platform that enables employers to manage and streamline their education benefits…View ↗
How Do They Make Money?
U.S. higher education is the largest business; students pay tuition for courses and programs, earned over instruction, with some cash paid before a term starts. Education Technology Services also earns administrative fees.
10-K for FY2025, filed Feb 27, 2026The Company’s revenues primarily consist of tuition revenue arising from educational services provided in the form of classroom instruction…View ↗
At the start of each academic term or program, a contract liability is recorded for academic services to be provided, and a tuition…View ↗
(2)Education Technology Services revenue is primarily derived from tuition revenue and administrative fees.View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by reportable segment ↗
$1.3B
-
10-K for FY2025, filed Feb 27, 2026
$1.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
U.S. Higher Education
Recurring
10-K for FY2025, filed Feb 27, 2026 |
68%
FY2022: 72%
|
U.S. Higher Education, FY2025
$868.2M Sources
|
Recurring |
|
Australia / New Zealand
Recurring
10-K for FY2025, filed Feb 27, 2026 |
20%
FY2022: 22%
|
Australia / New Zealand, FY2025
$251.6M Sources
|
Recurring |
|
Education Technology Services
Recurring
10-K for FY2025, filed Feb 27, 2026 |
12%
FY2022: 6.0%
|
Education Technology Services, FY2025
$148.4M Sources
|
Recurring |
Who Are Their Customers?
Students enroll in online and campus-based universities for degree and certificate programs. Employers connect employees with education benefits, courses, and training through employer relationships and Workforce Edge.
10-K for FY2025, filed Feb 27, 2026Strategic Education, Inc. (“SEI,” “we,” “us,” “our,” or “the Company”) is an education services company that provides access to…View ↗
Our USHE segment provides flexible and affordable certificate and degree programs to working adults primarily through Capella University…View ↗
Workforce Edge is our education benefits administration platform that enables employers to manage and streamline their education benefits…View ↗
Our ETS segment primarily develops and maintains relationships with employers to build education benefits programs that provide employees…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.
10-K for FY2025, filed Feb 27, 2026
$174.2MView ↗
10-K for FY2025, filed Feb 27, 2026
$126.6MView ↗
10-K for FY2025, filed Feb 27, 2026
$153.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
$37.2MView ↗
- ▲ +15%
- vs $32.3M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
Growing. Revenue grew 12% in 4 years, from $1.1B in FY2021 to $1.3B in FY2025, about 3% a year.
Expanded employer-facing offerings
The earlier business description centers on employer relationships for education benefits; the latest also describes benefits administration through Workforce Edge and low-cost online general education courses through Sophia Learning.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 27, 2026Strategic Education, Inc. is an education services company that provides access to high-quality education through campus-based and online…View ↗
Strategic Education, Inc. (“SEI,” “we,” “us,” “our,” or “the Company”) is an education services company that provides access to…View ↗
Workforce Edge is our education benefits administration platform that enables employers to manage and streamline their education benefits…View ↗
States, and Torrens University, an accredited post-secondary institution of higher education located in Australia. Our operations also…View ↗
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