STRA FINANCIAL STATEMENTS

Strategic Education Inc — balance sheet, income statement and cash flow trends

STRAStrategic Education Inc

🇺🇸 USA · NASDAQ · Consumer Defensive · Education & Training Services

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.3 B $+3.0%

Gross Profit627 M $+7.7%

Operating Income180.6 M $+17.2%

EBITDA228.9 M $+10.2%

Net Income129.7 M $+15.0%

Peer Comparison· Education & Training Services

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
STRA	3.0%	49.3%	18.0%	10.2%
NWC	-0.5%	31.7%	13.0%	5.4%
ULVR	-16.2%	46.9%	22.0%	11.9%
GUNDG	-31.4%	4.1%	-5.3%	-5.2%
MTS	0.2%	4.9%	4.3%	1.6%
BATS	-1.0%	61.4%	49.0%	30.2%
Industry median	8.6%	56.0%	13.3%	5.4%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
STRA	3.0%	49.3%	18.0%	10.2%
LINC	19.9%	60.3%	10.5%	4.1%
PRDO	17.7%	71.1%	31.9%	19.9%
UTI	11.0%	48.6%	12.9%	4.9%
COUR	9.8%	54.8%	-3.8%	-8.2%
LOPE	7.4%	53.3%	29.1%	19.5%
Industry median	8.6%	56.0%	13.3%	5.4%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.6 B $79%
Current Liabilities262.9 M $13%
Long-term Liabilities181 M $9%

Key Figures

YoY change

Total Assets2.1 B $+0.2%

Total Liabilities443.9 M $+3.0%

Total Equity1.6 B $-0.5%

Cash & ST Investments157.6 M $-13.7%

Total Debt109.2 M $-8.6%

Net Debt-41.2 M $—

Peer Comparison· Education & Training Services

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
STRA	1.16	6.7%	-0.21	78.6%
NWC	2.12	57.0%	0.98	49.9%
ULVR	0.79	190.6%	2.21	22.0%
GUNDG	8.18	4.7%	6.99	84.5%
MTS	1.07	111.4%	2.46	24.4%
BATS	0.87	74.6%	2.54	43.9%
Industry median	1.16	29.8%	-0.00	49.7%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
STRA	1.16	6.7%	-0.21	78.6%
LINC	0.83	103.9%	3.32	40.8%
PRDO	4.82	6.0%	-4.77	77.6%
UTI	1.17	93.0%	1.38	39.9%
COUR	2.47	—	—	63.1%
LOPE	2.75	15.0%	-0.45	71.9%
Industry median	1.16	29.8%	-0.00	49.7%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow217.9 M $+36.7%

Capital Expenditures44 M $+5.5%

Free Cash Flow173.9 M $+47.8%

Dividends Paid-56.3 M $-195.4%

Peer Comparison· Education & Training Services

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
STRA	17.2%	13.7%	3.5%	168.0%
NWC	10.5%	5.4%	5.1%	193.6%
ULVR	15.4%	12.7%	2.8%	130.0%
GUNDG	-26.6%	-3.7%	22.9%	511.0%
MTS	3.2%	2.2%	1.0%	199.9%
BATS	19.2%	17.0%	2.2%	63.5%
Industry median	12.5%	10.6%	3.2%	134.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
STRA	17.2%	13.7%	3.5%	168.0%
LINC	13.3%	-1.7%	14.9%	322.4%
PRDO	26.8%	25.8%	1.0%	134.9%
UTI	9.5%	0.2%	9.3%	192.7%
COUR	11.6%	10.8%	0.8%	-141.0%
LOPE	26.1%	23.1%	3.0%	133.7%
Industry median	12.5%	10.6%	3.2%	134.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.