Stride Inc

Latest Results (21.11.2025):

Stride Inc. — fourth quarter of fiscal 2025 (Q4 FY2025) and full fiscal 2025 results: Stride reported a record fiscal year with full-year revenue of $2,405.3 million (up 17.9% vs FY2024) and net income of $287.9 million (up 41.0%). Q4 FY2025 revenue was $653.6 million (up 22.4% YoY) while Q4 net income was $51.3 million (down 18.3% YoY). Adjusted measures were notably stronger: FY25 adjusted EBITDA of $571.0 million (up 46.1%) and adjusted EPS of $8.10 (up 47.5%). The company recorded a $59.5 million one-time impairment charge in Q4 related to its Galvanize business (excluded from adjusted metrics). Cash and marketable securities totaled $1,011.4 million as of June 30, 2025, and enrollments increased roughly 20% year over year.

Top-line growth

Full-year revenue of $2,405.3M, +17.9% vs FY2024. Q4 revenue $653.6M, +22.4% YoY. Segment detail — Q4 General Education: $394.1M (+13.6%); Q4 Career Learning total: $259.5M (+38.7%), with Career Learning middle–high school $240.5M (+43.8%). Adult learning declined modestly.

Profitability and adjusted performance

FY25 income from operations $360.1M (+44.3%) and net income $287.9M (+41.0%). FY25 adjusted operating income $466.2M (+58.6%) and adjusted EBITDA $571.0M (+46.1%); adjusted EPS $8.10 (+47.5%). These non‑GAAP measures exclude certain items per the company’s reconciliation.

Q4 profit dynamics

Q4 GAAP income from operations $56.9M (down 22.8% YoY) and Q4 net income $51.3M (down 18.3%). On an adjusted basis Q4 operating income was $130.6M (+48.5%) and adjusted EBITDA $158.4M (+41.3%); adjusted EPS in Q4 was $2.29 (+36.3%). The difference between GAAP and adjusted Q4 results reflects the $59.5M Galvanize impairment and other adjustments.

Enrollments and revenue per enrollment

Average full-year enrollments 234.0K, +20.4% vs FY24; Q4 average enrollments 235.3K, +21.7% YoY. Career Learning enrollments ~96.3K for the year (+32.5%) and ~97.0K in Q4 (+33.2%). Q4 revenue per enrollment $2,630 (+2.4% YoY); full‑year RPE $9,677 (+0.6%). Career Learning RPE rose ~8.1% in Q4.

Cash position and capital allocation

Cash and cash equivalents plus marketable securities totaled $1,011.4M at June 30, 2025 (vs $714.2M a year earlier). Capital expenditures for FY25 were $60.0M, including $36.4M capitalized software development and $21.8M capitalized curriculum development.

One-time impairment

The company recorded $59.5M of one-time charges in Q4 related to an impairment of the Galvanize business. Those charges are excluded from adjusted operating income, adjusted EBITDA and adjusted EPS reported by the company.

Outlook / momentum

Management states demand trends support continued momentum into fiscal 2026; a conference call and webcast were scheduled to discuss Q4 and FY25 results. The release did not provide formal FY26 financial guidance in the summarized report.