Strategic Education, Inc. (SEI) reported revenue of $1.268 billion for the fiscal year 2025, compared to $1.219 billion in 2024. The increase was primarily driven by growth in the Education Technology Services (ETS) segment, fueled by employer partnerships and Sophia Learning subscriptions, and higher revenue per student in the U.S. Higher Education (USHE) segment. This growth was partially offset by lower revenue in the Australia/New Zealand (ANZ) segment, primarily due to unfavorable foreign currency exchange impacts. Net income for 2025 was $126.6 million, or $5.41 per diluted share, compared to $112.7 million, or $4.67 per diluted share, in the prior year.
The USHE segment experienced a 1.4% decrease in average total student enrollment, reaching 86,285 in 2025. Despite the enrollment dip, USHE revenues increased by 1.2% to $868.2 million, driven by higher revenue per student. The ANZ segment saw a 1.8% decrease in average total student enrollment, with revenues declining by 2.2% to $251.6 million, primarily due to unfavorable foreign currency exchange impacts. The ETS segment demonstrated significant growth, with revenues increasing by 41.4% to $148.4 million, attributed to Workforce Edge partnerships and increased Sophia Learning subscriptions. Employer-affiliated enrollment within the USHE segment reached 32.3% of total USHE enrollment, up from 29.6% in 2024.
Key operational developments included a focus on student success, with the USHE segment reporting a trailing four-quarter student persistence rate of 88.3% as of the third quarter of 2025, compared to 86.9% in the same period of 2024. Government-provided grants and loans per credit earned within USHE decreased by 9.6%, reflecting a shift towards employer-funded education and more affordable learning pathways. On September 8, 2025, Media Design School at Strayer (MDS) became a wholly-owned subsidiary and international additional location of Strayer University, while remaining part of the ANZ reportable segment.
Looking ahead, SEI aims to be a leading innovator in career-relevant education. Strategic priorities include improving student success and experience, addressing affordability, establishing new growth platforms, and building employer relationships. The company is also focused on maintaining a high-performing, innovative, and adaptable culture. SEI is committed to managing its facilities in an environmentally responsible manner, reducing its physical footprint by over 25% in 2025 compared to 2024. The company’s Board of Directors authorized an extension of the share repurchase program through December 31, 2026, with $213.5 million remaining authorized for repurchases.
About Strategic Education, Inc.
Strategic Education, Inc. is an education services company providing online and campus-based post-secondary programs in the U.S., Australia, and New Zealand. Its core offerings include degree, certificate, and workforce training programs through subsidiaries like Capella, Strayer, and Torrens University. The company focuses on adult learners, employer partnerships, and innovative, flexible learning models to deliver practical, career-relevant education.
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