Strategic Education, Inc. reported a revenue increase of 4.6% for the third quarter of 2025, reaching $319.9 million compared to $305.9 million in the same period of 2024. For the nine months ended September 30, 2025, total revenue rose to $945.0 million, up from $908.5 million year-over-year. The company's income from operations also saw a slight increase, totaling $37.0 million for the third quarter and $122.6 million for the nine-month period, compared to $36.3 million and $119.6 million, respectively, in the prior year. However, net income for the third quarter decreased to $26.6 million from $27.7 million, while net income for the nine months increased to $88.7 million from $87.3 million.
The company experienced notable changes in its operational metrics, particularly in its U.S. Higher Education (USHE) segment, where enrollment decreased by 1.0% to 85,640 students. The Education Technology Services (ETS) segment, however, reported a significant revenue increase of 45.6% to $38.3 million, driven by new employer partnerships and growth in subscriptions for Sophia Learning. In contrast, the Australia/New Zealand (ANZ) segment saw a revenue decline of 4.7% to $68.6 million, attributed to unfavorable foreign currency impacts and decreased enrollment.
Strategically, Strategic Education has been focusing on enhancing its educational offerings and partnerships. The company continues to invest in its Workforce Edge program, which provides education benefits to employees, and has expanded its online course offerings through Sophia Learning. Additionally, the company has been actively managing its real estate portfolio, classifying certain assets as held for sale, and recorded a loss of $0.3 million related to these assets in the third quarter of 2025.
In terms of financial health, Strategic Education's total assets increased to $2.11 billion as of September 30, 2025, up from $2.05 billion at the end of 2024. The company reported cash and cash equivalents of $151.5 million, alongside a decrease in marketable securities. The total liabilities also rose to $455.9 million, primarily due to increased contract liabilities. The company remains committed to maintaining a strong balance sheet and has declared a quarterly cash dividend of $0.60 per share, consistent with previous quarters.
Looking ahead, Strategic Education anticipates continued growth driven by its strategic initiatives and market demand for flexible education solutions. The company is focused on enhancing student engagement and retention while navigating regulatory changes in the education sector. Management remains optimistic about the potential for future revenue growth, particularly in the ETS segment, as it expands its partnerships and educational offerings.
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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