10-K · August 4, 2026
Stride delivered a solid fiscal-2026 financial inflection: revenue rose 4.7% to $2.518 billion while operating income grew 25.2% to $450.8 million and diluted EPS reached $7.14. Growth is increasingly concentrated in…
Earnings analysis · 10-Q
LRN earnings analysis
Filed October 20, 2026 · Our reading of the company's report
The latest report
Stride delivered $639.4 million of revenue and $1.37 of adjusted EPS, exceeding consensus estimates of $614.8 million and $1.29, respectively. Growth was led by Career Learning Middle-High School revenue of $272.1…
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Stride delivered $639.4 million of revenue and $1.37 of adjusted EPS, exceeding consensus estimates of $614.8 million and $1.29, respectively. Growth was led by Career Learning Middle-High School revenue of $272.1 million, up 12.7%, despite a 2.5% decline in average enrollment to 241.4 thousand. The quarter also showed weaker underlying profitability and a $206.7 million decline in cash to $547.8 million, resulting in a neutral overall assessment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.37
- Segment
- Career Learning Middle-High School revenue: $272.1 million, up 12.7% year over year
What stood out
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Revenue exceeded consensus
Revenue was $639.4 million, approximately 3% above the prior-year period and above the $614.8 million consensus estimate by $24.5 million.
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EPS beat estimates but declined
Reported adjusted EPS was $1.37 versus the $1.29 consensus estimate, a $0.08 beat. However, adjusted EPS declined 9.9% year over year.
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Career Learning drove growth
Career Learning Middle-High School revenue increased 12.7% to $272.1 million, making it the primary disclosed growth driver.
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Revenue grew despite enrollment decline
Average enrollment fell 2.5% to 241.4 thousand, while revenue still increased approximately 3%, indicating higher revenue per enrollment.
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Cash balance decreased
Cash and cash equivalents declined to $547.8 million at September 30, 2026 from $754.5 million at June 30, 2026, a decrease of $206.7 million.
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Repurchase capacity remains
Approximately $311.3 million remained available under the stock repurchase authorization as of September 30, 2026; the authorization was extended through October 31, 2027.
What to watch
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Enrollment headwinds
Average enrollment declined 2.5% to 241.4 thousand, creating exposure to enrollment and funding trends despite revenue of $639.4 million.
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Underlying profitability declined
Adjusted EPS fell 9.9% to $1.37 year over year, indicating weaker underlying profitability even though revenue increased approximately 3%.
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Liquidity and cash-flow pressure
Cash declined by $206.7 million to $547.8 million from $754.5 million at June 30, 2026, while the company disclosed operating cash outflow for the quarter.
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Inflation and rate exposure
The filing states that current inflation has increased personnel, marketing and supply-chain expenses and warns that future inflation could materially affect results; a 1% increase in variable-instrument rates would increase annualized interest income by $5.5 million.
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No new risk-factor relief
The company reported no material changes to the risk factors in its June 30, 2026 Form 10-K, so existing business, funding and operating risks remain applicable.
Management's outlook
The associated fiscal 2027 outlook calls for revenue of $2.530 billion-$2.610 billion and adjusted operating income of $500 million-$530 million; no prior outlook was provided for comparison. The 10-Q risk-factor section states there were no material changes from the June 30, 2026 Form 10-K.
Earlier filings 4
10-Q · April 28, 2026
Stride, Inc. reported Q3 revenue of $629.9 million, slightly above expectations, with a year-over-year increase of 2.7%. However, GAAP diluted EPS fell to $1.93, missing estimates of $2.21. Career Learning revenue…
10-Q · October 29, 2025
Stride reported revenue of $620.9M for the three months ended September 30, 2025, up $69.8M (+12.7% YoY) from $551.1M a year earlier, with operating income rising to $68.983M (operating margin ~11.1%) and diluted EPS…
10-Q · April 24, 2024
Stride reported quarterly revenue of $520,837,000 (three months ended March 31, 2024), up versus $470,284,000 a year earlier, with gross margin of $201,329,000 (≈38.7%) and operating income of $88,313,000 (≈17.0%).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.