Stride, Inc. LRN
We are a technology company providing an educational platform to deliver online learning to students throughout the U.S. Our platform hosts products and services to attract, enroll, educate, track progress, and support students. These products and services, spanning curriculum, systems, instruction, and support services, are designed to help learners of all ages reach their full potential through inspired teaching and personalized learning. Our clients are primarily public and
private schools, school districts, and charter boards. Additionally, we provide solutions to employers, government agencies and consumers.
We provide a wide range of products and services across our platform with the ability to deliver customized solutions. Our comprehensive school-as-a-service offering supports our clients in operating full-time virtual schools in the K-12 market. Together with our network of online schools, Stride has served millions of students with our products and services.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.41B | $2.04B | $1.84B | $1.69B | $1.54B | $1.04B | $1.02B | $917.7M | $888.5M |
| Cost of revenue | $1.57B | $1.46B | $1.28B | $1.19B | $1.09B | $1.00B | $693.2M | $663.4M | $592.5M | $557.3M |
| Gross profit | $950.6M | $943.9M | $763.6M | $647.1M | $596.5M | $534.9M | $347.5M | $352.3M | $325.2M | $331.2M |
| R&D | $22.0M | $16.6M | $16.7M | $15.5M | $7.5M | $3.7M | $9.7M | $9.5M | $9.2M | $12.5M |
| SG&A | $499.8M | $524.3M | $514.0M | $481.6M | $439.8M | $424.4M | $315.1M | $306.8M | $299.7M | $305.6M |
| Total operating expenses | — | — | — | — | — | — | — | $970.3M | $892.2M | $875.4M |
| Operating income | $450.8M | $360.1M | $249.6M | $165.5M | $156.6M | $110.5M | $32.5M | $45.5M | $25.5M | $13.1M |
| Interest expense | — | — | — | — | — | — | — | — | $965.0K | $1.8M |
| Pre-tax income | $441.0M | $380.9M | $268.7M | $172.2M | $147.2M | $96.0M | $33.4M | $48.4M | $26.5M | $4.9M |
| Income tax | $102.8M | $93.0M | $64.5M | $45.3M | $40.1M | $24.5M | $8.5M | $10.5M | $910.0K | $5.4M |
| Net income | $338.2M | $287.9M | $204.2M | $126.9M | $107.1M | $71.5M | $24.5M | $37.2M | $27.6M | $451.0K |
| EPS, basic | 7.92 | 6.69 | 4.79 | 3.00 | 2.58 | 1.78 | 0.62 | 0.96 | 0.70 | 0.01 |
| EPS, diluted | 7.14 | 5.95 | 4.69 | 2.97 | 2.52 | 1.71 | 0.60 | 0.91 | 0.68 | 0.01 |
| Shares, diluted (wtd. avg.) | $47.3M | $48.4M | $43.5M | $42.7M | $42.4M | $41.9M | $40.7M | $40.9M | $40.6M | $39.5M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $754.5M | $782.5M | $500.6M | $410.8M | $389.4M | $386.6M | $213.3M | $284.6M | $233.1M | $230.9M |
| Short-term investments | $203.5M | $202.8M | $191.7M | $111.9M | — | — | — | — | — | — |
| Receivables | $664.8M | $559.6M | $472.8M | $463.7M | $418.6M | $369.3M | $236.1M | $191.6M | $176.3M | $192.2M |
| Inventory | $38.2M | $37.6M | $36.7M | $36.7M | $36.0M | $39.7M | $28.3M | $29.9M | $25.9M | $30.5M |
| Total current assets | $1.72B | $1.63B | $1.25B | $1.07B | $950.5M | $857.5M | $501.3M | $529.7M | $454.0M | $473.6M |
| Property, plant and equipment | $102.0M | $78.6M | $50.9M | $52.3M | $61.5M | $72.1M | $38.7M | $32.0M | $28.9M | $26.3M |
| Goodwill | $246.7M | $246.7M | $246.7M | $246.7M | $241.0M | $240.4M | $174.9M | $90.2M | $90.2M | $87.2M |
| Other intangibles | $10.9M | $18.2M | $60.3M | $74.8M | $88.7M | $99.5M | $77.5M | $15.0M | $18.0M | $20.2M |
| Total assets | $2.44B | $2.29B | $1.92B | $1.76B | $1.64B | $1.58B | $1.07B | $819.6M | $742.0M | $735.3M |
| Accounts payable | $46.7M | $44.0M | $41.0M | $48.9M | $62.0M | $62.1M | $40.4M | $50.5M | $29.4M | $30.1M |
| Total current liabilities | $288.9M | $302.9M | $244.3M | $309.1M | $302.1M | $306.2M | $273.4M | $155.6M | $116.2M | $117.8M |
| Long-term debt | $418.0M | $416.3M | $414.7M | $413.0M | $411.4M | $299.3M | — | — | — | — |
| Total liabilities | $803.2M | $814.3M | $744.4M | $813.4M | $831.0M | $772.6M | $397.9M | $186.2M | $154.8M | $160.2M |
| Retained earnings | $1.18B | $846.5M | $558.5M | $354.3M | $227.5M | $112.2M | $47.0M | $22.4M | -$13.4M | -$41.0M |
| Total equity | $1.63B | $1.48B | $1.18B | $947.3M | $812.6M | $804.6M | $675.3M | $633.4M | $587.2M | $574.3M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $433.8M | $432.8M | $278.8M | $203.2M | $206.9M | $134.2M | $80.4M | $141.6M | $105.4M | $88.7M |
| Depreciation and amortisation | $126.6M | $114.7M | $109.7M | $110.4M | $97.9M | $90.1M | $72.1M | $71.4M | $75.3M | $74.3M |
| Stock-based compensation | $40.3M | $36.8M | $31.5M | $20.3M | $18.6M | $39.3M | $23.6M | $16.7M | $20.8M | $22.6M |
| Capital expenditure | $587.0K | $1.8M | $2.3M | $4.3M | $9.7M | $3.6M | $1.7M | $5.5M | $8.7M | $2.2M |
| Investing cash flow | -$179.8M | -$88.0M | -$139.9M | -$118.2M | -$110.8M | -$165.4M | -$217.4M | -$61.1M | -$50.5M | -$57.2M |
| Financing cash flow | -$282.0M | -$62.9M | -$49.1M | -$63.5M | -$93.3M | $204.6M | $65.6M | -$29.0M | -$52.7M | -$14.6M |
| Buybacks | $188.7M | — | — | — | — | — | — | — | $27.5M | $27.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-090515.
Others in SIC 8200
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LAUR | LAUREATE EDUCATION, INC. | $5.06B | 19.4x | 8.6% |
| GHC | Graham Holdings Co | $4.84B | 17.1x | 2.5% |
| CVSA | Covista Inc. | $4.36B | 18.2x | 9.3% |
| LOPE | Grand Canyon Education, Inc. | $3.98B | 19.8x | 7.1% |
| PRDO | PERDOCEO EDUCATION Corp | $2.08B | 13.7x | 24.2% |
| STRA | Strategic Education, Inc. | $1.81B | 15.1x | 4.0% |
| UTI | UNIVERSAL TECHNICAL INSTITUTE INC | $1.22B | 19.6x | 14.0% |
| NRDY | Nerdy Inc. | $1.18B | — | -5.9% |